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Random Quote: Growing old is inevitable. Growing up is optional.
This week I got quotes from BoatUS and USAA for insurance on a new World Cat 270TE with Yamaha F225s. The quotes from both companies were for the same limits, replacement cost coverage, etc. Both quotes also included coverage in the Bahamas. The boat will be dry stored at a marina in Port Canaveral.
BoatUS quoted $4100/yr. Holy !#$@!! I had heard that boat insurance rates have been going up substantially in Florida the last couple years, but WOW!
USAA quoted $1160/yr. Now that's more like it. Deep sigh of relief. I'm not sure if it matters that I have my auto and homeowners with USAA already.
The moral of the story is definitely check around with multiple insurance carriers when getting boat insurance.
I have USAA but beware that they do NOT offer a full replacement in their coverage. Theirs, like many others, is a "fair market value" coverage. I say this because their are some companies that offer full replacement coverage, regardless of the depreciation..
Yep, USAA is pretty darn sweet!
__________________ - Chris
Guess What?? I got a Fever.. And the only prescription is.. MORE COWBELL!
-2011 Blue Wave 2400 Pure Bay / Yamaha F300 4.2 with Command Link Plus
-2003 Sea Fox 195 Bayfisher - Mercury 125 Saltwater Classic (Sold)
-1994 Wellcraft V-20 Step Lift (Sold)
Make very sure you're comparing apples to apples! I've had USAA* for home, autos, and liability for over 40 years. They told me they only insure boats on a "courtesy" basis and only value up to $50,000 and, particularily do not have any policy for a guaranteed payout!* They'd be happy to cover the Gheenoe but I should take to Pursuit to a marine insurer for what I needed. That turned out to be BoatUS. I get my guaranteed value and a very resonable premium compared to other "name" boat insurers that submitted bids.**
Ditto to Horseradish's post. I had my 1st Whaler insured with USAA but I didn't take it off shore. When I bought my new Whaler I talked with them about the coverage I wanted & what they recommended ..... they then recommended BoatUS to me. I had a claim because of hurricane damage last year ..... tree fell on my garage which housed my boat. Called that day & was told to have my boat at the dealer the next. Adjuster met me there 1 hour later he authorized the dealer to repair the Whaler ..... 2 weeks later the boat was back underway. I've been very happy with BoatUS. Be sure what ur paying for ...... Cheers ....... Tom
Don't be so sure of that. Up until the early 90's you're correct -- USAA only insured military officers and their offspring. I've been insured by them since 1979 when I went in the Army -- back then they were about the only company that would touch military folks, especially overseas.
However, since then, they've expanded their customer base significantly -- brought in a new board of directors and changed the focus of the company. It's now much more profit driven -- and rates are higher!
i just insured a 28 with twin 250's. it is a non declining policy and deduct is $700. policy cost me $1200 per year
the only downside is the limit on distance (but then again) - the limit is stay within 150 miles of the closest land. but that's plenty.
Prop Blast is correct -- USAA HAS expanded their coverage to include non-military. However, their rates for military and family are generally lower than their rates for others. And overall, they're VERY competitive (i.e. tough to beat). Also, they've been great to us so far for all our insurance needs.
__________________ Ed P., St. Pete., FL
Scout 172 Sportfish
I have my boat with USAA, but they actually have Ace cover the insurance. I pay $760/year, but my deductible is $2,000.
I like the yearly rate, but my deductible seems awfully high. I asked why and I was told it is due to my lower yearly payments and the size/make of my boat (2002 28' Grady w/twin 225 4-strokes). Does this make sense or should I shop around to lower my deductible? The reason I am asking is I have never had any damage to my boat, but $2,000 seems awfully high for me to pay out before insurance covers any costs or is most damage going to cost higher then $2,000?
Any information would be appreciated.
__________________ Kevin
2002 GW Sailfish 282 w/twin Yamaha 225 4-strokes
my boat and engines are 2005. new policy. my deduct was $1400 but i chose to increase the yearly payment by $80 in order to bring my deduct down to $700. i also like the fact that the policy is non declining. i am not sure who is covering me. i have it written down. i will find it and give you the info.
I have Statefarm, for my boat as well as home/ auto. Hit something in June, it took out the lower unit. I was taken care of with no problem, in a very timely manner. We have had the same agent for about 20+ years.
Quite frankly, after all of my experiences over the years with USAA it would be hard for me to go any place else. They are the Bennett Marine of the insurance world. Maybe you can do a little better on a rate from time to time, but in the end it all comes down to what the company will do for you when you need them to stand behind you. USAA has always been there when I needed them, going above and beyond in some cases. I have no doubts that they will take good care of me if I have an issue with my boat.
Chessie, I've been with USAA over 10 years now and I have to agree with you that USAA is TOPS! I have noticed a significant downturn in customer service over the past few years because they too have gotten caught up in all the insurance BS. USAA is trying to remedy this problem and return to the Gold Castle on the hill image that they have carried for so many years.. I've noticed the turn around already...
Additionally, my buddy is a claims adjustor manager at the main office drive up bay - they have an actual drive thru for local residents that can have a claim done and check cut on the spot.. Anyways, he's been to a few meeting on this very thing and they are basically being told that the "customer comes first, no matter what" and it's good to see that returning..
__________________ - Chris
Guess What?? I got a Fever.. And the only prescription is.. MORE COWBELL!
-2011 Blue Wave 2400 Pure Bay / Yamaha F300 4.2 with Command Link Plus
-2003 Sea Fox 195 Bayfisher - Mercury 125 Saltwater Classic (Sold)
-1994 Wellcraft V-20 Step Lift (Sold)
I should have mentioned that USAA no longer writes boat policies above $50K (it used to be $100K) so they use Progressive as the underwriter. When I insured my previous boat (Mirage 32) they ended up farming the policy out to ACE. The quote for $1160 included "Total Replacement Cost" coverage. When I went directly to Progressive they quoted $1150 so USAA is only adding a few bucks. But Progressive looks to have pretty good rates.
Progressive is one of the leading insurers for all recreational vehicles, they offer full replacement on newer boats and fishing eqipment coverage. My policy on a 2003 Sea Pro 195 FR/S with 150 Yamaha is $220 a year
Insurance Quotes: USAA vs BoatUS 
