Another boat insurance question....please need help - The Hull Truth

emudryj · 07-16-2008, 10:03 AM

I need to insure my 1981 30 feet center console in south Florida, do you guys know who would insure a boat from 81???

Also I'm restoring it completely, new everything, and I've been told that I will probably need a survey and to fill some kind of restoration affidavit or something like that in order to get a decent replacement value.... does anybody has any information in regard to this process????

Thanks in advance

MikeAstringer · 07-16-2008, 10:09 AM

My boat is a little older than yours. I am insured with State Farm. They ASKED me what value I wanted to insure the boat for and I included the purchase price plus the work I'd be putting into it. I might call them this week and increase it to the actual replacement value now that I've had some time to think about it.

I called State Farm, gave them the boat information, told them the value I wanted to insure the boat, the number I wanted for liability ($300k) and the number I wanted for personal property. I gave them a credit card and they faxed me the paperwork. It was an easy and inexpensive process.

boats742 · 07-16-2008, 10:10 AM

Strickland Marine is great. Saved me half vs. State Farm.......

http://www.stricklandmarine.net/

lewi99 · 07-16-2008, 10:17 AM

charter lakes

fishingfun · 07-16-2008, 11:43 AM

Quote:

MikeAstringer - 7/16/2008 9:09 AM

My boat is a little older than yours. I am insured with State Farm. They ASKED me what value I wanted to insure the boat for and I included the purchase price plus the work I'd be putting into it. I might call them this week and increase it to the actual replacement value now that I've had some time to think about it.

I called State Farm, gave them the boat information, told them the value I wanted to insure the boat, the number I wanted for liability ($300k) and the number I wanted for personal property. I gave them a credit card and they faxed me the paperwork. It was an easy and inexpensive process.

Are you sure that this is an agreed value policy and not an Actual Cash Value policy that will pay up to the amount its insured for. I would call and ask your agent this and also have him tell you what page of your policy that will explain this. For an older boat usually they want some kind of proof as to the value of the boat to protect them against fraud.

emudryj · 07-16-2008, 02:56 PM

Quote:

fishingfun - 7/16/2008 1:43 PM

Quote:

MikeAstringer - 7/16/2008 9:09 AM

My boat is a little older than yours. I am insured with State Farm. They ASKED me what value I wanted to insure the boat for and I included the purchase price plus the work I'd be putting into it. I might call them this week and increase it to the actual replacement value now that I've had some time to think about it.

I called State Farm, gave them the boat information, told them the value I wanted to insure the boat, the number I wanted for liability ($300k) and the number I wanted for personal property. I gave them a credit card and they faxed me the paperwork. It was an easy and inexpensive process.

Are you sure that this is an agreed value policy and not an Actual Cash Value policy that will pay up to the amount its insured for. I would call and ask your agent this and also have him tell you what page of your policy that will explain this. For an older boat usually they want some kind of proof as to the value of the boat to protect them against fraud.

I think that's why they wanted some kind of survey.... I do no know if a survey would say how much a boat is worth... there has to be something like a house appraisal but for boats.

I wanted to insure my boat for at least 60k replacement value... I would believe they would want to make sure that the boat is worth close to that value

HeadHunt · 07-16-2008, 02:59 PM

Get a marine policy. They cover things that Allstate and State Farm cannot even pronounce. Look at Charter Lakes.

HH

tobnpr · 07-17-2008, 05:33 AM

You can safely disregard responses from anyone outside of Florida- their situation does not apply here.
I can tell you that only one company- Boat US/Travelers, would insure my boat on an agreed value basis, with a current C&V survey, due to it's age (over ten years).
My boat is kept in the water, it may be different for trailer boats that can be moved inland....

emudryj · 07-17-2008, 10:29 AM

just talked to boat us... $5.600 per year but first I have to have it insured with liability only for one full year to be eligible for full coverage....

Boat insurance in south FL is getting really frustrating....

emudryj · 07-17-2008, 10:44 AM

Since I live on south FL GEICO would insure me against everything.........except, hurricanes, storms and theft..... isn't that funny???

still have some hope on charter lakes... will see

monomoy74 · 07-17-2008, 10:48 AM

Quote:

emudryj - 7/17/2008 12:29 PM

just talked to boat us... $5.600 per year but first I have to have it insured with liability only for one full year to be eligible for full coverage....

Boat insurance in south FL is getting really frustrating....

How much per year? It costs me $300/yr to insure a boat for $30k with max coverage on everything from State Farm.

Captain Sid · 07-17-2008, 10:51 AM

Quote:

monomoy74 - 7/16/2008 12:48 PM

Quote:

emudryj - 7/17/2008 12:29 PM just talked to boat us... $5.600 per year but first I have to have it insured with liability only for one full year to be eligible for full coverage.... Boat insurance in south FL is getting really frustrating....

How much per year? It costs me $300/yr to insure a boat for $30k with max coverage on everything from State Farm.

Same here

reel pleasure · 07-17-2008, 10:52 AM

I have State Farm insurance on my boat .I keep it in a rack at marina in Merritt Island .I thought my insurance was reasonable $1500.00. Of course my boat is 1year old.

MikeAstringer · 07-17-2008, 10:56 AM

I'm insured for a bit less - and it costs me a bit less - here in PA. They did say however that it is much different in FL. I pay just a little bit more to insure 5 cars then they do to insure one boat! On top of it my cars are high premium vehicles - with two teenage drivers with about 2 years of driving experience. We insure an;

Audi TT Convertible
BMW Convertible
Mustang Convertible
Chevy Tahoe SUV
Cadillac Deville

Again, new drivers included we pay $8k.

fishingfun · 07-17-2008, 11:05 AM

Quote:

emudryj - 7/16/2008 1:56 PM

Quote:

fishingfun - 7/16/2008 1:43 PM

Quote:

MikeAstringer - 7/16/2008 9:09 AM

My boat is a little older than yours. I am insured with State Farm. They ASKED me what value I wanted to insure the boat for and I included the purchase price plus the work I'd be putting into it. I might call them this week and increase it to the actual replacement value now that I've had some time to think about it.

I called State Farm, gave them the boat information, told them the value I wanted to insure the boat, the number I wanted for liability ($300k) and the number I wanted for personal property. I gave them a credit card and they faxed me the paperwork. It was an easy and inexpensive process.

Are you sure that this is an agreed value policy and not an Actual Cash Value policy that will pay up to the amount its insured for. I would call and ask your agent this and also have him tell you what page of your policy that will explain this. For an older boat usually they want some kind of proof as to the value of the boat to protect them against fraud.

I think that's why they wanted some kind of survey.... I do no know if a survey would say how much a boat is worth... there has to be something like a house appraisal but for boats.

I wanted to insure my boat for at least 60k replacement value... I would believe they would want to make sure that the boat is worth close to that value

Thats correct and thats why I questioned the guy who said he just called the agent and they got X coverage without any type of survey on an older boat. I know FL has more issues then we do here in Va. but even here to get agreed value for an older boat you need some type of survey showing the boats value.

MikeAstringer · 07-17-2008, 11:14 AM

I haven't had a chance to call them and inquire but they didn't ask any questions and they didn't ask for a survey. The boat had been insured by State Farm for the previous 7 years by the prior owner, and through the same agent, so perhaps at some point a survey was done? I also dropped the value from what he had it insured for. I based the value at what I paid plus the work I plan to put into it. He had it insured for replacement value (another conversation I plan to have with State Farm - I should have kept it at replacement value).

I simply called them up and said "Hey, I bought Bill's boat, here is the Hull #, here is the registration #, here is who it is now registered to, how much?". They asked what I wanted for liability, what I wanted for personal property coverage, and how much I wanted to insure the boat for. I answered their questions, gave them my credit card #, they faxed me a policy, and I haven't heard from them since.

BigBite Offshore · 07-17-2008, 11:21 AM

I sell insurance in South Florida. State Farm stoped insuring new clients for boats; Allstate will not insure any boats > 26 feet; GEICO will insure your boat for everything EXCEPT those coverages which are most relevant; Progressive will insure your boat regardless of where it is stored, however they will want your first unborn son to do it. Lastly, Boat US will insure your boat for a reasonable cost (relatively speaking) but they will not insure for the Bahamas unless you get a special endorsement. You can do this, but it does bump up the premium. You may also purchase an "agreed value" policy, but then again, you have a premium increase.
I have done some homework, and Boat US is the most reasonable choice for my 2002 28ft Grady CC docked behind my home. Every scenario is different however..

Gotta Love Florida!

emudryj · 07-17-2008, 11:25 AM

apparently FL is getting nasty....off course my boat is old, and that it's sure an issue, but is getting ridiculous... just mentioning you live on south Florida, and insurance companies start shaking....and raising the premium....

I'll see what I can find.... the survey it's mandatory for a boat this old...

emudryj · 07-17-2008, 11:29 AM

Quote:

BigBite Offshore - 7/17/2008 1:21 PM

I sell insurance in South Florida. State Farm stoped insuring new clients for boats; Allstate will not insure any boats > 26 feet; GEICO will insure your boat for everything EXCEPT those coverages which are most relevant; Progressive will insure your boat regardless of where it is stored, however they will want your first unborn son to do it. Lastly, Boat US will insure your boat for a reasonable cost (relatively speaking) but they will not insure for the Bahamas unless you get a special endorsement. You can do this, but it does bump up the premium. You may also purchase an "agreed value" policy, but then again, you have a premium increase.
I have done some homework, and Boat US is the most reasonable choice for my 2002 28ft Grady CC docked behind my home. Every scenario is different however..

Gotta Love Florida!

Happy for you that geico insured your boat... they gave me a 5600 quote, which is pretty much unreasonable by my standards and budget....

BigBite Offshore · 07-17-2008, 11:41 AM

It wasn't GEICO. It was Boat US and the premium was about $2,500. I think maybe the age of your boat has something to do w/ it.