Looking for comments on best value boat insurance with quality safe company. I have a 41 ' sailboat. Currently have Inamar, but that seems expensive. Tx
boat insurance
- Thread starter Ken S
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Typically insurancecosts are based on risk
If there is a one in a one hundred chance that a boat like yours will suffer $20000 damage in a season that the insurance company must collect $200 from each customer just to cover their losses. They are not a charitable organization so they expect a little profit in addition to covering their expenses. If one boat in one thousand is lost each year then that is also factored in. You have to decide if spending money for insurance premiums is a better investment then spending money for ground tackle, dock lines, quality maintenance and good seamanship. If someone else should inflict damage to your boat then you can sue. We never know for sure how good our insurance is until we file a claim!
If there is a one in a one hundred chance that a boat like yours will suffer $20000 damage in a season that the insurance company must collect $200 from each customer just to cover their losses. They are not a charitable organization so they expect a little profit in addition to covering their expenses. If one boat in one thousand is lost each year then that is also factored in. You have to decide if spending money for insurance premiums is a better investment then spending money for ground tackle, dock lines, quality maintenance and good seamanship. If someone else should inflict damage to your boat then you can sue. We never know for sure how good our insurance is until we file a claim!
I just switched
For years I used Progressive. The premium was low, the coverage adequate, and they gave me a better than normal deal because I carry an umbrella policy with my homeowner's policy that provides even more coverage. However, I just switched all of my insurance (homeowners, umbrella, auto and boat) to one company: Amica. They gave me discounts on all of the coverages to bundle them. I have made auto claims on my Amica insurance , and my parents (who have Amica too) recently had to put in a claim with them for their house for water and mold damage. I have been very impressed with their customer service. No arguments, no hassles.
For years I used Progressive. The premium was low, the coverage adequate, and they gave me a better than normal deal because I carry an umbrella policy with my homeowner's policy that provides even more coverage. However, I just switched all of my insurance (homeowners, umbrella, auto and boat) to one company: Amica. They gave me discounts on all of the coverages to bundle them. I have made auto claims on my Amica insurance , and my parents (who have Amica too) recently had to put in a claim with them for their house for water and mold damage. I have been very impressed with their customer service. No arguments, no hassles.
Your Results May Vary....
... insurance service is an iffy thing to evaluate. Some companies use a contract adjusting firm, some in-house, others a mix and almost all rely on contract work for disaster response. So, you may get some differing responses for similar claims. One advantage you do get with some guys like BUS is that at least the claim file supervisors have a marine orientation. In general, that's to your advantage vs. someone less marine-oriented. (Of course, they are also more knowledgeable about what ISN'T covered too :} ) BTW, BUS isn't an insurer, they are a general agent. The insurer may vary depending on which company is represented by BUS. However, that isn't a big distinction, since BUS pretty much controls the claim handling, they just don't set rates or many of the underwriting standards, from what I've been told. I have had BUS for 17 years or so, including one claim. I have found them to be quick and smart. Their premiums are reasonable, if not cheap, in my area. I had insurance from several companies represented by a marine insurance agency for about ten years. I also had State Farm and Allstate. I had a claim with State Farm which was handled very satisfactory (once I explained why it should be covered... *o ) So, my advice is to go with a quality company with a large marine book of business. Know also that there is a big difference in yacht claims vs. runabout claims. Rick D.
... insurance service is an iffy thing to evaluate. Some companies use a contract adjusting firm, some in-house, others a mix and almost all rely on contract work for disaster response. So, you may get some differing responses for similar claims. One advantage you do get with some guys like BUS is that at least the claim file supervisors have a marine orientation. In general, that's to your advantage vs. someone less marine-oriented. (Of course, they are also more knowledgeable about what ISN'T covered too :} ) BTW, BUS isn't an insurer, they are a general agent. The insurer may vary depending on which company is represented by BUS. However, that isn't a big distinction, since BUS pretty much controls the claim handling, they just don't set rates or many of the underwriting standards, from what I've been told. I have had BUS for 17 years or so, including one claim. I have found them to be quick and smart. Their premiums are reasonable, if not cheap, in my area. I had insurance from several companies represented by a marine insurance agency for about ten years. I also had State Farm and Allstate. I had a claim with State Farm which was handled very satisfactory (once I explained why it should be covered... *o ) So, my advice is to go with a quality company with a large marine book of business. Know also that there is a big difference in yacht claims vs. runabout claims. Rick D.
Allstate
I know I just pushed Boat US, but while I had Allstate they were great and would have liked to stay with them. they had handled two claims (neither my fault) in WI fairly and promptly. The problem for me was when I moved my boat from WI to NY state, Allstate would not just let me move my coverage. Allstate in NY wanted a survey, which I did have and supplied , but they were so picky it was absurd. For example, the survey noted that my rigging was too loose. Like duh - that was obvious, but Allstate wanted a bill of sale to show that I had had professional repair work done on every point of from the survey. Like I have to hire somone to tighten my shrouds???!!! Boat US did not ask for such frivality.
I know I just pushed Boat US, but while I had Allstate they were great and would have liked to stay with them. they had handled two claims (neither my fault) in WI fairly and promptly. The problem for me was when I moved my boat from WI to NY state, Allstate would not just let me move my coverage. Allstate in NY wanted a survey, which I did have and supplied , but they were so picky it was absurd. For example, the survey noted that my rigging was too loose. Like duh - that was obvious, but Allstate wanted a bill of sale to show that I had had professional repair work done on every point of from the survey. Like I have to hire somone to tighten my shrouds???!!! Boat US did not ask for such frivality.
Ken: if a prospective insurance copany doesn't include salvage insurance in its package, then you are not insured when, for instance, you go aground and the towing boat has to call a second boat, or use air bags to get you off. He then says it is a Salvage situation and files a Salvage claim for $10,000 or higher (yes he can do that, and the courts will back him on it). I have had both Progressive and BoatUS. BoatUS included Salvage claim insurance, and was almost $100 less than Progressive (who didn't offer or even know what Salvage insurance was. I talked to their underwriting dept and they were clueless). BoatUS's web site has a good run down on Salvage insurance.
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