Insurance

[agallant80]

Here we go again. It seams the insurance companies keep on changing. Looks like boatus is just reselling others insurance right now. I have state farm. They are OK but I don;'t think they really understand boating. They will cover only $500 of any salvage cost. Talking to my agent they don't really seam to understand boats. It seams to be just another thing they can charge for. I would like to get real boat insurance. Something that will cover 100% salvage cost and have an agreed on value of the boat. I don't think my boat will sink but I can just imagine with State Farm if something did happen, them denying the claim, leaving me on the hook with the bank and giving me $500 towards salvaging the boat and USCG fines. I would like to avoid this. Who writes real marine insurance?

 

[IraRat]

Re: Insurance

When you can find perfect auto insurance, you'll be able to find perfect marine insurance.

 

[OllieC]

Re: Insurance

Thanks agallant80 - I will be sitting down with my State Farm rep in two weeks going over all of our policies. I did not know that about the coverage. I assumed I paid my deductible and if the boat was totaled out (accident or otherwise) I would get it's value…..

edit: I assumed the salvage cost for recovery would be included as well..

 

[agallant80]

Re: Insurance

Yeah they only cover 500 of salvage weather its the boat falling off of the trailer or the boat sinking.

 

[Natesms]

Re: Insurance

I use SeaWorthy insurance (through Gieco). They specialize in marine. I was able to get the coverage up to where I wanted it. It did take some back and forth and work though. I had the agreed upon value raised to a level above what I paid for the boat. I also was able to get freeze coverage. When I was shopping around there were some places that explicitly left out damage from freezing (my concern was new marina ownership, would they do what they were supposed to with agitators, etc.)

I have never filed a claim with this group, but so far they have been OK to work with. Prices were a little higher, but I got the coverage I wanted.

 

[Thalasso]

Re: Insurance

Get in touch with N.B.O.A. This is all they do (boat ins).

 

[Slip Away]

Re: Insurance

Progressive had the best rates and coverage for our boat by far.

 

[oldjeep]

Re: Insurance

I have always used state farm and have an agreed value on the boat and trailer. Price has always been pretty decent.

Otherwise - don't drop the boat off the trailer and don't sink it

 

[Home Cookin']

Re: Insurance

I use Traveller's for a couple of boats.

I also do not insure 100% of risks. Insure for the big stuff; self-insure for the small stuff (or old stuff). Unless you are accident-prone, you save in the long run.

But never scrimp on the liability coverage.

 

[tpenfield]

Re: Insurance

You can Google and find some insurance that are more specialize in marine insurance, versus those that do it as a sideline.

I believe that my insurance is through these guys, but I would have to check with my CIO (Chief Insurance Officer) to be sure . . .

Pleasure Boat Insurance and Yacht Insurance in the US - ACE Group

 

[kaldeh]

Re: Insurance

I would recommend calling Bob at World Wide Marine 800-339-1235 he only handles marine insurance. I went from State Farm to a stated value policy with Bob and got better coverage at a greatly reduced rate.

 

[JoLin]

Re: Insurance

Looks like boatus is just reselling others insurance right now.

That's always been the case. They were always the carrier for another insurance underwriter. They recently changed underwriters is all. I've had them for 6 years, find the prices reasonable, with excellent coverage and a no-hassle payment on a claim I made 2 seasons ago. BoatUS knows boats and boating. I like them.

 

[crabby captain john]

Re: Insurance

Being retired I had time and spent a solid week on boat insurance 2 years ago. I had State Farm. A fuel spill or oil clean up was not covered. Too many other items that were not covered. I found only 2 that were reasonable and covered everything. Wells ~ they are a sponsor here~~ and Boat US. Both only insure marine incidents. On the hazard clean up -- $864,000 now along with everything else. Agreed value too. I chose Boat US. The only other I would consider is Wells.

 

[bruceb58]

Re: Insurance

I just picked up BoatUS for the pontoon boat I just bought. I have USAA grandfathered in for my Wellcraft although may switch to BoatUS for that as well because it is way cheaper.

 

[jayhanig]

Re: Insurance

I've got a policy with Progressive that has an agreed upon value. I've never had a claim so I really can't say whether they're any good or not but I felt like the price was reasonable. I don't dare go without not because of the loss I would take on my property but because I fear the loss I might take if I damaged somebody else's very expensive boat or hurt somebody.

 

[Slide]

Re: Insurance

I have Seaworthy through Geico. Solid coverage at a good price, they valued my boat through NADA. My boat has a 500hp 502 and will do 74mph - I gave them full disclosure and still only pay $250/year. I was expecting to get killed due to all the go-fast parts.

 

[BRICH1260]

Re: Insurance

I work for State Farm, albeit in IN not NC, but the policies should be similar. I believe what you were told or though you were told is incorrect. You have up to the limit of your boats policy value plus 5%, if needed for salvage costs, at least thats the way it is here in IN. The $500.00 limit is for towing or breakdown of the boat or trailer. You also have an agreed value policy in case of a total loss. I hope that helps.