Boat Insurance
 

Anyone have any advice on a good insurer? I have been looking at Boat US, Geico, and Progressive but can't make up my mind!

GO SOX, BRUINS, CELTICS! (Busy time of year in Boston!)

I went with Travelers as they were the cheapest. My Allstate agent with homeowner, umbrella, and car insurance could not even come close.

I recommend you get an AGV policy (Agreed Value) regardless of who you use......

I used an agent over in Wolfeboro, and the policy is ultimate through Progresive.... The rates are great....

Try Fitts Insurance.

http://www.mypolicy.com/

I changed to Progressive TY, used to have Boat US

Received quotes from Progressive, Gieco and Boat US

Progressive was significantly cheaper

Ditto on the Aggreed Value

Good Luck

Have any of you had any experience with claims made to Progressive? My auto body guy has a sign in the office that says "don't blame us if you have Progressive". Apparently the must have a hard time getting the money they want.

There is a definite plus to having your boat insured through a Yacht Policy. The ACV (actual cash value) policies, values a total loss at depreciated value, generally current market value. My insurance is Agreed Amount Value, meaning the insured value is stated at the time of the policy, no depreciation. Stated Value is quite a bit different than Agreed value.

I think shopping around for boat insurance is a losing proposition myself. Number one, every time you change carriers, you're insuring a less valuable property. In order to get new insurance on an older boat, generally a survey may be required, which definitely would be true of an Agreed value.

I pay $500 a year on my policy, which has expanded liability limits. BoatUS is an excellent boat policy, and they have pretty good prices, as well as enhanced options coverage.

No way am I shopping around to save $100 or $200 a year.

joint ownership
 

I am having trouble obtaining affordable boat insurance. We have a family camp on island that has been in my wife's family for nearly 50 years. With the passing of the parents, everything now belongs to my wife and her brother so the boats are now registered to my wife and her brother as well. We are only looking for liability types of insurance as the boats are far from new (the newest being 1996).

Working through an agent, Progressive would not quote us because of the co-ownership of the boats. Foremost would quote us with co ownership but extremely high because of multiple drivers (nine of us drive one boat or the SeaDoo at some point). Has anyone else experienced the issue of not being about to insure a boat that was co-owned (other than husband and wife)? Also, I am sure there are other family cottages that have multiple drivers as well.

While on the topic, we are thinking of entering into a Trust situation for all of the cottage related properties. If you have done this, have you then had any problem getting insurance on the trust? Thanks in advance.

Progressive
 

We have three boats all with Progressive. The savings was substantial!

Dan

We use Boat/US and Global Marine (quotemyboat.com). Global Marine uses a few different carriers. I typically get a quote from each and make my pick. I have never had a better quote through any of the normal agencies.

state farm does very well for me.

I agree,all of my boats cars homes as well as my life are through State Farm and no other carrier has even come close.

Originally posted by FlyFishaI would suggest to your wife and brother-in-law that they consider forming a S Corporation and placing all the assets they acquired into the corporate name. You will be able to get insurance if it's done that way.

Can also be viewed as false economy. By having an agreed value policy, the boat is worth less over time which would mean a lower rate. So we are paying a premium to hedge against ourselves.

Great if you need a claim, but it's not 'free'.

Also, I think for some boats they will not do Agreed Value based on age, etc but not 100% sure.

We use Ski Safe which is an off shoot of Geico. The rates are very reasonable and the service is great. We had a claim in 2006 and they used the marinas estimate without an adjuster and paid the claim within 48 hours.

I like BoatUS because they cover you on the road, at all inland lakes and coastal waterways. If you decide to tow your boat to the ocean for a day of fun or maybe sneak down to Fla. for a little sunshine.....your local company won't cover you. Not a problem, though, if you stay local.

With Boat/US you can list additional owners and drivers. They really dont need to know that it is multiple owners although they give you the option to name them, as long as you list the possible drivers that need to be covered. I am not sure how many they allow, but the quote form gives you space for at least 4 I think. I have never had to use that portion so I am not sure of the particulars.

That's true. But boats depreciate a lot quicker than policy increases, LOTS quicker. My premium has gone up $18 a year since 2007. The boat hasn't faired nearly that well :(

Insurance is all about protection when you need it, and a company that settles claims fairly if you ever do. Premiums are about the fifth thing I look at.

If I had to do it all over again, I'd have gone with BoatUS from the get go. I also have the BoatUS on water package. Thankfully, never needed it.

Maybe I am missing something here.

I have a yacht policy with Progressive insurance. The agreed value is 20K. liability 100/300K. Deductible is zero (7 years no claims disappearing deductible). Fuel spillage, marine electronics value 1K, towing, etc. My premium is $101.00 per year.

I have all my assets except my boat in a revokable trust in my name.Never had an issue insuring my house.I don't have the trust per say insured.

Kracken, your liability coverage is too low IMO. A relativey minor bodily injury to someone can eat through those numbers quickly.

LS, aren’t our medical costs going to drop drastically because due to the Healthcare reform? :laugh:

Oh sorry that’s a different subject. It’s Friday afternoon and I’m just giddy thinking about the 8 or so hours I’m going to be spending getting the boat ready on Saturday.

I hear you! Boat is being splashed on Sunday for us. I spent a large chunk of last weekend doing boat wash/wax, fluid changes, etc. It may have been on the trailer but as least I was still on the boat:)

Boat Insurance
 

Have to renew boat insurance in July.

Have been with Boat U.S. for years, but policy amount seems to be the same from year to year, while the boat vaule is going down. Never made a claim!

1995 20' Bow Rider
Boat value only insured for $6,000.
Trailer $1,500

Lianbility $100k
Fuel Spill Liabilty $800k
Medical $5k
Unisured boater $100k

For this they're hitting me with $230 yr,seems like too much to me !

Going to shop-around, probably give Progressive a call.

Going to drop Boat value down to $5,000
and Trailer to $500.

BTW, have heard alot about Progressive Insurance for Service and pricing...
But has anyone had this insurance and actually made a claim?
Would like to hear from those folks.

Insurance is only as good ans your next Claim ! That's when you know how good your company is to deliver the $$$

Your suggestions are appreciated !

Bigdog

Our boat is presently insured for 10x yours and our insurance cost is 2x yours. I would call Laurie at Wainright insurance in Wolfeboro.