Insurance

[kaw550]

My insurance agency suggested I search the internet for boat insurance. They said they cannot touch their prices.

With that said,
Do I need to do a lot shopping? Is there big dfferences in price? I jus got a quote from BoatUS.

Any other suggestions?

 

[tpenfield]

Re: Insurance

watch the coverage for the price . . . you may be better off paying more.

 

[Home Cookin']

Re: Insurance

why don't you start your question with information about what kind of insurance you are looking for?
1. Casualty--what size, type and value boat?
2. Liability--what is covered by home owner's; what do you need to reach your umbrella coverage?
3. Want extras? electronics, gear and tackle, towing, trailer, road hazard?
4. ACV or stated value?

two things about cheap insurance: they can be so restrictive as to be meaningless; they can start with teaser rates and nail you next year.

 

[kaw550]

Re: Insurance

My prior insurance was written under my homeowners policy. It included a combination of casualty and liability.
The boat is a 2007 Bayliner 217. I would estimate the value at 20,000

Do most go with agreed value or market value? I don't mind paying more if it is not restrictive and the rates are not going to jump.

Is there a particular carrier that you would recommended or do most people go with an addition to their homeowner policy?

 

[H20Rat]

Re: Insurance

Do most go with agreed value or market value? I don't mind paying more if it is not restrictive and the rates are not going to jump.

Make sure you read the tiny fine print if you go to agreed value. Lots of people assume they can insure their hole in the water for whatever overinflated number, and then try to claim that when it sinks. It comes as a surprise when they find out agreed value can mean means UP TO that amount with sufficient documentation to back it up. If you have a tinny that you insured for $9000, and then file a claim for whatever reason, they aren't going to write a check for $9000.

*disclaimer, not every company does this, some will do agreed value and actually mean it, assuming its within reason *

Also, what your agent says (or what you think they said) is 100% meaningless. What matters is the legal document, the policy declaration sheet.

 

[offthehook67]

Re: Insurance

I just wrote a policy with BoatUS.....With the gal on the phone we decided on the toal value of my boat,motor and trailer and added equipment. They will write me a check for the agreed upon value in the case of ANY loss. Yes, any!!!!!! They provide towing as part of the policy up to two times a year as well. This is the company that the pro fisherman use and I am impressed thus far. They provide a sticker for your boat or trailer stating the boat is insured and if a thief see's it it states a reward up to $2500 (on my boats value) will be given for information leading to the arrest. I cannot say enough about this company. I have $300,000 liability and more written in my policy and it's under $300 annually.

You can start with a free quote here...

https://www.boatus-insurance.com/intuitiveApp/start.aspx?AID=&AButton=&ASource=&ID=&AHits=&source=

Good Luck and happy boating

 

[crabby captain john]

Re: Insurance

I've never had a claim on marine insurance. I have been extremely happy with Boat US insurance and have agreed upon value also. The diff in cost with agreed value was just over $100 annually.

I just wrote a policy with BoatUS.....With the gal on the phone we decided on the toal value of my boat,motor and trailer and added equipment. They will write me a check for the agreed upon value in the case of ANY loss. Yes, any!!!!!! They provide towing as part of the policy up to two times a year as well. This is the company that the pro fisherman use and I am impressed thus far. They provide a sticker for your boat or trailer stating the boat is insured and if a thief see's it it states a reward up to $2500 (on my boats value) will be given for information leading to the arrest. I cannot say enough about this company. I have $300,000 liability and more written in my policy and it's under $300 annually.

You can start with a free quote here...

https://www.boatus-insurance.com/intuitiveApp/start.aspx?AID=&AButton=&ASource=&ID=&AHits=&source=

Good Luck and happy boating

 

[emilsr]

Re: Insurance

I had a claim in the early 90's with Boat US. Ran over a log in the river; almost pulled the prop shaft out of the boat. Had to pull in to the first marina and have the boat hauled before it sank.

The claims process was great. Absolutely no problems. I've been sold on them ever since then. They're not the cheapest, but as far as I'm concerned they're the best. No matter who you go with, a true marine policy is normally a much better idea than tacking it on to your homeowners' policy.

 

[John20]

Re: Insurance

I just insured my recently purchased boat

I went with Gieco......3200 a year premium. Full hull coverage and full EPA liability coverage. (The most they can fine you....850k )

A company in Fort Lauderdale, half that at 1700 , but hull coverage rated value determined by survey and only 100k liability EPA

Boat US was a JOKE....double the price of Gieco and less coverage.

 

[emilsr]

Re: Insurance

I just insured my recently purchased boat

I went with Gieco......3200 a year premium. Full hull coverage and full EPA liability coverage. (The most they can fine you....850k )

A company in Fort Lauderdale, half that at 1700 , but hull coverage rated value determined by survey and only 100k liability EPA

Boat US was a JOKE....double the price of Gieco and less coverage.

Wait 'till you file a claim, then you'll see what kind of bargain you got.

 

[HellRaZoR004]

Re: Insurance

$3,200! What did you insure?

 

[Home Cookin']

Re: Insurance

Re: "Also, what your agent says (or what you think they said) is 100% meaningless. What matters is the legal document, the policy declaration sheet."

First sentence, true. And many agents do not know correct information, especially on legal issues.

Second sentence, not true. It is your policy that is the legal document (called a contract) and the only one that matters. The dec page can be part of the policy, or merely a summary. The contract controls.

Every policy is different, so when it comes to details of coverage, never base your decision on another person's experience, or assume that your policy will be like anyone else's.

It gets even more complicated when you get into overlaping coverage and stacking coverage from other policies.

 

[The Famous Grouse]

Re: Insurance

I'm with BoatUS as well.

There are two issues with boat-related insurance:
1. Coverage for the boat.
2. Coverage for your @ss. AKA liability insurance.

With the boat, the most you have at risk is the value of the boat - what's covered by insurance.

With liability, you have everything at risk.

Personally, a long time ago, I upped the liability coverage on our homeowner's insurance. Now this is complicated, so here's where it pays to have a good insurance agent that you trust. The bottom line is I went 3X the "standard" coverage.

My insurance agent told me that the cases where his clients were involved in lawsuits over liability, in general these cases settle within the limits of the policy. But in several cases, he said it was VERY helpful to have a higher payout limit because this made it very, very unattractive for the plantiff to roll the dice in court rather than simply taking the insurance money and running. With $100,000 in coverage, in many states the plantiff may look at that and say it's worth it to take it to a jury and gamble on a $1m award. With $500,000 in coverage, there's a much better chance of being able to buy off a plantiff with a settlement rather than risk going to court.

Obvoiously, everything depends on the scenario. Get drunk and run over a swimmer and all bets are off. But in a you say / they say scenario where full balme is in dispute, it can really help to push a settlement rather than a long expensive court fight.

Grouse

 

[BRICH1260]

Re: Insurance

Mine is with State Farm, as is my home and cars. I read the policy through, seems to be a good policy for the inland lakes where I use it. Stated value, liability, accessory coverage, med pay coverage, towing. Costs a couple hundred doallars a year.

 

[wgl333]

Re: Insurance

Grouse, is your increased liability written under an umbrella policy? That is truly the only way to cover your liability exposures.

 

[lakegeorge]

Re: Insurance

I went with Boat US this year as they were the cheapest price around. I increased my coverage also. I think a lot depends on your credit score and driving record as to your rate. I had Progressive before.

Someone stole our mooring cover before Christmas and they covered everything, I don't have a problem with them.

 

[airshot]

Re: Insurance

If my insurance agent told me to look elsewhere for insurance, then I would....find another agent for your insurance needs.

Airshot

 

[SigSaurP229]

Re: Insurance

I would look strongly at Progressive or All State. I have mine with all state it cost me $20 per year more but a friend of mine is the agent so it is worth it.

 

[JimS123]

Re: Insurance

I had Allstate home and auto for 40+ years. When I got my first boat, and then later an RV, my agent advised me to go to an independent for the boat and RV. He said Allstates boat insurance was no good and he didn't even use them for HIS boat. (true story)

Two years ago I needed business insurance and Allstate didn't carry it. My agent sent me to his friend, an independent. After signing for my business, the new agent asked to take a look at my home and auto, so I said OK. Anywhoot, ended up switching EVERYTHING to the independent and saved a ton of bucks and got better coverage as well.

The only non-indpendent I carry now are on the "fleet".....BoatUS all the way.

 

[jcfitzgerald]

Re: Insurance

I just wrote a policy with BoatUS.....With the gal on the phone we decided on the toal value of my boat,motor and trailer and added equipment. They will write me a check for the agreed upon value in the case of ANY loss. Yes, any!!!!!! They provide towing as part of the policy up to two times a year as well. This is the company that the pro fisherman use and I am impressed thus far. They provide a sticker for your boat or trailer stating the boat is insured and if a thief see's it it states a reward up to $2500 (on my boats value) will be given for information leading to the arrest. I cannot say enough about this company. I have $300,000 liability and more written in my policy and it's under $300 annually.

You can start with a free quote here...

https://www.boatus-insurance.com/intuitiveApp/start.aspx?AID=&AButton=&ASource=&ID=&AHits=&source=

Good Luck and happy boating

I tried the link, and didn't produce a quote, after I filled in ALL that information. Said they would contact me later. My boat is so small and underpowered that the state doesn't require insurance. I just put my info in to see what it might cost. Guess its probably not worth their efforts.