Insurance premium?

[haolegirl70]

We have received quotes from Geico, Progressive and NBOA and NBOA is a fraction of the others and with more coverage (except total loss which is less). Curious who others use. Can't wrap my brain around how NBOA is so much less, like $1000 less/year.

 

[captainhook]

Well my insurance went way up the past couple of years and I thought was expensive at $548/year with Geico. I’ve switched to Erie which is $404/year. Your quotes seem astronomical if the delta can be $1000.

 

[haolegirl70]

Well my insurance went way up the past couple of years and I thought was expensive at $548/year with Geico. I’ve switched to Erie which is $404/year. Your quotes seem astronomical if the delta can be $1000.

Could the fact that it's new be why? Geico is quoting $1500/year, progressive $1400/year and NBOA just $580/year.

 

[captainhook]

I’m sure yours would be more than my older boat but that still seems very high. Try Skisafe also.

 

[Beachbummer]

I'm switching to NBOA as we speak. SkiSafe was awesome, but they are removing the named storm coverage in my area, and that is a very likely scenario for me, so that drop in coverage makes it worthless in my situation.

 

[tdonoughue]

Location is very important to insurance rates. I note that OP does not have a location in the profile, so may not have the same rates. For example, we know that FL has much greater losses and much higher premiums (due in no small part to the storms that have hit that area). Age of boat, experience of captain, credit rating of owner--all have an effect. So, good question, just be aware of all of the variables...

 

[HangOutdoors]

Doesn't your homeowners company offer boat insurance? I insure my house through AAA, my vehicles and my boat and get discounts on all of them. Boat is now $459 per year for dollar amount/replacement value which can be much higher than what you owe. Basically on my boat that is the price of a new AR210 in the current model year. Also I have 10k of riders now on it for gear, mods, additions, fishing equipment and anything else for the boat including watersports equipment. Finally I have $500,000 liability in case of accident.

 

[haolegirl70]

Doesn't your homeowners company offer boat insurance? I insure my house through AAA, my vehicles and my boat and get discounts on all of them. Boat is now $459 per year for dollar amount/replacement value which can be much higher than what you owe. Basically on my boat that is the price of a new AR210 in the current model year. Also I have 10k of riders now on it for gear, mods, additions, fishing equipment and anything else for the boat including watersports equipment. Finally I have $500,000 liability in case of accident.

Never even occurred to me to inquire into homeowner's insurance. I will call them tomorrow. Thank you!

 

[haolegirl70]

Location is very important to insurance rates. I note that OP does not have a location in the profile, so may not have the same rates. For example, we know that FL has much greater losses and much higher premiums (due in no small part to the storms that have hit that area). Age of boat, experience of captain, credit rating of owner--all have an effect. So, good question, just be aware of all of the variables...

We are in FL but we have friends who have a 100k boat, only a year old and they pay $500/year with a $5000 deductible. Just can't figure out why Progressive and Geico are sooo high, especially when NBOA is only $580. I just feel like some big coverage is missing with NBOA. Such as, with Skisafe, they don't cover theft but Progressive and Geico do.

 

[HangOutdoors]

Progressive and Geico are junk insurance companies. Always have been. The will virtually take anyone, hence higher premiums across the board. You take your trash policies, (i.e., poor credit, DUI's, home in shit neighborhoods, etc. etc.) and then even that out with charging a bit more on your premium policies. What Geico and Progressive do very well is marketing, they are masters at it. That is how they started for people with less than optimal situations. My ex brother in-law was an executive at Progressive. I have checked rates with both of them and laughed my ass off with the identical coverage through AAA, State Farm, Citizens, etc.

FYI my deductible is $500, only if it was my fault on the boat. So Act of God or if it blows up, or theft. No deductible. They also throw in roadside for the trailer, if it breaks down. Same as my Auto's through their membership. I have filed several claims on vehicle and 1 on home and the experience was fantastic and the premiums didn't go up.

Part of the deals and discounts is because I do it all through them. Home, Auto, Boat and Roadside. Also They offered me $250,000 life insurance, which I already have an excess of $1 million, so the Admiral and kids can keep going on without me, for $199 per year. So yea I added that on as well. I deal with one agent and anything I need he takes care of.

EDIT: Throw "The General" in there as well, another junk insurance company.

 

[HangOutdoors]

I wanted to caveat my previous post. Progressive is good for a lot of people and is not a bad insurance company. They just don't compete in MY scenario, not even close. The good thing is that almost anyone can get insurance which is important for different things so I commend them, Geico, "The General", etc. at providing creative insurance programs for different people through all stages of life. I won't discount those things, they are important.

But what I have found is that by covering multiple things, where I live in Michigan, with my credit, income, area I live in, home, boat, auto's, life, towing and the specific coverages and riders I have on personal property, computers, Jewlery, tools and deductible, etc..... They cannot even come close to what I am paying. Also my Agent is about 3 miles away so if there is a big problem, which there hasn't been, I can drive over there and we can get it squared away.

I wanted to provide some clarity to my initial post and hopefully not discourage anyone from looking at all possible avenues for their own personal scenario. I will say be very diligent on understanding on exactly what you are paying for and the context and parameters of the policy and what it will and what it won't cover. I have seen it before where someone has a good price on insurance and is basically hung out to dry if something happens. On 40k -90k boats, it is a lesson you don't want to learn the hard way. Read everything on the policy especially the exclusions.

The neighbor with the Monterey had his boat stored in a yard and a heavy tree branch fell on it. His insurance company covered him for theft, damage while in his possession or operating or while stored at his house, slip, or in a marina dry storage/rack. Didn't cover it basically be parked in a parking lot. The damages wasn't much, about $1,500 he said but he changed insurance companies and made sure the exclusions were very clear.

Also another good thing. If you store your boat during an off season, verify with your insurance company your covered for Theft, Damage both intentional and non-intentional, Rodent/Animal Damage, Environmental Damage, etc., etc. Also some may make a distinction between a Professional Service/Company (that does this as a business), and some dudes barn who rents you some space. You may be surprised if you don't read through it all. I am just went through this with my insurance company and was asking more questions than the Riddler and having him send over the documentation that clarifies each point, since I am considering storage soon. That makes me sleep better. I have enough surprises with family, kids and work. Don't need them with my insurance company when shit hits the fan.

 

[slickstick]

We have received quotes from Geico, Progressive and NBOA and NBOA is a fraction of the others and with more coverage (except total loss which is less). Curious who others use. Can't wrap my brain around how NBOA is so much less, like $1000 less/year.

I've never heard of NBOA but sounds like I need to get a quote. Does anyone have experience working with them?

I called Progressive, Allstate (my homeowners), and US Boat (Geico) and they were all similar. I ended up going with progressive which is $1,300/year. 2019 212X, Orlando, $100,000/$300,000 liability, with a $1,000 deductible. My record is clean.

 

[Yambers]

Not sure this will be helpful because everyones situation is different, but I received a quote from State Farm for about $550/yr for a 1 year old AR240. Granted, I have home and auto through them as well. Thats 5 cars that are less than 3 years old, and 2 of them driven by daughters under 25.

State Farm has always been good to me. I originally switched to them during my motorcycle days because the rates on sport bikes was crazy low compared to other companies. They are big enough to keep rates low and deductibles low. Worth a shot if State Farm is available to you.

 

[HangOutdoors]

@Yambers I had State Farm, great Company. I switched from them about 6 years ago when AAA gave me better rates. I do check every year though with them to see where they are at with pricing on my scenario. If it was sizeable I wouldn't have a problem switching everything back to them.

We have a 15 yr old whom will be 16 yr. old in the household next February. I am sure we will feel it, but have heard that lately State Farm has been great with younger drivers in the household and premiums.

 

[Yambers]

@HangOutdoors I have a 16 yr old daughter who is about to be licensed. I feel your pain. Lol. State Farm did great in rates for the other 2 daughters, on my plan of course. Rates seemed so low I ha e never even looked elsewhere. Also due to their customer service and reliability. I fear getting stuck with a crap company.

For the record, I am the only human male in this house (male dogs), and I am lucky we only have 1 totalled car so far.. which wasnt her fault, thank goodness. No offense to female drivers.. It was a male who hit her. Lol

 

[Lawman25]

We have received quotes from Geico, Progressive and NBOA and NBOA is a fraction of the others and with more coverage (except total loss which is less). Curious who others use. Can't wrap my brain around how NBOA is so much less, like $1000 less/year.

I have American Family for my boat and pay about $400 a year with a $100 deductible. Their payout for a total loss is greater than book value of the boat, I know this because it's stated what the total loss value is in the policy, I remember being surprised when I signed up. Last year the bracket on my spare tire cracked while on the road, the tire came off, bounced and went down the side of the boat, $2500 in damage. I called and filed the claim, adjuster was out the next day. I showed him on a trailer parts website the cost of the tire, rim, and bracket, he had a printer in his car and immediately cut me a check for those items minus my deductible. Then I took it to a fiberglass shop, they sent him the estimate, and by the end of the week I had another check in the mail for that amount. Couldn't have been easier, and when renewal time came around, my rates actually went down a little bit.

 

[HangOutdoors]

@Lawman25 Fantastic. That is Customer Service. It is hard to put a dollar amount on that kind of customer service. Your rate is great as well.

 

[Lawman25]

@Lawman25 Fantastic. That is Customer Service. It is hard to put a dollar amount on that kind of customer service. Your rate is great as well.

Absolutely! I honestly anticipated having to argue with them over it because of the circumstances, with it being the spare tire off the trailer, being on the road not in the water.....etc. Nope, told them what happened over the phone, told the adjuster the same thing, he looked at it and never questioned anything. I was even honest with him about a couple small scratches that were already there and he replied, "I'm not gonna nitpick what might have been there and what might not have, we'll just have them fix everything on this side. I was shocked

 

[mrcleanr6]

Check travelers also. They were far cheaper with better coverage than prog and geico. My 232 limited is about $350 a year

 

[Canuckjetboater]

Doesn't your homeowners company offer boat insurance? I insure my house through AAA, my vehicles and my boat and get discounts on all of them. Boat is now $459 per year for dollar amount/replacement value which can be much higher than what you owe. Basically on my boat that is the price of a new AR210 in the current model year. Also I have 10k of riders now on it for gear, mods, additions, fishing equipment and anything else for the boat including watersports equipment. Finally I have $500,000 liability in case of accident.

@HangOutdoors ......respectfully I wouldn't ride a lawnmower with less than one million 3rd party liability....and that is in Canada with far less litigation than the U.S.A. I carry two million 3rd party liability on house, boat and vehicles. Doesn't add much but IMO (respectfully) $500K is just a short hospital stay - then they are after your house - or am I missing something and just out to lunch?