Insurance thread

[Julian]

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.

That is crazy....that is the same as my quote for a $72K boat/trailer....and mine is for lakes and coastal waters.

 

[JeffC]

My agent insured mine through Progressive because she said it was the cheapest. She also added the boat to my umbrella which is with NY Central Mutual.

Progressive is charging me $473 for 500k per incident and $500 deductible.

 

[haknslash]

That is crazy....that is the same as my quote for a $72K boat/trailer....and mine is for lakes and coastal waters.

Yea my thoughts as well when I opened the email quote. I don't think I'm even going to bother calling her and saying "thanks, but no thanks"!

Maybe when I told her it was a inboard jet ski engine, she literally thinks I have a Rolls Royce jet engine in there or something

 

[dansshin]

For your boat insurance, how often does your premium change? I got my boat last year and had it insured with Geico for $368 and this year same coverage is $406 which is 10%+ increase. I had no claims or anything so was bit surprise at the increase in the short time I had it.

 

[Rob9550]

2015 AR240 with Progressive for $381 for the year.

 

[Julian]

Yea my thoughts as well when I opened the email quote. I don't think I'm even going to bother calling her and saying "thanks, but no thanks"!

Maybe when I told her it was a inboard jet ski engine, she literally thinks I have a Rolls Royce jet engine in there or something

I think they mis-quoted you....unless you have tons of claims? You probably need a new agent!

 

[haknslash]

Nah no claims except for some hail damage on my truck a year ago. We've been with this agent for years and their rates have always been about average, not great but not horrible. But like I said she didn't sound like she knew what she was talking about and very annoyed with all the mandatory boat related questions they have their agents ask. I've had to deal with her before on my bikes and I've had to spell everything out for her regarding type of motorcycle, engine, exact model, etc.

We probably could use some new SF agents but I've been using these people for over 32 years.

 

[NoProb]

I'm with Allstate, and while they are pretty clueless when you ask them about boat policies, they had a decent price.

Attached is my policy. At a high level full coverage 40k with 300k liability. Price $410.20, if you pay in full only $371.42.

 

[dansshin]

I'm with Allstate, and while they are pretty clueless when you ask them about boat policies, they had a decent price.

Attached is my policy. At a high level full coverage 40k with 300k liability. Price $410.20, if you pay in full only $371.42.

That is good price and that's where I was with Geico with similar coverage before they decided to raise it this year but I don't think yours is Guaranteed Hull Value meaning they take depreciation from the boat when they have to payout.

 

[haknslash]

Decided to go with BoatUS. I didn't realize when I got the quote but he quoted me in their Yacht policy which is the top of the line level with agreed value on the boat and trailer. Premium came to $375/year.

They also offer a separate policy for towing which I will be getting at some point. I think she said its $75/year so not bad if you ever need a tow which prices are huge for that.

 

[waternutt]

Thread revival...searching around for insurance and it seems my quotes are coming out a bit higher than most on here (generally over $1000/yr). Would it be due to the fact that this is the first boat I have owned even though I have previous boating experience?

Also, what value do you use for a new boat...MSRP or what you paid? I think MSRP would keep you safe from a replacement cost perspective.

 

[fireflymedic]

Mine was around 800 it may be a fla. Thing (I know on motorcycles that is the case) as we can boat 12 months out of the yr. You can take a free boating online class. I think that gets you a discount . I could tell the agent wanted me to say I had boting experience but I wasn't willing to lie.

 

[zipper]

Our rate is based on boats value, being a 10 y.o., we paid $119/yr last year and $111/yr now. value $21k., stock boat no mods.

 

[BoaterGuy]

$400/year for mine through skisafe. They've been great. They don't cover offshore though..

 

[Devildog]

Much like many other people, I am around $390 from Nationwide.

 

[adrianp89]

Best rate I have gotten so far is $700 for basically the minimum - any other input from FL?

 

[Ernie]

I have everything with SF House, truck , car, boat. When I called to cover the boat and told the agent it was a Yamaha jet boat she kind of freaked out and said I dont think we can cover that. Then I told her it was a family boat not a race boat. I also told her to go to Yamaha,s website to see for herself then all was ok.

I just looked at my policy. 2007 Yamaha 230SX

Boat limit $24,000 which is what I paid for the boat in 2010

watercraft Liability each occurrence $1,000,000

watercraft medical payments each person $1,000

Trailer $1,000

Deductible $250.00

Cost me $335.00 year

 

[scokill]

After searching the "other" forum, it seems to be a common question for new owners.
So for those that are insured, please post as much info about your policy if you are comfortable. Liabilities limit, deductible, cost, ect.....
I am still shopping around so no insurance yet.
Do you insure your trailer and how much should I insure a new 2014 ar210 trailer for?
Since the total price of Yamaha included the trailer, should I insure the total cost paid minus trailer?
I am paying 37600 for the boat, so I am thinking insuring it for 35600 for boat and 2000 for the trailer.
Also planning on getting umbrella insurance too. Any thoughts?

Lots of good information posted, but I'll say it is impossible to compare cost of coverage as it will vary wildly depending on where you boat, credit, etc. In Texas I would expect quotes to be somewhere between $400-700. I have Allstate and have HO, Auto, and Boat with them for around $500. Had a $7K claim 5 years ago and they essentially told the repair shop to do what it takes to fix it right. No hassles or increase in premium.