Insurance? What company to use.

[beauski83]

I am looking for people's two cents on what company to use to insure my boat. Should be purchasing a 2002 Wellcraft Excalibur 21' Platinum in the next week or so. I've looked at Boat US and then there are the obvious car insurance companies. I have a company car and cannot take advantage of car + boat discounts. Who do you all use? I am in Annapolis, MD...if that makes a difference! Thanks

 

[lucky7]

Re: Insurance? What company to use.

i had statefarm last year,paid in full at the outset, they canceled me twice for clerical errors. trying boat us this year, hope their ok. they were cheaper for equivilent coverage.

 

[Chris1956]

Re: Insurance? What company to use.

Allstate as a bit cheaper than BoatUS, and it allowed me to get an umbrella policy. My policy has some allowance for towing on land or water. Remember that the trailer is insured by the towing vehicle.

 

[tashasdaddy]

Re: Insurance? What company to use.

if you have home owners insurance that is the cheapest way to go ususally. I have had great luck with Farmers Insurance. have since transferred everything to Farmers.

 

[Ram58]

Re: Insurance? What company to use.

I have our boat insurance on our homeowners also. We have Farm Bureau. Cost $90 - $100 per year.

 

[Blue Crabber]

Re: Insurance? What company to use.

I recently just went through this same process. I looked at Boat US and Progressive. I ended up going with progressive because the contract was with my current insurance agency. Then i recieved multi-policy discounts so the prices were within a couple bucks of each other. If something ever happens, I know exactly who to call. I have also been dealing with the agency for almost 10 years and they have always treated my fairly.

I am sure you know this by now, but there are 2 types of policies. The "normal" where the value gets depreciated yearly and the "agreed value" where you agree on the value of the item. At least this is how it was explained to me. There may be other options with other companies. Good Luck!

 

[Navy Jr.]

Re: Insurance? What company to use.

We've been satisfied Travelers home and auto customers for a few years. We bought our boat, motor and trailer last year, so shopped around. Travelers had the best rate since we already had home and car policies with them.

Their Agreed Value policy includes provisions for boat towing and roadside assistance, including towing the trailer to the nearest repair facility.

A previous poster mentioned that the trailer is covered by auto insurance. Perhaps that is true for him, but our trailer is covered by our boat policy.

 

[skargo]

Re: Insurance? What company to use.

I am getting insurance right now. My Allstate agent told me they couldn't insure a boat over 30 years old. Boat US said they could only make the agreed value 4 grand max. I think this boat is worth more than that, but will go with them for the first year and see if I can find anyone who will do a higher agreed value.

I have agreed value policies on some of my car through Heacock, not sure if they do boats but will check.

*edit* Just did some quick research and found out this company underwrites for Heacock, so I requested a quote from them.
http://www.amig.com/products/

 

[Sikiguya]

Re: Insurance? What company to use.

While some of the posts have good valid point, I am really concern with those that keep talking about how cheap their policy is. Look around your boat, did you buy the cheapest boat, motor, gear that the marine shop have?

Why would you buy the cheapest policy?!!

All policies are not the same! Do your research! Most importantly, make sure you carry adequate liability coverage. With the ambulance chasers out there, you are risking not only your future income but everything you have work for to save a few bucks on your policy. What you are going to find is that it is just a few bucks more...far less than what you paid for that fancy rod and reel you got last week. I had a minor fender bender a few weeks ago.minor bump...and the guy now has an attorney.

So what if your boat isn't covered to your expectation of value. What is the worst that is going to happen??...but if someone sues you for everything you own and your future income(garnishment of wages)....how much did you save?....

Sorry...off my soap box.

 

[lakelover]

Re: Insurance? What company to use.

My experience with State Farm has been good, but I've never had a claim on the boat policy. I also have my car ins. with them and have been dealing with a local agent for about 15-20 years. The cost is very reasonable I think, but just compare price to value and the experiences of others to help you decide. I think dealing with a local agent who you can walk into the office and talk to face to face is a big plus, especially if you have any claims.

 

[rmurray]

Re: Insurance? What company to use.

Progressive Insurance!!! I Bought my current boat back in 2007 before the summer season. Had it fully serviced before taking it out. Went to Lake Mead and blew a hole through the side of my lower unit (I/O). Not sure what happened but I claimed to have hit something. 2 days before we went to Lake Mead, I started my policy with Progressive. I took it back to the same shop (which happened to be an approved repair shop) and I got a brand new lower unit and a rebuilt upper and Progressive covered it. I thought that was great service on their part considering I had only started my policy 2 days prior. I'm now a lifer!

 

[rentprop1]

Re: Insurance? What company to use.

So what are you trying to tell us here....make sure the liability are at the max limits of the policy ??? , maybe some companies only offer one type of policy, I got a quote from Boat US and they offered 2 types with different limits, yes it was only a few dollars more.......but I have everything thru Allstate and they gave one quote, when I showed them the Boat US they recommended I go with them and said the lower coverage should be sufficient ??

While some of the posts have good valid point, I am really concern with those that keep talking about how cheap their policy is. Look around your boat, did you buy the cheapest boat, motor, gear that the marine shop have?

Why would you buy the cheapest policy?!!

All policies are not the same! Do your research! Most importantly, make sure you carry adequate liability coverage. With the ambulance chasers out there, you are risking not only your future income but everything you have work for to save a few bucks on your policy. What you are going to find is that it is just a few bucks more...far less than what you paid for that fancy rod and reel you got last week. I had a minor fender bender a few weeks ago.minor bump...and the guy now has an attorney.

So what if your boat isn't covered to your expectation of value. What is the worst that is going to happen??...but if someone sues you for everything you own and your future income(garnishment of wages)....how much did you save?....

Sorry...off my soap box.

 

[Sikiguya]

Re: Insurance? What company to use.

There are two part to your policy. The one that insure your actual boat and the other is the liability coverage. My point is that the boat coverage is really not the issue...kind of like collision coverage on your car.

The key is the liability coverage. This protects you in the event that cause injury or damage to someone else while you are operating your boat. Your insurance company need to advise you the right amount based on your financial situation. The more asset or income you make, the more coverage you need. Depending on your state and laws, you should have enough liabiltiy coverage to cover for 2 1/2 times your income or your net worth(what you own - what you owe). If your company only gives you one or two option on this....keep looking.

If your company recommend that you go with lower coverage, I might want to document that...because you are on your own if your coverage isn't enough...and the documentation will be good for that lawsuit you will need to file.

Just because your insurance agent is licensed, doesn't make them a competent advisor...look at the 16 year old drivers at the DMV!!!

 

[Landscaping Wiz 808]

Re: Insurance? What company to use.

Progressive Insurance!!! I Bought my current boat back in 2007 before the summer season. Had it fully serviced before taking it out. Went to Lake Mead and blew a hole through the side of my lower unit (I/O). Not sure what happened but I claimed to have hit something. 2 days before we went to Lake Mead, I started my policy with Progressive. I took it back to the same shop (which happened to be an approved repair shop) and I got a brand new lower unit and a rebuilt upper and Progressive covered it. I thought that was great service on their part considering I had only started my policy 2 days prior. I'm now a lifer!

I believe that's called insurance fraud. It's also the reason the rest of our policies cost so much! But I'll never question anybody that explains how he defrauded a named insurance company on a public forum.

KUDOS to you sir!

BOB

 

[Navy Jr.]

Re: Insurance? What company to use.

There are two part to your policy. The one that insure your actual boat and the other is the liability coverage. My point is that the boat coverage is really not the issue...kind of like collision coverage on your car.

The key is the liability coverage. This protects you in the event that cause injury or damage to someone else while you are operating your boat. Your insurance company need to advise you the right amount based on your financial situation. The more asset or income you make, the more coverage you need. Depending on your state and laws, you should have enough liabiltiy coverage to cover for 2 1/2 times your income or your net worth(what you own - what you owe).

For those with substantial assets to protect who need additional liability insurance, I believe it is advisable to procure an umbrella policy.

 

[skargo]

Re: Insurance? What company to use.

I believe that's called insurance fraud. It's also the reason the rest of our policies cost so much! But I'll never question anybody that explains how he defrauded a named insurance company on a public forum.

KUDOS to you sir!

BOB

My thoughts as well.

Personal responsibility is dead in 2009

 

[beauski83]

Re: Insurance? What company to use.

WOW! I posted this thread, got busy with work, forgot about it....bam! 15 replies. I appreciate everybody's input! Thank you.

 

[Knot Waiting]

Re: Insurance? What company to use.

I use Progressive. No problems so far. I hope on everything that I never have to make a claim though (I love my boat to much to see it injured)... if I do though it will be a legitimate one.

 

[kkr26]

Re: Insurance? What company to use.

Allstate is the only way to go.

 

[OldePharte]

Re: Insurance? What company to use.

One doesn't know the true cost of any insurance policy until you have a claim. Do a little investigating at the state insurance commissioners web page to see the carrier's rating. Also look at some of the complaint sites to see what horror stories that people have had. Most folks don't have a clue as to exactly what coverages they have until an insurance adjuster gets involved.

Carefully read your policy. You may not agree with the value of an "agreed value" policy, but what will the company pay under a depreciated value policy? You may not like one either.

Get an umbrella policy. At times it may make more sense, potentially eliminate any coverage gaps, etc. to go with a company that will cover your boat and provide the umbrella policy.

Cost does not always equal value.