Insurance

Ed Schenck · Aug 28, 2010

When I saw your title, "insurance", I was all ready to tell you about State Farm. So much for that. When I had my rudder rebuilt in NC they asked no questions. Paid in full and rate remained the same. Still have it. I always wanted BoatUS even though it was higher. But I was never willing to pay for another survey.

JonnyQuest · Aug 28, 2010

I went with Progressive (just down the road from you), but have not had to deal with any claims or service. My homeowners ins company only went up to 25 footers, so I went with Progressive for this year.

seadaddler · Aug 28, 2010

Progressive

When I first looking for insurance on my new 2007 H-36 and living in NY it was no problem but as soon as I asked about Florida many insurers starting saying no not that big a sailboat we don't do any thing that new over 30'.
So hunting around found boatus yes but very high and finally had a plan to get progressive auto with 2 cars,i pickupand motor home and the boat and boat insurance with progressive in NY was reasonable priced for my new $150,000 boat was less than any one else for complete top notch coverage for all my vechicles ,thinking when I moved to Florida they won't say no to me and yes they said yes but double the price for the boat,I got extended offshore over 100 miles offshore which was extra for the first year and now covered 75 miles offshore.
The first year was like over $2000.00 and now a few years later they gave my discounts for no claims and I am paying $1200.00 full replacement on a 2007 H-36 pretty loaded.
I check every year for better price but the boat price is better than any one else and the two cars and motor home are much less than was in NY and better than any one else,so I am sticking with them .
Nick

kloudie1 · Aug 28, 2010

had to shift from Safeco two years ago when they stopped insuring over 26 feet in this area. I went to Progressive through the same agency in New Orleans that used to have my Safeco policy. They are a pleasure to deal with and knew me and the boat. I have been with the same agency for 32 years for my boat needs. Only two claims, both on Safeco.. One when someone broke into my 23 foot boat and stole the sails and another when my current boat was hit by lightning.. No experience with Progresive yet (thank Goodness).. everyone else that I talked to wanted anywhere from 2 to 5 TIMES the price that Progressive charges ..

jimg · Aug 28, 2010

Just a quick comment. Just because the policy doesn't say "depreciation" doesn't mean that claims are not calculated that way. The phrase "actual cash value" is common in boat policies and means exactly the same thing. Check your policy wording.

dscribner · Aug 28, 2010

I have Progressive and find the cost to be oppressive. I pay more for my boat that I use 5 months per year than I do for my car. It's a 25 foot trailer sailer, I have been "certified" by the Coast Guard Auxiliary, have 20 years on the water, a perfect driving record and no tickets in 32 years of driving. I'll be switching to BoatUS or SeaInsure (SeaTow) next spring. But I may go to another insurance agent with all my needs, (car, boat, house) and see what kind of a deal I can get.

Warren Milberg · Aug 28, 2010

The value of any boat insurance policy can only be calculated on how they deal with claims. In over 35 years of sailing, and using BoatUS the whole time, I only had one claim: a boat that was totaled by Hurricane Isabel. BoatUS had a catastrophe team on the site (of literally hundreds of damaged and sunk boats) within a week. My adjuster was a qualified surveyor. He found damage I missed. He recommened the boat be totaled. I had a check in hand for my boat in less than 4 weeks and it was for the cash value that I had insured the boat for. Thumbs up for BoatUS in this sailor's view....

Sailm8 · Aug 28, 2010

I had BoatUS through hurricane Charley. My boat survived with only 11000 in damage. The storm was Friday 13th and I through to BoatUS on Sunday. By Wednesday they had an adjuster flown in from California. There were items not apparent to the adjuster and found later that were handled over the phone with no problem. They are a real class act.

2008 I bought a new boat and asked for a quote. It was 3X what progressive wanted. I hated to change but $ is $. I have yet to find anyone who has had a boat claim with Progressive to make a comparison of service.

KD3PC · Aug 28, 2010

boat US for me, the slightly higher premium is worth it when it comes to filing a claim...

I have progressive on a motorcycle and they have done everything to NOT pay on a claim I currently have where the bike was hit and run...they want to pay "fair" value -minus depreciation on for a bike they agreed a year ago was mint...so for a $2K value, they want to pay under $400 and then take the bike back...

I would be very leary of progressive to do what they say in the policy...

Rick D · Aug 28, 2010

I have had BUS for twenty years; before that I had State Farm and Allstate and some other through a broker. I had a claim with BUS and State Farm. The State Farm claim was a rig failure caused be a tang breaking. They initially denied the claim based on mechanical failure. I appealed saying the mechanical failure was the tang. They ultimately covered the loss less the deductible and tang. The BUS claim was for an engine. A rod bolt (interference fit tapered) crystallized and broke due to over tightening on assembly (surveyor & mechanic's analysis). They paid for it less depreciation and the rod assembly. In both cases, a competent surveyor was critical to coverage. Since I was a 'marine' adjuster for Allstate as a kid, I can tell you that many of the big personal lines insurers just don't have the expertise in big boat claims and it becomes important to check their work and coverage assertions carefully. However, that can work to your benefit too. Still, you'd rather not be hassling a damage assessment or coverage determination with the clock ticking on your boating season.

PS: if you think your marine insurance is high, you otta see what we pay for fire and earthquake coverage in SoCal!

RussT1950 · Aug 28, 2010

I had 2 claims with Boat US, and was treated more than fair. One for Katrina that the adjuster was unable to lift the boat to check for damages, but decided to pay me anyway. Another for a lightning strike where some issues were not found until later and settled it over the phone. Great Insurnance!

Stu Jackson · Aug 28, 2010

Sailm8 said:
I had BoatUS through hurricane Charley...

2008 I bought a new boat and asked for a quote. It was 3X what progressive wanted. I hated to change but $ is $. I have yet to find anyone who has had a boat claim with Progressive to make a comparison of service.

Wasn't that the period that Punta Gorda got hit by hurricanes, big ones, a few years in a row?

We, like many, have had BoatUS. Had a claim a few years ago when some bozo hit my bow 'cuz he was powering out of a fairway right into me, his fault he agreed, in writing. Since he was also covered by BoatUS I thought it'd be fine. Only problem is they took it out of MY insurance. I've carefully kept the records.

Still like them though, only two claims in over 25 years.

tommays · Aug 28, 2010

DEPRECIATION

BoatsUs is very upfront about this

For example on a Sterndrive Powerboat the Sterndrive (which is what always get taken out in a grounding

loses 85% of its value YES 85% at 15 years and one day

As they have decided that is its usefully life

My bought new 1995 powerboat has pretty much ZERO value one the drive-train

JonnyQuest · Aug 29, 2010

Turns out the Progressive policy cost about the same as the BOATUS basic policy.

I just asked for new quotes. I paid $7500 for my ODay and got a quote for BOATUS' "Boat Saver policy" for an annual cost of $641.00 per year. Progressive wants $790.00 per year. I haven't checked the fine points, but both cover environmental damages, towing, salvage, etc. Both are "agreed upon values" and would undoubtedly be subject to depreciation, etc.

But based on reputation alone, I'm going to go with BOATUS next year even if it turns out to be a bit more next time around. (surprised by the comparative cost of Progressive!)

(FYI, the full BOATUS insurance policy was around $950 per year.)

Chilidog · Aug 29, 2010

If the boat is cheap enough, I would be most concerned with the liability aspects

Winkfish · Aug 29, 2010

Knock on wood, I haven't had to make a claim with Progressive, who I insure my Whaler through, but i asked around ans most of the fishermen I know use Progressive. Also, I had trouble even getting insurance from other companies, including Sea Tow, because my boat is a 1975 hull.

Steve Dion · Aug 29, 2010

Location, location, location....

If you live in the SE USA you are going to pay more for boat insurance.

We have our 1994 Hunter Vision insured with BoatsUS. We have an agreed upon value of $80,000 and we pay around $600/yr.

JonnyQuest · Aug 30, 2010

added question about payout estimates

Steve Dion said:
Location, location, location....

If you live in the SE USA you are going to pay more for boat insurance.

We have our 1994 Hunter Vision insured with BoatsUS. We have an agreed upon value of $80,000 and we pay around $600/yr.

Youch! ...we are overpaying down here.

I understand insurance companies need to make money, but that's the price I pay for my "classic" (AKA cheap) ODay down here, and based on other thread's comments I could probably only expect a payout of around $500-1000 after depreciation, etc. (Can others comment on the accuracy range of the payout estimate here?, I have no loss experience to know if this is on or off base.)

That is where I have to agree with you, Chilidog, if the asset is cheap enough and the payout will be almost nothing compared to replacement value, then liability only makes sense. Especially since receiving such a paltry payout is almost equivalent to being self insured.

Insurance

.

.

.

.

.

.

.

.

Attachments

.

.

.

.

.

.

.

.

.

.

.

.