Insurance options

[mikel1291979]

Im looking at getting insurance for my boat, but am running into a few problems. Mostly value of my boat. Geico wants $500 a year and says my boat is is only worth $3100, and that number scares me. I know its an older boat, 1989 Baja Islander, but it has a new engine and is in excellent condition. There is no possible way I could find a comparable boat for $3100.
Progressive says they will do an "agreed value" of $6600, which is the NADA value for $520. Only problem is they will send a inspector to underwrite my boat and he will come up with his value. At that time my "agreed value" changes to whatever he says its worth.
BoatUS online didnt give me a quote. I will be contacted by an underwriter. I am guessing for the same reason.
Do you guys have any suggestions? Anyone else in, or has been in the same boat (pun intended) as me?

 

[TilliamWe]

Re: Insurance options

Westfield Insurance (the policy is written as American Select Insurance) doesn't send anyone out to inspect the boat. They'll pretty much write just about any value you want. Rates are usually very good too. It's actually pretty close to a "yacht policy" as opposed to an ACv policy.
I used to work for them from 1998-2005, and still ahev a Brother-in-Law that is in their claims department.

 

[204 Escape]

Re: Insurance options

We have State Farm. It's $26.00/month, with good coverage. I could look it up, if I can find the policy. That is on a 2006 LARSON F/S Deck boat I/O. I thought that was pretty good. I'm sure there are others just as good, maybe even better.

 

[FastZR1]

Re: Insurance options

I got my policy via Geico but it's underwritten by Skisafe out of NY. I have an agreed value of 35K (no inspection) and only pay $239 a year with a 4 month lay up period that I choose. I go from Nov 1 - Mar 1.

 

[mcgyver210]

Re: Insurance options

I have Nationwide & it was $19.00 mth before I added lots of extra coverage for accessories & personal effects. But it still only went up $53.00 on a year so still low with enough coverage to buy a new boat no problem.

We went with agreed value because we figured it would be very hard to find another used boat in the shape ours is in.

 

[boaterinsd]

Re: Insurance options

ok, i got one for you it's not left the driveway yet. But what should i do with the 1973 that i have? I have Progressive for all the other stuff. I didnt even think about it, to tell you the truth.

 

[seapro235]

Re: Insurance options

I have BOATUS, I shopped around and found that BOATUS will insure your boat for what you think it's worth or what it will cost to replace your boat, which are two different numbers, you pay for what you want. I have full coverage on my boat, $18,000, plus coverage on lost articles while boating ( cell phones, cameras, etc), Fishing tackle, personal items. Plus Trailer Assist, and BOATUS onwater towing UNLIMITED, I have year-round coverage, i live in Florida, it's $480 per year. I have to say it is peace of mind while I am Trailering down to the Keys, and when I get there, if I am 2 or 20 or 50 miles offshore, help is just a phone call or radio call away. Check them out. By the way...I have State Farm for my car and truck, they were not even on the same page, BOATUS.com

 

[veritas honus]

Re: Insurance options

I have BOATUS, I shopped around and found that BOATUS will insure your boat for what you think it's worth or what it will cost to replace your boat, which are two different numbers, you pay for what you want. I have full coverage on my boat, $18,000, plus coverage on lost articles while boating ( cell phones, cameras, etc), Fishing tackle, personal items. Plus Trailer Assist, and BOATUS onwater towing UNLIMITED, I have year-round coverage, i live in Florida, it's $480 per year. I have to say it is peace of mind while I am Trailering down to the Keys, and when I get there, if I am 2 or 20 or 50 miles offshore, help is just a phone call or radio call away. Check them out. By the way...I have State Farm for my car and truck, they were not even on the same page, BOATUS.com

^^^ I also got the best rates and superior coverage from BoatUS.

 

[Home Cookin']

Re: Insurance options

back to the basic question, when you have a 22 year old boat, it doesn't matter how pretty it is or how much you put into it. If you can get an agreed value, fine. But the focus for an old boat is on the liability coverage--that is what you want to insure. The property coverage is secondary. And you can seldom replace an old car, or boat, dollar for dollar with an insurance check.

 

[rrhodes]

Re: Insurance options

+1 for State Farm, $27 per month for my Boat Motor and Trailer and they asked me to specify coverage.

 

[mjgates]

Re: Insurance options

It depends on what you are looking for. I wanted to stay with the same carrier that has all my other insurance. Home, car, etc. That way I could roll the boat under my umbrella policy. Insures 1 Million liability under umbrella. I pay $360 a year for $17,000 coverage through Eerie Insurance.

 

[drrpm]

Re: Insurance options

For an old boat or car other than a restored classic or something rare and valuable, liability insurance is all that is warranted.