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Boat Insurance

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Any recomendations on who to contact for insurance or comments as to coverage types, must haves, foolish to not have advice
 
I went with my insurance company that insures both of my vehicles and my house, you get a discount by having everything with them. (SF)
 
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Link, Many agents don't understand needed coverages so they add the boat to the homeowners policy. Under this type of policy there is no coverage for damages incurred while participating in water sports (towing a friend on a tube), pollution from spilled/leaking oil or gasoline, and only cover a very small dollar amount in wreck removal if they cover at all. There are a few companies who specialize in true marine policies. SeaSense, Progressive, Foremost, Boat US has a company, and a few others as well. Discuss these coverages with your agent and decide which coverages you need and what amount of risk you are willing to accept. Just make sure you are really insured with a marine insurance company.
 
BoatUS. is my recommendation.

Make sure you get an "Agreed Hull Value". If they don't know what that means, "walk away".

Agreed hull value means if your boat is a total loss you get the "agreed" upon amount, set up when policy is started. Not the current Blue Book value....

Everything Spinzone is saying +1
 
Exact information that I was looking for. Appreciate the advice
 
One other thing; I have our insurance set up so that 5 months out of the year I have no liability coverage as we will not be using our boat. Depending on your usage if you never go to coastal waters you may also get a reduction in price if you spell that out to your agent.

If something like this applies to you it can save you a few bucks.

Steve
 
Fyrfighter -

Funny, I could not get my All State agent to adequately explain to me what "agreed-to" value was when we bought our boat last Sept... She's a real idiot. I'm not kidding. I got dumped on her when my old agent moved out of town and I never took the time to switch. I figured she could be an idiot all she wanted, and it was no big deal since my policy is with the company (not the agent). But, I kept pushing the question, and she eventually mailed me this one page write-up from All-State explaining what "agreed to" meant. I remember it being incredibly vague, and I gave up and threw it away. Your definition makes complete sense to me. The part they couldn't answer was whether it was "agreed to" when you bought the policy or "agreed to" after you wrecked the boat. Seemed like a very simple question to me, but they had a hell of a time making it simple. Maybe that was intentional...

Anyway, whoever started this thread asked a really good question, got me thinking, and I'm going to look into boatUS. I might have saved $10 going with my home/car agent, but since my policy is peanuts to begin with ($180/year or something like that) adequate coverage is WAY more important than the rate. At minimum, I'll have boatUS send me their standard policy terms and compare with what I have with All State.

I just scrolled up to see who started this. Thanks Link. Good question. I didn't realize there were "marine" insurance companies.

This site is way awesome.
 
Sorry, I guess my agent isnt (like all agents) and no they didnt roll my insurance into the homeowners policy, it is a separate policy only for the pontoon.

Yes I did give progressive and and other marine agents a call and they were all $40 to $60 dollars higher than what I'm paying now and yes it is for the exact same coverage.
 
kaydano

I have all my other insurance through State Farm. I have had my agent try to get my boat insurance business a few times(I have 3 boats). They would me set my coverage limit and that set my how much my rate cost. But, if there was a claim they would then check current value and only pay current value up to my coverage limit. Also, salvage costs would come out of that limit. Now on a pontoon it would probably never sink to the bottom of the lake, but if my 23' Maxum were to sink in 150 ft of water and leak fuel and oil. My cost to raise the boat and contain the spill would wipe out all of the collision coverage. With BoatUS those are covered under separate parts on the policy.
 
Toona, I'm not trying to be argumentative but insurance is how I choose to make my living. I do not sell it but work for a company which happens to be a marine policy writer amongst other products.

If you feel well protected for your exposure to damages to your boat and others, then great. Insurance is tailored towards different people's tolerance for risk.
 
I have little tolerance for risk. I will be making some phone calls next week. Thanks a ton for the info spin and fyr.

Fyr- Your explanation of "current value at time of claim" jives with what I was told by All State (and confused about since what I wanted, and what I thought I was buying, was "replacement cost"). But "current value at time of claim" sounds a lot like a depreciated value policy to me, except you pay a premium for it. I may still be missing something with regards to my All State's policy, but I'm likely to just let it go when I let All State go and go with BoatUS.

Again, this thread has been very valuable advice. Thanks!
 
Wow. I was just talking about insurance, great posts. Good information. I like Boat US's quote and their tow package. If you don't have a tow package you may want to add a seatow membership.
 
Cost will vary by location, months of use, storage, limits/exclusions, coverage ...... My 2010 2250 with a 115 merc and 3k trailer is $208 a year, in water April 1 out of water in storage Mid Oct with Boat US with pretty standard coverage amount. I believe I have the boat/motor/trailer insured for 30K. I am in the North East, freshwater use only.
 
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We went with our home and car insurer. they had the best price that I found. It was under 100.00 for a year at 16,000 replacement value.
 
ridedoc100 said:
We went with our home and car insurer. they had the best price that I found. It was under 100.00 for a year at 16,000 replacement value.
Click to expand...
We have insured with Boat US for a number of years. Particulary when we lived in FL.

We now reside in TN and all our boating is on inland waters and a non-freeze, non-hurricane State. Many years boating experience and training. Never a boating accident or claim.

Our 2274GL/150HP Yamaha; no trailer and has just arrived at the dealer today so I am shopping for insurance, I got a quote from Boat US for an agreed value policy (45K), full value first year since the boat is new. Boat will be in the water year around quote came in at:

$188 per year. There is also a more "budget" actual value policy for around $145 anually. We received a "no loss" discount of about $45 per year due to no boat no auto accident claims for three years. We also received a $10 "multi-boat discount" bringing the new total to

$178 per year.

300K/$300K Boating Liability/Uninsured Boater Protection

Fuel and other spill liability with Boat US is 854K

There is also included some towing, 250 per event up to $500 per year maximum.

I have a seperate tow policy for unlimited towing through BUS.
 
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