We have been with Boat US for 3 years.
Never made a claim and they jack us every year about $400.
Anyone have recommendations?
Never made a claim and they jack us every year about $400.
Anyone have recommendations?
Boat Insurance
- Thread starter bustedrudder
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For our boat, I went with State Farm. I can cruise offshore within the usual boundaries on the West Coast and our prices was several hundred $$ less than BoatUS...
most are good deals, until you have a claim....then you will find what a runaround Progressive gives you, and the "one check" settlement or else we won't pay anything, or the do this (which protects their interests in preventing further damage) conversation with rep B, name XXXX, that the phone rep you get now, knows nothing about, and that btw, YOU are out of pocket to the tune of thousands and with no recourse for you to recover.
be careful with those insurance companies that are big on phone/net presence only....they have no idea what boats are, oil spills are, surveyors are for, or that you need a travel lift to look at damage...your "discounts" may come back to haunt you in the end.
Boat US, at least does what they say they will and know boats.
YMMV,
and to the OP, you live in one of the highest claims states in the nation...and all you have to do is read this list to see what people do (or not do) and the things they claim to their insurance....ie hit the same pile twice in two years, replace all their sails/canvas courtesy of the Ins Company, run aground and claim the engine needs rebuilt, etc, etc AND get a check for....no wonder rates are so high.
be careful with those insurance companies that are big on phone/net presence only....they have no idea what boats are, oil spills are, surveyors are for, or that you need a travel lift to look at damage...your "discounts" may come back to haunt you in the end.
Boat US, at least does what they say they will and know boats.
YMMV,
and to the OP, you live in one of the highest claims states in the nation...and all you have to do is read this list to see what people do (or not do) and the things they claim to their insurance....ie hit the same pile twice in two years, replace all their sails/canvas courtesy of the Ins Company, run aground and claim the engine needs rebuilt, etc, etc AND get a check for....no wonder rates are so high.
Markel is among a small group of underwriters which deals exclusively with yacht insurance and writes policies for anything from 20 to 400 ft boats. It's always preferable to deal with an underwriter which focuses on marine policies.
Markel is an excellent yacht underwriter. You need to access them through an independent agent. See if you can contact Overseas Insurance Agency located in Florida. They do a great job. Your premium should be below $1000 annual.
Irrespective of what the politicians say, Costs and Inflation are running rampant. In the last 8 years prices have almost doubled in some items. The increases in the premiums are a reflection of increased overhead costs plus settlement of claims. I would say those increases in overhead expenses are similar across the board for all companies and the difference may rest in the number and amounts of claims paid. Boat US does have a reputation of promptly and reasonably settling claims. Most policy holders that have had to file claims feel they were properly taken care off wether it was for damages, legal representation or environmental fines. Isn't that what insurance is for? Boat risks are not small so just a partial relief for a problem might not be relief at all. Those companies that cut costs by reducing claims or not covering the whole gama of risks may be offering false savings.
We went with Markel. Rates were significantly better than Boat US. We chose a policy with hull insurance / liability. It does have a exclusion for named storms but I'm OK with that. Boat US wanted us to haul out for named storms or face 50% reduction in claim.
A named storm in my path will have me motoring north or south to avoid anyway
Thanks again to all for tips
A named storm in my path will have me motoring north or south to avoid anyway
Thanks again to all for tips
Thus far I have had great price and service from Progressive. I had a lightening strike and they were great to deal with. I've had two checks, each received within 30 minutes of the adjuster coming by, one was while I was out of town when we had the hit. They have paid around $9,000 which included about $2,000 for labor, which I performed. Further, they said they will still cover anything that might go out in the future as a result of the strike. Don't know what/if my premiums will go up but Progressive has done more than I could have expected.
Remember Sandy? What we will be seeing over the next year or so is that companies with large insured bases in Sandy affected areas will get hit on renewal. Just simple cause and effect.
We use Allstate, pay less than $400 per year for $120k of boat and equipment coverage ($500 deductible) and $1000 per person medical. We recently had a wind storm shred our headsail and they settled in a week.
That is much cheaper than I pay.
Are their limitations to where you can sail?
My boat is in Central America so I need coverage there.
A lake in Missouri is a lot less than an ocean boat. Been there, sailed Mark Twain Lake for years.
As I stated with Progressive the rates and service are great but coverage area is limited. I can add a rider for the Bahamas but can't add coverage beyond that.
Try United Marine Underwriters Insurance, very reasonable coverage anywhere, hurricane coverage. Great company to deal with. I have my motorcycles insured with them.
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