I have had West Marine insurance since I bought my boat 4 years ago. Having my insurance under $400 in Oregon was not a bad deal, but since moving to SW Florida they are wanting to better than triple my premium. That seems excessive, particularly since they also are adding a higher deductible for "named" storms. State Farm is offering me insurance for about 1/2 what West Marine wants and gives me a much smaller deductible, too. Both are for the same "agreed value". West Marine insures me up to 15 miles off shore. State Farm will cover me up to 75 miles off shore. The only benefit I can see with West Marine is that they will write riders for me if I choose to go outside the preset limit, while State Farm won't. Considering I still work for a living, trips beyond 75 miles from US shore are not going to be real frequent in the near future. Common sense says I should go with State Farm, but I wonder what catch I might be missing. Why would State Farm's rates be so dramatically different than West Marine? Anybody know, or is the deal as good it sounds? John
- Status
- Not open for further replies.
A
Andy Falls
Do you race?
State Farm in FL may be different, but inland they do not cover you when you are racing (even club races). So if you race, check the exclusions.
State Farm in FL may be different, but inland they do not cover you when you are racing (even club races). So if you race, check the exclusions.
P
Pat Small
Check all coverages (i.e. Pollution and Salvage)
We just had an insurance rep (see link below) give a presentation on insurance at our club last week. There are several types of basic insurance (full replacement, value , etc) and various Spill and Recovery coverages that may be different under different policies. Another important factor is the underwriter. Make sure the underwriter is a solid company (there are ratings for this).
We just had an insurance rep (see link below) give a presentation on insurance at our club last week. There are several types of basic insurance (full replacement, value , etc) and various Spill and Recovery coverages that may be different under different policies. Another important factor is the underwriter. Make sure the underwriter is a solid company (there are ratings for this).
P
Pat Small
Check all coverages (i.e. Pollution and Salvage)
We just had an insurance rep (see link below) give a presentation on insurance at our club last week. There are several types of basic insurance (full replacement, value , etc) and various Spill and Recovery coverages that may be different under different policies. Another important factor is the underwriter. Make sure the underwriter is a solid company (there are ratings for this).
We just had an insurance rep (see link below) give a presentation on insurance at our club last week. There are several types of basic insurance (full replacement, value , etc) and various Spill and Recovery coverages that may be different under different policies. Another important factor is the underwriter. Make sure the underwriter is a solid company (there are ratings for this).
E
Ed Schenck
Is survey required?
When I decided to compare BoatUS with my current policy I discovered that a survey was required. Since my survey was only three years old I was reluctant to spend another $500. Especially since any items of a safety or seaworthy nature were resolved, many at great cost. Do all insurers require this?
When I decided to compare BoatUS with my current policy I discovered that a survey was required. Since my survey was only three years old I was reluctant to spend another $500. Especially since any items of a safety or seaworthy nature were resolved, many at great cost. Do all insurers require this?
Shop around but....
John: You may want to shop around but check out all the features of the policy. I know that BoatUS was a better policy than my previous insurance Allstate and was less money. West Marine was higher too. All of this depends on so many things (mostly the insurance companies losses) for any given area. Also companies like State Farm, Allstate etc. know nothing about boats so if you have a loss it may take months or years before you get a settlement. We were NOT required to get a survey from BoatUS when we got a new policy from them last year on our 1985 H'31. We got an agreed value policy not replacement value etc etc. I would think that boat insurance in Florida is going to be much higher than in Oregon just because of the hurricane danger.
John: You may want to shop around but check out all the features of the policy. I know that BoatUS was a better policy than my previous insurance Allstate and was less money. West Marine was higher too. All of this depends on so many things (mostly the insurance companies losses) for any given area. Also companies like State Farm, Allstate etc. know nothing about boats so if you have a loss it may take months or years before you get a settlement. We were NOT required to get a survey from BoatUS when we got a new policy from them last year on our 1985 H'31. We got an agreed value policy not replacement value etc etc. I would think that boat insurance in Florida is going to be much higher than in Oregon just because of the hurricane danger.
G
Gene Gruender
Try National Marine Underwriters
I've been with National Marine Underwriters for 10 years. Cost is less that West or BoatUS (at least for me and several people I've sent there), coverage to 300 miles offshore, no extra premium for Bahamas nnd Turks and Caicos (you have to ask for it, but there is no charge), Liveaboard is no problem, and racing is covered. My policy for the boat, which is normally in Texas, covers me from Maine to Mexico, 300 miles out, and the Bahamas (the deductable does double, though). Agreed value of $60,000, with liability of $300,000 cost me $753 a year. Reach them at 1-800-boatins. As they say, no connection except I'm a satisfied customer (so far!)
I've been with National Marine Underwriters for 10 years. Cost is less that West or BoatUS (at least for me and several people I've sent there), coverage to 300 miles offshore, no extra premium for Bahamas nnd Turks and Caicos (you have to ask for it, but there is no charge), Liveaboard is no problem, and racing is covered. My policy for the boat, which is normally in Texas, covers me from Maine to Mexico, 300 miles out, and the Bahamas (the deductable does double, though). Agreed value of $60,000, with liability of $300,000 cost me $753 a year. Reach them at 1-800-boatins. As they say, no connection except I'm a satisfied customer (so far!)
E
Ed Schenck
Thanks for the tip Gene.
I went to their web-site(link below) and was able to get an immediate online quote. Pretty slick.
I went to their web-site(link below) and was able to get an immediate online quote. Pretty slick.
- Status
- Not open for further replies.