Yes to Peggie’s suggestion, but two other thoughts as well. Reduce your fixed value amount to maybe 80% of the boat’s market value. If the boat is deemed a total loss, ins should pay off on the agreed value, but then might sell it back to you for less. Damage coverage does not have to be “all or nothing.” Then, of course, shop insurance. That might generate a sizable premium reduction. A liability only coverage would not help repair the boat if damaged, but it would help the other guy if you caused damage. Liability only might include some personal injury protection for you. You can keep the cost down some with minimal coverage, but as noted your marina might require a certain amount.
I have EXACTLY that plus tow insurance. I also have personal injury liability. I am using State Farm. I am living in Charleston and my agent is a big off-shore fisherman so I may be in the enviable situation of having a knowledgable agent. BUT! check with whomever you have homeowners, car etc. and see if you can bundle your boat under the same policy.
Auto and property insurance companies like Progressive and AllState are ok for small boats, but any boat too big to keep on a trailer needs true YACHT insurance that doesn't consider boats to be floating RVs. Don't let the term "yacht" spook you into believing yacht insurance costs more...it doesn't have to and can cost you less. You don't have to be a blue water cruiser...my boats were on an inland lake (Lanier, north of Atlanta). There are a number very good yacht insurance brokers...you'll find their ads in boating magazines. They don' t work for just one insurance company... they help you choose the right one and the right coverage for YOU. No need to look for a local broker...mine was in Annapolis, and although it went through some changes after the broker Al Golden passed away from Alzheimers--it's now the marine insurance division of the Gowrie Group--I still recommend it highly! Gowrie Group - Marine Insurance Overview
www.boatus.com
I had a similar experience with that company over agreed value and a very slippery “Partial Loss Depreciation“ clause. Which effectively reduces coverage on any boat more than 20 years old to a small fraction of actual repair cost for any claim less than a total constructive loss. Went to my independent broker, got a new survey, and found far better coverage for slightly less with Chubb.What Peggy said.
After our major refit Geico/BoatUS refused to raise our coverage. With some guidance from a surveyor I found a broker in Seattle that almost instantly placed us with a name-brand insurer, at an appropriate Agreed Value. Rate (per thou.) was the same or less than I had been paying that cold-blooded Lizard company.
One factor that probably helped a lot was my having a survey done before doing the insurance changeover.
