Liability Insurance?

[gene8084]

Does any insurance company sell liability for an older boat? (1974)

All state wrote a policy for me, drpped it a week later saying the boat's too old. Then they sent me a bill for the days covered. LoL Only $4, but what a joke.

 

[oldjeep]

Re: Liability Insurance?

Does any insurance company sell liability for an older boat? (1974)

All state wrote a policy for me, drpped it a week later saying the boat's too old. Then they sent me a bill for the days covered. LoL Only $4, but what a joke.

Why would they drop liability? I can see not providing comp/collision. Also odd that it would have cost $4. My yearly policy from SF costs $169 for 15K coverage on the boat and 300K of liability.

 

[Augoose]

Re: Liability Insurance?

I'd keep the bill and accompanying letter, if there was one. For a company to actually drop you then turn around and bill you for $4, it might come in handy later on.

 

[gene8084]

Re: Liability Insurance?

Why? => " The age of your boat makes it ineligible for this Boatowners policy", Allstate Property and Casualty Insurance Company, July 20, 2011.

I have the cancellation letter and the bill. Funny thing is they sent me the letter asking if I had a boat and outlined all the liability reasons to insure a boat if I had one

21 years with the same company, home, auto, valuable items, and umbrella. rrrggg

So, back to my original question. Can someone point me to a company that will insure a 37 year old boat?

 

[CaptNCamille]

Re: Liability Insurance?

Try Boat US https://www.boatus-insurance.com/insappNew/default.asp?source=

 

[gene8084]

Re: Liability Insurance?

Thank you!

 

[jigngrub]

Re: Liability Insurance?

Give this guy a try

Feel free to contact me at 800.339.1235 or bob@worldwidemarineins.com .

You can also go to: www.worldwidemarineins.com to fill out my Quick Quote Form.

 

[oldjeep]

Re: Liability Insurance?

Or try state farm. Oldest boat I had insured with them was an 87 but they don't discriminate on my cars

 

[45Auto]

Re: Liability Insurance?

Progressive has no problem insuring all my old junk, and they'll give you a quote online in a couple of minutes.

 

[Silvertip]

Re: Liability Insurance?

The problem with Progressive is that they are great at sucking you in. Fell for that a few years ago. Even added my homeowners and boat coverage. Turns out Progesssive is sort of like AARP or the other gazillion insurance companies that aren't really insurance companies. Their policies are Underwritten by other insurers. In the case of their homeowners, my premium doubled in three years. Haven't had a claim in decades for car, home, or boat. Didn't take long to find a major insurer that cut my homeowners to the point where Progressive was two years ago. Switched auto coverage as well as the new company saved be a couple of bills on that as well. Progressive is a nice company to do. Try "Travelers".

 

[JimS123]

Re: Liability Insurance?

Hagarty for old boat insurance. They insure all the classics.

I had Allstate Insurance for my house, car, RV and motorcycle for over 40 years. But even my Allstate agent advised me not to put my boats with them.

 

[Thalasso]

Re: Liability Insurance?

Try N.B.O.A. Thats all they do. They are out of Florida. Been with them for years.

 

[H20Rat]

Re: Liability Insurance?

The problem with Progressive is that they are great at sucking you in. Fell for that a few years ago. Even added my homeowners and boat coverage. Turns out Progesssive is sort of like AARP or the other gazillion insurance companies that aren't really insurance companies. Their policies are Underwritten by other insurers. In the case of their homeowners, my premium doubled in three years. Haven't had a claim in decades for car, home, or boat. Didn't take long to find a major insurer that cut my homeowners to the point where Progressive was two years ago. Switched auto coverage as well as the new company saved be a couple of bills on that as well. Progressive is a nice company to do. Try "Travelers".

ALL insurance companies do this... (used to work in insurance for quite a few years) They do it to spread the risk out, otherwise a single bad storm would wipe out a company. Its actually a law on the books in every single state that insurance companies must use reinsurance, otherwise an insurance company could simply fold up at the first sign of a major loss.

As far as rate increases, its a game of numbers. Maybe you didn't have a claim, but a bunch of your neighbors did. Statistically that means you will soon also. Additionally, I'd be willing to bet that your home probably appreciated in value, and part of that rate increase was to cover the increase in value on your home and contents. (It was common to have mad homeowners that refused to increase their insurance for many years, and eventually had a total loss. Their check was less than half of what the home was worth. Eventually the company I was with implemented an automatic home value increase based on average home appreciation. It was to cover the homeowner more than anything else, but obviously people weren't happy about what they thought was a rate increase.)

Want some good reading material to fall asleep to? Check out the wiki link for reinsurance. (the term used to describe what you were talking about)

http://en.wikipedia.org/wiki/Reinsurance

 

[wgl333]

Re: Liability Insurance?

I don't think what was referred to is reinsurance. GEICO does the same thing with homeowners, they are the marketing "broker" but the underwriting, policy issuance and risk is all handled by Travelers, through a marketing arrangement with GEICO. The ceding (transfer or sharing) of risk from one insurer to another is reinsurance. In a reinsurance scenario, the policy holder has no knowledge of the transaction by the policy issuing carrier, as all dealings up to and including claims are handled under the carrier's name.

 

[45Auto]

Re: Liability Insurance?

The problem with Progressive is that they are great at sucking you in. Fell for that a few years ago.

Best thing you can do is check rates with a lot of different companies. Progressive sucked me in 4 years ago when their boat rate was less than half of everyone else' I checked. $500/year for $30k agreed value, $500 deductible, $1M liability. Since then my deductible and premium has gone down every year.

I have all 5 of my cars insured with State Farm but they wanted $1100/year. My house is insured with Allstate, but they wanted over $2000/year.

No one company is going to be best for everyone. Do your own shopping if you want the best rates.

 

[Silvertip]

Re: Liability Insurance?

The fact remains however, if you have the same insurance company for five years or more you NEED to check rates. Doubling home owners rates in a three year span is outragious. While I agree with the losses of those in an area having an impact on rates, why then does another company have the same rates, or in my case, cut the rate by 1/3 with increased coverage. Shop around folks -- shop around.

 

[Brewman61]

Re: Liability Insurance?

Progressive may partner out it's homeowners- at least that seemed the case several years ago when I got a quote from them, I believe it was some type of affialiate agreememt. However, this doesn't seem to be the case with their auto, boat or motorcycle coverage, all of which I have. My policy is a legal agreement between progressive and myself. I pay them premiums, file claims with them, and the policy is on their paper. They may or may not choose to cede out the risk on their polices by some type of reinsurance arrangement, but that's an agreement between Progressive and the other company and has no direct impact on the insured. Progressive is in fact an insurance company, domiciled in the state of Ohio. Rates for this type of coverage are extremely complicated and it's impossible to find one company that will be the best for everyone. Get rate quotes till you can't stand it, then pick a carrier. And verify by getting requoted every few years, that'll at least let you know where your premiums compare to the competition.

 

[Thalasso]

Re: Liability Insurance?

$500.00 a year agreed value on $130000.00.Get away from the companies that insure homes and cars.

 

[oldjeep]

Re: Liability Insurance?

$500.00 a year agreed value on $130000.00.Get away from the companies that insure homes and cars.

He's looking to insure a runabout worth under 4K - $130K boats are a whole different category.

 

[BRICH1260]

Re: Liability Insurance?

State Farm does not descriminate on old boats. They may wish to inspect it to verify the overall condition, but they will write it.