Boat Insurance?

H2ONUT said:
Only 2. Car was hit during the night out in front of the house, 2nd was our car was mistaken for the neighbors... All the windows were smashed out. Never received an increase and payments were made direct to the body shop.

Nothing boating related.


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Glad you haven't had any claims boating, but was intrigued about knowing what their marine claims would be like.

MM
 
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3 years ago I hit a log in the river. I thought I destroyed the outdrive. Turned out to be the prop hub. I did call and inquire about a replacement drive. SkiSafe was going to send me a check minus the $250 deductible to purchase a new drive. Never had to put it thru.


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I run our 310 through our home insurance policy. In addition, I carry a 5 million dollar umbrella policy that extends to everything, home, boat, vehicles etc.

Our boat/custom trailer cost is about $400/yr with no deductible. We had a claim on our home two years ago (hail) and had our roof replaced ($24k) and our premiums didn't change on anything other than the slight annual increase seen on all forms of insurance. YMMV, but I don't think "seperating" a boat policy from your home or other assets as someone suggested, extends any additional protection, especially these days.

Our insurance ran an average value to replace on the current market, and it was a very agreeable number, and that is what was used to value replacement. Our agent came out and took a bunch of pictures of boat and trailer for their records, and any improvements are added to the value with proper receipts/documentation. We're in the process of $10k in improvements - new upholstery, cockpit carpet, full camper canvas - and if something unfortunately were to happen - it's the agreed to boat value plus those improvements as a payout.
 
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I used Boat US. Reasonable rate, no survey and they insure based on my stated value. They do require photos of the boat. Tender is included in the coverage as are discounts at West Marine and other participating vendors.
 
Fly'n Family said:
YMMV, but I don't think "seperating" a boat policy from your home or other assets as someone suggested, extends any additional protection, especially these days.

We're in the process of $10k in improvements - new upholstery, cockpit carpet, full camper canvas - and if something unfortunately were to happen - it's the agreed to boat value plus those improvements as a payout.
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Good luck in the unlucky event you have a series of claims across policies with one carrier, as you said YMMV. You might be in a different situation as you likely have significant asserts to protect if you have a $5 million umbrella policy.

Better read your policy I have never heard nor had any understanding that an insurance company would ever pay more than the stated agreed value, no matter how much you spend in updates. Now of you mean you increased the stated agreed value on the policy, I could see that happening.

MM
 
Madifonzo said:
I used Boat US. Reasonable rate, no survey and they insure based on my stated value. They do require photos of the boat. Tender is included in the coverage as are discounts at West Marine and other participating vendors.
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Many insurance companies do not require a survey on vessels under 10-15 years old, but the OP has an 80's boat.

MM
 
One thing you should consider that I haven't seen mentioned is the difference between a "boat policy" and a "yacht policy". One huge difference between the two is the coverage for environmental cleanup and damage.

On a boat policy, let's say you have $50K agreed value insurance. If your boat sinks and there is a gas spill that needs a cleanup, and let's say that cleanup cost is $40K, that only leaves the insurance company having to pay you $10K for your boat. Yup, you just got screwed.

Under a yacht policy with the same $50K insurance, they handle the environmental cleanup costs separately from your boat value. That's part of the reason why some policies cost more. It's like a divorce....do you know why a divorce costs so much? Because they're worth it. :grin:

I had my 330 Sundancer totaled one night by a drunk boat driver (I won't call him a skipper!). I had a yacht policy and was glad I did. I had a lengthy fight with the drunk's insurance company ("The Good Hands People") to get paid for my boat and the medical claims for me and the people on my boat.

I would suggest you call a yacht insurance broker and speak with them about the difference between a boat policy (as usually issued by a company that insures homes/cars/etc.) and a yacht policy from a company that is used to dealing with the issues that go along with boats.
 
MonacoMike said:
The thing I worry about with these companies is claims payouts, as GFC documented recently, they know nothing about marine claims and payouts. They may even try to pretend it is "just like a car" in the claims process. it is one thing when their insured hits you, you have some leverage, but not so much if you are their insured.

MM
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My insurance is through Geico, but is not actually BY Geico. The actual policy is from Seaworthy Insurance
 
trit21 said:
Sorry guys, Seaworthy is wholly owned subsidiary of Berkshire Hathaway which also owns Geico. So it is the same company.
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I hope you are joking (About them being the same.) and forgot the smiley face. If you are serious it is wrong to say they are the same company, they are controlled by the same holding company. It would be the same as saying diamonds from Helzberg Diamonds and bricks from Acme Brick Company are the same since they are "the same company".

GFC, great point on the boat vs. yacht policy.

GrandMaster, Geico saw they were losing out on their customer base going elsewhere for other policies so they likely have a referal agreement the other companies they refer out.

MM
 
AFD said:
NBOA.

went from around $1000 with boatus to $380 ish with nboa
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I got a quote from NBOA also and about $250 less than BoatUS but, no line item for "pollution spill liability" That's a big ticket item. Haven't talked to them about it yet but intend to. However I got another quote from Gallagher Charter Lakes - 350 less than Boat US and apples to apples policy. Will be talking to them tomorrow.
 
MonacoMike said:
You might be in a different situation as you likely have significant asserts to protect if you have a $5 million umbrella policy.

Now of you mean you increased the stated agreed value on the policy, I could see that happening.

MM
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Correct on both aspects.
 
MonacoMike said:
Many insurance companies do not require a survey on vessels under 10-15 years old, but the OP has an 80's boat.

MM
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So do these guys...a '88 and '85 :huh:

H2ONUT said:
Geico does not require a survey, all they ask for are pictures to be emailed to them. They will specify what pics they would like to see and keep on record. No extra fees for coverage on the dinghy also! My 88 valued at 18K is just under $300 a year.
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moparlvr4406 said:
+1 ON THIS
they were by far the most reasonable we found
no survey
great coverage
and freeze insurance was only 25 bucks a year extra
and my 85 is insured @ 26.5k... near replacement value on a terminal failure
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MonacoMike said:
Woody, we have established Gieco does not require a survey, that was an explanation why others do...

MM
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The way it was written I thought maybe you didn't understand that yet:lol:. I wonder though...I bet sometimes Gieco/others do request surveys, especially in some agreed value policies.
 
jcoll said:
I got a quote from NBOA also and about $250 less than BoatUS but, no line item for "pollution spill liability" That's a big ticket item. Haven't talked to them about it yet but intend to. However I got another quote from Gallagher Charter Lakes - 350 less than Boat US and apples to apples policy. Will be talking to them tomorrow.
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My nboa quote shows $ 854,400.00 of pollution liability insurance. And costs me $366 a year for the policy
 
I just got geico last night, i had boatus on my first boat years ago and they were great, about 420 for the year here with geico and i got quotes over 1200 from boatus plus need the survey .I will stick with them for now. I have them for my cars.
 
I have for the past 8 years had:
Global Marine Insurance Broker
Insured though Ace American Insurance Co.
Full Coverage and $300,000.00 Pollution Liability
for $636.00 per year.

Have been very satisfied with Global and their people in placing me.

Dan
 
LOoking at relocating to the Tamps area. I have a 340 SeaRay that is on an inland lake in Kansas. I know it will be higher for insurance. I have it through NOBA now paying $600. In Florida who is the best company for insurance.
 
trit21 said:
Sorry guys, Seaworthy is wholly owned subsidiary of Berkshire Hathaway which also owns Geico. So it is the same company.
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Not entirely true. They likely use different underwriters. A parent company can own multiple companies that sell similar products. That doesn't mean the products are identical.

I'll also throw my vote behind companies that offer boat or yacht policies. My policy with NBOA is for a set value, not market value. My deductible is a percentage, not an arbitrary amount. While NBOA is the broker for the policy, the underwriter is a different company.
 
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