I am researching different insurance providers and was wondering who you all consider the best? I am sure there are pros and cons with each but who do you like and why?
Marine Insurance Providers
- Thread starter jaydog5000
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Depends on your vessel.
There are issues with the age of the vessel, where you vessel is kept etc. Some of the carriers require a survey prior to insuring you too. Smaller boats can be insured through your home owners policy. Start with BoatUS and use them for your basis. They normally have competetive rates (as long as you don't keep her in Fl. or the gulf coast area of the country). One advantage with them is the fact that you can insure it for an agreed upon value and that is what you will get (less the deductible) if there is a total loss. Not all companies offer this type of policy. .....more opinions to come!
There are issues with the age of the vessel, where you vessel is kept etc. Some of the carriers require a survey prior to insuring you too. Smaller boats can be insured through your home owners policy. Start with BoatUS and use them for your basis. They normally have competetive rates (as long as you don't keep her in Fl. or the gulf coast area of the country). One advantage with them is the fact that you can insure it for an agreed upon value and that is what you will get (less the deductible) if there is a total loss. Not all companies offer this type of policy. .....more opinions to come!
Check the exclusions
Most all boat insurance on the gulf coast is now written with so many exclusions as to make it almost worthless. Major one, is you aren't covered from damage from any named storm. Many have a 50 mile offshore limit. I have heard that some policies written in the NE do not allow you to head south until after Nov.1.
Most all boat insurance on the gulf coast is now written with so many exclusions as to make it almost worthless. Major one, is you aren't covered from damage from any named storm. Many have a 50 mile offshore limit. I have heard that some policies written in the NE do not allow you to head south until after Nov.1.
Depends on your sailing grounds.
If you just sail locally you may do fine with the rates and coverage of your automobile insurer. It is when you start looking at specific marine perils and endorsements for trip coverage to foreign locations that you will be best served by a company that specializes in marine insurance. I have found BOATUS to be very flexible and provide excellent coverage. The rates have gone up significantly but here in FL that is par for the course. Having marine knoleadgeable agents is another feature.
If you just sail locally you may do fine with the rates and coverage of your automobile insurer. It is when you start looking at specific marine perils and endorsements for trip coverage to foreign locations that you will be best served by a company that specializes in marine insurance. I have found BOATUS to be very flexible and provide excellent coverage. The rates have gone up significantly but here in FL that is par for the course. Having marine knoleadgeable agents is another feature.
Allstate covered me well for a complete loss
I can recommend Allstate with one warning. While they gave me complete coverage for my lost during hurricane Isabel, do not listen to the adjuster about how to go about salvage. Mine cost me 5000 dollars as I was charged twice for salvage. First salvage was called off by adjuster(she thought boat could be left in the river) and I was still charged 5000 dollars by seatow as they spent the money calling in three boats and three captains and expected to salvage the boat. Later salvage cost me 7000 dollars so it was almost full price of salvage. Your salvage comes out of the price they pay you on the policy.
I can recommend Allstate with one warning. While they gave me complete coverage for my lost during hurricane Isabel, do not listen to the adjuster about how to go about salvage. Mine cost me 5000 dollars as I was charged twice for salvage. First salvage was called off by adjuster(she thought boat could be left in the river) and I was still charged 5000 dollars by seatow as they spent the money calling in three boats and three captains and expected to salvage the boat. Later salvage cost me 7000 dollars so it was almost full price of salvage. Your salvage comes out of the price they pay you on the policy.
I can Recommend
Allstate but only the specific location that I use. I guess it is also location dependent. I have had swing keel and its locker ripped off my hull in open water and they covered it. Also grounding in rocks when I forgot to plug my gps into my panel and the battery died so the anchor alarm was the sound of my hull on rocks, then a bulkhead...It was rough and windy...at least that is my excuse.Sooo embarrassed but they covered it. Love my Allstate and rates never went up. ps Good point on salvage. You can get specific salvage options from another source on top of your coverage. I don't know specifics but I did once. I believe it is a cheap add on that may save you money down the line but lets hope not. Ian
Allstate but only the specific location that I use. I guess it is also location dependent. I have had swing keel and its locker ripped off my hull in open water and they covered it. Also grounding in rocks when I forgot to plug my gps into my panel and the battery died so the anchor alarm was the sound of my hull on rocks, then a bulkhead...It was rough and windy...at least that is my excuse.Sooo embarrassed but they covered it. Love my Allstate and rates never went up. ps Good point on salvage. You can get specific salvage options from another source on top of your coverage. I don't know specifics but I did once. I believe it is a cheap add on that may save you money down the line but lets hope not. Ian
What am I missing
Let me get this correct. The insurance co. totals your boat, pays you off, and you are responsible for the salvage. I thought that when they paid off, they owned it. Or am I missing something.
Let me get this correct. The insurance co. totals your boat, pays you off, and you are responsible for the salvage. I thought that when they paid off, they owned it. Or am I missing something.
Private adjuster
If you ever need to file a major claim on insurance for your home, business, larger boat or expensive motorhome check with a private insurance adjuster. One thing I learned from being a professional firefighter in a major metropolitan city is that the adjuster that the insurance co. sends out works for them, that means that they will adjust the claim as cheaply as they can. I have seen instances where private adjusters have gotten up to 40% more out of an insurance co. than what they initially wanted to pay out.
If you ever need to file a major claim on insurance for your home, business, larger boat or expensive motorhome check with a private insurance adjuster. One thing I learned from being a professional firefighter in a major metropolitan city is that the adjuster that the insurance co. sends out works for them, that means that they will adjust the claim as cheaply as they can. I have seen instances where private adjusters have gotten up to 40% more out of an insurance co. than what they initially wanted to pay out.
Private Adjusters Are Not Free
...and they can be a serious problem too. I am not saying they don't have value in some cases, but claim processing is subject to some serious regulation these days that should result in the vast majority of claims being concluded in a fair way, as it relates to the coverage provided. Normally the private adjuster makes their fee as a percentage of the settlement. Just do your homework and be careful to read the retention agreement carefully, FWIW, RD
...and they can be a serious problem too. I am not saying they don't have value in some cases, but claim processing is subject to some serious regulation these days that should result in the vast majority of claims being concluded in a fair way, as it relates to the coverage provided. Normally the private adjuster makes their fee as a percentage of the settlement. Just do your homework and be careful to read the retention agreement carefully, FWIW, RD
FL Insurance
I have State Farm who just went up considerably this year, so I started looking for an alternative. I ran into the mentioned "don't insure boats that old" (mine is a 1993 40 footer), to we don't insure in Florida, to a BoatUS quote that was almost four times as much as State Farms new price. With State Farm, I have agreed value coverage, and they include coverage to most of the Bahamas and their included waters. Have not had a claim on this boat, but did many years ago on a runabout. Needless to say, I put the check in the mail to renew the policy without mentioning my displeasure of the rate increase.
I have State Farm who just went up considerably this year, so I started looking for an alternative. I ran into the mentioned "don't insure boats that old" (mine is a 1993 40 footer), to we don't insure in Florida, to a BoatUS quote that was almost four times as much as State Farms new price. With State Farm, I have agreed value coverage, and they include coverage to most of the Bahamas and their included waters. Have not had a claim on this boat, but did many years ago on a runabout. Needless to say, I put the check in the mail to renew the policy without mentioning my displeasure of the rate increase.
I've owned and sailed boats
for over 30 yrs -- and never had a claim -- until Hurricane Isabel hit my marina and my boat in 2003. The storm destroyed nearly four full docks and the hundreds of boats slipped there. It also damaged hundreds of other boats on the hard and in the general vicinity. When I got to the marina the next day, it looked like it had been bombed. After my damaged boat was hauled a few days later, I realized I would be competing, with all the other owners of damaged or sunk boats, to get insurance adjusters to look at my boat and make an assessment, and to get limited repair facilities to repair my particular boat. Getting a single boat repaired, that has been seriously damaged, is hard enough, but getting upwards of a thousand of them assessed and repaired is quite another story. The short of this very long story is that BoatUS Insurance formed a "Castastrophe Team" of qualified marine surveyors from all over the country and put them onsite within days. These qualified pros were great to deal with. They ran interference for me with all the repair shops, which were deluged with requests to get someone to look at their particular boat. In the end, they found damage that I had missed when I surveyed my boat (bent rudder stock). I had a check in hand for the damages to my boat (which was totaled)in about 30 days. It allowed me to search, find and buy my present boat in time for the next season. Friends of mine were still dicking around with their homeowner or auto insurers months later.... I was pretty happy with Boat US Insurance, which made a very bad situation much more palatable.
for over 30 yrs -- and never had a claim -- until Hurricane Isabel hit my marina and my boat in 2003. The storm destroyed nearly four full docks and the hundreds of boats slipped there. It also damaged hundreds of other boats on the hard and in the general vicinity. When I got to the marina the next day, it looked like it had been bombed. After my damaged boat was hauled a few days later, I realized I would be competing, with all the other owners of damaged or sunk boats, to get insurance adjusters to look at my boat and make an assessment, and to get limited repair facilities to repair my particular boat. Getting a single boat repaired, that has been seriously damaged, is hard enough, but getting upwards of a thousand of them assessed and repaired is quite another story. The short of this very long story is that BoatUS Insurance formed a "Castastrophe Team" of qualified marine surveyors from all over the country and put them onsite within days. These qualified pros were great to deal with. They ran interference for me with all the repair shops, which were deluged with requests to get someone to look at their particular boat. In the end, they found damage that I had missed when I surveyed my boat (bent rudder stock). I had a check in hand for the damages to my boat (which was totaled)in about 30 days. It allowed me to search, find and buy my present boat in time for the next season. Friends of mine were still dicking around with their homeowner or auto insurers months later.... I was pretty happy with Boat US Insurance, which made a very bad situation much more palatable.
Allstate/Boat US
When in WI I had Allstate and was quite happy with them through a lightening strike and storm damage when another boat's mooring pulled and hit me. Both bills were around $5k and they covered quickly and efficiently and did not raise my rates. When I moved to L Ontario, they were horrible to deal with out here. They went through my survey and wanted a marine mechanic to sign off on every single item, which was mostly stuff like the running back stays were too loose and the gallows needed to be varnished. a mechanic to tighten my runners and varnish the gallows? I would conclude that it depends on where you are located when it comes to Allstate. I am now with Boat US and have not filed a claim, but I did like how quickly and painlessly they processed everything. Like Ross says, you really don't know until you file a claim.
When in WI I had Allstate and was quite happy with them through a lightening strike and storm damage when another boat's mooring pulled and hit me. Both bills were around $5k and they covered quickly and efficiently and did not raise my rates. When I moved to L Ontario, they were horrible to deal with out here. They went through my survey and wanted a marine mechanic to sign off on every single item, which was mostly stuff like the running back stays were too loose and the gallows needed to be varnished. a mechanic to tighten my runners and varnish the gallows? I would conclude that it depends on where you are located when it comes to Allstate. I am now with Boat US and have not filed a claim, but I did like how quickly and painlessly they processed everything. Like Ross says, you really don't know until you file a claim.
I consider myself lucky
I've had some minor damage as a result of the hurricane, i guess it was just under 10K. Boat US was fast, pleasant to deal with, no hassles, a pleasure to work with. I used to have progressive for a center console boston whaler, switched over to boat us with double the coverage and at half the premium. now i have all the boats covered with boat us. what others have said about an independant provider makes sense though. i have a friend that is an allstate agent, and if I had insurance with him, i am certain that he would look out for me, only because of the strength of the friendship though. since i travel about with the sailboat, i just feel more comfortable being able to be anywhere and at anytime knowing that boat us will be there for me
I've had some minor damage as a result of the hurricane, i guess it was just under 10K. Boat US was fast, pleasant to deal with, no hassles, a pleasure to work with. I used to have progressive for a center console boston whaler, switched over to boat us with double the coverage and at half the premium. now i have all the boats covered with boat us. what others have said about an independant provider makes sense though. i have a friend that is an allstate agent, and if I had insurance with him, i am certain that he would look out for me, only because of the strength of the friendship though. since i travel about with the sailboat, i just feel more comfortable being able to be anywhere and at anytime knowing that boat us will be there for me
Check exclusions! Boat/US and Charter Lakes good
If you club race check exclusions for racing (State Farm for example). I was very happy with Boat/US and the way they handled a claim. In the recent past I have been happy with Charter Lakes Insurance service, coverages, and premiums. They do boat insurance for real boaters.
If you club race check exclusions for racing (State Farm for example). I was very happy with Boat/US and the way they handled a claim. In the recent past I have been happy with Charter Lakes Insurance service, coverages, and premiums. They do boat insurance for real boaters.
Club Races
Just re-read my policy from State Farm and in Section 2- Exclusions, point f, it reads: "f. while your watercraft is operated in any prearranged or organized race or speed test. This exclusion does not apply to sailboats;" I was pretty clear with them when I first purchased the policy.
Just re-read my policy from State Farm and in Section 2- Exclusions, point f, it reads: "f. while your watercraft is operated in any prearranged or organized race or speed test. This exclusion does not apply to sailboats;" I was pretty clear with them when I first purchased the policy.
Club race revision
Good for State Farm, they must have made the revision sometime in the last 14 years! Thats how long ago I was with State Farm. I still like the idea of dealing with a marine agent and adjuster when explaining the I was approaching the windward mark when a NUC vessel was being avoided by a RAM vessel causing me to luff up unexpectedly.... I think your "average" home agent knows port and starboard but not windward and leeward!
Good for State Farm, they must have made the revision sometime in the last 14 years! Thats how long ago I was with State Farm. I still like the idea of dealing with a marine agent and adjuster when explaining the I was approaching the windward mark when a NUC vessel was being avoided by a RAM vessel causing me to luff up unexpectedly.... I think your "average" home agent knows port and starboard but not windward and leeward!
AAA
Newbie here, and with no claim experience against an insurer, so this is just a comment. But, I notice nobody has mentioned AAA. I went with AAA in Southern California. I've had good experience with AAA coverage on auto in the past. When I bought my 1972 Ericson 29, BoatUS demanded a survey, which annoyed me because the boat was currently insured by BoatUS when I bought it. They also wanted a higher premium than AAA. AAA had no qualms about insuring my boat, and did not require a survey; they sent a guy down to take a look at her (at the berth in Oxnard), and that was good for them. They covered her for the value of the purchase price. So, I can only attest to the convenience and amicable transaction of getting the insurance from AAA. I hope to never have personal advice to share about how well they process claims, but I've never heard horror stories about AAA.
Newbie here, and with no claim experience against an insurer, so this is just a comment. But, I notice nobody has mentioned AAA. I went with AAA in Southern California. I've had good experience with AAA coverage on auto in the past. When I bought my 1972 Ericson 29, BoatUS demanded a survey, which annoyed me because the boat was currently insured by BoatUS when I bought it. They also wanted a higher premium than AAA. AAA had no qualms about insuring my boat, and did not require a survey; they sent a guy down to take a look at her (at the berth in Oxnard), and that was good for them. They covered her for the value of the purchase price. So, I can only attest to the convenience and amicable transaction of getting the insurance from AAA. I hope to never have personal advice to share about how well they process claims, but I've never heard horror stories about AAA.
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