Boat Insurance

[kaneboats]

Went back and looked for posts on insurance. Saw zegm's post last year in Jan. about Boat US. I did the online thing last year and it was within $30 of my then rate. I am shopping a new policy now so I contacted Liberty M and had them run it. They came back with 711. I ran the Boat US thing and it would be around 724 or 563 if I do boatsaver (stated value vs. ACV with depreciation). So, it's pretty close but the Boat US has 300k of uninsured boater while the Liberty policy has 10k. I think I may have to go with the stated value and the better UB coverage. Does anyone have a company they love with attractive rates?

[you da man]

I'm with Allstate.

I pay about $450/year - complete coverage on boat and trailer with a $250 deductable.

I also suggest checking thru Watersports. There is a company that gives discount rates for Supra/Moomba owners

I have 3 vehicles with Allstate and they wanted $850 year for my XLV. I have US Boats and pay $540.

[cbboarder]

I'm with USAA who subcontracts to Progressive. We pay just under $1,000.00/yr for the boat and 2 jet ski's.

[dusty2221]

I'm using Progressive. They beat Allstate, State Farm, Boat US and it seems like one other company.

[kaneboats]

I checked with Progressive and blew the other ones out of the water and includes the better UB covg. at 475 and it's the stated value policy. I think I'm down with that one. I was paying over 500 on the Outback on my homeowners. They probably want my auto too and they might just get it.

[moombadaze]

alstate $580 for the year with 300k watercfraft liability,300k uninsured watercraft.

but what does " agreed value applies to total losses to your property " mean?

[kaneboats]

Two types of policies: 1. Agreed value or stated value-- the amount you tell them for a total loss. 2. ACV -- the amount they tell you (LOL)-- it's really actual cash value based on NADA, market, etc.
It's like the home replacement guarantee vs. the actual value of the house you lost.

I just bought a boat for a certain amount. I want that value at least for the first year so I'd get stated value coverage. If I'd be willing to accept ACV they would try to give me NADA value of a used '08. Not really fair at this point. Obviously, the second one is going to be cheaper. On some policies they can also take depreciation of 10% per year on any kind of loss. So I'd only get 80% minus deductible because the boat is an '08. Again, not very fair but cheaper.

Edit: I should have said that you have "agreed value" probably based on your purchase price. You may want to revise that every other year or so unless you keep upgrading equipment. It might save a couple bucks as the boat ages. Still, you have a great rate so you may as well figure your replacement cost and insure for that agreed value each year.

[ausbill32]

I have Progressive through USAA and I'm at $471. I hope this helps you make the best decision. If I'm not suppose to post all this info let me know and I'll edit it.

******************************************
BODILY INJURY & PROPERTY DAMAGE LIABILITY $91.00
BI $100,000 EACH PERSON - $300,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY - $100,000 EACH ACCIDENT

UNINSURED BOATERS $22.00
$100,000 EACH PERSON - $300,000 EACH ACCIDENT

MEDICAL PAYMENTS $5,000 EACH PERSON $28.00

COMPREHENSIVE $1,000 DED AGREED VALUE $142.00
AGREED VALUE $33,000

COLLISION $1,000 DED AGREED VALUE $153.00
AGREED VALUE $33,000

DISAPPEARING DEDUCTIBLE INCL

WRECKAGE REMOVAL INCL

MARINE ELECTRONICS DED $500 INCL

TRAILER DED $250 INCL

FUEL SPILL LIABILITY INCL

$1,000 REPLACEMENT COST PE $250 DED $9.00

EMERGENCY WATERCRAFT TOWING & LABOR $26.00
$500 EACH INCIDENT

COASTAL NAVIGATION 75 NAUTICAL MILES INCL

ROADSIDE ASSISTANCE INCL

[kaneboats]

That's pretty close to what I have. My coverage amount is a little higher. I lowered the deductible to $500 from $1000 and it went up about $50 so I thought it was worth it. I dropped the tow coverage to $300 and it saved about $11. Looks pretty darn fair to me.

[dusty2221]

really?

You paying less than $450 with Progressive?

Heck - if so, I'd be willing to cheat on my insurance guy.


$417 per year

[sandm]

don't remember exactly, but in the mid-$400 range with progressive..
cheapest by far.

have found over the years that it sometimes pays to switch around with insurance, especially auto.. no reason to stay loyal to one guy if you don't ever have claims, and I have to say the one I had with progressive was issue-free and an overall very smooth transaction, so the notion that you don't get good service from the "internet" insurance companies and need the local guy to help you out was bs imo...

[zabooda]

I pay $242 through Safeco but I'm only insuring $15K and we are derated for our short boating season. My rate is even cheaper as I drop all but the comprehensive during the off season (i.e. skier medical). I also get 15% off for taking a boating course.

[dusty2221]

don't remember exactly, but in the mid-$400 range with progressive..
cheapest by far.

have found over the years that it sometimes pays to switch around with insurance, especially auto.. no reason to stay loyal to one guy if you don't ever have claims, and I have to say the one I had with progressive was issue-free and an overall very smooth transaction, so the notion that you don't get good service from the "internet" insurance companies and need the local guy to help you out was bs imo...


This is true in some cases, however it can also prevent you from getting the best rate possible. When we have clients that have been with the same carrier for over 5 years vs someone that comes to us with 3 different companies, the 5 year person will have a better rate.

[Razzman]

I have Westmar (Western Boaters Safety Group) and pay:

Hull and Machinery coverage w/ $191 deduct & $308 premium
includes: total loss replacement coverage & $0 disappearing Loss replacement coverage deductable
$3,500 trailer w/ $125 deduct & $70 premium
$300,000 uninsured boaters w/ $0 deduct & $0 premium
$300,000 Protection & indemnity w/ $0 deduct & $103 premium
Emergency towing $1,000 w/ $0 deduct & $0 premium
Contamination spill/pollution liability w/ $0 deduct & $0 premium
Medical Payments w/$10,000 one accident $0 deduct & $0 premium

Personal effects $1,000 w/ $50 deduct & $0 premium

Total w/ membership fees= $496 annually

[kaneboats]

the notion that you don't get good service from the "internet" insurance companies and need the local guy to help you out was bs imo...

You know, if you have a claim the "local guy" tells you to call the 800 #. There's not a darn thing he can do to help anyway.

[BRANDNIRON8971]

Just got my renewal in the mail today..

Westmar Insurance Service.. $426/year

Total replacement valvue. $229.00 Deductible.

$300k U.B.

[mmandley]

I use American Security Insurance Company

Had them last year and have them this year.

I make 1, 2 or 4 payments and im covered all year.

Boat........................38,500.....Deductible. ....385.00
Trailer......................1,500.......Deductibl e.....250.00
Watercraft Liability.....100K........Deductible......0
Fuel Spill...................800K........Deductible.... ..0
Medical Payments.......10K..........Deductible......0
Uninsured Boaters.......100K.........Deductible......0
Personal Effects..........2500.........Deductible.....250
Towing Reimbursement.500...........Deductible.....0

All this for only 381.00 a year.

Basically covers everything, if its only boat damage, or if its only trailer damage, if my truck breaks down while pulling the boat, and also insures all my gear in the boat, boards, vests, ropes, everything.

They pay me 40K no matter what i owe on my boat if its a total loss.

[deerfield]

Does anyone have a company they love with attractive rates?

Annual premium amount is $372.

Insured property is 2007 Outback, tandem axle trailer, and personal property with combined value of $38,500. Deductible on boat or trailer is $500 and personal property is $250. Navigation limit is inland waters of the U.S. Policy is subject to boat lay up period of November 1 - February 28.

Sea-Safe/Ski-Safe Seafarer Policy administered by Geico Insurance Agency.

[kaneboats]

Seems like guys in the south pay a little more due to longer season. Still, these are all pretty fair. Good to hear.

[maxpower220]

I am with Ski-Safe (for several years now), I pay $329/yr with a lay up period from Nov to Mar. It is replacement, trailer, and equipment. I have a $500 deductable.

I have never made a claim, so I don't know how good the service is if I ever need it.

[Razzman]

What's with the layup period? Never heard of that with boat insurance, must be a cold region thing i guess.

[mmandley]

Yea id expect so for the layup but i don't have any restrictions like that on mine.

[maxpower220]

What's with the layup period? Never heard of that with boat insurance, must be a cold region thing i guess.

No, I am just a wuss for cold water/air. Plus, I can't find anyone to go out on the boat when the temp is south of 70.

[kaneboats]

That's the biggest problem around here. When I first moved here it was a sunny April day with temps around 73 and I jumped in to ski. My two brothers thought I was out of my mind. It was a hot day for me. Of course I'd never do that now-- I might freeze to death.

[gus 08 mobius lsv]

i pay 450 a year thru nationwide but i have discounted rates also. we have that in ohio too take off part of the insurance but your still covered in fire theft damage just better not have it out on the road or water. i do that with my sports car during the winter months.

[Mikes]

We got a quote of $391 a year on our 04 lsv from Nationwide. This week they say that they need to re -rate our boat because it will go 56 MPH! Any ideas to convince them it goes 40?

[DOCDRS]

Ask them to prove it will go 56, or show you anywhere it says a stock vdrive will do 56 and then you will gladly pay them more. If they want proof go to wakeboard boat review
http://wakeboardingmag.com/boats/2006/01/01/moomba-outback-lsv-2006-2/

[Mikes]

Thanks Doc maybe that link will help. I can find almost anything I need with a search on this site, so I dont post much. Thanks to everyone for all the info!

[mcdye]

I have Boaters Insur.

18000 value of boat and Trl. w/ 300 deductible...331 yr.

[wolfeman131]

We got a quote of $391 a year on our 04 lsv from Nationwide. This week they say that they need to re -rate our boat because it will go 56 MPH! Any ideas to convince them it goes 40?

tell them you're going to cancel your policy and move to progressive. :p

then, see how fast they move. bet it's about 56 mph . . .

[moombadaze]

We got a quote of $391 a year on our 04 lsv from Nationwide. This week they say that they need to re -rate our boat because it will go 56 MPH! Any ideas to convince them it goes 40?


Try another company-sounds like Nationwide is trying to jack you

[zegm]

Kaneboats,

I don't know the exact cost but I will find out when I get home tonight but what I am saying is that our insurance cost dropped radically this year with Boats US. I remember the wife and I were both shocked at the current rate. Nice when a company goes down on prices! Maybe when you are with them for a year they give you another break. I will find out tonight and post it. Remember this is for our LS and my 25ft Long Proline which is an Offshore boat where the rates are usually much higher.

[zegm]

The insurance for my LS dropped to 292 dollars this year and my offshore boat is 367 with Boats US. I used pay 700 dollars for just the offshore boat.

Thanks wife for looking this up for me!

[moombadaze]

Thanks wife for looking this up for me!

What would we do without them?

[zegm]

Well I know I would be cleaning the bathrooms more than I do now, which is NEVER! :)))

[JKizerb]

I use Ski Safe www.skisafe.com 03 outback LS full coverage $100,000 liability $500 deductible. Recommended to me by my father in law, who has been with them for years. Total price for the year $347.

[Moseley618]

I have Progressive on a 2004 LSV:
$500,000 Liability
$500,000 Uninsured Boater
$10,000 Medical Payments Per Person
$25,000 Agreed Value $500 deductible
$3000 Personal Effects
Roadside Assistance included

All this for $394 per year.

[viking]

I pay Progressive $415 a year for similiar coverage and just quoted it through Skisafe for under $300. Might have to change at next renewal?

Thanks!

[MNKid]

Just purchased this boat and added insurance last week.

2007 Outback - $185.00 w\$250.00 deductable

Global Marine Insurance Agency
Ace Recreational Marine (H2O Ski Plus-USA)

Vessel: 2007 21' Moomba Outback

Insurance Company: ACE Recreational Marine
Limit Deductible Coverage
$20,000 $250.00 Hull Coverage (Agreed Value)
$1,000 $0 Towing
$300,000 $0 P&I Liability
$5,000 $0 Medical Payments
$300,000 $0 Uninsured Boater
$1,500 $250 Trailer (Actual Cash Value)
Included $0 Additional Ins-USA Water Ski
$2,500 $250 Sports Equipment Coverage (Actual Cash Value)


Give Chris a call and see what he can do:
Christopher C. Warner
Marine Insurance Underwriter
Global Marine Insurance Agency
1-800-748-0224 ext. #4072

[zegm]

Seeing some of the prices on here and having had quotes from Progressive I am starting to believe that if you live near salt water they jack the prices up some! They even ask us if we live near or plan to use the boat in that nasty stuff on the forms. We have 2 boats (one salt water) and the price was less than 500 dollars from Boats US. Progressive wasn't even close.