Boat Insurance

[Ms Molly McKever]

It time to renew my boat Ins. I only boat on Winni, any suggestions on Insurance companys and/or local agency. (Gilford )

[BroadHopper]

Best for you to call around. Cheapest I found is when you bundle with home and auto. Metlife insure my 22' Formula for $140 a year!

[sum-r breeze]

Originally Posted by Ms Molly McKever

It time to renew my boat Ins. I only boat on Winni, any suggestions on Insurance companys and/or local agency. (Gilford )

In the past I have used Bob Merwin on Union Ave in Laconia. They are a State Farm affiliated agency. When we had our go-fast boat, they were the only company who had a reasonable price for that kind of boat. They are VERY familiar with the type of boating we do on our lake.

The Breeze
Wave 'cuz I'll be wavin' back

[SAB1]

Mine is all bundled also with Allstate. There is a guy on here ishoot that knows a bit about this. I think he once said gieco was better as they had full replacement.

[Rich]

I got the best features and price with BoatUS. Depending on the size and age of your boat, you may have to look around to find the best deal for your boat.

[ishoot308]

Originally Posted by SAB1

Mine is all bundled also with Allstate. There is a guy on here ishoot that knows a bit about this. I think he once said gieco was better as they had full replacement.

The only thing I know is when I shopped it out extensively for myself it was obvious that for me Allstate was best for snowmobiles and ATV's, Progressive was best for boats and we have State Farm for home and everything else including a large umbrella. I have continually checked around for better pricing and options since 2007 and have not found anything that offers better coverage for the money.

When I had a complete loss of an ATV a few years ago, I can't say enough good of how Allstate handled the claim in a timely and completely fair fashion. Luckily I have not had any other claims to date with my boats or home/s.

Here are the Damage options Progressive offers...

#1. Actual Cash Value

Actual Cash Value is available for all boats and PWCs qualifying for full coverage. In the event of a total loss, this coverage pays the lesser of the actual cash value at the time of loss or the market value of the watercraft shown on the declarations page. Actual cash value is determined by the market value, age, and condition of the watercraft at the time of the loss.

#2. Agreed Value is available on all boats qualifying for full coverage. In the event of a total loss, this coverage pays the agreed value shown on the declarations page regardless of the actual cash value at the time of loss. Disappearing Deductibles are included with Agreed Value.

#3. Total Loss Replacement/Purchase Price

Total Loss Replacement/Purchase Price is available on newly purchased watercraft up to one (1) model year old. In the event of a total loss, this coverage replaces the insured boat with a new boat that is to the extent possible, the same make and model, and which contains comparable equipment. For watercraft over five model years old, we will pay the purchase price shown on the declarations page. Disappearing Deductibles are included with Total Loss Replacement/Purchase Price.

#4. Disappearing Deductibles

With Disappearing Deductibles, we reduce your Comprehensive and Collision deductibles by 25 percent for each claim-free policy period. Deductibles return to their original amounts at the next renewal after we pay a Comprehensive or Collision claim.

Hope this helps...

Dan

[JasonG]

Geico. Surprised at the good rates and coverage they offered. They sub it to a 3rd party company that deals with marine insurance, but it is still through them.

[tis]

Interesting. I've never gotten a quote from Geico that was less than other quotes.

[fpartri497]

Originally Posted by Ms Molly McKever

It time to renew my boat Ins. I only boat on Winni, any suggestions on Insurance companys and/or local agency. (Gilford )

NBOA Ins. I found to be the cheapest

[thinkxingu]

Can I just throw a line out there about cost vs. coverage, etc.? Sometimes saving money brings more pain. I've had my house and cars covered through State Farm for seven years, at $100/year more than the cheapest coverage, but EVERY time I've had to deal with them it was super easy and with no strings. Just saying that sometimes going for the cheapest isn't the wisest idea.

[MAXUM]

I have State Farm for everything including the boat. Couple of things that are noteworthy... and may depend on your policy etc..

My boat coverage doesn't just cover the boat on the water, but also when it's being trailered. Now you may say huh, shouldn't your auto insurance cover it. NO it doesn't at least from State Farm's perspective. That was an interesting twist I never would have even thought about.

Not all policies cover certain conditions, sure you can insure the boat against loss, but that loss may not include I just sunk my boat and it needs to get pulled out of the lake. They cover the cost of the boat but you're out the money to pull the thing out of the lake.

Look at the liability limits... ESPECIALLY for onboard/towed passengers. Are they even covered? I found that many policies were short on when it came to personal injury for passengers in the boat with you, they only tend to focus on passengers of a boat you may get into an accident with. Cost of coverage is usually commensurable with the $$ limits of coverage too. Sure if you have low limits the coverage is cheaper... you typically get what you pay for.

Finally - and this is why I opted to go with State Farm. I carry an umbrella policy which dictates the terms of coverage, including what I MUST carry on things such as boats, snow machines and vehicles or the umbrella coverage is null and void.

My policy covers the market value of the boat in the event of a loss. I'm not sure they offer an agreed upon value I never asked. I'm not so much worried about what I would get for the boat should it be damaged or destroyed, it's the liability I care about in today's litigious society!

[fpartri497]

Originally Posted by MAXUM

I have State Farm for everything including the boat. Couple of things that are noteworthy... and may depend on your policy etc..

My boat coverage doesn't just cover the boat on the water, but also when it's being trailered. Now you may say huh, shouldn't your auto insurance cover it. NO it doesn't at least from State Farm's perspective. That was an interesting twist I never would have even thought about.

Not all policies cover certain conditions, sure you can insure the boat against loss, but that loss may not include I just sunk my boat and it needs to get pulled out of the lake. They cover the cost of the boat but you're out the money to pull the thing out of the lake.

Look at the liability limits... ESPECIALLY for onboard/towed passengers. Are they even covered? I found that many policies were short on when it came to personal injury for passengers in the boat with you, they only tend to focus on passengers of a boat you may get into an accident with. Cost of coverage is usually commensurable with the $$ limits of coverage too. Sure if you have low limits the coverage is cheaper... you typically get what you pay for.

Finally - and this is why I opted to go with State Farm. I carry an umbrella policy which dictates the terms of coverage, including what I MUST carry on things such as boats, snow machines and vehicles or the umbrella coverage is null and void.

My policy covers the market value of the boat in the event of a loss. I'm not sure they offer an agreed upon value I never asked. I'm not so much worried about what I would get for the boat should it be damaged or destroyed, it's the liability I care about in today's litigious society!

I too had ALL my Insurance policy with state farm but switched to mboa Insurance and saved $640.00 a year by doing so. thats huge

[thinkxingu]

That IS a big savings, but at what expense?

[bigdog]

I have BOATUS for my boat insurance, and have had them for many years.

I just received my 2015 renewal policy.
Just for kicks I went online to Progressive Insurance website, for a quote.
I plugged in all my policy coverage liabilities, replacement cost, etc, line for line..... Bottom line saved a little over $50. Hey $50 bucks is $50 bucks !

I guess your boat insurance is only as good as your next claim, and how your company will treat and stand behind your policy. Reputation and customer service is paramount with me !

Hopefully, you'll never have to file one.

[ishoot308]

Originally Posted by bigdog

I have BOATUS for my boat insurance, and have had them for many years.

I just received my 2015 renewal policy.
Just for kicks I went online to Progressive Insurance website, for a quote.
I plugged in all my policy coverage liabilities, replacement cost, etc, line for line..... Bottom line saved a little over $50. Hey $50 bucks is $50 bucks !

I guess your boat insurance is only as good as your next claim, and how your company will treat and stand behind your policy. Reputation and customer service is paramount with me !

Hopefully, you'll never have to file one.

I think that $50.00 savings is dependent on how much the total policy was / is... If your policy was $200.00 per year and you saved $50.00, that's a 25% savings which in my opinion is substantial!

So let us know what the percentage of savings was.

Dan

[bigdog]

iShoot308.... you nailed it ! Just about exact numbers !

FYI.... My boat is a 19' CC, with a 90HP Outboard.

I've had many boats, and almost a 30' at one time. Haven't had so much fun with this smaller boat

I rent same during my vacations in Fall/Spring in SW Fla. That's what I think sold me....

Bigdog

[Ken]

I had allstate insurance on my jetski. Shopped Boat US and Progressive. Boat US was a lot more with less coverage. Progressive was by far the cheapest with the same coverage I had with allstate. Became even cheaper with progressive when bundled with my 21' crownline.

[CPS]

I used Progressive because my boat was over 30 years old and I couldn't add it to my homeowners ins. It started out about $75.00 and had gone up to over $100 the last time I renewed it. I sold the boat last fall. It was a 16 ft Columbia with a 50 hp OB. The Ins covered fire and liability...the value of the boat was less than $500.00. It was worth the concern about having a problem.

[Greene's Basin Girl]

Has anyone insured their boat/boats with Sea Insure? It is being offered by Sea Tow International. I have a membership with Sea Tow for lake towing purposes. I have had my boat insurance with State Farm as long as i have owned boats, but I think their price is high. Sea Insure has quoted me a price that would result in significant savings.I also noticed that State Farm insures for the original cost of the boats purchased price. My PWC is 13 years old. State Farm said that they will pay me for the the boat purchased amount. I thought the price would be depreciated.

[upthesaukee]

Originally Posted by Greene's Basin Girl

Has anyone insured their boat/boats with Sea Insure? It is being offered by Sea Tow International. I have a membership with Sea Tow for lake towing purposes. I have had my boat insurance with State Farm as long as i have owned boats, but I think their price is high. Sea Insure has quoted me a price that would result in significant savings.I also noticed that State Farm insures for the original cost of the boats purchased price. My PWC is 13 years old. State Farm said that they will pay me for the the boat purchased amount. I thought the price would be depreciated.

State Farm may be insuring you on a Replacement Cost Value using the cost of your machine as a cost basis value.

Sea Insure may be insuring you for Actual Cash Value (what the machine is worth today). This value would be lower than cost new and the payout in event of a claim would be lower as well.

Unfortunately, when talking insurance, what is said to you may not be totally true . Best advice is to sit down and read the policy, paying particular attention to the policy's limit of liability and their claims procedures. You will have to do your own due diligence (unfortunately).

Good luck either way you go.

[thinkxingu]

I would gladly pay more to get "new" replacement cost over current cost.

[Greene's Basin Girl]

Originally Posted by thinkxingu

I would gladly pay more to get "new" replacement cost over current cost.

Twice as much is a big difference.

[thinkxingu]

Originally Posted by Greene's Basin Girl

Twice as much is a big difference.

I guess it depends on the cost and replacement value vs. depreciation, etc. We have had cars totaled in the family that the insurance money for couldn't replace, I.e. the book value of the vehicle was much less than the vehicle was actually worth in terms of transportation.