Jump to content
Ctadams76

Boat insurance?

Recommended Posts

Go on-line to Boat US and get a quote. One thing to make sure is that you are getting an agreed value coverage. Some of the companies give you a low ball quote, but do not have all the coverage that is needed for a boat.

Share this post


Link to post
Share on other sites

Well I was also looking for the insurane companies , so really thank you guys for your discussions that proved worthy for me.

Share this post


Link to post
Share on other sites

Sorry, was reading posts and accidentally posted to wrong thread.

Share this post


Link to post
Share on other sites

I purchased at 327 one year ago and promptly paid out 1800 dollars to State Farm. I insure my house , jet ski , vehicles , etc. with them also...claimed they give me a package discount on boat. Year goes by and I get another bill from State Farm for the same amount. Just for sh*t , kicks and giggles I get on line and get quotes from Progressive , Geico , Travelors and a couple more and get quotes back for all about half the cost of State Farm and with better coverages and lower deductibles. Called my State Farm agent and of course get the speel about how much better they are than the other companies and so on. Time switch I believe.

Share this post


Link to post
Share on other sites

I did the same thing last year - decided to stick with State Farm because of my homeowners and auto policies with them. Heed MPM330's warning, though - check the terms of the policies very carefully. For example, Boats US Boat Saver policy (their most common policy) for partial loss:

"We will pay the reasonable cost of repairs or replacements, in accordance with quality marine practice, less depreciation. All partial losses are depreciated. Depreciation shall be calculated at ten percent (10%) for each year beginning with the year of manufacture. In all cases, a 10% residual value shall remain regardless of the boats age."

After 5 years, your partial loss (eg accident repair) will be covered at the "reasonable cost" level (try finding someone to do the work for their "reasonable cost"), less deductible, less 50%. You end up paying for the bulk of the repair and get dinged for the claim on your next premium!

:(

Share this post


Link to post
Share on other sites

I agree with sktn77a. Doing insurance for a living I can say all boat policies are not created equal. Another thing to consider...if you have an umbrella liability policy, it is a good idea to keep the underlying coverage (aka home, auto, boat policy) with the same carrier to prevent potential coverage gaps.

You did not buy a dirt cheap boat, so why buy a dirt cheap policy? (climbing off the insurance soapbox)

Share this post


Link to post
Share on other sites

I use Progressive. BoatUS was higher on their quote. I have State Farm home and auto (6 vehicles) but even with multi-discount, they couldn't get under Progressive. This may differ for others, however. Besides, one speeding ticket and Progressive zaps you with a premium increase so at some point your primary home or auto insurer might be competitive if you have any traffic points on your DL.

The Admiral is correct - be sure you are getting full replacement policy or are at least comparing apples to apples.

Share this post


Link to post
Share on other sites

nkdenton:

Thanks for that info...from my previous post you can see I'm in the same situation. Did you find the Progressive policy comparable to the State Farm policy in details such as the depreciated pricing fixes?

Share this post


Link to post
Share on other sites

nkdenton:

Thanks for that info...from my previous post you can see I'm in the same situation. Did you find the Progressive policy comparable to the State Farm policy in details such as the depreciated pricing fixes?

Actually, I was suprised that Progressive is pretty much matching my State Farm coverage point for point - I expected to have to settle for a compromise, but when you go on the Progressive site, they have lots of options that you can pick and choose from and see what the impact on the price is, including having replacement value vs actual value. I was suprised to see the option. Progressive also gives you some options to add coverage on the lower unit in case you hit a submerged log or other obstruction, and if I recall correctly I was able to put a little rider in there that more or less supplements the warranty. It's not an extended warranty per se, but it offers a bit of extended coverage that would help with any additional costs that were not covered by a warranty claim.

The main thing I see in going with State Farm (and perhaps the additional premium cost is worth it, but I hope I don't find out) is if I have damage while towing, I will have to file the vehicle damages against my SF policy and the boat/trailer damages against Progressive and I am betting there will be something in the gap between the two policies that I will have to shell out of pocket for. Being completely on one or the other would consolidate any accident of that kind into one claim and would be pretty seamless, I am sure.

Share this post


Link to post
Share on other sites

One last comment that is not related to the property damage of the boat that I think is worth pointing out - make sure you understand your liability coverage for *other* property, e.g. you hit somebody's boat or a dock, or you have passengers aboard who are injured while on your boat during an accident. There are options to have x thousand dollars per passenger with a cap and then there are options that have a total amount of liability coverage but no caps on individuals. This is basically a decision you have to take on how much risk you are willing to assume.

I have seen many other comments regarding umbrella policies, etc and that is actually good advice if you have passengers regularly on your boat. There are ways to do an umbrella that insulate your home and other assets from being at risk of seizure resulting from someone suing you after an accident. That is where the friendly State Farm, Alfa, Farmers, etc agent can really be more helpful than web-based insurance like Progressive and GEICO.

Now that I have said that, I will be paranoid for the rest of the year until renewal time next winter when I will come back and read my own advice.....

Share this post


Link to post
Share on other sites

I'm an Allstate agent. We don't do boats 30 years or older but as far as "make sure you have agreed value" is not a good end all be all for the policy. Repair cost with an agrees value rider is what I have. Complicated to explain but as far as I've seen we have been pretty competitive lately.

Share this post


Link to post
Share on other sites

Ah, an old post resurrected ... to advertise a commercial interest ... ;)

Have no idea what you mean by "Repair cost with an agrees value rider" but it sounds meaningless when the boat sinks and/or is a total loss. Agreed value without depreciation term is as good as it gets and is very easy to explain and understand ... :)

Share this post


Link to post
Share on other sites

I am a company employee. I would never be biased about the company work for.

A lot of useless free coverages are a common tactic to make you say wooohoo. Look at all these free no deductible features.........The ones no one ever collects on.

Share this post


Link to post
Share on other sites

Many companies are now managed by greedy management. Do not pay out what we should. Let them die of old age.

I honestly do not who to recommend due to the unavailability of truthfull data. Problem is when you need to collect ? All the company standards are changed.

Love the takeovers of insurance companies. Only way some can gain market share. Treat customer like slaves. Buy & sell them. Hoping they are too lazy to check their new policy terms. Works for them

Share this post


Link to post
Share on other sites

MaggieMae - It didn't seem to me like you were trying to sell something, but for some reason your comment touched a couple nerves. Take it easy guys. I think he was just offering some insight from the perspective of someone who works in the industry. There are many options with insurance and even more opinions about it. Many people have been burned by dishonest insurance people, which has given the entire industry a bad name in some circles. But that doesn't mean all insurance people are dishonest, greedy people. The bottom line is each of us needs to do our own research and figure out the policy and package that makes the most sense in each unique situation. As someone who just shopped all my insurance a year ago including auto, home, and boat, I know it can be a daunting task to filter through all of the options. Good luck to anyone going through that process. The best advice I have is to find an agent or company you trust and make sure they explain all of your options in plain English so you can make an educated decision.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...