Insurance Recommendations

Thanks all for the replies. I asked because the quote I received seemed high.

All of our insurance so far is with Geico. I called them and they passed me to a partner company they work with, Ski-Safe. Anyone here know anything about Ski-Safe?

Here is their quote:
  • Boat: 2008 C-Dory 255 Tomcat
  • Value: $144,000
  • Trailer: $6,000
  • Medical Payments: $10,000 (Deductible: $2,500)
  • Liability: $300,000
  • Uninsured Boaters: Included
  • Towing: $600
  • Personal Property: $2,500 (Deductible: $250)
  • Navigational Limits: Inland and coastwise waters of the United States and Canada excluding use in Salt
    Water between Fernandina Beach, FL and Brownsville, TX.
  • Your deductible may be subject to a double deductible for the first 60 days of navigation.
  • Deductible for losses caused by Tropical Depression,Tropical Storm or Hurricane is $36,000.
Premium: $1275/yr.

Doesn't that seem high?

Thanks....
---
mike
 
wannaboat":2xjjt21i said:
Thanks all for the replies. I asked because the quote I received seemed high.

All of our insurance so far is with Geico. I called them and they passed me to a partner company they work with, Ski-Safe. Anyone here know anything about Ski-Safe?

Here is their quote:
  • Boat: 2008 C-Dory 255 Tomcat
  • Value: $144,000
  • Trailer: $6,000
  • Medical Payments: $10,000 (Deductible: $2,500)
  • Liability: $300,000
  • Uninsured Boaters: Included
  • Towing: $600
  • Personal Property: $2,500 (Deductible: $250)
  • Navigational Limits: Inland and coastwise waters of the United States and Canada excluding use in Salt
    Water between Fernandina Beach, FL and Brownsville, TX.
  • Your deductible may be subject to a double deductible for the first 60 days of navigation.
  • Deductible for losses caused by Tropical Depression,Tropical Storm or Hurricane is $36,000.
Premium: $1275/yr.

Doesn't that seem high?

Thanks....
---
mike
Click to expand...


Yup, get a qoute from progressive.
captd
 
My annual premium with Progressive for full coverage and agreed value was $399. (That was after the $45 discount for paying it in full initially).

(Don't believe anyone has mentioned this and I don't know if all marine policies include it, but "Fuel Spillage Liability" is a part of this policy).
 
On the Bahamas issue, it may depend on where the progressive policy is written. However, Progressive considers my Tom Cat to be 29 feet long--don't ask me why.

I do find that working with a broker who handles only marine insurance is much better, since he has more knnowlege about both the policies and how to deal with the various companies to get better coverage.

Merkel is an excellent yacht policy--and it was one we considered, but from our broker it was over twice as expensive as the Progressive policy. It did allow Bahamas, but I could get the Bahamas rider for much less than the difference between the Merkel and Progressive policies.

The quote of over $1200 is very high, as is the hurricane deductable. I pay less than that for both the C Dory 25 and the Tom Cat 255 with progressive, in Florida--where rates are higher. However I have to have a hurricane plan (written) which in my case involveds trailering the boat inland.


Also I think that 300K is low in today's world for liability--I would certainly get an umbrella for over 300K.

Also having taking boating courses, having a CG license and boating experience gives significant discounts. If you are a new boater, the premiums will be much higher--especially with a 26 foot boat with 300 hp. (Hp and boat speed are also taken into consideration).
 
thataway":2krzxowo said:
On the Bahamas issue, it may depend on where the progressive policy is written. However, Progressive considers my Tom Cat to be 29 feet long--don't ask me why.
Click to expand...

Bob, my TC is listed with Progressive as 26', only because I told them it was 25.5. Maybe they know it's got an Armstrong Bracket? Actually, with that bracket and the engines mine hangs out of a 30' boathouse roof cover a little! :shock:

Charlie
 
My broker deals only in maritime policies--and is a person who I have been on pannels with in Trawler Fest. He knew exactly what the boat looked like--and because of the difficulty of getting insurance on any boat in Florida at that point (they would not transfer my policy from another similar sized boat--and would not insure a boat over 30 feet)--a photo of the boat and dimensions were sent into Progressive. Yes, the bracket and engines, plus probably the bow roller were included in the length--again--why I don't know.
 
Looks like you already have plenty of input, but here's one more - we go thru an insurance broker for comparison rates.....and again today insured a boat and it ended up being with Progressing........again!
 
I was insured with Boat US 2000-2005. One claim just before we sold the boat. One year later when we bought the TC, "Sorry, we decline to quote insurance on your new boat"! That's OK, Progressive was about half their price!
 
It's odd how that works. I have a great mechanic whoi has always been, and continues to be excellent to me. But, he really screwed over a buddy of mine. You just never know.
 
my insurance agency has represented progressive insurance company and the erie insurance group for more than 25 years. served two years on progressives's agents advisory counsel and remain in good standing with both companies.
i offer three concerns regarding coverage:
1. agreed value or yacht policies for the vessel's damage
2. choose the greatest liability limit your budget will allow, boating is a hazardous environment and accidents occur in spite of one's best efforts. note: uscg holds the vessel's captain responsible for the well being of his vessel, property damage and crew safety.
3. if boating in a northern climate make sure you understand what your policy excludes from direct damaged caused by freezing. if your policy offers coverage for damage caused by freezing there normally will be requirements for coverage to be afforded, ie, bubbler in operation.

also note, uscg fines for pollution are not a covered item. in addition, if a captain is arrested for the death or injury of a crew or other, the legal defence cost are not a covered liability item.

lastly, read and understand your policy's exclusions, before a loss occurs.
best regards and happy new year!
pat
 
I had USAA insurance on my boats for years - until I had a major hail damage on my houseboat and they fought me all the way on coverage for that damage. I found out that, at that time, USAAS simply sub-contracted boat insurance to Progressive.

After all the good things said about Progressive here on the site, I got that for my new TomCat a few years ago. Since then, they've raised my coverage cost several times. It is now just under $1300 a year.

I do have to carry high $300k/500K liability due to umbrella coverage.

The main reason I am posting is to alert you all that the location of your marina or 'home port' has a huge effect upon the final cost. Even though my boat is now kept in a marina with 24 hour monitoring by ppl actually living there year 'round, the fact that it is located at Grand Lake, OK raised my costs hundreds of dollars over it's previously expected location just 120 miles away with no security at all.

So, check out your quotes from differing storage/use locations to get accurate estimates!

John
 
Hello Everyone...

Just an update on my original post. I did discover that these things are driving up the cost for my insurance:

1) I have never had boat insurance before

2) I have not owned a boat in years, and it was much smaller than this one.

3) "Agreed-upon Value" coverage

4) 300K liability

6) All US and Canada waterway coverage (I really just need the Chesapeake and its tributaries, at least for now)

5) My boat location

Still working on other quotes for comparison.

Thanks...
---
mike
 
I tried to get a quote from Progressive. I got one for liability, collision and medical but they said my boat was too old for comp. and other coverage.

Will try AON after the new year. Right now I have State Farm.
 
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