NotCook
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- Dec 29, 2008
- 806
You must always be sailing in the opposite direction from all the other boats!
Insurance question (yawn) ...
- Thread starter Scott T-Bird
- Start date
NotCook
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- Dec 29, 2008
- 806
If/when you file a claim, they will say it was underinsured and discount your benefit by the ratio of the higher value to the one they proposed.
Just talked with a much more knowledgeable agent at BoatUS/Geico and the price for "agreed value coverage" is now more than halved. It turns out there is a small break for covering multiple boats (I made the agent aware yesterday that I have coverage with them for my original boat, but it seemed to fly right over her head when I was talking about coverage for the boat I am buying), but the biggest item was "racing", just as I thought. He was completely understanding that there is a big difference between owning the boat primarily for racing and what we do - an occasional race. This year, I think I won't even get into a race. That dropped the quote by several hundred $$. No wonder the woman whom quoted me yesterday was so anxious to have me pay. 
You can always call and ask. Also, ask about the no racing. They should tell you.
Ken
Scott, give Progressive a spin. I have had them for ten years, had one claim of 3;800 in 2014. I had a vanishing deductible so my portion was $100. They were very on top of my claim and easy to work with. My boat is an ‘83 Hunter 31 with an agreed value of 18;000 I pay less than 700 year my limits are
| ncludes Fuel Spill Liability $100,000 each person $300,000 each accident $50,000 each accident |
Mike, that seems like a very high premium perhaps because you are in a hurricane zone? As I mentioned above, the premium for my boat is ~$900 for $90K hull value and 500K liability. But I'm on the Great Lakes, region and risk do factor in to the premium.
I am sure it’s because of where we are as it relates to hurricanes. It’s way less than some other quotes I have gotten. I’ll shop it every few years, but they end being the lowest. Plus I had an outstanding claim experience. How often do those occur?