My Insurance co is asking questions...

[Mark42]

I applied for insurance for my latest boat, and the insurance (State Farm) is asking where I will primarily use the boat. I said on lakes and the Peconic bays in NY. Now they want to know what water it will primarilly be used in ( Inland water in NJ or Bays on Long Island).

I figured Lakes must be safer than Salt water, so I said inland water.

Does the body of water the boat is on affect the insurance rate?

 

[dingbat]

Re: My Insurance co is asking questions...

It sure does and if running in coastal waters you'll most likely have area restrictions as well.

I run nothing but coastal and my insurance restricts me to within 70 miles out. Some companies will only cover boats out to 30-35 miles.

 

[Texasmark]

Re: My Insurance co is asking questions...

I have the same company and when I applied they asked a lot of questions. Course that's good cause if you have the right (honest) answers you get a lower rate.......like my engine is 90 hp and the boat is rated for 130. They wanted to know that and I got a discount as a result.

Mark

 

[glennrow]

Re: My Insurance co is asking questions...

as an agent, im used to asking the questions....the company wants to know if its a risk they are willing to take. the info also allows them to determine what price to charge you. inland lake vs. the ocean is a big difference. also the size of the boat and the speed tis capable of. its quite similar to all the questions we ask when insuring your automobiles.

 

[Chris1956]

Re: My Insurance co is asking questions...

I guess I have a paranoid viewpoint. When you mentioned that the Insurance company was asking where do you boat, I thought it was trying to figure out how to get out of paying a claim. "You were two miles outside our coverage bounday, You get nothing, good day sir"!

My Insurance Company will not insure an older boat, unless you have it surveyed. So if you buy a 12 year old runabout for $1K, you better be prepared to spend some dollars for a survey/blueprint, if you want insurance on it.

 

[Mark42]

Re: My Insurance co is asking questions...

Im insuring a 16ft 1985 Bayliner cuddy. It is in outstanding condition for its age. I paid $1825 for the boat/motor/trailer, but asked for a stated value of $5000 for boat/motor and $1000 for trailer. They asked for the usual specs, like hin, capacity, HP, outboard model number, trailer vin, as well as some photos of the boat.

The policy also has high liability coverage, and runs $130 a year. I am surprised they can offer so much coverage for such a reasonable amount.

 

[sea wolf]

Re: My Insurance co is asking questions...

I have a 1987 19' Starcraft Medalist. When I called BoatUS for an insurance quote they told me I 'd have to have it surveyed. I told 'em to take a hike.

 

[dingbat]

Re: My Insurance co is asking questions...

I have a 1987 19' Starcraft Medalist. When I called BoatUS for an insurance quote they told me I 'd have to have it surveyed. I told 'em to take a hike.

Interesting. I had (up until last Spring) my 1986 20' Grady White insured with them for $14K and they never batted an eye. Gave them the hull number and they sent me the policy.

 

[dingbat]

Re: My Insurance co is asking questions...

Im insuring a 16ft 1985 Bayliner cuddy. It is in outstanding condition for its age. I paid $1825 for the boat/motor/trailer, but asked for a stated value of $5000 for boat/motor and $1000 for trailer. They asked for the usual specs, like hin, capacity, HP, outboard model number, trailer vin, as well as some photos of the boat.

The policy also has high liability coverage, and runs $130 a year. I am surprised they can offer so much coverage for such a reasonable amount.

I assume you got an Agreed Value policy. Where they try and get you is with the "equiptment" coverage. How much did they included in your policy? Mine covered $500 which would hardly even pay for the FF transducer on the boat let alone any "equiptment".

Changed over to Progressive when I got the current boat and it included $1500 in equiptment in the base cost . Picked up an additional $5K of equiptment coverage for $50 a year

 

[aerwin]

Re: My Insurance co is asking questions...

AAA also has good marine insurance. my boat is a 79'. just took it to the local office, they took a few pict. answered the same type of questions, ie, inland lakes, offshore, that type of stuff. and on my way. $180. a year. they also have a lay-up part of the policy, when boat is parked, like in the winter, there is no liability on the boat. progressive was about double and boat us kept wanting more info and had 3 or 4 different plans, they wernt that good on paper

 

[gcboat]

Re: My Insurance co is asking questions...

Insurance companies also take into consideration the amount of experience that the operator has. Take an approved safe boating course and you might get a further reduction in your rates. The courses are usually free, you might pay a few bucks for material, i.e. books but it is well worth your time. Even if you can't get an insurance break I recommend one for everyone - who sez' you can't teach an old dog new tricks???

 

[Mark42]

Re: My Insurance co is asking questions...

Got an email from my insurance agent. Seems the underwriting department looked my boat up on NADA or the like and came back saying that its not valued at the $6000 I asked for. NADA lists Average Retail price for a 1985 Bayliner 1600 Capri Cuddy for about $2200 with the options mine has.

Now I know I will never be able to replace this one if stolen or totalled for $2200 with one in the same condition I found. Granted, I only paid $1875 for it, but it took me two years of looking before I found one in this great condition in my price range. I don't want to have to look for two years if something should happen. Plus, in 3 years, it will be antique!

So I went online and did a search for my boat and found two for sale. Both had photos of the boat, and both were not as clean and showed signs of wear (ripped worn seats, bent bow rails, etc), but overall looked fair. The sale prices were $4885 and 5300.

Here is the link to the one with bent bow rail.

http://www.boats.com/sites/boatcountrywa/boat?entityid=104897431&mid=1128

I saved the web pages as a document and emailed it back to my agent explaining that these boats typically sell for twice or more the nada value in even fair condition. I asked if this is sufficient support of my claim that my boat/motor/trailer is worth $6000. I may be over stating the value, but If I'm willing to pay the premium, I don't see why they would balk. Its not like I'm asking for $20000 and then sink the boat....

I'll keep you posted.

 

[Mark42]

Re: My Insurance co is asking questions...

I got the policy in the mail today for the value I stated. I guess they accepted the boat "four sale" ads as proof of my claim of its actual market value.

I could have accepted their lower value, but for about $30 a year, it didn't seem worth it if I actually had to make a claim.

So stick to your guns when you want coverage for the actual value of your boat!

 

[Reel Poor]

Re: My Insurance co is asking questions...

I assume you got an Agreed Value policy. Where they try and get you is with the "equiptment" coverage. How much did they included in your policy? Mine covered $500 which would hardly even pay for the FF transducer on the boat let alone any "equiptment".

Changed over to Progressive when I got the current boat and it included $1500 in equiptment in the base cost . Picked up an additional $5K of equiptment coverage for $50 a year

Your equipment coverage is for items that are not attached to you boat,ie, fishing poles, tackle, ice chest, ski equipment, ect. If it's attached to the boat, like electronics, your Agreed Value should be high enough to cover these items.

 

[ANIMAL]

Re: My Insurance co is asking questions...

Insurance is just a giant scam endorsed and backed by the government. They want you to pay all your life for something you hope you will never need and then when you do need it its like pulling teeth to get them to pay for anything. As far as I'm concerned its a big waist of money and they are not getting mine. How many times have you heard of someone trying to buy a new car and they tell them they can afford to buy the car but they can't afford the insurance. They are worse than the credit card companys wanting to charge me to spend my own money { what little I have }. And now they base your insurance on your credit rating { which I don't have or want } instead of your driveing record. I have a perfect driveing record but they try to charge me xtra money for paying in cash,,,go figure. Do you know why you can't buy a car that will go over 90mph,,,,insurance companys and cops. Ever notice on the cop shows how the bad guys never can out run the cops. Your car will only do 90 while their cars will do 130 and when they sell them at auction they detune { change the computer chip } it before they sell it. All this is why I hide in the woods and stay homeless and mobile.If some one thinks they can sue me good luck. I have nothing to take and don't belive in useing banks....ANIMAL

 

[RubberFrog]

Re: My Insurance co is asking questions...

Are you for real?

 

[artic-z]

Re: My Insurance co is asking questions...

Are you for real?

haha, i hope he is, cause thats freaking funny... he does have a point on insurance basing off credit ratings is kinda dumb


my best friends a agent<new agent> but we quoted a buddy of mine renters insurance, was like 800 a year for a 500sqft apartment cause he had a bad credit score or well an 11 on a scale of 1-15 , 1 being best and 15 worst. then we quoted me with my score of 3 and it was 460

 

[tommays]

Re: My Insurance co is asking questions...

Now if you want wonder how they think

When my children are 500 miles away at the Univeritsy of Buffalo doing the kids gone wild collage thing there insurance goes DOWN 1000 dollars a year because Buffalo is rated as a rural area


I do not think the insurance company spent much time at UB but will take the 1000 dollar cut






Tommays

 

[Mark42]

Re: My Insurance co is asking questions...

This is completely untrue and misleading:

Do you know why you can't buy a car that will go over 90mph,,,,insurance companys and cops. Ever notice on the cop shows how the bad guys never can out run the cops. Your car will only do 90 while their cars will do 130 and when they sell them at auction they detune { change the computer chip } it before they sell it.

Pretty much any car with a v6 will break 90mph. Lots of 4 cylinder cars too.

And no, police cars sold at auction are not "detuned", at least none that I have ridden in.

Hey Animal, where do you get your information?

 

[RubberFrog]

Re: My Insurance co is asking questions...

My truck goes over 100....