Boat Insurance -- Your advice/suggestions

[Apathetic]

My current boat insurance is Progressive and I have an agreed upon policy. I've been reasonably happy with it, but am open to hearing all advice because, frankly, I know I've got a lot to learn. My one complaint with Progressive is that they will not give me an insurance quote without the hull id, but I don't have a hull id yet because I'm not certain which boat I will buy. Same with the trailer, I do not have the trailer year and make for the same reason.

Recently, my wife and I have been looking at performance boats and are trying to broaden our horizons on insurance companies and figured this would be a good place to see what companies you all might advise and use.

We do not keep the boat on our homeowners policy due to the fact I want an agreed policy (I think that's best for us) and I want to be fully protected just in case.

The boat we purchase will almost definitely be in a covered slip from May to October and either at the Marina or our house during the off season of late October to early May.

In case this will help you advise us, the boat we are looking at:

fiberglass hull
twin Mercruiser TRS 454's making 660 HP total
gas engine
tri-axle trailer
34' long

Thanks in advance, I hope I asked this in the currect forum (I've messed up twice on that). If I put it in the wrong forum, I apologize in advance.

 

[sea wolf]

Re: Boat Insurance -- Your advice/suggestions

Well, the best thing to do is to get as many quotes as possible. Probably could do it online. All ins. co's are robber barons anyway, so the best thing to do is compare.

 

[dabalone]

Re: Boat Insurance -- Your advice/suggestions

Example of the importance of boat insurance. I think most associate insuring their boat to guard against a boating accident, lots of unexpected things can happen while boating. My son and two of his friends were out for some bass fishing a few weeks back, at their first stop one of the guys wound up for a cast with a big top water lure (zara spook) and inadvertantly hooked my sons friend in the face with both sets of large treble hooks. The tragic part is that the top set of hooks penetrated his eye with one of the barbs going directly into his pupil.

After emergency surgery the doctors were able to save his eye but not his eyesight. With the help of modern medicine and much support and prayers he has a very good chance of recovering his eyesight after a cornea and lense implant. This will be a long road to recovery and a costly one, luckily the owner of the boat had full coverage along with his homeowners that will pay for this unexpected and tragic accident. Boat insurance is very reasonable wherever you buy it, I would never take my boat out without it, you never know.

Actually I have an update on Jarrod the young man that was hooked and the doctors are very confident they will be able to restore his eyesight. Amazing what modern medicine and the power of prayer can do.

 

[rndn]

Re: Boat Insurance -- Your advice/suggestions

I had an 89 Baja Force 216 with a 5.7 mercruiser. I had a very difficult time even getting insurance because the boat was considered a high performance boat because it did over 50mph and was placed in the high risk pool. I did find insurance but it was double what my brother paid and he had a more expensive boat. They didn't care I went through the CG safe boating course or the fact that I had been boating for years. Even though the higher insurance rates I still ahd an absolute riot on that boat for 10 years.

 

[valkyr]

Re: Boat Insurance -- Your advice/suggestions

My current boat insurance is Progressive and I have an agreed upon policy. I've been reasonably happy with it, but am open to hearing all advice because, frankly, I know I've got a lot to learn. My one complaint with Progressive is that they will not give me an insurance quote without the hull id, but I don't have a hull id yet because I'm not certain which boat I will buy. Same with the trailer, I do not have the trailer year and make for the same reason.

Recently, my wife and I have been looking at performance boats and are trying to broaden our horizons on insurance companies and figured this would be a good place to see what companies you all might advise and use.

We do not keep the boat on our homeowners policy due to the fact I want an agreed policy (I think that's best for us) and I want to be fully protected just in case.

The boat we purchase will almost definitely be in a covered slip from May to October and either at the Marina or our house during the off season of late October to early May.

In case this will help you advise us, the boat we are looking at:

fiberglass hull
twin Mercruiser TRS 454's making 660 HP total
gas engine
tri-axle trailer
34' long

Thanks in advance, I hope I asked this in the currect forum (I've messed up twice on that). If I put it in the wrong forum, I apologize in advance.

That boat could be expensive insurance wise. Is it going to be trailered or in a slip? I think trailering that size boat could add to your premium too (but not sure - I can't remember how mine was set up).

 

[RubberFrog]

Re: Boat Insurance -- Your advice/suggestions

I live in VA also and the best insurance for us was through Geico SkiSafe.

Insurance is really a 'how much for how much' kinda deal. How much coverage for how much money. I could find less coverage for less money but not more coverage for less money than our current policy.

 

[eriediver]

Re: Boat Insurance -- Your advice/suggestions

I have my boat insured through Allstate. You never know what can happen. I've had some bad luck 2 summers in a row now. Last year my 28' Century caught on fire off shore. Allstate totalled the boat & settled the claim in 3 days.
This year my anchor came unsecured from the pulpit in some bad weather & took out my port outdrive & both props. They settled that claim almost as fast.
I pay $538 a year.

 

[artherm]

Re: Boat Insurance -- Your advice/suggestions

For you low end fisherman like me, most Homeowners Insurance Policies,"State Farm","Allstate"will transfer your Homeowners liability coverate to your boat if your motor is under 25 HP. You will have no coverage for your own loss. With this coverage you need to be lucky and careful. On low value equipment, you just take the risk.

 

[Apathetic]

Re: Boat Insurance -- Your advice/suggestions

Thanks for the replies everyone, here are some clarifications and updates:

-I will never get less than full coverage on a boat, I currently have that now with my 21' Liberator, and I would certainly have that with the performance boat I have in mind. There's is just too much risk for me not to have that.

-Most insurance companies will not allow me to get my quote online, so I haven't received many...but I did get a quote from my current insurance company; Progressive. My current insurance with full coverage, etc., is $501 a year on the Liberator, with this boat I have in mind, it will "jump" to $1298.00 a year.

valkyr this boat will be in a slip for six months, basically, mid May-early Oct, and on a trailer either at the Marina or at my house from late October to early May. I just feel 34' is too much for me to trailer as much as we will use it. Right now my wife and I are seriously considering using it every day in some way---either simply relaxing at the dock or going out.

RubberFrog thanks for the info, I am a Geico customer with my cars, but when I got a quote for my Liberator when I bought it, they were no where near as good as Progressive, a shock to me... I will try them again, however, but due to the age of the boat I'm looking at, I have to call instead of getting an instant quote.

dabalone Jarrod has my prayers, I hope everything works out for him.

I have to call Boat US to go through the "special performance questions" so I'll update that, too. edit I called Boat US and answered their "special performance questions, which were; (1) how long have I had a high performance boat, (2) Did it have any performance upgrades, (3) would I be trailering it and then a run down of all the things that would make me lose my coverage, or lose parts of my coverage (modifying it without telling them, letting the boat be operated without me on board, para sailing). Hopefully this thread can be useful for anyone moving from a runabout to a high performance boat in the future.

edit I wanted to add, I haven't had a car driving ticket in 7 years and have never had a single incident in my ~17 years of operating a pleasure boat.

 

[Apathetic]

Re: Boat Insurance -- Your advice/suggestions

Another update, Boat US came through and got me insurance with....yep, Progressive, the company I already have, lol. Really I will probably stick with Progressive as they seem to be very content with the speed the boat will do and the age (which is a big factor with many places I contacted). FWIW, my 12 month premium for full coverage and an agreed upon value on the boat I want, a 34' high performance boat with twin 454's will be ~$1298.00. Not too bad.

Now I have most everything lined up, so I just have to get out and make the purchase. hnoes:

 

[jakebrake]

Re: Boat Insurance -- Your advice/suggestions

dabalone- Dittos on the prayers for your sons friend.