Good boat insurance company?

[Badburn]

My boat insurance is up for renewal. Like everything else in my life, I think it is too expensive. I have a 36 ft cruiser that I keep moored on the river. I am paying around $950 per year. Does anyone have a good insurance hook up, or know of a company that has good rates?

I have Allstate right now.

 

[mphy98]

Re: Good boat insurance company?

GEICO has me for $127.00 a year. That's for 8k for the boat a 1991 starcraft with a 135hp merc, trailer for 2k ,liability, comp the whole shebang.

 

[dockwrecker]

Re: Good boat insurance company?

Allsnakes has my boat, 3 trucks and a couple of homeowners policies. It's dependent upon your declared value of your boat and if you're carrying a liability umblrella (which you should) for all of your property. But the best rates are usually "bundled" with a homeowner's policy and a general liability policy. All told, my insurance bill is hard to decipher since I have numerous vehicles and houses involved. But, a moored boat will always cost more than a trailered boat just because of the potential that it springs a leak somewhere, and given yours is a 36' cruiser, your valuation is probably pretty high for total loss.
Look at it this way. If you bought a $50,000 car, you'd be paying probably your rate that you have now for full coverage. I personally don't think you're too far out of line for what you've got and that it lives on the water.

 

[Brewman61]

Re: Good boat insurance company?

Get quotes from different companies to compare against what you have. There is really no company out there that is going to be the best, cheapest, etc.... for everyone.
My cheap company could well be your over the top expensive one.

 

[26aftcab454]

Re: Good boat insurance company?

BoatUS

 

[PiratePast40]

Re: Good boat insurance company?

Like dockwrecker says, bundling is probably your best bet. Cost of your umbrella may go up with the liability of the boat but the boat insurance will go down as a result of the bundling. State Farm is good to me but not much value in my boat so it's not insured for loss, just liability.

 

[TBarCYa]

Re: Good boat insurance company?

I use SeaInsure which is part of SeaTow. The reason I went with them is because their policy covers winter freeze damage which is a possibility where I live. My car insurance company was significantly higher on premiums too.

 

[grzzzz]

Re: Good boat insurance company?

I shopped around and found Progressive the cheapest for the coverage I got. I just picked the value replacement I wanted and got a number. I think my coverage is around $5000 for around $100/yr. But I am sure it depends a lot on where you live. I also bundled my 2 trucks, camper, primary home and summer home into it.

Grzzzz

 

[Brewman61]

Re: Good boat insurance company?

I shopped around and found Progressive the cheapest for the coverage I got. I just picked the value replacement I wanted and got a number. I think my coverage is around $5000 for around $100/yr. But I am sure it depends a lot on where you live. I also bundled my 2 trucks, camper, primary home and summer home into it.

Grzzzz

Progressive is also my company. They have my autos, boat, and motor cycyle. And nobody so far can beat them costwise or service wise.

For me.

I've referred others to them and they've gotten surprisingly higher quotes.

Simply put, if the company wants your business they'll return competitive rates. If they don't then your rates will be higher.

It will be different for everyone, based on dozens if not hundreds of variables.

 

[rrhodes]

Re: Good boat insurance company?

I am with StateFarm, I pay about $325 per year on a declared value of $32k This is on a 2008 but I keep it on a trailer.

 

[ryanr623]

Re: Good boat insurance company?

Progressive is also my company. They have my autos, boat, and motor cycyle. And nobody so far can beat them costwise or service wise.

For me.

I've referred others to them and they've gotten surprisingly higher quotes.

Simply put, if the company wants your business they'll return competitive rates. If they don't then your rates will be higher.

It will be different for everyone, based on dozens if not hundreds of variables.

Thats who i have.... do you know if it covers damage to the outdrive from hitting a shallow rock/sandbar?

 

[brick75]

Re: Good boat insurance company?

I have Progressive as well. I went with them because it was very easy to get a quote on their website and the rate was very reasonable. They also have dissappearing deductibles which is nice, and can end up saving you a lot after a couple years since you're able to increase your deductible amount each year.

That said, I had to make a claim with them last year after hitting some submerged rocks. I must say the claim process was far from painless. A lot of runaround and feet dragging. Took about 3 weeks to get it fixed. Also, they had an independant guy come in to give the recommendation on what to cover, and they ended up rejecting replacement of a part that had been bent enough to be outside the manufactures specifications.

 

[ryanr623]

Re: Good boat insurance company?

I have Progressive as well. I went with them because it was very easy to get a quote on their website and the rate was very reasonable. They also have dissappearing deductibles which is nice, and can end up saving you a lot after a couple years since you're able to increase your deductible amount each year.

That said, I had to make a claim with them last year after hitting some submerged rocks. I must say the claim process was far from painless. A lot of runaround and feet dragging. Took about 3 weeks to get it fixed. Also, they had an independant guy come in to give the recommendation on what to cover, and they ended up rejecting replacement of a part that had been bent enough to be outside the manufactures specifications.

Did you get it fixed to your satisfaction eventually? What were they giving you the run around about? Straight forward outdrive hitting rock?

 

[brick75]

Re: Good boat insurance company?

Did you get it fixed to your satisfaction eventually? What were they giving you the run around about? Straight forward outdrive hitting rock?

The reference to getting the runaround was mainly due to the fact that the shop nor I could ever get in touch with the claims rep and it just ended up sitting for about 2 and half weeks before they got the go ahead to do the repairs. This was very frustrating especially given that is was in the peak of summertime and I was landlocked because of it. I think this was partially just bad luck too since the shop said that the Progressive rep they normally deal with is very quick and responsive. Leave it to me to end up with the dud.

Anyway, like I mentioned, they rejected the shops recommendation to replace the vertical drive shaft even though it was bent out of Volvo's specification range. I believe I am now dealing with an issue caused by this, but need to get her out a couple more times to know for sure.

 

[emilsr]

Re: Good boat insurance company?

The cheapest policy isn't always the best deal. One company in particular is notorious for dragging their feet on claims.

I've had BoatUS insurance on the last 4 boats. They aren't the cheapest (usually), but I still use 'em....and recommend 'em.

 

[ryanr623]

Re: Good boat insurance company?

The cheapest policy isn't always the best deal. One company in particular is notorious for dragging their feet on claims.

I've had BoatUS insurance on the last 4 boats. They aren't the cheapest (usually), but I still use 'em....and recommend 'em.

Care to share the company bolded above?

Also, had any claims with BoatUs? I have tow insurance with them, but haven't used it yet. Where i boat (lake erie) i hear they're the best for towing. Always someone on call.

 

[Badburn]

Re: Good boat insurance company?

Thanks for all the great responses. This little research project has uncovered a few people that are paying about half of what I am paying. In one case, it is the same model boat, in the same marina, and their rate is half of what mine is. I have never had a boat claim, and have 40 years of boating experience, so there's no reason for me to be paying any more than the next guy.

I also learned that regardless of the stated value that my rate is based on, Allstate will only pay the current market value in the event of a total loss. Somehow, the stated value drives the cost of the policy, but they are able to depreciate it down even though it's an agreed value. I dont completely understand it. I think I have been overpaying for quite some time based on the estimated value that was put in place 7 years ago when I got the policy.

Allstate actually hung up on me 20 minutes into a phone call when I asked them if they agreed that I had been overpaying. The agreed value of my policy was nearly double what the boat is currently worth, due to some depreciation and the economy sliding into the toilet. I need to get into the insurance business!

 

[emilsr]

Re: Good boat insurance company?

Care to share the company bolded above?

Also, had any claims with BoatUs? I have tow insurance with them, but haven't used it yet. Where i boat (lake erie) i hear they're the best for towing. Always someone on call.

Would rather not as I have no personal experience with them....but they're mentioned in this thread.

I had one fairly small claim with BoatUS and they were quick to cut me a check. My BIL ran over a log in the TN river several years ago....almost pulled the prop shaft completely out of his cruiser. He had to duck in to the nearest marina (they were on a long trip) and have the boat hauled to keep it from sinking. Total bill was something like $3,500....again, BoatUS was quick to cut him a check. Have heard similar stories from others.

It should be noted that they aren't actually the insurance company; they're just the broker. The policy is underwritten by someone else.

Badburn, if they hung up on me I couldn't find another insurance company fast enough. Don't get too hung up on price though....good isn't always cheap, and cheap isn't always good. You want VALUE and SERVICE, not the lowest bidder.

 

[Brewman61]

Re: Good boat insurance company?

With progressive, I've not had to claim on my motorcycle or boat, but I have filed two claims on my auto policy- one for my son's crash, and one where my car engine got destroyed via hydrolock. Both claimes were handled very quickly and to my complete satisfaction.

Being the cheapest doesn't mean the service is worse, any more than being more expensive ensures good service.

Like I've said a lot before, Progressive (for example) isn't the cheapest company- there really isn't one, since their rates, like everyone elses, are all over the place. For me they are very reasonable (making them MY cheapest), but for others they are not the cheapest.

You can't automatically equate price and quality of service. I am in the financial services business (IT geek), so I'm pretty insurance savvy, and probably need less handholding than average. I also know how to talk the talk with underwriters, claims people, and such.

I find it very easy to do almost all of this on the web, but have had no problem getting an understandable friendly voice on the phone if I've felt the need.