Insurance recommendations

C

clayhubler

Member
I’ve been using progressive for Hammerhead and have added Merlin to the same policy. I am paying $1002 per year for comprehensive on both boats. I found it interesting that Merlin‘s insurance was more even though I valued it at less. I’m guessing it has to do with the length?
Another thing I thought was odd was the agreed value. The lady on the phone said they paid the agreed value if there’s a total loss. What’s strange is I told them what the value was and there’s apparently no appraisal needed. I brought this up because Hammerhead was only covered for what we had paid 5 years ago and I felt that it was worth more now with the improvements and inflation. She asked what I felt the market value was and changed the agreed value in the policy. I was very surprised that I didn’t need to have it appraised.

But here’s my real question for you all. I tried to add my son‘s 1968 reinell to the policy and they said they don’t have coverage for that boat. I need recommendations for other insurance providers. I’m only looking for liability on it as it’s only worth about $4000.
 
I suspect a boat registered to another person, and the boat being nearly dead 60 years old for denying hull insurance. The liability--may also be on the same premises.

I would suggest Boat US, Chubb, Charter Lakes, & State Farm as alternative insurances. I get my insurance through a insurance brokerage; The owner was a friend from the days I was giving presentations at West Marine Trawler Fest. That agency was sold, but I have continued to get my boat insurance through them.

Where does your son get his other insurances? One of insurance brokers duties is finding insurances which meet your needs. At times an umbrella liability can be obtained to cover liability on a boat.

I am faced with a similar dilemma. My Caracal took on water and was partially submerged. I had progressive, and they were really on the ball. One day after the recovery, an adjuster was dispatched within an hour of my filing my claim. Sea Tow Salvage was at my house in another 30 minutes (About the time for them to launch there their recovery craft. I was told that the boat would be salvage, and 100% write off. This was based on that the wiring had been submerges, as well as part of the kicker and up to the cowl of the 140 hp Suzuki main engine. I had an "agreed value" of what I paid for the boat in 2007. That is twice the current market value. By the next morning, I had a check in hand for the settlement, less $1500 which was the buy back "value" assigned to the boat. By evening the boat was back in my yard to allow work to begun. The engines had booth been run, with oil changes, and all surfaces sprayed with water displacing spray. I had to hire help because physically I was unable to dd any heavier work. It took a month to removed al of the foam (over 1000 lbs, plus trapped water. There was some delamination of the deck near the seat/leaning post. I had a professional install new bilge pumps, new batteries, switches, and heavy wiring. I am currently finishing redoing all the console wiring, including an new stereo, specific bilge pumps and a high water alarm, USB A/B/C charging ports etc. I have less than $10,000 to bring the boat back to like (better than) new condition. (All deck penetrations were drilled out, epoxy plug in the way of the screw being replaced and the deck core being Coosa, vs balsa in the original aft deck (from seat/leaning post aft.)

Even though the boat is actually safer from taking on water, since a salvage title was issued, I will have difficulty getting hull insurance, and will elect to buy only liability insurance.
 
clayhubler":3t1kufb2 said:
I’ve been using progressive for Hammerhead and have added Merlin to the same policy. I am paying $1002 per year for comprehensive on both boats. I found it interesting that Merlin‘s insurance was more even though I valued it at less. I’m guessing it has to do with the length?
Another thing I thought was odd was the agreed value. The lady on the phone said they paid the agreed value if there’s a total loss. What’s strange is I told them what the value was and there’s apparently no appraisal needed. I brought this up because Hammerhead was only covered for what we had paid 5 years ago and I felt that it was worth more now with the improvements and inflation. She asked what I felt the market value was and changed the agreed value in the policy. I was very surprised that I didn’t need to have it appraised.
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I also have Progressive and had the same experience. It seems to me that if you go with agreed value, it is easy for the insurance company to price a policy. For a hull loss, the worst case payout is the agreed value (not counting liability, etc.) and they don't have to spend any effort to figure out what the boat was worth at the time of an accident. If you said the value was $100K, you'd just be paying more for the insurance.
 
I agree. Agreed value is a no-brainer for the insurance company, you can state nearly any value, you will pay for the policy accordingly. It is the way I did it. I am with Progressive because the islands off my coast here in Southern California are covered in the distance from the coast. Read the fine print on coverage from the coast.
 
My son is 16 so the boat is in my name still. Must be because of the age of the boat, but I find that a poor excuse. I will look into the other carriers listed and see if they can help.

Thanks for explaining about the agreed value. It makes sense but seems way too easy to get out from under a boat you don’t want anymore. I wonder how they protect against fraud?
 
The boat is assessed by an adjuster. The adjuster who covers our area is very sharp--sharper than many marine surveyors in our area. There is a limit to the "assessed value". In my case it was proofed by the bill of sale when I bought the boat.


As for not insuring in any way, the age of the operator, and the age of the boat are both factors, and there are few insurance companies who will insure that boat in any way a boat this is that old. The exception would be one of the collectable classics, and then you pay thru the nose to get the insurance.

Your best shot is to have it covered under an umbrella package. If the son is driving the boat, without adult supervision and there is an accident, you might not be covered. No it does not seem fair. However the insurance company exists for one reason--to make a profit.
 
I'm happy with American Family. But they are based here in Madison. My cost this year was $437. It's insured for actual cash value, and covers both motors, the hull and the trailer. That includes $15,000 for additional equipment (which I believe includes the trailer), or $10,000 per item on the equipment. ACV may be an issue for some. Liability $300,000. (I also have an umbrella policy that would cover over the $300,000.). Colby
 
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