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Best Boat Insurance.

Old 09-15-2016, 06:24 AM
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Default Best Boat Insurance.

Hello Folks, I have Insurance currently and was OK with the premiums, however this years renewal came with a $289.00 increase, when I called and ask what this increase was all about there answer was, well it was a statewide increase for all. I guess I should see what everyone else is offering, so back to searching for great coverage at reasonable rates. Any suggestions would be great. Thank you all, and fair winds
Old 09-15-2016, 07:02 AM
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I was actually just about to start a thread on this topic. I am interested in better coverage, not necessarily worried about cost but don't want to see my policy double. Maybe if we can all throw out ideas on companies to pursue and the current companies that we use along with notable pros/cons?

For example, Travelers Yacht (boats >30 feet)

This is for an AGREED VALUE policy

Cons:
Property subject to depreciation:
b) protective covers consisting of fabric, plastic, canvas, or similar
c) carpeting, upholstery, cushions, fabric
d) outboard motors, including trolling or auxiliary >5 years of age
e) outdrive power units >7 years of age
f) machinery, including inboard engines, running gear, and equipment >10 years
g) batteries
h) trailers
i) dinghies

Exclusions:
3. Insects, animals, vermin, marine life, mold, mildew, fungus
6. osmosis, blistering, delamination, chemical decomposition or galvanic action

Pros:
My policy is in the North East USA, there is no requirement to haul for storms
Policy is only about $1,000/year for 11/14-4/1 layup, $190,000 agreed value, and 1% deductible
Dinghies are automatically covered albeit it they are actual cash value and not agreed value
Leading edge endorsement increases medical payments to $25,000, towing to $5,000, $500 deductible for electronic and navigation equipment loss/damage, $15,000 personal property with $250 deductible, 50% of haul out for a storm up to $1,000 2x per year

Are there other carriers that have better coverage and do not depreciate outdrives/canvas/etc and have coverage for mold/galvanic action/etc?
Old 09-15-2016, 07:10 AM
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Call an independent agent with access to good brokers and insurance companies with more options. I am in independent agent and we use charter lakes some but their rates aren't always the best. I have had good luck this year going through Safeco. Their rates have been good. I have my boat insured with Erie mainly because I have my other lines of coverage with them. I would advise to never settle for an ACV policy. We generally read all of our companies boat policies annually and pick them apart and ask tons of questions. They're not all the same...
Old 09-15-2016, 08:54 AM
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I live in CT also and Boat US beats everyone for me. Depends on type of boat and where its docked that dictates your premium and also claims. Call them you will be surprised. Boat agreed value 30K no claims and my deductible is down to $50 (goes down every year without a claim) 300,000 liability, fuel spill 939,800, medical 1,000 25,000, trailer 1,500 uninsured 300,000. $313.75 - 62.75(no loss credit) bill $251.
I have over 800 credit score no tickets.
Old 09-15-2016, 09:06 AM
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Originally Posted by trainxxman View Post
I live in CT also and Boat US beats everyone for me. Depends on type of boat and where its docked that dictates your premium and also claims. Call them you will be surprised. Boat agreed value 30K no claims and my deductible is down to $50 (goes down every year without a claim) 300,000 liability, fuel spill 939,800, medical 1,000 25,000, trailer 1,500 uninsured 300,000. $313.75 - 62.75(no loss credit) bill $251.
I have over 800 credit score no tickets.
For a few bucks a year I would increase you medical coverage to the highest limit available. Now days people have higher deductibles on their health insurance and this would help any guest you may have if they get injured on your boat.
Old 09-15-2016, 09:24 AM
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Find a broker who has access to Maritime Program Group who can write in your state.

https://www.maritimepg.com/findabroker.aspx
Old 09-15-2016, 09:56 AM
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Originally Posted by trainxxman View Post
I live in CT also and Boat US beats everyone for me. Depends on type of boat and where its docked that dictates your premium and also claims. Call them you will be surprised. Boat agreed value 30K no claims and my deductible is down to $50 (goes down every year without a claim) 300,000 liability, fuel spill 939,800, medical 1,000 25,000, trailer 1,500 uninsured 300,000. $313.75 - 62.75(no loss credit) bill $251.
I have over 800 credit score no tickets.
but what are the actual terms of the policy? what (if anything) is depreciated or not covered? outdrives? mold? etc
Old 09-15-2016, 09:58 AM
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Great coverage and reasonable rates do not go hand in hand.

I can offer great coverage at above average rates or decent coverage at reasonable rates.
Old 09-15-2016, 10:06 AM
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Mine also went up almost 30% with ZERO claims, Zero tickets/infractions and 800+ credit. Why?? I get crickets from my agent when I inquired. They looked at other policies and they were similar in price with same coverage. No known large claims in my area/state so there is NO GOOD REASON.

Necessary evil that I have little respect for when a claim does come and they have to whip out the checkbook. Screw them for screwing us/me for so long.

PS - mine is with Allstate and done through a local agent who was getting me all the discounts and I have a house with... No cars with them but their rates were crap for cars. I'm always interested in switching and have ZERO loyalty to the scum insurance business
Old 09-15-2016, 10:14 AM
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The only thing I get from this thread is that there is a contingent that thinks they should have cheap insurance that covers anything they feel like claiming is a loss on and that they are entitled to it. And if you don't rush over and kiss their ass the instant they want it, you are scum.
Well, ya know, in a long lifetime I have met many of these types.
They are called 3 year olds.
Old 09-15-2016, 10:16 AM
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Originally Posted by vyper340 View Post
Mine also went up almost 30% with ZERO claims, Zero tickets/infractions and 800+ credit. Why?? I get crickets from my agent when I inquired. They looked at other policies and they were similar in price with same coverage. No known large claims in my area/state so there is NO GOOD REASON.

Necessary evil that I have little respect for when a claim does come and they have to whip out the checkbook. Screw them for screwing us/me for so long.

PS - mine is with Allstate and done through a local agent who was getting me all the discounts and I have a house with... No cars with them but their rates were crap for cars. I'm always interested in switching and have ZERO loyalty to the scum insurance business
You may be surprised how much you can save going direct and removing the agent. Sometimes 50%! Run a quick quote on Allstate.com Just make sure the coverage and terms are the same or better (some older policies grandfather certain clauses/endorsements/etc). Obviously if you've had claims in past 3-5 years don't expect huge savings.
Old 09-15-2016, 10:17 AM
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one thing I have learned over the years in regards to your premium is to not get comfortable, it pays to shop the policy every couple of years. It also keeps your agent on his/her toes to work for whats best for you

trust me that insurance company doesnt give 2 shits if you been with them xxx years they will still increase your premium and or reduce coverage every year.

I had same auto and home policy with one agency and another for the shop (and another collector car policy)
when car and house renewal came in with 30%+ increase for no reason I asked them to shop it they came back with nothing better, so I asked my commercial agent to shop it for me and when I informed my personal agent about this all of a sudden things happened again

have to keep them in check
Old 09-15-2016, 10:21 AM
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Originally Posted by denny-o View Post
The only thing I get from this thread is that there is a contingent that thinks they should have cheap insurance that covers anything they feel like claiming is a loss on and that they are entitled to it. And if you don't rush over and kiss their ass the instant they want it, you are scum.
Well, ya know, in a long lifetime I have met many of these types.
They are called 3 year olds.
don't know what you are trying to say, can you please rephrase ;?
Old 09-15-2016, 10:21 AM
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Originally Posted by vyper340 View Post
Mine also went up almost 30% with ZERO claims, Zero tickets/infractions and 800+ credit. Why?? I get crickets from my agent when I inquired. They looked at other policies and they were similar in price with same coverage. No known large claims in my area/state so there is NO GOOD REASON.

Necessary evil that I have little respect for when a claim does come and they have to whip out the checkbook. Screw them for screwing us/me for so long.

PS - mine is with Allstate and done through a local agent who was getting me all the discounts and I have a house with... No cars with them but their rates were crap for cars. I'm always interested in switching and have ZERO loyalty to the scum insurance business
Maybe they are trying to get out of the business in your area. I know of another company that did that in Florida with boats, and another one that recently did that with cars.

To be licensed for "all lines" you need to sell all products, I don't believe it specifies that people actually have to buy them.
Old 09-15-2016, 10:23 AM
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Originally Posted by vyper340 View Post
Mine also went up almost 30% with ZERO claims, Zero tickets/infractions and 800+ credit. Why?? I get crickets from my agent when I inquired. They looked at other policies and they were similar in price with same coverage. No known large claims in my area/state so there is NO GOOD REASON.

Necessary evil that I have little respect for when a claim does come and they have to whip out the checkbook. Screw them for screwing us/me for so long.

PS - mine is with Allstate and done through a local agent who was getting me all the discounts and I have a house with... No cars with them but their rates were crap for cars. I'm always interested in switching and have ZERO loyalty to the scum insurance business
some times its not about you. its about computer algorithms, others like you, location and storm/loss probability, etc. some times wholesale decisions are made and they don't look at or consider the individual's history.
Old 09-15-2016, 11:04 AM
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Understand all those issues and most are valid - just don't like being raked, gouged and taken for granted which is why I have no loyalty to insurance companies or most banks for that matter. In my business relationships matter as do results/dollars but it would seem that over the last few decades that has morphed towards the almightily dollar over anything else (at least for insurance/banking - and I have clients in that space that I consult so I have a perspective based on reality).

FYI and sharing for what the bulletin board is all about... don't need a "lesson" from other "experts" (preferred)
Old 09-15-2016, 11:04 AM
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Charter Lakes has been good to us. No experience with claims handling, though...
Old 09-15-2016, 11:20 AM
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Originally Posted by joshs View Post
You may be surprised how much you can save going direct and removing the agent. Sometimes 50%! Run a quick quote on Allstate.com Just make sure the coverage and terms are the same or better (some older policies grandfather certain clauses/endorsements/etc). Obviously if you've had claims in past 3-5 years don't expect huge savings.
Great idea. Thanks
Old 09-15-2016, 12:03 PM
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Originally Posted by rkmurphy526 View Post
Charter Lakes has been good to us. No experience with claims handling, though...
And how is their policy worded? What about the points that I mentioned?
Old 09-15-2016, 12:48 PM
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Got bare bone liability and md.

Marina "requirement"


Pay $100 / year

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