New boat insurance

[upthesaukee]

Originally Posted by Rich

I did some more homework on insurance.

It still seems like my homeowners company (a company related to Liberty Mutual) has the best deal and prices. Last year on my older boat, they charged me $170 for the year, where everyone else was around $450 to $1100, I was so shocked at the difference that I had to tripple check their price and coverage.

This year I'm pricing a newer boat and they came in a couple of hundred cheaper than the others for same coverage (I'll note that Progressive was by far the most expensive).

One thing I got clarified is what BoatUS calls 'Oil and other spill liability' coverage. My company says that they include a separate 500K coverage line for this. This is over and above the normal liability coverage.

So considering that BoatUS wanted a VERY HIGH deductable included with their online quote, my insurance was less expensive, and for $10 includes $1,000 of towing coverage (per incident, their standard coverage is $500 per incident included for no extra cost) vs the BoatUS $34 option.

Rich, one thing that I would be concerned with is whether you have Actual Cash Value (what is the value of the boat at the time of the loss, which is cost new less depreciation) or is it based on a Stated Amount (the Insurance Company agrees to insure the boat for what the boat is worth at the time of the policy purchase, usually backed up by an appraisal, bill of sale, or in accordance with a "blue book" value).

Saving a hundred bucks or two in premium can pale if a substantial loss payment is reduced by the ACV provisions in the loss payment section of your policy. Also, are you subject to the "named perils" of a Homeowner policy vs all risk..