aloha i am borrowing an oc1 and trying to get insurance on it. called statefarm and atlas insurance and they are rediculously priced and dont have a policy respectively. any ideas? what do you guys use?
Submitted by lavapaddler on Thu, 12/08/2011 - 3:05pm
Not sure how you are listing it ... Might look into renters insurance such as you might get for an appartment ... You can list stuff on that.
aloha,
pog
#1 Thu, 12/08/2011 - 5:19pm
Should just be a rider on your homeowners or renters policy. Maybe $50.
#2 Thu, 12/08/2011 - 5:31pm
Funny your bring this up! I write insurance and recently got this same question from a client and did a lot of reserach. I was able to find a quote ( ~$200/yr) for a personal craft but its dependent on a couple of personal circumstances (cheaper if you are married and own a home).
Homeowners policies will cover the boat up to a set limit (usually up to $2000) when stored at your property but doesn't cover it when in transit or in use.
The policy I found will cover any damage arising from while in storage, in transit ( falling off your car, getting hit while on your car etc) and while in use ( if you hit the reef or have a bad wipe out) etc.
These policies are really more for if you total the boat rather than just need repairs because of deductibles but I still think its a good idea if you have an new boat!
You can message me if you are interested in a quote but like I said certain variables really change the price. :)
#3 Thu, 12/08/2011 - 5:47pm
Aloha Angie808. yeah i contacted state farm and it came out to 350/year for insurance, didnt really check what that covered because im only going to be using the boat for a few months. the two other companies i contacted classify an oc-1 under renters insurance and that only covers loss from fire or theft (not really needing this). what company do you work for? maybe i can call and get a quote. realistically im only gonna be needing this insurance for the current oc-1 series
#4 Thu, 12/08/2011 - 6:08pm
I was able to get insurance for my OC1 for about $120. it covers replacement of the boat and also damages. just remember to tell them that it doesn't have a motor which makes a difference.
#5 Thu, 12/08/2011 - 9:14pm
Lavapaddler,
Just out of curiosity ... What are your risks / worries ?
aloha,
pog
#6 Fri, 12/09/2011 - 1:13am
I have insurance on my oc1 and my surfski through Statefarm. $75 each per year. 2 years ago a tripped on a dock and I dropped my ski right on the edge and the thing basically split in two. The maker of the ski assessed the ski and wrote a note saying it would never be "safe" again. Insurance paid me replacement value minus $100 deductible.
Shop around!
#7 Fri, 12/09/2011 - 3:50am
Disclaimer about above post: it does not cover the boat if damaged in an "organized race" or if damaged while being "transported on the top of a car".
#8 Fri, 12/09/2011 - 3:52am
Me too, Statefarm supah cheap, like 8 bucks a month. Doesn't cover rooftop damage? What good is it then? I better check before I insurance scam it : )
#9 Fri, 12/09/2011 - 6:43am
I recently looked into OC1 insurance after getting my first one. Called state farm and they said that its included under personal property on my homeowners insurance. I did have to lower the deductible of the entire plan to something reasonable though. What was reasonable deductible for a home repair is completely unreasonable for canoe repair.
#10 Fri, 12/09/2011 - 7:13am
Probably doesn't cover gelcoat problems Jim : )
aloha,
pog
#11 Fri, 12/09/2011 - 10:19am
Try Dan Dennis at Allstate http://allstateagencies.com/DanDennis/Welcome
He has awesome coverage for OC-1 with low annual premium
(808) 626-2788 on Oahu or (808) 242-8480 on Maui
#12 Fri, 12/09/2011 - 2:39pm
Thank you to whoever posted my info. I own an Allstate Agency on Oahu and Maui and have clients on all islands. Our boat policy covers OC-1s for $40 to $55 a year depending on coverage and the value of your canoe. Far better coverage than you will get on a homeowner, condo, or renters policy. If you read your dec page most homeowner polices limit watercraft to $1k to $2k in coverage and are very limited on perils. The Allstate policy will cover it if it takes flight while driving or if you wreck it on a reef. It also covers it if it's stolen while stored at a frineds house. The coverage's include the canoe and liability. So if you run over a swimmer, surfer, etc you have coverage if they sue you!! Please call my office if you have any questions.
Aloha,
Dan Dennis
Agency Owner
Oahu - 626-2788
Maui - 242-8480
dandennis@allstate.com
#13 Fri, 12/09/2011 - 8:18pm
Does your coverage happen to extend to us over here in California?
If not, do you know anybody who can provide that same sort of coverage?
#14 Fri, 12/09/2011 - 5:46pm
Every state has it's own regulations and products may differ. Send me your zip code and contact info and I'll follow up with an agent in your area and see how CA's Allstate boat product compares to Hawaii's. There's a good chance it's the same or very similar. email: dandennis@allstate.com
#15 Fri, 12/09/2011 - 8:23pm
Allstate!!! I have been covered on my boats for two years. Great peace of mind. Dan, I was told coverage did not apply if it occured during a race?
#16 Sat, 12/10/2011 - 6:54am
That is correct, if it's an organized race coverage would not apply. No different than if you decided to enter your auto in a NASCAR race and wrecked it.
#17 Sat, 12/10/2011 - 8:10am
Dan,
How well does AllState (or whoever underwrites the insurance) understand OC-1s, skis and such? I have AllState and originally got a policy that covered my canoes for about $100 a year. Later on, when I transferred agents, the price jumped up to about $300 per canoe! Needless to say, I passed. I'm on the mainland, in an area where outrigger canoes are not well known or understood by the local insurance agents. Seems like they wanted to lump my crafts in with regular power boats. Could have used insurance this past summer.
#18 Sun, 12/11/2011 - 3:49am
Hawk,
Since every state has it's own state regulations our products/pricing can be different. It's hard for me to comment on a product in a state in which I am not licensed and have no product knowlege. However, I agree the $300 sounds excessive and I question if this was properly quoted to you. Like most insurance companies Allstate agencies are independently owned and quality/experience can vary. I would ask them to revierw the quote or try another agency.
#19 Mon, 12/12/2011 - 9:27am
Hawk, most insurance providers are unconcerend ( and uninterested) in the shape, construction or specs of the craft.
I went to schedule my OC-1 with my current provider, they had no idea on an OC-1
"so, it's like a kayak?, ok it's a kayak"... , oh, it's not a kayak, it's a canoe? ok, it's a canoe... when you disclose "and I'm racing this weekend..." that's when it gets interesting.
Many P&C providers will void coverage for damaged incurred in organized racing of any sort, ( auto, sail, power, even human powered) so read your wordings carefully! - mine indicated they would not cover me if I dmaged the canoe while racing, but was moer than happy to cover drops or transport damage.. ( depsite telling me " we've got lots of actuarial stats on outrigger racing"... OH REALLY??
#20 Mon, 12/19/2011 - 2:38pm