Insurance

PrincessoftheLake · Dec 5, 2011

CHM said:
I am buying a 1988 Beneteau 432 and am in the market for insurance. I have calls into Atlass Marine Insurance and Offshore Risk Management near Port Canaveral, FL. I am open to recommendations or remarks. I need a good policy from a reputable company, but do not want to pay too much. THANKS!

seadaddler · Dec 5, 2011

Good insurance but cheap,OK let me know how you do it.
When I moved my boat from NY to florida
Florida is not cheap especialy for larger value boat because of you know what.
Nick

sailcruiser · Dec 5, 2011

That might be a tall order. What are your sailing plans? Coastal or long distance offshore? It changes the dynamics. SC

navigator97 · Dec 5, 2011

For what it's worth, I have a 1990 H-33.5 insured (for the last 13 years) with US Power Squadron Boat Insurance program. It covers up to 150 NM offshore., includes the Inflatable Dinghy and it's outboard. Cost is $636 per year paid quarterly.

sailcruiser · Dec 5, 2011

Check with Boat US, your auto or home company (assuming you have one), Progressive all have Coastal policies I believe it's 75 or 125 mi from the coast of the US or Canada. SC

tommays · Dec 5, 2011

I am NOT allowed to go to Florida without paying a LOT more money

shemandr · Dec 5, 2011

I've been happy with Shoreline in Clinton CT as a brokerage

Benny17441 · Dec 6, 2011

Check with BoatUS for Florida coverage. If you are going to take a long distance trip you can always get an endorsement for the location and duration of the trip.

sailcruiser · Dec 7, 2011

CHM said:
Thanks again. So far, I have quotes from Progressive and Sunderland Marine Mutual Insurance, and they are within a couple hundred $$ of each other. The hurricane box on the sunderland policy is actually south of Florida and east. The progreesive policy covers named storms at 2x the deductible. any experiences with these companies?

My insurance company doesn't insure boats but they partner (sub-contract?) with Progressive. I've had them for 7 years now with 1 no fault claim that was handled without a problem. It was weather related and about 60% of value of my under 10k boat at that time. My deductible was reduced because I hadn't had other claims. In my case it goes down every year without an at fault claim and even the one I had didn't raise my rate or affect the reducing deductible. The one negative to Progressive is they have odd ceilings on value. I can't insure my new to me boat for quite what I'd like but I kept hem for now. I'm debating on BoatUS. I like they'll insure the dinghy within the boat policy where Progressive writes it separate but the rates are close. I think BoatUS has more choices for discounts.

Regardless of the company make sure to look at AGREED VALUE policies rather the actual cash value. ACV Can burn you badly. SC

KD3PC · Dec 7, 2011

I would not trust progressive to do anything reasonable, should you have a claim. You may want to read up on their ex-CEO, Peter Lewis, an ultra liberal.

What they say they will do, and what they actually do in the event of a claim, are two distinct things, and unless you are an attorney or expert in Insurance law...the claim will be paid out in THEIR best interests, which will leave you screwed. Ask them specifically what they will use in the event of a stated value clause, to estimate the loss as opposed to agreed value or actual cash value...and in which state those definitions apply, or don't apply? They will use which ever state they pay out less...the state where the policy was written, or the state where the loss occured, or the state where the boat was "berthed"....again with out a lawyer or a lot of experience with insurance, you will be in a battle day one.

Personally, I would do without insurance, before using Progressive. They are that bad for any coverage, car/motorcycle or boat. When you advertise the lowest price, ever....you as the consumer will get the least possible anything -service/payout/coverage (read the fine print and compare it to a reputable marine insurance policy).

KD3PC · Dec 7, 2011

sailcruiser said:
Regardless of the company make sure to look at AGREED VALUE policies rather the actual cash value. ACV Can burn you badly. SC

look very closely at
Agreed Value, as opposed to
Stated Value, as opposed to
Actual cash value....

In almost every case the language of "actual cash value" will take precedence over anything your "agent" (and with progressive online, there is not one) tells you...and this will result in a SUBSTANTIALLY smaller payout....no where near the agreed or stated value that you have been paying premiums for.

Get informed, or get burned...

Big Windy · Dec 7, 2011

kd3pc said:
I would not trust progressive to do anything reasonable, should you have a claim. You may want to read up on their ex-CEO, Peter Lewis, an ultra liberal.

What they say they will do, and what they actually do in the event of a claim, are two distinct things, and unless you are an attorney or expert in Insurance law...the claim will be paid out in THEIR best interests, which will leave you screwed. Ask them specifically what they will use in the event of a stated value clause, to estimate the loss as opposed to agreed value or actual cash value...and in which state those definitions apply, or don't apply? They will use which ever state they pay out less...the state where the policy was written, or the state where the loss occured, or the state where the boat was "berthed"....again with out a lawyer or a lot of experience with insurance, you will be in a battle day one.

Personally, I would do without insurance, before using Progressive. They are that bad for any coverage, car/motorcycle or boat. When you advertise the lowest price, ever....you as the consumer will get the least possible anything -service/payout/coverage (read the fine print and compare it to a reputable marine insurance policy).

Good advice, I cancelled my policy after checking out Peter Lewis...who is now chairman of the board.