Just got my insurance bill. Over $2100 for my 1988 c34. I live in Florida. Seems like a lot. Boat us..
Insurance
- Thread starter Terry in Naples
- Start date
Ouch, Ouch, .............
! ! !
Two questions here:
1. What's your deductable.
2. What's the insured value of the boat.
I'm with a Canadian insurer so can't really speak to your Boat US insurance.
Five years ago I was told by my insurance broker that my insured value was unreasonably high (still the purchase price) as the boat was starting to get a little long in the tooth (11 years old). He suggested I do some research and come up with a more realistic value as no insurance company would be paying replacement value on a ten year old boat if it was lost. I dropped it down to $70K (still high) and my insurance went from $825.00 to $400.00. This is still with a 1% deductable. I was told that $80K was the dividing line where premiums took a plunge.
Try asking Boat US if or where their premiums take a drop .
........... and OUCH
! ! ! Two questions here:
1. What's your deductable.
2. What's the insured value of the boat.
I'm with a Canadian insurer so can't really speak to your Boat US insurance.
Five years ago I was told by my insurance broker that my insured value was unreasonably high (still the purchase price) as the boat was starting to get a little long in the tooth (11 years old). He suggested I do some research and come up with a more realistic value as no insurance company would be paying replacement value on a ten year old boat if it was lost. I dropped it down to $70K (still high) and my insurance went from $825.00 to $400.00. This is still with a 1% deductable. I was told that $80K was the dividing line where premiums took a plunge.
Try asking Boat US if or where their premiums take a drop .
Youch is right. Same company, same production boat though mine is surely much older, but my pain is only $300 a year. In about 7 years I could buy another one with the premium difference.
Progressive
I have Progressive and what pay for my 2007 H-36 and valued $150,000 is much lower and even maybe half with Progressive.
I have heard many times who have Progressive were very happy after claims
and have always had very high price I was quoted by BoatUS for my boat.
Here in Florida boat insurance will always be higher for sure and some times even
hard to get.
Nick
I have Progressive and what pay for my 2007 H-36 and valued $150,000 is much lower and even maybe half with Progressive.
I have heard many times who have Progressive were very happy after claims
and have always had very high price I was quoted by BoatUS for my boat.
Here in Florida boat insurance will always be higher for sure and some times even
hard to get.
Nick
just switched from boat us ($1300) to merke ($625)> when talking to boat us underwriter about leaving she told me they offered more for instance: if they had to salvage the boat they would pay more than the agreed value, then i quoted from their police book that stated they would only pay up to the agreed value for doing a salvage, she stated, "well thats news to me i was told other wise".
merkel is am best rated a little lower than boat us.
mike
merkel is am best rated a little lower than boat us.
mike
Man, it's just stays ugly.
I have an older boat here in Florida & currently with boat US. Every couple of years I redo my total hull value. I'm currently in the $450.00/year category.
So, I see posts where some like Progressive. The insurance game is ALWAYS stacked against you. I went with Progressive some years ago as their premium was lower than Boat US. The first year was great. At renewal time, my premium jumped 90%. Are you kidding me?
I never had a claim yet they set the "Hook" the first year. I dropped them like a 24 lb. anchor. So the game is, some are satisfied, some are not. What I find is common when dealing with any kind of insurance is that if you don't ask or renegotiate, you'll probably be on the losing side. You see, it's all about the game being played by design.
CR
I have an older boat here in Florida & currently with boat US. Every couple of years I redo my total hull value. I'm currently in the $450.00/year category.
So, I see posts where some like Progressive. The insurance game is ALWAYS stacked against you. I went with Progressive some years ago as their premium was lower than Boat US. The first year was great. At renewal time, my premium jumped 90%. Are you kidding me?
I never had a claim yet they set the "Hook" the first year. I dropped them like a 24 lb. anchor. So the game is, some are satisfied, some are not. What I find is common when dealing with any kind of insurance is that if you don't ask or renegotiate, you'll probably be on the losing side. You see, it's all about the game being played by design.
CR
NotCook
.
- Dec 29, 2008
- 806
A few general comments:
If you take boating courses like the advanced courses from the United States Power Squadrons (sail, piloting, etc.) many of the insurance companies, including BoatUS, offer discounts up to about 22%.
Also as a general rule, for whatever reason, you can always get better rates by switching. I think it is partly because you continue to pay for the higher value, plus annual increases, unless you switch and reset the values. I've seen this with auto and homeowners insurance. I've also discovered that some companies may put you in a different plan with significantly lower rates - if you ask. I was recently told by my agent where I have both homeowners and auto, when I asked for better rates or I have to switch, "I can put you in this other rate class, but I can only offer it when you ask for it." Dropped my homeowners by about 45%. You have to ask...
If you take boating courses like the advanced courses from the United States Power Squadrons (sail, piloting, etc.) many of the insurance companies, including BoatUS, offer discounts up to about 22%.
Also as a general rule, for whatever reason, you can always get better rates by switching. I think it is partly because you continue to pay for the higher value, plus annual increases, unless you switch and reset the values. I've seen this with auto and homeowners insurance. I've also discovered that some companies may put you in a different plan with significantly lower rates - if you ask. I was recently told by my agent where I have both homeowners and auto, when I asked for better rates or I have to switch, "I can put you in this other rate class, but I can only offer it when you ask for it." Dropped my homeowners by about 45%. You have to ask...
right, i should have stated that i have a captains license. boat us did not offer a discount for that. i am not sure if merkel did or did not as i only included it in my application. did not apply without it.
mike
mike
Notcook,
You nailed it pal, switching and/or re-negotiating are the only weapons you have.
You also touched on dealing with different insurance coverages. The game always remains the same, only the name changes, not the game itself.
I just spoke with a friend on health insurance. He has always dealt with brokers. I then advised him that someone has to pay the upfront fee for them to write up a policy. And, who foots that bill? Remember, a salesman's first duty is to separate the client from his money. "Question everything, as knowledge is power."
Duality, it doesn't matter that you have a captain's ticket man, it's safety courses & no claims etc. that they use to dangle the carrot. Insurance companies are NOT your friends. You need to know this, as it will make a big difference in $$$. It's a business, unless you ask all the the right questions, you will never get ALL the right answers.
CR
You nailed it pal, switching and/or re-negotiating are the only weapons you have.
You also touched on dealing with different insurance coverages. The game always remains the same, only the name changes, not the game itself.
I just spoke with a friend on health insurance. He has always dealt with brokers. I then advised him that someone has to pay the upfront fee for them to write up a policy. And, who foots that bill? Remember, a salesman's first duty is to separate the client from his money. "Question everything, as knowledge is power."
Duality, it doesn't matter that you have a captain's ticket man, it's safety courses & no claims etc. that they use to dangle the carrot. Insurance companies are NOT your friends. You need to know this, as it will make a big difference in $$$. It's a business, unless you ask all the the right questions, you will never get ALL the right answers.
CR
Progressive has an option to go with "Actual Cash Value". It dropped my cost by about $400. Raising my deductible to $1000 dropped the premium another $200. Well worth the changes.
I am in the propery casualty insurance business. Without a doubt, the insurance world is changing. The good old days are gone, as most you have referenced in your posts. It would be suggestion as a way to keep your premiums down now and possibly in the long run, is to look at a pretty high deductible. Say $2000-3000. Basically you are "self-insuring" for all the small stuff. From the Ins Co side, this cuts down on the small claims (frequency) and expenses. In the long run lower expenses equal lower premiums. Every Prop/Cas company I'm aware of run on very small margins.
Just something to chew on, and it's a conversation I have everyday with my clients..
Just something to chew on, and it's a conversation I have everyday with my clients..
This is my thread so... i have an agreed value of 45k, and $900"deductible. I live in sw florida and am insured for coastal out. One lightning strike claim 6 years ago. Boat is at my dock at my home. I am considering just liability as boat is long ago paid for. I could buy new electronics every 5 years or so. At 2100/ yr ( so - ? Liability would be)
This seems very high I have a 2004 Beneteau with an agreed value policy. The agreed value is 60k and my total premium $946.00 I had a lightening strike last year. I have Seaworthy Insurance. Seaworthy is the insurance company that writes the Boat US policies here in Florida. My deductible is double yours, an increased deductible a lot of times has a dramatic effect on premiums.
I would check out other companies or check out increasing the deductible. I keep my boat behind my house in Fort Myers Beach, we are too close geographically for there to that much difference
I think you also have to consider the age of the boat. I've noted Terry's is an '88 vs. Reworb's 2004. It is less expensive to insure a newer boat. I found that insuring my 2002 Hunter 356 was less than my '72 Ranger 29. I mean less expensive in dollars of premium-even though the Hunter was worth much more. It seems counterintuitive, but that is what I found. Maybe someone in the Ins. biz could explain why.
Check National Boat Owners Association (NBOA) in Sarasota Fl 941.360.6888
I've had them since 2010, current bill is $403 for H33.
Travelers Ins. would be second choice, others were way more expensive in 2010 and I assume still are. Our layup is from Nov 1 to Apr l1.
Sheman.
Newer boats have much less incidence of having a loss. All the systems are new and up to date. Older boats have old systems, wiring, thru hulls. All much more apt to fail causing a loss. Older boats premiums are usually surcharged.
Same thing with a new home vs old home.
Hope that helps.
Bob.
Newer boats have much less incidence of having a loss. All the systems are new and up to date. Older boats have old systems, wiring, thru hulls. All much more apt to fail causing a loss. Older boats premiums are usually surcharged.
Same thing with a new home vs old home.
Hope that helps.
Bob.
