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