Insurance Coverage Options

[PJ73]

I pay $495 for full "agreed value" coverage on my 2019, 212X with Allstate.

 

[Stevenpigsooie]

It’s difficult to accurately compare. Besides the coverage chosen, multiple policy discounts, and deductibles, location is perhaps more important. Also, many companies are using your credit score to assess risk.

 

[drewkaree]

I switched from BoatUS to BIA (Boaters Insurance Agency) http://bia.us/ on the new boat. BoatUS rates kept creeping up each year. I checked with SkiSafe, Progressive, SF and a few others but BIA had the best quote this time so chose them. Quotes will vary from person to person and location plays a huge role so it’s best to just fill out a quote with many insurance companies and go from there.

thanks to this thanks to this thread and your info, they quoted me the best price and coverage of any of the other four companies I was looking at - currently have several Vehicles insured through Progressive, and their quote was almost $300 a year more than Bia

 

[lddv1224]

Geico Marine

Agreed Value 27k
Trailer 2K
Liability 300k
Med Payments 5K
Deductible 250

Premium $364

 

[drewkaree]

It’s difficult to accurately compare. Besides the coverage chosen, multiple policy discounts, and deductibles, location is perhaps more important. Also, many companies are using your credit score to assess risk.

I was able to use similar limits, if not identical, to get a baseline idea for what was available to me. From there, I was able to weed out the non-contenders, and tweak things to my liking. For a good example - I currently have SEVEN vehicles insured through Progressive, and with identical limits and absolute crap limits on personal effects or fishing equipiment, their quote was $302 more than the least expensive. They were instantly out of the running, given that it seems that no consideration was given to me being with them for multiple other policies, that I haven't had a claim since I've been with them (10+ years). This seriously made me mad enough to look at other insurance companies for those 7 vehicles, and if I COULD find a better price on them, I'd drop them in a heartbeat. I'm going with BIA because of their towing, and their price WITH higher medical limits is lower than all but one other company (and that company was more expensive when bumping up medical from $2,500 to $10k to compare with BIA). All in all, I'm pretty happy with what I stumbled across, thanks to you guys! For the cost, shown below, I'm satisfied. I'm currently waiting to see the difference in cost if I go up to $500,000, and I'll decide at that point which limit I'm gonna commit to.

 

[Stevenpigsooie]

I was able to use similar limits, if not identical, to get a baseline idea for what was available to me. From there, I was able to weed out the non-contenders, and tweak things to my liking. For a good example - I currently have SEVEN vehicles insured through Progressive, and with identical limits and absolute crap limits on personal effects or fishing equipiment, their quote was $302 more than the least expensive. They were instantly out of the running, given that it seems that no consideration was given to me being with them for multiple other policies, that I haven't had a claim since I've been with them (10+ years). This seriously made me mad enough to look at other insurance companies for those 7 vehicles, and if I COULD find a better price on them, I'd drop them in a heartbeat. I'm going with BIA because of their towing, and their price WITH higher medical limits is lower than all but one other company (and that company was more expensive when bumping up medical from $2,500 to $10k to compare with BIA). All in all, I'm pretty happy with what I stumbled across, thanks to you guys! For the cost, shown below, I'm satisfied. I'm currently waiting to see the difference in cost if I go up to $500,000, and I'll decide at that point which limit I'm gonna commit to.


View attachment 93032

Good post. I got several quotes as well and Geico was best for me. I meant it’s difficult for us to compare among one another on the forum.

 

[drewkaree]

Ah, I gotcha

Yeah, given differing ages, length of boat ownership, geographic location, etc... I agree with you that it's difficult to compare. I really appreciate the info of what folks carry, and the stories that sometimes go along with these threads.

 

[FireFighterHill]

I switched from BoatUS to BIA (Boaters Insurance Agency) http://bia.us/ on the new boat. BoatUS rates kept creeping up each year. I checked with SkiSafe, Progressive, SF and a few others but BIA had the best quote this time so chose them. Quotes will vary from person to person and location plays a huge role so it’s best to just fill out a quote with many insurance companies and go from there.

You saved me at least 300 bucks. They were alot cheaper than everyone else and better coverage to boot!

 

[haknslash]

Awesome man glad to hear! @FireFighterHill

 

[Julian]

Does BIA cover the Bahamas?

 

[Jeel]

Yeah I pay $1000 a year for the same coverage on my new 242. I think it's high because we live in Florida. Interesting side note, my previous boat was a '13 242, worth less than half the money, and my premium before was over $800! Progressive

Im getting screwed in NJ too , but im used to that , between property taxes and car insurance...$945 for the boat and i have a 2017 and 2018 waverunner , total premium $1448

 

[haknslash]

Does BIA cover the Bahamas?

I’m not sure. My policy doesn’t cover it but I can’t remember when I set it up if I stated that I was only using it on lakes in the US since it was a wakeboat. I know they cover yachts and cruisers so perhaps they offer into the Bahamas as well. I don’t think my BoatUS/Geico covered me into Bahama’s either.

This is what my policy says but again not sure if I specified no gulf or ocean use when I set it up.

 

[jamesk]

Boat US $456.... Agreed Value...500k/500k coverage. 17sx210

Had Encompass / Allstate with last boat. THEY SUCK!!!
My boat was damaged by a forklift at a marina they spent almost 2 years denying the claim and saying it was a "Manufacturer's Defect".
Worst company I have ever done business with!

 

[OCMD]

Sad story, slightly off topic but just a warning all should heed. Get that umbrella policy for a million. Cost is insignificant. I have a client. 2 weeks ago some idiot fell asleep coming off a ramp onto the interstate. She is driving her kid's raised pick up. The vehicle slices under the truck and flips it. Client's been in ICU for 2 weeks and is expecting 6 months rehab. Horrible injuries. 4 years ago, on another case she had a wreck (yea,lucky girl) after it was over I told her she needed to jack up her PIP coverage and her UIM coverage on her vehicle. (uninsured/underinsured) in case this occurs again and she is hit by some dirtball with minimal or no coverage and seriously hurt. Well, it occurred. The dude only has 100k coverage. The insurance company will cough that up in a heartbeat. Then, I can proceed against her underinsured coverage for all amounts over over 100K. Guess what? She didn't listen and she only has 50K underinsured which is useless and she can't touch it. If she would have listened and had that million dollar umbrella policy, I'd be loooking at getting her another 900K. Now she is screwed. The health insurance lien is going to eat up all the settlement funds absent my negotiation for some of it. And this idiot driver after an asset search was done, has nothing but a house mortgaged MOSTLY to the hilt, but I will go after any equity. Moral of the story. Pay the extra few hundred for that huge excess coverage. You may need it. And if the unforeseen occurs, someone can't come in and take your assets, as you have plenty of insurance. And your lawyer will certainly appreciate it! 1/3 of zero is zero. Do the math. Get the extra insurance. Make your lawyer happy, when the unfortunate occurs, lol. Seriously - everyone out on this site should have an umbrella policy. It is worth every cent, as my girl now realizes.

 

[gwrace1]

For our boat here in south Texas the highest quotes were from Amica, State Farm and All State. $600-800 per year for the 195S.
Received very competitive quotes from Progressive, Voyager Insurance and BIA. $100-$489 per year dependent on deductibles and coverage. With 300K in liability and uninsured boaters. 25000 medical, Total loss replacement, $250 deductibles, disappearing deductibles, unlimited onwater towing, coastal navigation, road side assistance, replacement personal effects $2000, full trailer coverage. Annual cost of $481 with Progressive. We also have multiple cars insured with Progressive. Agreed value 45K

 

[Bluewater272]

Sad story, slightly off topic but just a warning all should heed. Get that umbrella policy for a million. Cost is insignificant. I have a client. 2 weeks ago some idiot fell asleep coming off a ramp onto the interstate. She is driving her kid's raised pick up. The vehicle slices under the truck and flips it. Client's been in ICU for 2 weeks and is expecting 6 months rehab. Horrible injuries. 4 years ago, on another case she had a wreck (yea,lucky girl) after it was over I told her she needed to jack up her PIP coverage and her UIM coverage on her vehicle. (uninsured/underinsured) in case this occurs again and she is hit by some dirtball with minimal or no coverage and seriously hurt. Well, it occurred. The dude only has 100k coverage. The insurance company will cough that up in a heartbeat. Then, I can proceed against her underinsured coverage for all amounts over over 100K. Guess what? She didn't listen and she only has 50K underinsured which is useless and she can't touch it. If she would have listened and had that million dollar umbrella policy, I'd be loooking at getting her another 900K. Now she is screwed. The health insurance lien is going to eat up all the settlement funds absent my negotiation for some of it. And this idiot driver after an asset search was done, has nothing but a house mortgaged MOSTLY to the hilt, but I will go after any equity. Moral of the story. Pay the extra few hundred for that huge excess coverage. You may need it. And if the unforeseen occurs, someone can't come in and take your assets, as you have plenty of insurance. And your lawyer will certainly appreciate it! 1/3 of zero is zero. Do the math. Get the extra insurance. Make your lawyer happy, when the unfortunate occurs, lol. Seriously - everyone out on this site should have an umbrella policy. It is worth every cent, as my girl now realizes.

That's interesting, I didn't realize that Umbrella would pick up for UIM coverage. I carry a 1M policy just in case shit happens between driving, the boat, having a rental property, etc - but didn't know it would cover something like this.