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Impossible to get umbrella policy because of boat speed?

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Impossible to get umbrella policy because of boat speed?

Old 07-28-2020, 09:37 AM
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Default Impossible to get umbrella policy because of boat speed?

I am having a heck of a time getting a new umbrella policy due to boat speed. From what I am finding through the agents 60mph is the maximum speed they will insure. There has to be someone out there that will write a policy for boats that go faster than 60mph? Anyone have any leads?

I've tried, Chubb, ASI, Auto Owners, Geico, Progressive, Hudson...
Old 07-28-2020, 10:03 AM
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How they know how fast your boat goes ? Tell them you had it limited to under 60?
Old 07-28-2020, 10:09 AM
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Change the prop
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Old 07-28-2020, 10:11 AM
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How would they know? Progressive never asked me with a DF350 and 24ft bay boat.
Old 07-28-2020, 10:14 AM
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Charter Lakes
Old 07-28-2020, 10:16 AM
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Originally Posted by jj1987 View Post
How would they know? Progressive never asked me with a DF350 and 24ft bay boat.
Mine never asked me either but boats capable of exceeding 60 MPH are specifically excluded from coverage under the listed exclusions.
Old 07-28-2020, 10:20 AM
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Mine is through state farm. It disallows boats used in speed contests or racing, but says nothing about a minimum maximum speed capability, as long as underlying limits for the boat itself are met.

Last edited by autobaun70; 07-28-2020 at 10:54 AM.
Old 07-28-2020, 10:36 AM
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Worldwide Marine Underwriters | Boat Insurance Agent Grand Ledge

Ask for Bob. He's big in the bass boat community so he definitely has experience with 60mph boats.
Old 07-28-2020, 11:00 AM
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State Farm insured my 2 previous boats that went close to 80 MPH. Current boat is insured by Boat Us/Geico and can go 70+ MPH. I was never asked how fast any of these boats went, just how much HP.
Old 07-28-2020, 11:43 AM
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Geico boat insurance and a Geico umbrellas policy should be doable.
Old 07-28-2020, 11:48 AM
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Allstate didn't have a speed issue either. Where are you located?
Old 07-28-2020, 11:56 AM
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You can also post this question on the many Performance Boat websites. Offshoreonly, screamandfly, riverdavesplace, etc. Most of the boats on these sites idle faster than most boats top speed on THT. There are a lot of insurance companies that insure these performance, poker run, and generally just fast boats.

Just the other day, Riverdavesplace had video of a 1700hp 19’ Jet Boat. I cannot help but wonder what the insurance premium is for that?
Old 07-28-2020, 12:04 PM
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I was with Geico when I had my flats boat that ran much faster than 60mph. They asked what horsepower was on it, I told him. They had the rating sheet from the manufacture on his computer. After we wrote up policy and he got my check, he asked so how fast is the boat with a 300. I told him 74-75 and he said nothing other than damn that’s hauling the mail, I had the same policy for seven years without any issue.
Old 07-28-2020, 12:43 PM
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Originally Posted by 6104696 View Post
Mine never asked me either but boats capable of exceeding 60 MPH are specifically excluded from coverage under the listed exclusions.
Seems to me the smart thing would be to increase the boat's policy to mitigate the shortcomings of the umbrella policy. You might look for excess insurance for the boat; that is insurance that pays when limits on the boat are maxed. The difference between excess and Umbrella is that excess follows form, so would only apply to your boat.
Old 07-28-2020, 12:45 PM
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About 15 years ago I had an umbrella with Farmers and an Allison that did 102.
They never asked.
Old 07-28-2020, 01:24 PM
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Originally Posted by 6104696 View Post
Mine never asked me either but boats capable of exceeding 60 MPH are specifically excluded from coverage under the listed exclusions.

I bet a lot of people never check the small print for exclusions and believe they are insured when they're not. Just because an insurance company doesn't ask something doesn't mean they're happy to cover it, especially if they know they have a get-out exclusion on the policy. A bit like 'overpowering' a boat - you'd probably come unstuck on a boat with a max of 400hp if you just tell the insurance company 'it has 500hp' rather than saying 'it has 500hp which is 100hp of the boat's max rating - are you OK with that?'
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Old 07-28-2020, 01:31 PM
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Call Stacy Hanlon at Wake Zone Insurance or go on their website and fill out a quote form.

High Performance Boat Insurance Experts

Do you need boat insurance or an umbrella policy? Do you have boat insurance but can't get an umbrella??

Stacy started on Offshoreonly.com and has had all my boats since 2008.

Thanks
Old 07-28-2020, 01:43 PM
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Let's hope most of you don't have a claim. If you read most policies there is a definite speed exclusion...just because your agent may have sold you the coverage doesn't mean you won't have an E&O or dec action...
Old 07-28-2020, 01:55 PM
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If you are in Florida Allstate will write you no problem but our max boat value is 175k. If you have any questions you can message me as I am an agent. The mods will take this down I believe if I list a phone number.
Old 07-28-2020, 02:19 PM
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Originally Posted by FusionZ06 View Post
Let's hope most of you don't have a claim. If you read most policies there is a definite speed exclusion...just because your agent may have sold you the coverage doesn't mean you won't have an E&O or dec action...
I'm in the insurance business and I have never seen a speed restriction spelled out in any policy. Not saying there are none just saying I have never seen one.

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