I'm in the process of buying this boat. Any suggestions on insurance co.?? Good ones and ones to stay away from!
- Status
Insurance Dilemma
A phone call to West Marine, or online visit, will get a quote from about four different companies. Lots of companies compete for the business from West Marine, so I rely on that to get me the lowest possible rates.
A phone call to West Marine, or online visit, will get a quote from about four different companies. Lots of companies compete for the business from West Marine, so I rely on that to get me the lowest possible rates.
Progressive
I shopped around a good bit before buying insurance I, too, settled on a WestMarine company. Progressive is not the cheapest but I felt they had better coverange than some of the others I found. Good luck.
I shopped around a good bit before buying insurance I, too, settled on a WestMarine company. Progressive is not the cheapest but I felt they had better coverange than some of the others I found. Good luck.
Purchase Marine Insurance not auto insurance
Warren: If you look at the policies there is a big difference in what the Auto Insurance companies provide vs the Boat Insurance companies. Companies like Allstate are providing replacement cost insurance. BoatUS (for instance) is providing an agreed replacement cost. We had Allstate insurance for 13 years. Had two claims which they refused to pay. Then they raised their rates in the last few years too (had to pay for those Hurricane losses?). We shopped West Marine and BoatUS and found that BoatUS was less expensive in our area. When you purchase a boat you need to get a survey for the boat and then get one for the insurance carrier too.
Warren: If you look at the policies there is a big difference in what the Auto Insurance companies provide vs the Boat Insurance companies. Companies like Allstate are providing replacement cost insurance. BoatUS (for instance) is providing an agreed replacement cost. We had Allstate insurance for 13 years. Had two claims which they refused to pay. Then they raised their rates in the last few years too (had to pay for those Hurricane losses?). We shopped West Marine and BoatUS and found that BoatUS was less expensive in our area. When you purchase a boat you need to get a survey for the boat and then get one for the insurance carrier too.
Allstate!
Nobody can beat their rates and they paid my claims. Does it get any better than that? I frequently get junk mail from BOATUS and West. Just for fun I submit them and tell them to match my current policy. They can't and then go away (but the junk mail never stops) Barry
Nobody can beat their rates and they paid my claims. Does it get any better than that? I frequently get junk mail from BOATUS and West. Just for fun I submit them and tell them to match my current policy. They can't and then go away (but the junk mail never stops) Barry
but Barry..
Barry: I must tell you that BoatUS beat Allstate in OUR area by about $75/yr. The real difference here is that you have a "replacment value" that Allstate will pay you for your boat, we have an agreed upon value. So maybe it won't ever make a difference unless you have a total loss. Call them and ask what the "replacement value" is on your boat, you may or may not be suprised.
Barry: I must tell you that BoatUS beat Allstate in OUR area by about $75/yr. The real difference here is that you have a "replacment value" that Allstate will pay you for your boat, we have an agreed upon value. So maybe it won't ever make a difference unless you have a total loss. Call them and ask what the "replacement value" is on your boat, you may or may not be suprised.
For a boat that size, you need a true
"yacht insurance" policy. Allstate, State Farm and companies whose main business is cars and houses are fine for trailer boats, but a lot can happen to a boat that's kept in the water at a marina that can't happen to a boat on a trailer at the owners house, things that only true yacht insurance policies cover. Comparing only the premium for an agreed hull value in case the boat is lost is the wrong way to shop insurance for a larger boat, because while trailer boats can easily be stolen or totalled in an accident while on the trailer, a total loss is the LEAST likely scenario for large boats...it's how the policy treats everything ELSE that can happen--storm damage, damage from any source, vandalism, equipment theft, etc...whether it's new for old or depreciated...whether it's even covered at all, or considered personal property and handed off to your homeowners. A friend used to brag about having the best insurance deal on the planet...till his 6-year old boat--a 60' houseboat--sank in its slip. Between what his insurance company declared fully depreciated after 5 years--and therefore no longer covered--and what they decided was personal property kept aboard ("call your homeowners"), all they paid for was raising the boat and making the engines and genset operational again. That left it up to the owners to replace what amounts to a housefull of furnishings, carpeting, panelling, wallcoverings, appliances, bedding, etc, etc etc, plus electronics and everything they kept on the boat out of their own pockets. Not all "yacht policies" are created equal either. So compare policies carefully...read ALL the fine print, and don't be afraid to ask tough questions. That said, I highly recommend Al and Gary Golden, International Marine Insurance Services (IMIS) in Maryland. They're independent brokers who write nothing BUT yacht insurance and represent a number of companies, all excellent, and insure a lot of cruising sailboats that go all over the world as well as those who only sail their own home coastal or inland waters. You can call 'em at 800-541-4647...or e-mail algolden@imiscorp.net
"yacht insurance" policy. Allstate, State Farm and companies whose main business is cars and houses are fine for trailer boats, but a lot can happen to a boat that's kept in the water at a marina that can't happen to a boat on a trailer at the owners house, things that only true yacht insurance policies cover. Comparing only the premium for an agreed hull value in case the boat is lost is the wrong way to shop insurance for a larger boat, because while trailer boats can easily be stolen or totalled in an accident while on the trailer, a total loss is the LEAST likely scenario for large boats...it's how the policy treats everything ELSE that can happen--storm damage, damage from any source, vandalism, equipment theft, etc...whether it's new for old or depreciated...whether it's even covered at all, or considered personal property and handed off to your homeowners. A friend used to brag about having the best insurance deal on the planet...till his 6-year old boat--a 60' houseboat--sank in its slip. Between what his insurance company declared fully depreciated after 5 years--and therefore no longer covered--and what they decided was personal property kept aboard ("call your homeowners"), all they paid for was raising the boat and making the engines and genset operational again. That left it up to the owners to replace what amounts to a housefull of furnishings, carpeting, panelling, wallcoverings, appliances, bedding, etc, etc etc, plus electronics and everything they kept on the boat out of their own pockets. Not all "yacht policies" are created equal either. So compare policies carefully...read ALL the fine print, and don't be afraid to ask tough questions. That said, I highly recommend Al and Gary Golden, International Marine Insurance Services (IMIS) in Maryland. They're independent brokers who write nothing BUT yacht insurance and represent a number of companies, all excellent, and insure a lot of cruising sailboats that go all over the world as well as those who only sail their own home coastal or inland waters. You can call 'em at 800-541-4647...or e-mail algolden@imiscorp.net
Travelers
When I was new to buying a small cruisng boat (last year) I just got insurance from BoatUS. Easy and fast, and seems fine. I changed insurance agents (I moved to Cape Cod), and asked my new agent who said they did Travelers. The Travelrs quote was about $50 less, and included a rider for hurricane preparation. That is, if we get a 'hurricane warning' or hurricane watch', Travelers will pay up to half the cost (up to $1000) to professionaly move the boat to safer harbor or have it hauled to ride out 'on the hard'. Sure hope we don't need it, but if we do, it would be nice not to have to bear the whole cost. Of course this is enlightened insuring, as although they pay out, but lower their exposure. It is a new endorsement, and I thought pretty interesting.
When I was new to buying a small cruisng boat (last year) I just got insurance from BoatUS. Easy and fast, and seems fine. I changed insurance agents (I moved to Cape Cod), and asked my new agent who said they did Travelers. The Travelrs quote was about $50 less, and included a rider for hurricane preparation. That is, if we get a 'hurricane warning' or hurricane watch', Travelers will pay up to half the cost (up to $1000) to professionaly move the boat to safer harbor or have it hauled to ride out 'on the hard'. Sure hope we don't need it, but if we do, it would be nice not to have to bear the whole cost. Of course this is enlightened insuring, as although they pay out, but lower their exposure. It is a new endorsement, and I thought pretty interesting.
Boat US to Start
I just bought my boat. It's still on the hard, soon to splash. Anyway, in order to meet the needs of the yard I went to Boat US to insure the boat. I did it on-line and it was relatively painless. It was about $80 cheaper than the annual that the past owner had through an independant. They also offer towing and hauling coverage for hurricanes. Towing up to $150 per incident, base offering, and $500 per hurricane. I intend to shop a little more to find the best coverage and price for insurance, also I need to talk with other owners about their experiences, so I'm glad this thread is here. Geof
I just bought my boat. It's still on the hard, soon to splash. Anyway, in order to meet the needs of the yard I went to Boat US to insure the boat. I did it on-line and it was relatively painless. It was about $80 cheaper than the annual that the past owner had through an independant. They also offer towing and hauling coverage for hurricanes. Towing up to $150 per incident, base offering, and $500 per hurricane. I intend to shop a little more to find the best coverage and price for insurance, also I need to talk with other owners about their experiences, so I'm glad this thread is here. Geof
Warren; I insure my Beneteau 40 with the New Hampshire Casualty company, and no one, not BoatUS, West Marine, no one can beat their rates, and I've tried.
Do you know
If you have a boat policy from Allstate if the value of you boat goes down thats what they pay you it's a total. It dosen't matter what the policy value is but what the boat is worth. If the value goes up they only pay for what you took out. The bad thing is sometimes the amount is not enough to cover the loan. Also if you think your homeowners will cover everything on your boat think again. Allstates homeowners only covers 10% of the policy for things stored not at home. This is from someone who learned the hard way.
If you have a boat policy from Allstate if the value of you boat goes down thats what they pay you it's a total. It dosen't matter what the policy value is but what the boat is worth. If the value goes up they only pay for what you took out. The bad thing is sometimes the amount is not enough to cover the loan. Also if you think your homeowners will cover everything on your boat think again. Allstates homeowners only covers 10% of the policy for things stored not at home. This is from someone who learned the hard way.
Allstate/Defender /Boats U S
Do not even consider the first two for insurance. I was unhappy with both..Boats U S is much better BY FAR!!!!!!
Do not even consider the first two for insurance. I was unhappy with both..Boats U S is much better BY FAR!!!!!!
Peerless Group
Every year I check my Insurance company (Peerless Group ) against Boat US. Every year Boat US is $200+ more for the same coverage. Hunter has some type of deal with Peerless and they give great service. Never used them on a claim in years... knock on wood
Make sure you compare apples to apples. Most companies try to bid slightly different packages so you can't compare them one on one. Get good coverage, and sleep well. Bob Knott H380
Every year I check my Insurance company (Peerless Group ) against Boat US. Every year Boat US is $200+ more for the same coverage. Hunter has some type of deal with Peerless and they give great service. Never used them on a claim in years... knock on wood
Make sure you compare apples to apples. Most companies try to bid slightly different packages so you can't compare them one on one. Get good coverage, and sleep well. Bob Knott H380As I read this thread I can't help but wonder
How many people ever compare anything more than how much premium for how much coverage, or know whether their boat is insured for "agreed hull value" (that's what you get if the boat is lost) or "fair market value" (current NADA book value for boats in "average" condition)...or even know what is and isn't covered by their policy? How many of you have ever actually read your policy? 'Cuz all I'm seeing is, "I got a quote from (this company or that one), and they couldn't begin to match my premium." Does it ever occur to anyone to ask why...what their policy includes that yours doesn't?
How many people ever compare anything more than how much premium for how much coverage, or know whether their boat is insured for "agreed hull value" (that's what you get if the boat is lost) or "fair market value" (current NADA book value for boats in "average" condition)...or even know what is and isn't covered by their policy? How many of you have ever actually read your policy? 'Cuz all I'm seeing is, "I got a quote from (this company or that one), and they couldn't begin to match my premium." Does it ever occur to anyone to ask why...what their policy includes that yours doesn't?
here is a nice link explaining .....
This link explains alot of the "in's and out's" of marine insurance (assuming I got it to work right).. Good luck Brian C. S/V CREW REST
This link explains alot of the "in's and out's" of marine insurance (assuming I got it to work right).. Good luck Brian C. S/V CREW REST
I'll second that
Peggie's right, you get what you pay for. Unless you are comparing apples to apples, the reason the premium is less is because you are getting less. RP
Peggie's right, you get what you pay for. Unless you are comparing apples to apples, the reason the premium is less is because you are getting less. RP
- Status