Boat Insurance

JonLevis · 05-12-2010, 09:17 AM

Anyone have any advice on a good insurer? I have been looking at Boat US, Geico, and Progressive but can't make up my mind!

GO SOX, BRUINS, CELTICS! (Busy time of year in Boston!)

lawn psycho · 05-12-2010, 09:43 AM

I went with Travelers as they were the cheapest. My Allstate agent with homeowner, umbrella, and car insurance could not even come close.

I recommend you get an AGV policy (Agreed Value) regardless of who you use......

LIforrelaxin · 05-12-2010, 10:21 AM

I used an agent over in Wolfeboro, and the policy is ultimate through Progresive.... The rates are great....

DEJ · 05-12-2010, 10:32 AM

Try Fitts Insurance.

http://www.mypolicy.com/

Rinkerguy · 05-12-2010, 12:01 PM

I changed to Progressive TY, used to have Boat US

Received quotes from Progressive, Gieco and Boat US

Progressive was significantly cheaper

Ditto on the Aggreed Value

Good Luck

SIKSUKR · 05-12-2010, 12:41 PM

Have any of you had any experience with claims made to Progressive? My auto body guy has a sign in the office that says "don't blame us if you have Progressive". Apparently the must have a hard time getting the money they want.

VtSteve · 05-12-2010, 12:44 PM

There is a definite plus to having your boat insured through a Yacht Policy. The ACV (actual cash value) policies, values a total loss at depreciated value, generally current market value. My insurance is Agreed Amount Value, meaning the insured value is stated at the time of the policy, no depreciation. Stated Value is quite a bit different than Agreed value.

I think shopping around for boat insurance is a losing proposition myself. Number one, every time you change carriers, you're insuring a less valuable property. In order to get new insurance on an older boat, generally a survey may be required, which definitely would be true of an Agreed value.

I pay $500 a year on my policy, which has expanded liability limits. BoatUS is an excellent boat policy, and they have pretty good prices, as well as enhanced options coverage.

No way am I shopping around to save $100 or $200 a year.

Flyfisha · 05-12-2010, 01:31 PM

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

ishoot308 · 05-12-2010, 02:00 PM

Quote:

Originally Posted by JonLevis

Anyone have any advice on a good insurer? I have been looking at Boat US, Geico, and Progressive but can't make up my mind!

GO SOX, BRUINS, CELTICS! (Busy time of year in Boston!)

We have three boats all with Progressive. The savings was substantial!

Dan

codeman671 · 05-12-2010, 02:42 PM

We use Boat/US and Global Marine (quotemyboat.com). Global Marine uses a few different carriers. I typically get a quote from each and make my pick. I have never had a better quote through any of the normal agencies.

OCDACTIVE · 05-12-2010, 04:51 PM

state farm does very well for me.

robmac · 05-12-2010, 05:17 PM

I agree,all of my boats cars homes as well as my life are through State Farm and no other carrier has even come close.

Airwaves · 05-12-2010, 10:47 PM

Originally posted by FlyFisha

Quote:

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

I would suggest to your wife and brother-in-law that they consider forming a S Corporation and placing all the assets they acquired into the corporate name. You will be able to get insurance if it's done that way.

lawn psycho · 05-13-2010, 05:57 AM

Quote:

Originally Posted by VtSteve

There is a definite plus to having your boat insured through a Yacht Policy. The ACV (actual cash value) policies, values a total loss at depreciated value, generally current market value. My insurance is Agreed Amount Value, meaning the insured value is stated at the time of the policy, no depreciation. Stated Value is quite a bit different than Agreed value.

I think shopping around for boat insurance is a losing proposition myself. Number one, every time you change carriers, you're insuring a less valuable property. In order to get new insurance on an older boat, generally a survey may be required, which definitely would be true of an Agreed value.

I pay $500 a year on my policy, which has expanded liability limits. BoatUS is an excellent boat policy, and they have pretty good prices, as well as enhanced options coverage.

No way am I shopping around to save $100 or $200 a year.

Can also be viewed as false economy. By having an agreed value policy, the boat is worth less over time which would mean a lower rate. So we are paying a premium to hedge against ourselves.

Great if you need a claim, but it's not 'free'.

Also, I think for some boats they will not do Agreed Value based on age, etc but not 100% sure.

meredith weekender · 05-13-2010, 06:53 AM

We use Ski Safe which is an off shoot of Geico. The rates are very reasonable and the service is great. We had a claim in 2006 and they used the marinas estimate without an adjuster and paid the claim within 48 hours.

SAMIAM · 05-13-2010, 07:52 AM

I like BoatUS because they cover you on the road, at all inland lakes and coastal waterways. If you decide to tow your boat to the ocean for a day of fun or maybe sneak down to Fla. for a little sunshine.....your local company won't cover you. Not a problem, though, if you stay local.

codeman671 · 05-13-2010, 07:56 AM

Quote:

Originally Posted by Flyfisha

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

With Boat/US you can list additional owners and drivers. They really dont need to know that it is multiple owners although they give you the option to name them, as long as you list the possible drivers that need to be covered. I am not sure how many they allow, but the quote form gives you space for at least 4 I think. I have never had to use that portion so I am not sure of the particulars.

VtSteve · 05-13-2010, 10:33 AM

Quote:

Originally Posted by lawn psycho

Can also be viewed as false economy. By having an agreed value policy, the boat is worth less over time which would mean a lower rate. So we are paying a premium to hedge against ourselves.

Great if you need a claim, but it's not 'free'.

Also, I think for some boats they will not do Agreed Value based on age, etc but not 100% sure.

That's true. But boats depreciate a lot quicker than policy increases, LOTS quicker. My premium has gone up $18 a year since 2007. The boat hasn't faired nearly that well

Insurance is all about protection when you need it, and a company that settles claims fairly if you ever do. Premiums are about the fifth thing I look at.

If I had to do it all over again, I'd have gone with BoatUS from the get go. I also have the BoatUS on water package. Thankfully, never needed it.

Kracken · 05-14-2010, 08:33 AM

Maybe I am missing something here.

I have a yacht policy with Progressive insurance. The agreed value is 20K. liability 100/300K. Deductible is zero (7 years no claims disappearing deductible). Fuel spillage, marine electronics value 1K, towing, etc. My premium is $101.00 per year.

SIKSUKR · 05-14-2010, 10:03 AM

Quote:

Originally Posted by Flyfisha

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

I have all my assets except my boat in a revokable trust in my name.Never had an issue insuring my house.I don't have the trust per say insured.

lawn psycho · 05-14-2010, 10:25 AM

Quote:

Originally Posted by Kracken

Maybe I am missing something here.

I have a yacht policy with Progressive insurance. The agreed value is 20K. liability 100/300K. Deductible is zero (7 years no claims disappearing deductible). Fuel spillage, marine electronics value 1K, towing, etc. My premium is $101.00 per year.

Kracken, your liability coverage is too low IMO. A relativey minor bodily injury to someone can eat through those numbers quickly.

Kracken · 05-14-2010, 12:59 PM

LS, aren’t our medical costs going to drop drastically because due to the Healthcare reform?

Oh sorry that’s a different subject. It’s Friday afternoon and I’m just giddy thinking about the 8 or so hours I’m going to be spending getting the boat ready on Saturday.

lawn psycho · 05-14-2010, 01:23 PM

Quote:

Originally Posted by Kracken

LS, aren’t our medical costs going to drop drastically because due to the Healthcare reform?

Oh sorry that’s a different subject. It’s Friday afternoon and I’m just giddy thinking about the 8 or so hours I’m going to be spending getting the boat ready on Saturday.

I hear you! Boat is being splashed on Sunday for us. I spent a large chunk of last weekend doing boat wash/wax, fluid changes, etc. It may have been on the trailer but as least I was still on the boat

bigdog · 06-06-2010, 04:41 PM

Have to renew boat insurance in July.

Have been with Boat U.S. for years, but policy amount seems to be the same from year to year, while the boat vaule is going down. Never made a claim!

1995 20' Bow Rider
Boat value only insured for $6,000.
Trailer $1,500

Lianbility $100k
Fuel Spill Liabilty $800k
Medical $5k
Unisured boater $100k

For this they're hitting me with $230 yr,seems like too much to me !

Going to shop-around, probably give Progressive a call.

Going to drop Boat value down to $5,000
and Trailer to $500.

BTW, have heard alot about Progressive Insurance for Service and pricing...
But has anyone had this insurance and actually made a claim?
Would like to hear from those folks.

Insurance is only as good ans your next Claim ! That's when you know how good your company is to deliver the $$$

Your suggestions are appreciated !

Bigdog

Lakepilot · 06-06-2010, 04:52 PM

Our boat is presently insured for 10x yours and our insurance cost is 2x yours. I would call Laurie at Wainright insurance in Wolfeboro.

05-12-2010, 09:17 AM	#1
JonLevis Senior Member Join Date: Aug 2007 Location: Fay's Boatyard & Canton, MA Posts: 79 Thanks: 18 Thanked 4 Times in 2 Posts	Boat Insurance Anyone have any advice on a good insurer? I have been looking at Boat US, Geico, and Progressive but can't make up my mind! GO SOX, BRUINS, CELTICS! (Busy time of year in Boston!)

05-12-2010, 10:21 AM	#3
LIforrelaxin Senior Member Join Date: May 2006 Location: Texas, Lake Ray Hubbard and NH, Long Island Winnipesaukee Posts: 2,870 Thanks: 1,037 Thanked 892 Times in 524 Posts	I used an agent over in Wolfeboro, and the policy is ultimate through Progresive.... The rates are great.... __________________ Life is about how much time you can spend relaxing... I do it on an island that isn't really an island.....

05-12-2010, 12:41 PM	#6
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Have any of you had any experience with claims made to Progressive? My auto body guy has a sign in the office that says "don't blame us if you have Progressive". Apparently the must have a hard time getting the money they want. __________________ SIKSUKR

05-12-2010, 01:31 PM	#8
Flyfisha Senior Member Join Date: Apr 2009 Location: Rattlesnake Island Posts: 140 Thanks: 58 Thanked 46 Times in 24 Posts	joint ownership I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996). Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well. While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

05-12-2010, 04:51 PM	#11
OCDACTIVE Senior Member Join Date: Feb 2009 Location: Fort Myers FL / Moultonboro Posts: 1,045 Thanks: 444 Thanked 574 Times in 178 Posts	state farm does very well for me. __________________ Have you had your Vessel Inspected Yet?

05-12-2010, 09:43 AM	#2
lawn psycho Senior Member Join Date: Jul 2009 Location: On the move... Posts: 987 Thanks: 113 Thanked 248 Times in 133 Posts	I went with Travelers as they were the cheapest. My Allstate agent with homeowner, umbrella, and car insurance could not even come close. I recommend you get an AGV policy (Agreed Value) regardless of who you use......

05-12-2010, 10:32 AM	#4
DEJ Senior Member Join Date: Sep 2009 Posts: 553 Thanks: 526 Thanked 314 Times in 155 Posts	Try Fitts Insurance. http://www.mypolicy.com/

05-12-2010, 12:01 PM	#5
Rinkerguy Senior Member Join Date: Oct 2006 Posts: 122 Thanks: 0 Thanked 33 Times in 24 Posts	I changed to Progressive TY, used to have Boat US Received quotes from Progressive, Gieco and Boat US Progressive was significantly cheaper Ditto on the Aggreed Value Good Luck

05-12-2010, 12:44 PM	#7
VtSteve Senior Member Join Date: Apr 2008 Posts: 1,320 Blog Entries: 1 Thanks: 230 Thanked 361 Times in 169 Posts	There is a definite plus to having your boat insured through a Yacht Policy. The ACV (actual cash value) policies, values a total loss at depreciated value, generally current market value. My insurance is Agreed Amount Value, meaning the insured value is stated at the time of the policy, no depreciation. Stated Value is quite a bit different than Agreed value. I think shopping around for boat insurance is a losing proposition myself. Number one, every time you change carriers, you're insuring a less valuable property. In order to get new insurance on an older boat, generally a survey may be required, which definitely would be true of an Agreed value. I pay $500 a year on my policy, which has expanded liability limits. BoatUS is an excellent boat policy, and they have pretty good prices, as well as enhanced options coverage. No way am I shopping around to save $100 or $200 a year.

05-12-2010, 02:42 PM	#10
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,486 Thanks: 221 Thanked 810 Times in 486 Posts	We use Boat/US and Global Marine (quotemyboat.com). Global Marine uses a few different carriers. I typically get a quote from each and make my pick. I have never had a better quote through any of the normal agencies.

05-12-2010, 05:17 PM	#12
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	I agree,all of my boats cars homes as well as my life are through State Farm and no other carrier has even come close.

05-13-2010, 06:53 AM	#15
meredith weekender Senior Member Join Date: Mar 2009 Location: Meredith / Manchester Posts: 373 Thanks: 87 Thanked 84 Times in 57 Posts	We use Ski Safe which is an off shoot of Geico. The rates are very reasonable and the service is great. We had a claim in 2006 and they used the marinas estimate without an adjuster and paid the claim within 48 hours.

05-13-2010, 07:52 AM	#16
SAMIAM Senior Member Join Date: Apr 2004 Location: Moultonborough Posts: 2,891 Thanks: 334 Thanked 1,673 Times in 584 Posts	I like BoatUS because they cover you on the road, at all inland lakes and coastal waterways. If you decide to tow your boat to the ocean for a day of fun or maybe sneak down to Fla. for a little sunshine.....your local company won't cover you. Not a problem, though, if you stay local.

05-14-2010, 08:33 AM	#19
Kracken Senior Member Join Date: Jul 2009 Location: Alton Posts: 223 Thanks: 46 Thanked 130 Times in 50 Posts	Maybe I am missing something here. I have a yacht policy with Progressive insurance. The agreed value is 20K. liability 100/300K. Deductible is zero (7 years no claims disappearing deductible). Fuel spillage, marine electronics value 1K, towing, etc. My premium is $101.00 per year.

05-14-2010, 12:59 PM	#22
Kracken Senior Member Join Date: Jul 2009 Location: Alton Posts: 223 Thanks: 46 Thanked 130 Times in 50 Posts	LS, aren’t our medical costs going to drop drastically because due to the Healthcare reform? Oh sorry that’s a different subject. It’s Friday afternoon and I’m just giddy thinking about the 8 or so hours I’m going to be spending getting the boat ready on Saturday.

06-06-2010, 04:41 PM	#24
bigdog Senior Member Join Date: Apr 2006 Location: Central MA-Gilford Posts: 1,446 Thanks: 340 Thanked 119 Times in 96 Posts	Boat Insurance Have to renew boat insurance in July. Have been with Boat U.S. for years, but policy amount seems to be the same from year to year, while the boat vaule is going down. Never made a claim! 1995 20' Bow Rider Boat value only insured for $6,000. Trailer $1,500 Lianbility $100k Fuel Spill Liabilty $800k Medical $5k Unisured boater $100k For this they're hitting me with $230 yr,seems like too much to me ! Going to shop-around, probably give Progressive a call. Going to drop Boat value down to $5,000 and Trailer to $500. BTW, have heard alot about Progressive Insurance for Service and pricing... But has anyone had this insurance and actually made a claim? Would like to hear from those folks. Insurance is only as good ans your next Claim ! That's when you know how good your company is to deliver the $$$ Your suggestions are appreciated ! Bigdog

06-06-2010, 04:52 PM	#25
Lakepilot Senior Member Join Date: Aug 2007 Posts: 446 Thanks: 70 Thanked 57 Times in 40 Posts	Our boat is presently insured for 10x yours and our insurance cost is 2x yours. I would call Laurie at Wainright insurance in Wolfeboro.