Need help with Boat insurance (having a hard time getting it)

[TurboM700]

First off new to this forum but not new to boats. I’m having a hard time getting insurance on my pontoon boat that I built my self.
Here’s a link to my build thread.
http://forums.iboats.com/showthread.php?t=556911

My “current” insurance company is making me jump thru a lot of paper work and appraisal to get this thing insured. Last night I talked to my agent and he said I would have to pay 400 dollars to have a boat appraisal done on it to determine fair market value and show recipets of everything I purchased. I asked him what about he 200+ labor I have into this thing. Got no answer back on this.

To me this seems like a rather simple thing. We are not talking about a boat with a huge motor that does 70+ mph across the water. It simple an I/O pontoon with update furniture that in my mind is valued at 15k and that’s what I want it insured for.

As anyone else gone thru this?
Is there a better insurance company I could go with other then State Farm for this?
I'm just looking to cover my ***** if someone where to steal it of a tree falls on it.

Here is a picture of the boat as it sits today.

Thanks
Mike

 

[dingbat]

Re: Need help with Boat insurance (having a hard time getting it)

They are covering their butt as well. You want something covered for $15K which might be worth $1,500 as far as they know.

Never mind what you have into it or what you think it's worth. It never works out that way. Maybe 1/2 that

 

[TurboM700]

Re: Need help with Boat insurance (having a hard time getting it)

They are covering their butt as well. You want something covered for $15K which might be worth $1,500 as far as they know.

Never mind what you have into it or what you think it's worth. It never works out that way. Maybe 1/2 that

I see there side of it, but there in a business to take risk, to me part of taking risk should be figuring out fair market value not me. I have been trying to get insurance on this boat for 6 weeks now. Have sent them 20-30 pictures of everything they have asked set up times for them to take a look at it I just feel I’m getting a complete run around.

When I built this boat the last thing I thought I would have trouble with is getting insurance. In my mind this is no different them my turbo snowmobile I have insured thru them or my truck with a 10k in performance parts. To me the last two seem to have a lot bigger risk then a silly pontoon boat.

 

[lncoop]

Re: Need help with Boat insurance (having a hard time getting it)

They are covering their butt as well. You want something covered for $15K which might be worth $1,500 as far as they know.

Never mind what you have into it or what you think it's worth. It never works out that way. Maybe 1/2 that

Plus one. You're letting your emotions think for you, and that's totally understandable. This is a one of a kind barge that cost you a lot of blood sweat and tears to create. However, the insurance company has to have some sort of objectively ascertained baseline value (your opinion of what it's worth is completely irrelevant, as is your investment of labor) or they don't know what they're insuring. What they're asking for seems fair to me. Sounds like they're trying to work with you to get this thing covered. By all means shop around (I'm a big fan or Foremost FWIW), but since you mention State Farm I gather you're working with your agent. If he can't get this done for you I wouldn't be too optimistic about my chances with someone you just cold call. Good luck to you, and let us know how it turns out so others who find themselves in your shoes can benefit.

 

[MH Hawker]

Re: Need help with Boat insurance (having a hard time getting it)

Try progressive

 

[Cowthief]

Re: Need help with Boat insurance (having a hard time getting it)

+1 for Progressive as well. I have State Farm for cars and house. My agent told me State Farm was over priced and to go with Progressive. I did and have been pleased with price and claims.

 

[onewhippedpuppy]

Re: Need help with Boat insurance (having a hard time getting it)

I have mine through Skisafe (Geico). They asked us what we wanted the boat and trailer insured for, in my case it is slightly more than the purchase price. I think setting up our policy took all of 10 minutes on the phone, no pictures or other documents required. It was very reasonable, I think about $170 for the year.

 

[laserbrn]

Re: Need help with Boat insurance (having a hard time getting it)

I am having a similar situation. I originally attempted to insure my 1976 Skipjack Flybridge 24' boat with AAA. They do my auto and home and I've been pretty happy with them. I tried to insure it for $15k and they came back and said it was worth $2500 according to NADA.

Well NADA is dead f'in wrong! They wouldn't budge and said that's what they go off of. I tried to laugh it off, and just cancelled the policy. I explained that these boats NEVER sell for $2500 and their underwriters are smoking rocks, but the don't get it. The upholstery is all new...the engine is newly rebuilt with zero hours on it, the outdrive alone is worth $2500.

When this boat is finished I'll have $20k into it and I'd just like to have it insured for what it's really worth, not what NADA claims, which seems based on it being a 1976 ORIGINAL boat with the original engine, original interior and likely parked under a tree in someones yard not running for the last decade.

I too am curious who to call to get REAL insurance for my boat. Good luck with yours, I think we just need to stay away from car insurance companies and find a company that insures BOATS.

 

[Home Cookin']

Re: Need help with Boat insurance (having a hard time getting it)

Just pay the $400 and be done with it. it's just part of the cost of saving money by building your own boat. better than being stranded on land for 6 weeks sending email photos. I'd say you got off easy.

And old boats have no market value no matter how much you love them or how much you put into them (except collectables and show boats). You insure them for liability and any comprehensive is a bonus. Your 1976 boat is just a 1976 boat no matter what you did to it. No different than a 1976 Chevy impala "fixed up perfect."

You can look into rated insurance particular to your boat but you simply have to pay for it. The cheap prices they advertise apply only to a certain segment of the boating market.

BTW this is why you don't change insurance companies to save $50 on an older boat.

 

[TurboM700]

Re: Need help with Boat insurance (having a hard time getting it)

Thanks guys for all the information

I spent the good part of the morning going thru my checking account adding everything into Excel and sending it off to the insruance company. We will see what they say I have been with them for 12yrs never a single claim and have 11 policys with them. That SHOULD mean something. If not well I will start looking around. I didnt build this boat because I have endless amounts of money laying around and I sure as heck aint going to give extra to an insurance company.

On a side note dont every add up how much everything cost. ouchy

 

[lncoop]

Re: Need help with Boat insurance (having a hard time getting it)

Thanks guys for all the information

I spent the good part of the morning going thru my checking account adding everything into Excel and sending it off to the insruance company. We will see what they say I have been with them for 12yrs never a single claim and have 11 policys with them. That SHOULD mean something. If not well I will start looking around. I didnt build this boat because I have endless amounts of money laying around and I sure as heck aint going to give extra to an insurance company.

On a side note dont every add up how much everything cost. ouchy

LOL. Ouchy indeed! Good luck Turbo.

 

[laserbrn]

Re: Need help with Boat insurance (having a hard time getting it)

Just pay the $400 and be done with it. it's just part of the cost of saving money by building your own boat. better than being stranded on land for 6 weeks sending email photos. I'd say you got off easy.

And old boats have no market value no matter how much you love them or how much you put into them (except collectables and show boats). You insure them for liability and any comprehensive is a bonus. Your 1976 boat is just a 1976 boat no matter what you did to it. No different than a 1976 Chevy impala "fixed up perfect."

Well there's a slight difference. I CAN buy a 1976 Chevy Impala for $2500. You CANNOT buy a 1976 Skipjack 24' flybridge in Southern California in working, ready to fish condition for $2500.00. I'm sorry, but the method of valuation (using NADA) is invalid. It's clearly based on nothing. Fortunately I just got off the phone with BOATUS and they don't list the value at $2500.00. They are sending out an appraiser to valuate the boat properly and have the underwriters write the policy to insure the boat for this agreed upon value beforehand.

My suggestion to the OP is to contact BOAT US and see what they give you. Like I said...boat insurance companies, not car insurance companies.

 

[TurboM700]

Re: Need help with Boat insurance (having a hard time getting it)

Well there's a slight difference. I CAN buy a 1976 Chevy Impala for $2500. You CANNOT buy a 1976 Skipjack 24' flybridge in Southern California in working, ready to fish condition for $2500.00. I'm sorry, but the method of valuation (using NADA) is invalid. It's clearly based on nothing. Fortunately I just got off the phone with BOATUS and they don't list the value at $2500.00. They are sending out an appraiser to valuate the boat properly and have the underwriters write the policy to insure the boat for this agreed upon value beforehand.

My suggestion to the OP is to contact BOAT US and see what they give you. Like I said...boat insurance companies, not car insurance companies.

Part in bold is all I wanted them to do. I dont think its my responsiblty to pay for that it should be part of there risk assment. Insurance guy said my Excel spread sheet is good enough and its off to the underwriters now. They put the replacment value of the boat at 20K. Will have to wait and see what my premiums cost.

For the meen time I have a phone call into a couple other places to see what they offer. I will try BOAT US next.

Thanks again.

 

[oldjeep]

Re: Need help with Boat insurance (having a hard time getting it)

Part in bold is all I wanted them to do. I dont think its my responsiblty to pay for that it should be part of there risk assment.

Insurance is so cheap that its hard to bake in the cost of sending someone out to appraise your boat. My policy for $15K + 300K liability is $169 a year through state farm.

 

[JoLin]

Re: Need help with Boat insurance (having a hard time getting it)

Thanks guys for all the information

We will see what they say I have been with them for 12yrs never a single claim and have 11 policys with them. That SHOULD mean something. If not well I will start looking around. I didnt build this boat because I have endless amounts of money laying around and I sure as heck aint going to give extra to an insurance company.
uchy

Sorry, but that's emotion talking again. IT'S HOMEBUILT! Pictures can't fully convey your choice of materials and construction method. They want a professional, objective evaluation. Incoop and Bubba are dead on. You can try another insurance company, but my bet is they're going to want the same evaluation. As someone else noted, this is going to be part of the cost of building you own boat.

 

[TurboM700]

Re: Need help with Boat insurance (having a hard time getting it)

Sorry, but that's emotion talking again. IT'S HOMEBUILT! Pictures can't fully convey your choice of materials and construction method. They want a professional, objective evaluation. Incoop and Bubba are dead on. You can try another insurance company, but my bet is they're going to want the same evaluation. As someone else noted, this is going to be part of the cost of building you own boat.

I guess i don’t see emotion being part of this. I see protecting my investment in my mind this boat is no different then someone walking into Premier Pontoon wrighting a check for 30k and driving away with a new pontoon. I choose to build one instead of buy one thats the only difference. It doesnt matter if the Alum pontoons are 20 yrs old or brand new alum is alum.

I have called my agent up on numerous times said I'm taking my 15,000 dollar turbo snowmbile out to Wyoming I want insurance on it for this much. It was a done deal gave him my CC number and I went on with life. I was expecting the same for this boat. God only knows I do alot more stuipd stuff on a snowmobile with 250hp then I will on a boat that does 27mph.

At any rate I filled out a insurance quote with BOAT US and they got back to me right away with a very attractive quote. Will see what state farms does before I make a decision.

 

[Home Cookin']

Re: Need help with Boat insurance (having a hard time getting it)

I guess i don’t see emotion being part of this. I see protecting my investment in my mind this boat is no different then someone walking into Premier Pontoon wrighting a check for 30k and driving away with a new pontoon. I choose to build one instead of buy one thats the only difference. It doesnt matter if the Alum pontoons are 20 yrs old or brand new alum is alum.

At this point all I can do is remember how a professor of mine replied to this type of argument: "well, you could think that, but you would be wrong."

 

[laserbrn]

Re: Need help with Boat insurance (having a hard time getting it)

Well, there's definitely a difference between building your own boat and buying one from a boat manufacturer. I'll admit that. If there something lacking in your build quality and it causes the boat to sink, or lose control, or destroy a dock, etc. the insurance company won't have any recourse. If you bought your boat, they would go after the boat manufacturer for this sort of defect.

If your boat sinks and it's because of a defect in the build, the insurance company and you are going to be in for one. So from that angle I can understand them being reluctant to insure the boat at all. What I have trouble with is ridiculously valuating the boat based on nothing. The value of a boat should be determined by the cost to replace it. That means to find a comparable pontoon boat in your local area costs XXXX and that's the value it should be insured for. Nothing more and nothing less.

 

[Scott Danforth]

Re: Need help with Boat insurance (having a hard time getting it)

BoatUS has insurance....and they tow.

 

[Home Cookin']

Re: Need help with Boat insurance (having a hard time getting it)

That means to find a comparable pontoon boat in your local area costs XXXX and that's the value it should be insured for. Nothing more and nothing less.

You mean a comparable homemade pontoon boat--see the problem?