Boat Insurance

stevej · Posted: Thu Feb 26, 2004 2:01 pm Post subject:

Mike thanks for the information I went the same route as Adeline with an agreeded upon value policy from BoatUS. Pretty spendy policy by the time you cover all of the bits and pieces.

Spoke with BoatUS yesterday on the repair bill for Shearwater and most all is good news. They are covering everything less my deductable (why I have to pay $400 bucks for the pleasure of having the moorage fall on my boat is a bit irritating).

Overall I would give the surveyor assigned by BoatUS very high marks. Was on top of the situation and made every effort to keep the process flowing. If anyone is interested in the contact information let me know.

BoatUS could have done a little better from an agent/administrative perspective in that they confused the issue with the "Might not be covered due to ice/freezing" letter and some additional confusion around what I was required to deliver to them.
However once the quotes were delivered they simply cut me the check with no haggling over the repair estimates.

Overall getting the quotes was the biggest pain so far

Now to get the repairs completed

stevej

Da Nag · Posted: Mon Mar 08, 2004 2:00 pm Post subject:

Just another insurance data point...

I went with BoatUS for Da Nag 19 - read decent things about them, but never had a claim. They were a little under $400 annually for a $36,000 agreed value policy, with a $300,000 liability limit. They were significantly cheaper than a few other reputable companies I got quotes from. Based on advice I picked up while doing research, I stuck with companies specializing in marine insurance, and only asked for quotes with agreed value terms.

With Da Nag 22, I just went through the dance again. For a 2004 C-Dory, agreed value of $60,000, $300,000 liability, $600 deductible (1%), here are the annual quotes I just received:

West Marine: 787.00
BoatUS: 853.00
Westmar: 759.00

A little bit surprising this time; quotes were a lot closer, and BoatUS was the highest, even though they beat out everyone by a big margin last time, and even though I was insured with them previously for two years with no claims.

I'll be going with Westmar this time - not only are their rates the lowest, but per a couple local large dealers, they handle claims quickly and professionally.

Other policy details:

- Coverage area includes all inland waterways in the US and Canada, coastal waters out to 30 miles.

- $500 emergency service, covers both on the water and while towing.

- $1000 personal effects (can up it to $3000 for another $28)

- Agreed value valid for 3 years, gets re-evaluated upon 4th year renewal.

- Includes $4000 agreed value replacement for trailer

Not sure how this compares to the rest of the country, and as mentioned elsewhere, there appears to be a significant bump in premiums for some folks if you don't keep your boat at home - rates above were based on it being stored off the street at my residence.

Marshall · Posted: Tue Mar 23, 2004 5:56 pm Post subject:

I currently sell for several insurance companies and can tell you that there are a number of variables in the above policies that are affecting the price, such as replacement cost vs agreed value ( be mindful that "agreed value" can mean more than one thing too), included coverages, (some policies include very good coverage for pollution, towing at sea, etc) and a number of other things. To the point: the differences in policies are as big as the differences in price, but price does not guarantee good coverage....so read the fine print or make your agent work for his $$.

Now, back to boating!

Luna C · Posted: Thu Jun 10, 2004 8:19 pm Post subject:

I have PEMCO for my coverage. 45,000 value (boat, motor, & trailer), 300,000 Liability, 500 emergency with a $250 deductible. The premium is 286/year. I have credits of 67 for having home & auto, newer hull - 20, claim free 67, and ship to shore radio for another 20. All of this = $286. 45,000 may be low, but the rest sounds like a pretty good deal. Comments?

This is for the 2004 CD22 "Luna C" with electronics.

Pat Anderson · Posted: Thu Jun 10, 2004 11:00 pm Post subject:

Jon - you are so right. You want "agreed value" or "replacement cost," NOT "actual cash value." David - you might want to corner Fritz on THAT question...We just switched from Safeco, which only offers "actual cash value" coverage - a total loss on our 2003 Cruiser had a limit of $23,000 - so I would have no boat AND a bunch of debt - to Progressive, which offers "agreed value." The Progressive policy I think is at $43,000 - I should check, but it is WAY better than the Safeco policy, and it costs something like $50 a year less than we were paying Safeco, I think it comes in at $375 a year for the Progressive "agreed value" policy. The Progressive policy also offers a "disappearing deductible" - each year with no claim, the deductible goes down by 25%, and after four years there is NO deductible...

Pat Anderson · Posted: Thu Jun 10, 2004 11:02 pm Post subject:

Chris - the real question is, is it "actual cash value" or "agreed value"? Limits don't matter much if it is "actual cash value" - you get the Blue Book, and you will be shocked at how little that turns out to be...

Luna C · Posted: Fri Jun 11, 2004 12:02 am Post subject:

It is agreed value. I can raise it if I choose, with addition of electronics.