Insurance Updates?

[Island Ranger]

I just received my Boat US Marine Insurance renewal, which included a letter that they regret" the significant increase. They took the premium from $392 last year to a hefty $490 this year (including the 10% no-loss credit - otherwise it is $544/yr). The explanation? - it is due to the loss experience in our area.... Puget Sound?

Oh...I now have increased hurricane haulout covereage. Just what I needed for a trailerable boat.

I'm looking for recommendations - what company / cost are you using lately? I've got actual cash value (2005 C-Dory 22) with $100k/300k limits.

Thanks
Mac

[Valkyrie]

According to my insurance guy, BOAT US took a major hit with the hurricanes in FL last year, and some companies (I think All State) will no longer cover boats in FL.

Boat US gave us a quote of nearly $600/year for our 2005 22 CD and I have had insurance with them for nearly twenty years with no claims. In desperation, I called our insurance guy and he got us a policy with Progressive for under $200 a year! This is with the guidelines that you posted.

Nick
"Valkyrie"

[TyBoo]

Progressive Insurance

$404 Annual
$50k/$100k Limits
$250 Deductible
$50k Agreed Value for total loss

[starcrafttom]

Drive insurance from progressive on a 2005 22-c-dory is $351 a year.

[Valkyrie]

I just double-checked our Progressive bill and it is $196 per YEAR. I even questioned our agent when he quoted the rate and he confirmed that it was accurate.

I wonder if our rate is affected by the fact that we have all (house, cabin, cars, business, etc.) of our insurance with that company. Also, our coverage is nationwide, but perhaps living in Ohio, rather than a coastal area, has something to do with the rate.

Nick
"Valkyrie"

[Sea Wolf]

Nick-

Yes, it could be that you have all your insurance with one carrier.

Could also be reflective of where you live and the risk in that area.

The other thing to check out is the specific coverage, in each category.

As far as the boat's insured value in event of a total loss, it makes a big difference between whether one has a boat insured for an "agreed upon value" or the "fair market value" as the first might be much more than the later.

Fair market value could be taken either as a NADA book value, the "BUC Guide" value, or similar. The problem is that book values on an older C-Dory Cruiser might be $8000, whereas the real resale value as we see it on this site might be nearly three times that amount.

One could also argue that the "fair market value" of the boat is really reflected in the ads and actual prices received by sellers on this and the other CD site, and to that end we've been archiving the past ads, but that's
going to involve a long drawn-out painful discussion once the insurance company is in a position to pay.

Here's a link to the discussion the last time around: Note especially the discussion towards the bottom of page 1 and then continued on page 2.

http://www.c-brats.com/viewtopic.php?t=475&highlight=current+cash+value

Joe.

[flapbreaker]

Let's not forget that a lot of things factor in to premiums and one of them that people might not consider is a persons credit rating. Also the amount of coverage selected ect...

[Island Ranger]

Just finished filling in the on line quote form from Progressive direct - and used all the coverage details from my current policy (or as close as was possible). I got back an instant quote of $317 - a far cry from the $490 of BoatUS. I then called BoatUS to ask them to triple check, and got diconnected in the middle of my question. Humm...I wonder if they will call back? It's been 15 minutes already, so I guess not...

Progressive here I come... Anyone have good/bad experience with them regarding claims?

Thanks
Mac

[digger]

I just called my insurance agent who has had me on encompass insurance. I told them I was going to switch because "...word has it that progressive insurance can be had for about 1/2 of the encompass price of $500 per year with a stated value of $37K." After a couple of hours passed, my agent called back and said they handle Progressive, and yes, it can be had for about $250. She then checked the Hartford for my house and vehicles, and low and behold I can save another $250 with the same coverage. Guess a 5 minute phone call can save $500 per year. Not bad wages I'd say. It is prudent to check ones insurance once in a while. It seems that rates tend to sneak up unless the agent has a bit of pressure placed on them to do their job. Thanks folks for the heads up. Ron

[Robbi]

FYI For the same policy this year as last, my premium went down $21. I insure with USAA. Robbi

[digger]

Trying to get insurance quotes through Progressive, and they say need either marine survey, ABOS, BUC, NADA or some other way to establish the value. What are you folks doing to get the value established. I know if you go NADA that the value will be lower than what I want to insure for. Perhaps if you have an agent that does this "smooth sailing" without a lot of hoops, you can supply the telephone number. Thank you. Ron

[Island Ranger]

Sorry Ron - I had to supply a copy of the purchase contract - Two Lucky Fish is not quite 1 year old. I think they accept that for a couple years max-
mac

[SeaSpray]

Interseting! I just paid for Progressive insurance for my boat today over the phone. Ofcourse it doesn't go into effect until later this month. I just called the 800 number from the web and the sales person checked my driving record and took the boat ID and registrastion. A little more info and she said I would get the contract in the mail to sign it and send it back and I am good to go.

I saved over $150 off the Boat US price.

Steve