Insurance thread

[Julian]

Just got my first quote from State Farm on the 242x ($72K insurance plus 3k personal property--need to ask them about the trailer)....$1339. Seems high to me, so I'm going to call BoatUS and see what they have to say.

As I said above, where you boat and where you live makes a big difference in your rates (if you live in MN, your boating season is only 3 months while Florida is 12 etc).

 

[Julian]

BoatUS just gave me an identical quote for $731.....

 

[davel501]

BoatUS just gave me an identical quote for $731.....

Their yacht policy is really where it is at. Be sure to look into that before you pull the trigger, especially if freezing is a concern.

 

[Julian]

Their yacht policy is really where it is at. Be sure to look into that before you pull the trigger, especially if freezing is a concern.

These boats hold no water (except in ballast bags or shower tanks) so I'm not worried about freezing....that is one of the reasons I'll not go back to an I/O or OB

 

[Julian]

Also, this is for 500k liability, med payments 5000, 1000 deductible, 3000 personal property coverage and me and my wife covered. Replacement cost. 69K for the boat and 3000 for the trailer. BoatUS did have a budget insurance quote at $441 (wasn't replacement cost). I'll be talking to my Allstate agent tomorrow. This is also for lakes and coastal US waters and watersports coverage.

 

[Bill D]

Seems reasonable @Julian. Mine is around $400 and your boat is worth double, so make sense that the insurance would be double. Lol

 

[Matt Phillips]

I have everything insured with State Farm -- except the boat -- which is through BoatUS. When I showed my agent State Farm Agent my BoatUS quote, he said, "that's better insurance than I can get you through State Farm as State Farm really isn't in the Boat insurance business." I pay about $360/year with diminishing deductibles on BoatUS.

I too have an umbrella policy with State Farm, and they just ask for a copy of my annual insurance paperwork for the umbrella. I believe my limits are at $300k.

 

[fireflymedic]

I tried to get a quote on line for a mistical boat (I don't have one yet but needed to know ins. Cost to determine how much I could afored for the boat) they ask for horse power and top speed. Yamaha does not make that info available do we just guess? what if we are wrong will it jerperdise the ins.?

 

[Julian]

So called my State Farm office (I was talking to the folks at their 800 after hours number before), and they redid the quote and its now $730! So dont deal with State Farm's after hours quotes!

 

[Devildog]

I have Nationwide and pay close to $500 per year. I switched all of my policies to Liberty Mutual last year and they saved me a boatload (no pun) on my house and 3 cars. But dang, the boat policy was almost $900 per year. So I kept that with Nationwide. If u guys have not shopped around for all of your policies, do so. My home policy was reduced by 30%. It's like getting a pay raise . Takes a little work to switch but could be worth it.

 

[Julian]

I tried to get a quote on line for a mistical boat (I don't have one yet but needed to know ins. Cost to determine how much I could afored for the boat) they ask for horse power and top speed. Yamaha does not make that info available do we just guess? what if we are wrong will it jerperdise the ins.?

My boat is 360hp per Yamaha (for insurance purposes theyes have to disclose HP)

 

[haknslash]

I'm also calling around for insurance rates. We have all of our autos and home insured through State Farm. I called them to get a quote and I could immediately tell they don't know jack about boat coverage. Lady said she will call me back with a quote. Anytime someone in the insurance agency has to call you back for the qwuote its never a good sign lol. She didn't ask for things that she needs to know like how much liability coverage and property coverages, fuel spills, etc.

I then called BoatUS and thankfully they get straight to the pont. I was quoted $377/year for my 2016 AR192 with $500k liability ($390 deductible), $939,800 fuel spill coverage, $3,000 for the galvanized trailer ($50 deductible), $3,000 personal property + $24/year for BoatUS membership.
. Seems pretty reasonable. If I knocked down my personal property to $1,000 then my premium would be $352 but I figured the extra $20 a year for more personal property coverage was worth it. Has anyone ever had to file a claim with BoatUS and if so, how good of a job did they do taking care of you?

 

[Julian]

I called them to get a quote and I could immediately tell they don't know jack about boat coverage

If you called their 800 number vs your State Farm rep...then yes...you deal with people who don't know what they are doing. My rep was on it right away and gave a reasonable quote for my boat (matched what others were saying).

 

[haknslash]

If you called their 800 number vs your State Farm rep...then yes...you deal with people who don't know what they are doing. My rep was on it right away and gave a reasonable quote for my boat (matched what others were saying).

I called my local rep. Still haven't heard back from them though. The lady I spoke with seemed annoyed by the questions she had to ask me and she never asked for how much liability I wanted or other important factors that make up the premium.

 

[bumpy]

I'm also calling around for insurance rates. We have all of our autos and home insured through State Farm. I called them to get a quote and I could immediately tell they don't know jack about boat coverage. Lady said she will call me back with a quote. Anytime someone in the insurance agency has to call you back for the qwuote its never a good sign lol. She didn't ask for things that she needs to know like how much liability coverage and property coverages, fuel spills, etc.

I then called BoatUS and thankfully they get straight to the pont. I was quoted $377/year for my 2016 AR192 with $500k liability with a $390 deductible, $939,800 fuel spill coverage, $3,000 for the galvanized trailer with a $50 deductible, $3,000 personal proerty + $24/year for BoatUS membership. Seems pretty reasonable. If I knocked down my personal property to $1,000 then my premium would be $352 but I figured the extra $20 a year for more personal property coverage was worth it. Has anyone ever had to file a claim with BoatUS and if so, how good of a job did they do taking care of you?

I have filed 2 prop strike claims and 2 fiberglass damage claims with them over the past 25+ years; in all cases they were fast and very fair. I won't go anywhere else.

 

[brockhals]

I just got a BoatUS quote for my Crownline. We're moving to FL so I need to check around anyway, but it was $1,900 per year for $45,000 "agreed value". I currently pay $500 a year for the same coverage thru state farm

 

[Julian]

I just got a BoatUS quote for my Crownline. We're moving to FL so I need to check around anyway, but it was $1,900 per year for $45,000 "agreed value". I currently pay $500 a year for the same coverage thru state farm

Keep in mind that there are MANY factors included in boat insurance policies like:

1. Where do you live-up north the boating season is half the length of Florida's season...so in effect 1/2 the price
2. What type of water will you be boating on - Boating on an inland lake is safer than boating on the ocean. As such it is cheaper to get an inland lake policy than an Ocean Policy. Great lakes policies are more expensive than non-great lakes ones....and so on.

 

[haknslash]

I forgot to mention but that quote I got from BoatUS was for inland US use and coastal use in US and Canada.

 

[bumpy]

I forgot to mention but that quote I got from BoatUS was for inland US use and coastal use in US and Canada.

Mine is as well.

 

[haknslash]

Got the quotes back from State Farm. Nearly twice the premium compared to BoatUS.

Valued the boat, trailer and operational gear at $45k, $300,000 liability and $5000 medical with $500 deductible = $733 / year.
Same coverage but with $100,000 liability and it was $694 / year.

Yea I think I'll be using BoatUS unless I can find it cheaper with good service reputation.