[Rhodes22-list] Boat Insurance Question

[mputnam1 at aol.com]

I have State Farm on my vehicles ... good suggestion ... I'll call them ... if anyone else has an opinion, I'd appreciate it.
 
Does everyone feel I should be completely covering the purchase price?  Seems to me I should be ...
 
-Mark Putnam 
 
-----Original Message-----
From: Bob Weber <ruba1811 at hotmail.com>
To: rhodes22-list at rhodes22.org
Sent: Tue, 04 Apr 2006 11:41:50 -0500
Subject: RE: [Rhodes22-list] Boat Insurance Question


Mark, try State farm. Covers replacement cost + plus liability and is around 15 a month. If you need the name of the plan I can look it up. 
 
Bob Weber 
 
>From: mputnam1 at aol.com 
>Reply-To: The Rhodes 22 mail list <rhodes22-list at rhodes22.org> 
>To: rhodes22-list at rhodes22.org 
>Subject: [Rhodes22-list] Boat Insurance Question 
>Date: Tue, 04 Apr 2006 12:34:54 -0400 
> 
>Ok, Elton has delivered our recycled 1990 R-22 ... we're all excited in the >Putnam household, especially our four year old. But here's the question du >jour ... 
> 
>We still need to get insurance coverage, but since this is our first boat >purchase, I'm a little unsure what the usual coverages should be on a boat >... 
> 
>I've gotten two quotes: 
> 
>One from my insurance broker that insured our house ... it's a Chubb policy >that would cover the full purchase price of the boat plus the engine. It >would have $500,000 in liability coverage, a $500 deductible, and an annual >premium of $520. 
> 
>I also got a quote from BoatUS ... it would only cover $14,000 on the boat >and engine (well below the purchase price), it has $300,000 in liability >coverage, $10,000 in medical coverage, $500,000 in fuel spill coverage >(this doesn't seem necessary on a sailboat with an 8hp outboard), the >deductible would be $220, and the annual premium would be $167. 
> 
>Again, this is a 1990 R-22 ... I lean toward the Chubb policy because it >would fully cover what it would cost me to replace the boat if I ever had >to ... but maybe some of you will say I wouldn't need to buy a new boat and >that $14,000 is more than enough to fix any problem I would have. 
> 
>Don't worry, I won't hold anyone liable for the advice you give me! 
> 
>Thanks in advance. As always, I greatly appreciate your advice, 
> 
>- Mark Putnam 
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Use Rhodes22-list at rhodes22.org, Help? www.rhodes22.org/list