Boat Insurance

[Jon - CLou]

Anyone know of a good boat insurance company in Washington with decent premiums?
I currently have Safeco insurance and I'm thinking about giving them the boot.
Jon

[Rock-C]

C-Lou Jon
I have BOATUS and have been very happy with the service. I'm paying about $200 per/yr for an '88, 22' cruiser. They have add on options like road side towing for boat and vehicle. Good luck in your search.
Terry

[Alyssa Jean]

Depends on what you think is a decent premium I guess. My 22 is just barely a year old. I am insured through Allstate. Insurance is actual cash value up to: Boat 32K, twin 40's @5.5K each, boat equipment 4.3K, trailer 3.2K, liability 250K, medical 5K, emergency services $500, and personal effects $500.

Premium is $416/yr.

Insurance is one of those costs you hate to pay until something you never thought might happen, happens. Knock on teak.

[wilbe asea]

Anna Leigh, I have virtually the same insurance with Allstate, but my premium is $305, I wonder if the difference is because of location (I live in Kenai, AK) or because I also insure my house and autos with Allstate.

[Alyssa Jean]

Probably due to location. We have a home and a townhouse insured through Allstate also. I'll certainly ask my agent however, who is also one of my best friends.

[Jon - CLou]

Thanks for the examples gang. I'm paying $284 a year on our 1986 Angler, motors, trailer and unattached equiptment. This might be a little high for the amount I have it covered for. Terry, I'll give BOATUS a call and see what they have to say.
Jon

[stevej]

I went with BOATUS this year will see how they treat me on the repair work from the sinking moorage. Did get a letter saying that exclusion D(1.1) does not cover damage caused from ice or freezing but they have not made a decision as of yet on coverage.

I will update when they make up their mind.

stevej

[El and Bill]

We're covered by BoatUS -- without any claims so have no judgment. Interested in how they treat your claim, SteveJ. No coverage for ice? We should have known that before our Alaska trip last summer when we were pushing ice floes off the bow. This is a good thread for all of us.

[Joni Lynn]

We too are with BoatUS. Not having had a loss since the polilcy incepton 3 years ago, I have no idea how cooperative they are with paying claims. However, they were very personable and informative when I chatted with them on the phone when we first signed up. If memory serves me right, they have a couple of "levels" of coverage; Without reading all of the info now, I think we opted for the lower level, meaning higher dedeductibles and not having some of the extras, like towing, etc. etc. Included with our 10 % loss free savings, we're paying $184.00 a year.
The Joni Lynn is a 98 22 Cruiser with 70HP Johnson/ 9.9 kicker, and a very conservative electronics/equipment inventory.
Paul

[stevej]

Still working through the process of getting the quotes. This has been a challenge but should have everything done for the insurance requirements next week.

So far
transom repair - $850
kicker repair - $400
New kicker mount - $200
Main motor repair - $1600

BoatUS has not committed to paying for the repair as of yet. It almost appears they want to see the cost estimate before they make a decision.
Will update as this shakes out.

stevej

[Wheeler Dealer]

Jon-Clou,

We have Progressive Northern. Boat, main, kicker, trialer, comprehensive & collision including wreckage removal, total loss replacement, roadside assistance, medical us/them, for $184 annually.

Jon

[Adeline]

Jon, I had Allstate from the day I picked Adeline up @ the factory until last year. My agent recommended that I maintain coverage based on the purchase price in '89. Doing this would preserve a feature called "repair cost option". This feature ensured that any partial losses would be restored on an undepreciated basis. All my premiums were based on the purchase price back in '89. After some research last year I came to realize that in the event of a total loss, I would be reimbursed for the "actual cash value" as provided by one of three industry valuators(not unlike Kelly Blue Book). My recollection is that an average condition C-Dory Cruiser outfitted like Adeline was worth around 8500.00,less my deductible of 500.00. When pressed, my agent conceded that this was true. The problem was that I could never replace Adeline with anything but a ratty basket-case scow for 8000.00. So I shopped around (Boat U.S.,West Marine, etc.) for a policy that reflected her true value. That which I would receive were I to sell her today. In other words,an "AGREED VALUE" policy. I found what I needed @ Boat Insurance Company(Neil Booth) in Seattle. Partial losses are restored to "as new" condition. For instance, a broken lower unit that cost 2500.00 new would be replaced with new, less my deductible. A total loss would be replaced for the agreed valuation on the policy, less my deductible. I strongly advise all C-Brats to press their agents to come clean on this point. If you sink your C-Dory tomorrow, will your settlement check truly reflect what your boat is worth? Pete

[Jon - CLou]

Adeline, very good point made on what an insurance company will give you on a total loss. I cornered my Safeco agent and put the screws to him to find out what I would get reimbursed if we had a total loss. Since I don't have an agreed value on my current policy, the insurance company would give me fair market value (blue book value) on the hull and motors. I was finally able to get the agent to give me some kind of number on our 1986 hull, and in disbelief he said about $6000 bucks.

What I'm shooting for on my next policy is an "AGREED AMOUNT VALUE" with an itemized amount on all the goods. The problem with fixing up an older boat, is that insurance companies don't want to cover it for the amount you put in to it, unless a high premium is paid. So far it looks like $400 + a year, but will know for sure in about a week.

I guess I shouldn't complain about a couple extra hundred bucks a year, especially when I know that I'll really be covered for the amount we agreed on. I'll sleep good at the dock knowing that.

[MIKE MANNELL]

Jon-Clou,

I'm not only a former Marine, but an Insurance Claims Professional as well...run for your lifes!! hehe. I spent 11 years in Alaska investigating inland marine accidents and have 20 years in the business. Only 4-5 more years to go...
Anyway, just wanted all to know that it is against the law to utilize the NADA or Kelly Blue Book to make an offer or arrive at a value on a Total Loss boat ,or trailer for that matter. An Insurer has to utilize the local market to arrive at a "Fair Market Value." This being said, I'm not so sure a stated policy/value policy will help much. I have never collected premiums, so I'm not sure if a stated policy is more expensive, yet it probably is.
If C-Dorys( to compare your boat too) are not available in the market area(west coast) than you can secure three dealer quotes to substantiate and support your loss. Of course, it's always very important to save any and all documentation as time goes, along with good PICs.

Sure hope no one has to utilize this info. I personally am more concerned with theft and vandalism than I am sinking my C-Dory.

Let me know if you have any questions???

Mike

[Jon - CLou]

Thanks for the information Mike, I never would of guessed.