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Raleighfirewall

Another Insurance Question

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Last year, September 2013, I bought a 1997 Chaparral 1930 SS. Because it was so late in the season I did not insure it upon purchase. I leave it in a boat lift all year. Now that the season is finally here, I am in the market for insurance for the boat only, not the trailer. I went online and got a quote from BoatU.S. I have no problem with the price for the "agreed hull value." However, I am not familiar with the company that would write the insurance, National Liability & Fire Insurance Co.

Has anyone had any experience with this company? I got a quote from my homeowner policy carrier that was about 33% higher as a rider on my homeowner insurance. I like my homeowner insurance company, Liberty Mutual, but they only write boats as a rider, not a stand alone policy.

Just wondering about National Liability & Fire Insurance Co. and any other recommendations you may have.

As always, thanks for your opinions and experience.

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There was a thread on this last year. I got a quote from Boat U.S. but it wasn't much better than what my State Farm agent quoted me. I don't care for the politics of the owner of Progressive, but I have to say the policy is a good one - replacement value, not agreed upon, a good selection of options for per person and total injury/damages, and they have riders for damage to the lower unit if you hit something in the water. I have no complaints after 7 years with them. Of course, I've not had a claim, either and that's where the complaint part usually comes in....

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I just got insurance for my new boat yesterday. On my previous boat I had State Farm and had no issues with them but I also did not have a claim. I always thought it was a little high so with the new boat I decided to shop around. I ended up using NBOA http://www.nboat.com/. They are an agency and they lowest price was with Progressive. The price was really good and not a whole lot more than my old boat insurance with much better coverage. I also like that I call NBOA for claims and any assistance, we will see how it goes.

Oh and they only quote agreed value which I like and with Progress they got me 'Total Loss Replacement' for the first 5 years and then it switches to agreed value.

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I ran this through my agent at the house where the boat is kept and Progressive is what we got. Our house up there is under Countyway and cars and VA house are under Erie. Progressive seemed like the best deal when the agent ran through it. It's pretty reasonable and we have deductable that goes down 25% each year.

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I currently have Progressive but will be changing when the policy comes due. They really &%$@# me off when they said I didn't have the best price because of my credit score. (it's 797). I had my car, boat, motorcycle and camper insured with them and I am switching everything as it comes due. I haven't had an auto claim since 1967. No motorcycle or camper claim ever. No homeowners claim ever. One boat towing claim about 5 years ago otherwise no boat claims. Pay all premiums annually. Sorry for the rant.

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I have heard good things regarding BoatUS insurance. I believe it is agreed hull value. I have State Farm, along with my house and cars. I have had very good service, but it is an actual value policy. Check carefully to see what the coverage includes, and if it meets your needs.

brick

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Actual value policies might work on a newer (less than 10 year old) boat but in my case, for example, where my boat is 27 years old, there is no listed "blue book" value. If I had a claim for a totaled boat under that policy, I'd be at their mercy to determine the value and no doubt, it would be something stupid. With the Agreed Upon value (I have BoatUS), I just had to tell them what I thought the boat value was and I sent them pictures of the restoration and other key elements and they agreed without hesitation. It's nice dealing with "boat people" instead of some clerk who don't know the stern from the bow. Just my :Twocents:

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. With the Agreed Upon value (I have BoatUS), I just had to tell them what I thought the boat value was and I sent them pictures of the restoration and other key elements and they agreed without hesitation. It's nice dealing with "boat people" instead of some clerk who don't know the stern from the bow. Just my :Twocents:

Wow Rich, I never looked at the agreed upon policy that way. It makes much more sense that way....I think you're right - one type might be better for newer boats while the other may be better for older ones.

Regardless of which carrier and which type, though, I really dread that first claim. Something tells me I am not going to be very happy about it.

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I have BoatUS, with agreed hull value. I have made a few claims and the checks have always came with no hassles. That was with the old underwriter unsure about this new guy. Time will tell.

Even with a new boat "agreed value" would be the way to go, If you agree on 100,000 bucks its 100,000 bucks. When I got mine I asked to insure it for a "agreed value" dollar amount more than I paid for it and they said OK. Other things that might up the cost is the liability amount you have to have.

I changed insurance companies midterm a few years back (house, cars), because it was cost effective not to wait.

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Agreed value is the best way to not worry about who rates the value & depreciation over many years.........Just like your house.

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dn0349: I contacted http://www.nboats.com. Got a good quote from them through Safeco Ins. Co. I will talk with them on Monday and finalize the deal and bind the policy.

Phillbo: I'm not insuring the trailer because I keep the boat in a covered lift year round. The trailer is on my property. I have had an empty boat trailer or two for 30+ years and neither I, nor my neighbors, have ever had any problems other than dry rotting tires. We're lucky we live in a safe neighborhood.

RichMarionOhio: What a great looking restoration on your Chaparral. I do love the "agreed value" insurance agreement. I feel like we have half the battle won before we have a claim. I've been on the NC side of Lake Gaston for 31 years now and only had one claim about 30 years ago due to my brother finding an underwater stationary object that took out the lower unit. I hope and pray that the insurance is just in case for an event that never happens.

Thanks for the advice everyone. Safe boating!!!

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To know more about any insurance company, visit www.ambest.com You will have to register, but it is free and if you click the "do not send me stuff" boxes, they will leave you alone. This will show the financial stability rating of any insurance company and who owns them. National Liability is owned by Berkshire Hathaway (who also owns Geico). They are based out of Omaha and have an A++ financial stability rating (being part of Berkshire Hathaway). Having said that, this score is no reflection of customer service, claims service, etc, but simply says they should have enough money to honor the contract of the policy.

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I have progressive and just had a claim.

They could not have been more professional or caring.

Cant say the same about Chaparral.

They approved the claim in one day and within 2 days I had a check in my hands for monies I laid out.

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