Towing Insurance

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WALSHIE

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Sitting in front of me is my "yacht policy" from Traveler's insurance with "Commercial towing and assistance" coverage of $1500 with zero deductable.

Am I crazy for not renewing my Sea Tow policy?
 
Yes you are. Think about the Sea Tow bill - it runs from when you call them until when they get home. You could chew through $1,500 pretty darn fast.

Then, you have to pay Sea Tow and put in the claim to get your money.

$149.00/year is cheap enough for me to not have to deal with the hassle of the insurance company, should I need the service.
 
Keep the Sea Tow and consider it the "primary" i the event of a tow. For minor issues, the Sea Tow coverage will cover all costs. In the event it rolls over to a more difficult operation ( salvage, difficult ungrounging ) then Your Sea Tow membership will NOT cover all expenses, in which case you call your friendly insurance man...
 
quote:
Originally posted by WALSHIE

Sitting in front of me is my "yacht policy" from Traveler's insurance with "Commercial towing and assistance" coverage of $1500 with zero deductable.

Am I crazy for not renewing my Sea Tow policy?

Click to expand...


I have a TowBoatUS membership. I was able to have the towing coverage removed from my boat policy and the price went down.
 
Gosh Ron, i hadn't thought of that. I'll have to give it a try. Anyway, I agree one wants to keep the SeaTow/BoatUS membership and use that. Besides the hassle, I have found it is best to keep insurance claims to a minimum.
 
Boat US insurance includes $800k liability insurance at no additional cost. Make sure you are comparing apples to apples before making your decision. How much does an accidental oil discharge cost to clean up? How much will dock replacement cost? Don't be penny wise and pound foolish!
 
quote:
Originally posted by caltexfla

Gosh Ron, i hadn't thought of that. I'll have to give it a try. Anyway, I agree one wants to keep the SeaTow/BoatUS membership and use that. Besides the hassle, I have found it is best to keep insurance claims to a minimum.

Click to expand...


I still come up with a good idea from time to time. ;)
 
We caught a log in the ICW this Spring. 2 hour tow in cost $875 when all was said & done. Nothing out of pocket due to Boat US towing policy. My friendly insurance guy cheerfully let me know tha I have a $1200 deductible. Repairs cost $1400. I did not bother with a claim, but was glad I had the towing insurance
 
We caught a log in the ICW this Spring. 2 hour tow in cost $875 when all was said & done. Nothing out of pocket due to Boat US towing policy. My friendly insurance guy cheerfully let me know tha I have a $1200 deductible. Repairs cost $1400. I did not bother with a claim, but was glad I had the towing insurance
 
I just renewed my TowBoatUS coverage. I never used it. I have twin engines and towing coverage on my insurance. My boat is also a USCG Facility through the Auxiliary which means I'm entitled to towing from them at no charge. So I probably don't need it but it's not that expensive so I kept it. I would prefer not to have to lay out the money and then file a claim with my insurance. If I lost an engine or transmission or something, I can go faster on one engine that I would go being towed plus the wait for them to get on scene. I think the only reason I would need a tow is if I hit something and knocked out both props. That would be major damage and I guess the tow would be included with the claim for the rest of the damage.
 
A 16 year old ran his Dads new 46 foot sportfish aground in the middle of the night the first week they had it. (Parents were not onboard - only the kid and his friends)
Rumor has it $35,000 to pull it free - yes Thirty Five Thousand.

Nobody has seen the kid since.
 
I prefer as an ounce of caution to carry Tow Boat US, Sea Tow and my insurance on the boat. I would only use the boats insurance if I had a salvage event.
Bill
 
Even though I have twin inboards I carry buy a TowBoat US plan giving me peace of assurance while on the water.
 
A few years ago I had an engine problem, and though I got the engine running I called Sea Tow for an escort... They followed me till I was in water they were afraid to go, and even then monitored me till I was safe at my dock... No charge (aside from the premium).

IMO it's well worth the expense. If they ever have to tow my barge, they'll burn up the premium in fuel alone.
 
This season for the first time I had to use my BoatUS tow coverage. I broke down about 70 miles from home and had to be towed back. The tow bill was $1800. They towed me back the entire 70 miles or so and put me right back into my slip. Although it took over 11 hours, they were great. In the end I owed $300 for the tow as the unlimited coverage actually has a $1500 limit on it. No complaints however, I think I got off real cheap. I also did not have to deal with an insurance company, I just signed the tow bill after they slid me back into the slip and that was it. I am sold on the tow coverage and I figure that I got back everything that I have ever paid in premiums in that one tow.
 
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