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

[bgc]

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

I would pay to have the survey, it benefits them and you. I work at a marine repair facility and surveys are great for determining if the hull is worth the repair.

2nd BOATUS for insurance and join the USPS, take the ABC class, It can help with insurers.

DAMN NICE LOOKIN PONTOON BTW! Great work!

 

[shrew]

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

It is absolutely not uncommon for an insurance company to request a survey. I had to have one before I could get it insured. I decided to switch insurance companies and guess what teh new insurance asked for? Yep, another survey. They wouldn't accept the 5 yr. old survey I already had. Trust me, $400 is cheap for a survey. Both of mine were $800+. Insurance may require one if the boat was manufactured berfore a certain date, over a certain value, or both.

Do you keep telling them you built it yourself? If I were the underwriter, I'd ask for a survey too. As stated, what if you over inflate the value? What if you have not constructed a seaworthy vessel? A sinking, injury, damage to property, or death become their financial liability too. An adjuster does not determine seaworthyness, he only validates damage, cost of parts and approves checks being cut. They are not marine surveyors, nor should it be their responsibility to prove that the boat is both seawothy and worth what you are claiming it's worth.

 

[oregoncruiser]

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

I'm a long ways from an expert on this, but my boat insurance experience was super easy. I am insured through Bout US, and I ust called them up, gave them my value. It is written as an agreed value policy where I get the insurance I pay for. My boat is worth about 18K, and that is what is in insured for. I COULD ask for an agreed value of 5K, and I'm sure it would be way cheaper. I don't think they would have blinked if I said 22K either. I signed a atatement saying the boat was in good repair, and was worth what I was asking to insure it for. So.... I guess they go back to this signed declaration if there is an incident and the value is in question.

Like I said, I'm no expert but I'd guess Boat US will take care of you, and make it easy.

 

[laserbrn]

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

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

Yes. It doesn't matter that the thing was built at home. When underwriting insurance (especially through Boat US) that value is determined and agreed upon beforehand. Even if you only valuated the boat on the the hull being worthless and the motor, trailer, electronics, interior components and anything else that has verifiable receipts for purchase, you come to a reasonable value for the boat. That's precisely what I expect they are going to do with my boat. all of that I anticipate adds up to about $15k in my particular boat. I am not sure if they will think it less or more, it really doesn't matter, the premium for a more valueable boat is higher so finding the REAL value is the critical component. I'd love to insure my boat for $2500 and pay $10/mo, but that's not the insurance service I'm looking for is it?

There is someone out there that will insure your boat properly and offer you a service that you can actually use. Nobody should purposefully over inflate the value of the their boat for the purpose of insuring it. Nobody plans on something happening to the boat that would require insurance and the vast majority of people never use it. So all you're doing is overpaying for insurance.

 

[dsiekman]

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

First, VERY nice work!

Second, I'm guessing the real issue is the "home built" part of it.

Third, I use Traveler's. They asked me how much I wanted to insure for and made it sound as though that was up to me as long as it was as least as much as the loan. Granted, I didn't go overboard, but I am insured for way more than I paid for her.

 

[TurboM700]

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

A few updates.

Boat Us pulled out once they saw pictures unless I want to pay for the 500 dollar survey on the boat. There main reason was age of boat compared to its current state and declared value. Lady on the phone was super nice and explained everything to me. They did say once the survery was done what my yearly rate would be for 25k declared value.

Progressive was a no go. The min I said I installed and I/O they were interested in how I did it but would not touch it.

Tried local agents had one company very interested in it and brought the boat there. Just for him to tell me he just wanted to see how it was done.

My current state farm agent seems to be my best go at this point.


Also thanks everyone for the help and the kind words about the boat.

Mike