cwag911
Moderator
Curious as to what you get for $75.
another question: Insurance
- Thread starter Tailgate
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sunnyside360
Well-Known Member
IMO, the only responsible way to shop insurance is to compare item for item on coverages, especially when buying insurance for expensive toys like boats. I have found rates will vary quite a bit by region, boat value, accident record, and etc. even when comparing equal coverages. I had BOATUS insurance for over 25 years when I lived in up state New York running 24' Sea Ray runabouts in the Finger Lakes region. It was the best insurance I could find for the money at that time, hands down. However, living 250 miles further south and currently owning $85,000 2014 Bennington boat, motor and trailer, I have found Progressive is a better deal for me now with the high coverages my policy has.
Our experience:
We were set to go with BoatUS until our insurance agent found Progressive. There's options for coverage but we chose the "Total Loss Replacement/Purchase Price" (for boat/motor/trailer @ MSRP, not the actual sale prices, per recommendation from agent & Progressive, so $48,500) w/$500 vanishing deductible. Also added the Propulsion Plus (prop insurance), fishing, & personal effects adders. Our premium is $236 (BoatUS w/h/b about $320).
One thing to consider: we added our boat package to our Umbrella policy, which added $52/yr. (a little more because we do not have any of our other policies through Progressive). Still less than BoatUS. (we did compare line by line per policy quotes)
We were set to go with BoatUS until our insurance agent found Progressive. There's options for coverage but we chose the "Total Loss Replacement/Purchase Price" (for boat/motor/trailer @ MSRP, not the actual sale prices, per recommendation from agent & Progressive, so $48,500) w/$500 vanishing deductible. Also added the Propulsion Plus (prop insurance), fishing, & personal effects adders. Our premium is $236 (BoatUS w/h/b about $320).
One thing to consider: we added our boat package to our Umbrella policy, which added $52/yr. (a little more because we do not have any of our other policies through Progressive). Still less than BoatUS. (we did compare line by line per policy quotes)
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SEMPERFI8387
Moderator
What is your spill liability coverage though? That's where I've seen all the others lacking good coverage.
kaydano
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Progressive's spill coverage is whatever the property damage liability coverage limit is, which is $50k for their average policy. I called them today.
Now whether the $800k difference can be picked up under their umbrella policy is another question, but that has cost too.... I tried to get that answer from them, but I was already on the 5th person I talked to, then I got dumped into voicemail and so I hung up.
Now whether the $800k difference can be picked up under their umbrella policy is another question, but that has cost too.... I tried to get that answer from them, but I was already on the 5th person I talked to, then I got dumped into voicemail and so I hung up.
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spinzone
Well-Known Member
My chosen field of work is in the insurance industry. BoatUS and one other company are the only two national carriers offering coverage up to $854k.The problem with an umbrella is most will not pick up any liability exposure until the underlying limit is met, i.e. $300k or $500k. That leaves a significant gap in exposure if you find yourself in a fuel spill situation at a $50k sub limit.
I also mentioned a few years ago in a similar thread, most of our boat claims are related to water sports. Towing tubers who hit the water too fast, skiers caught in tow rope, & wake boarders hitting objects. I highly recommend you get water sports liability coverage and if you do not have the endorsement, get confirmation of coverage in writing from your insurance agent.
kaydano
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Haven't heard about the water sports coverage before. I must have missed that post. How do you rate BoatUS in that regard?
spinzone
Well-Known Member
BoatUS specializes in boat insurance and do a great job as evident by being one of two offering full pollution liability coverage. They are one of the few companies I'd be willing to trust with my own boat insurance.
SnakeByte
Well-Known Member
BoatUS here as well. Also, you can get 10% off your premium for taking their FREE online Boat Safety course or other equivalent certification. Don't when determining you deductible that they have vanishing deductibles at 25% off per year without an accident.
We're in Wisconsin and our premium is $306 for $34k boat coverages + $300k liability, plus their premium package which ups the medical, reduces electronics deductible, and adds personal affects to the policy. After I complete my online course, it will be around $276.
We're in Wisconsin and our premium is $306 for $34k boat coverages + $300k liability, plus their premium package which ups the medical, reduces electronics deductible, and adds personal affects to the policy. After I complete my online course, it will be around $276.