Most insure only while on top of vehicle. I have a new 12’ wooden canoe that i want insured. Hagerty is one company. Any other suggestions appreciated.
@LADY CEDAR II said:
Most insure only while on top of vehicle. I have a new 12’ wooden canoe that i want insured. Hagerty is one company. Any other suggestions appreciated.
Your homeowners insurance company no doubt offers a marine rider.
Hull insurance? Liability insurance? Is it a real expensive canoe that travels at speeds likely to hurt other people? I’m thinking that in a short amount of time you will spend more on insurance than the canoe if you buy a separate policy. Most homeowners or renters policies cover general liability. Some homeowners cover canoes replacement under “contents”. You can get a separate boat policy by many of the same carriers that provide car insurance.
Sometimes it is more cost effective to take the risk and self insure.
My wood canoes are self insured. Costs way less.
Even a new wood canvas canoe is seldom worth more than a couple of grand once it’s “used”
So mine is covered under household contents
Now if you were a boat builder you might want a rider to cover molds and plugs since that is future income
thanks folks. Hagerty Inc insures wooden watercraft. most homeowners policies won’t including USAA. they refer you to Progressive who won’t insure wooden boats, period! Hagerty cost me $157 annually for full $3000 value.
Why is obtaining insurance for wooden watercraft so difficult? Do they break more easily than composites or RM? Or stolen more often?
$157 for one wooden boat.? Yikes. I’ ve had mine 20 years… At that price I would rather self insure… They are covered under homeowners insurance with my USAA policy
What are the odds that you will come out money ahead by insuring this boat? I agree with others here. I have no wooden boats, but one of my composite boats cost $3000 new, and in terms of damage potential, it is just as delicate as that company’s very lightweight wooden versions which cost many times that figure. During the 15 years I’ve been using it (and I use it frequently), the replacement cost has risen to $5,000. And that’s just one of three expensive composite boats that I own and use a lot. At my frequency of use and yet avoiding any of these boats having catastrophic damage, I’ve come out ahead not paying for insurance. It’s your choice of course.
By the way, if your main fear is damage to the boat during use (such as failure to avoid a rock in the river, etc.), your money might be better spent on paddling lessons, if you have such an option nearby (no joke) , or even traveling to one of the solo canoe symposiums that are announced on this site in the spring.
I use AMICA for home and auto, and they have a separate boat policy that’s inexpensive. I insure multiple composite kayaks for ~$100/year.