I need insurance! Who should I use? depreciative value vs. agreed value?

[jwharan]

I have heard that a commercial insurance agency is the way to go. I am maryland. Anyone have a suggestion for who I should go through to get insurance? I have an 18' bow rider, have gotten quotes from depreciative value starting at 270, to agreed value at 580. Boat is worth 10k

 

[JB]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

I insured my Boston Whaler for $10K with State Farm for $135/ann. I guess that is agreed value.<br /><br />I am in Texas.

 

[jwharan]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

what are your coverages, any idea? comprehensive? collision, medical? What is reasonable for a runabout? I don't wanna pay any more than necessary.

 

[Capn Mike]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

why not do replacement value? That's what State Farm has.

 

[Stratocaster]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Agreed value is the way to go.

 

[jwharan]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

I called statefarm and they want 280, so does pretty much everyone else. Any ideas how to get this down to under 200?

 

[imported_scott_m]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Lower the agreed value. Lower the liabilities (although not sure if you can), or raise the deductable. Not sure where your from but consider yourself LUCKY it's 280. Here in FL, I am paying about 700 per year for 10,000 of agreed value on my fishing boat and 1,400 per year for 37,000 on my cruiser.

 

[jwharan]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

MackSea: Can you say HURRICANE!

 

[craze1cars]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

I don't know if American Family Insurance is available in Maryland, but in Indiana I pay $116/year for $500 deductible which is actually considered an ACV (actual cash value) policy on my 1992 18 foot runabout...they tell me they'd use NADA or a similar source to determine a value in the event of a total loss, which leads me to expect somewhere near $4,000 to $5,000 worth of coverage, decreasing every year as the boat depreciates. That $116/year includes the boat damage coverage plus liability coverages with $300,000 limits.<br /><br />Insurance is VERY regional in terms of price. You'll just have to get a few quotes and go with whomever gives you the best coverage for your money.

 

[nysono]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

State farm here, 100/300/100 with 500 deduct. Full replacement value<br /><br />290/yr on a 2005 4.3 19 ft bayliner bowrider

 

[snapperbait]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Originally posted by jwharan:<br /> MackSea: Can you say HURRICANE!

I dunno about MackSea or his lo-cal, but the big deal here is not Hurricanes... The BIG deal here is theft.... Many insurances companies won't write policies to those who live in certain counties here in Florida because the rate of boat theft is so high...<br /><br />Agreed value is the way to go, if you can afford the extra couple hundred bucks a year..<br /><br />Mine's Progressive..<br />It's a basicly worthless depreciatve policy, except for the liability part... $404.00 a year.. If my policy were agreed value @ $15k, it'd be over $800.00 a year...<br />Did get roadside assistance with progressive..

 

[BUBBLES II]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Don't forget environmental liability (if it is offered), which can practically double the cost of a policy. I do not have it. Looks like some here do, some don't.

 

[RatFish]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

I have a Boatsman Policy with INAMAR Marine Insurance. My premium is $308 a year for a 2004 Bayliner 205, 5.0L (220HP). The policy is an agreed value policy. Here are some specifics:<br /><br />Vessel and Engine: $21,000 ($250 dedcutible)<br />Trailer: $2,000 ($250 deductible)<br />Personal Property: $2,500 ($250 deductible)<br />Commercial Towing and Assistance: $500<br />Liability Coverage (includes environmental): $300,000<br />Medical Payments (per person): $5,000<br />Uninsured Boater: $300,000<br /><br />I decided to go with INAMAR, not because they were the cheapest but it's the company that my agent uses to insure his boat! He stated that he has handled claims for his clients and INAMAR always settles up in a reasonable amount of time without any problems.

 

[TilliamWe]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Contact an Independant Insurance Agent, and see if he sells American Select Insurance's boat policy. Get a quote. If the price is right, that's the one you want.

 

[BULLWARKS]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Try NBOA - National Boat Owners Association they were 1/2 the price of Boat US.

 

[Mark42]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

I got a stated value policy on my 40 year old boat. A few photos was all that State Farm wanted to support my claim for $5000 total loss value. That and the typical 100/300 liability, towing and on water mechanic service on a trailered boat is $104 yr.<br /><br />State Farm beat any other insurance company by far. Especially the boat only specialty companies. I also have them insure my house and cars. That may affect rates.

 

[amirm]

Re: I need insurance! Who should I use? depreciative value vs. agreed value?

Depreciated value only works if you have a brand name boat that they can easily determine the value for. Otherwise, you are at the mercy of their guess for what your boat is worth if it is stolen or has a total loss.<br /><br />As for me, State Farm would only quote me a depreciated value. So I went with BoatUS and for the same amount, got full agreed "Hull value" plus $500K for enviromental damage (e.g. oil of fuel spill). I was in a hurry and did not shop around too much. I will try some of the other companies mentioned above next year.<br /><br />Amir