Insurance Question

rickk31 · Apr 25, 2011

Foremost used to insure most of the Harley Davidson's here in the mid west for a long time but about 5 or 6 years ago they got real hungery. They almost doubled their rates.Most of us went to other companys after that. I never hear much about them any more but at the same time I never hear any thing bad about them. I guess they droped Harleys and went to boats.

Ed Schenck · Apr 25, 2011

I'm in the same boat('79) where I would need a survey to switch to BoatUS. I have State Farm and have been very happy with their rate and their service. They paid for a rudder rebuild in Oriental, NC, without question. They said if it was straight when I left Lake Erie and now it was bent it should be fixed.

MarineMonster · Apr 25, 2011

I'm currently insured with Foremost with no issues, however I never had to use (no claims) them. I used to be with Progressive and last year I switch to Foremost. I did a bit of due diligence and got positive feedback. My insurance broker presented them to me and I moved forward with their policy.

lr172 · Apr 25, 2011

Mark,

I just bought a 1985 Hunter 34. I choose Progressive, as the rates were attractive. You need to go to their website and play with the different options. I got full coverage and the top liabiliity limit with towing for under $500. I used a boat value of $25,000 and I used the market value instead of stated value. Pogressive confirmed that they will use NADA, BUCA, etc. for determining the boat value in a loss and both sources stated a value simillar to what I payed - $25,000. The stated value version was much higher. I also didn't need a survey (I hired a surveyor only for the hull, deck and rigging, as I did the rest of the inspection myself).

Also, Progressive charges much less when you buy online vs. the telephone or through a broker.

Good luck,

Larry

EDIT: Just realized that my case may be different, as I am on the Great Lakes. I am guessing you are in a hurricane zone and many insurers have probably cranked up the rates to cover themselves. Probably best to find an insurer that doesn't do many boats. The more they do, the more the actuaries will be compelled to adjust rates in high risk areas.

navigator97 · Apr 25, 2011

You may also want to look into the US Power Squadron Boat Insurance Program. You would have to become a member of USPS (no not the post office) to get the insurance and factor in the cost of membership. But, the combination may still be worth it. I ha ve my boat insurance with them with a boat valuation of $52,000, and including a new Honda outboard, and new Achilles inflatable, and coverage for up to 150 miles offshore, the premium is about $550. For what it's worth.

Steve Dion · Apr 25, 2011

Insurance prices are very variable based on where you boat is located.

I don't think that $500 is such a good price for $25,000 in replacement value compared to $580 for agreed upon value of $80,000 on the west coast. We are covered by BoatUS. We also have a provision that the deductibile is reduced each year that you do not have a claim.

Be sure to shop around and find out what you paying for before you look at the premium vs the coverage.

tomgrigsby · Apr 26, 2011

I have my 79 H30 with State Farm. I'm happy with their rates, and of course no question about service with that company.

rochesterdriver · Apr 26, 2011

Agree with Tom

State Farm is outstanding. My 78 H30 is fully insured with a declared value of $15,000 and it costs me $317 a year.

That allows me to even go to the Caribbean.

Rich.

stephen Penny · Apr 26, 2011

Try BoatUS. Cheapest for an older boat...$221/year for Hunter 31 valued at $20,000 and $300,000 liability. They also insure my 1995 Correct Craft ski boat for $210/year for full coverage and same liability. I insure my 2004 Hunter 386 with Cox Insurance Costa Mesa, CA at a cost of just over $500/year for full coverage and same liability.