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IamN2Speed

Insurance Providers

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IamN2Speed

So I'm closing in on the last items before the check is cut on my new boat. I need to get insurance tomorrow (or tonight if I get good direction from the Crew). I've been using "Ski Safe" for my Echelon, but it was a cash purchase, and I really was just looking for legal coverage. Now that I'm buying a really nice boat, I want to protect it and be worry free from a claim hastle or coverage perspective. This isn't to say that Ski Safe isn't, I honestly haven't had any experience with them in person. I signed up on the website, and poof! I had insurance.

I'm looking for feedback from the Crew. Specs on my new boat are 2002 23 LSV. Someone said Travelers was good, at about $440/yr for full coverage on the boat, and 300k liability. Sounded OK to me, any validation? Anything better?

-Keith

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Urquie

I have always been a fan of USAA for all of my insurance and they recently teamed up with Progressive to handle the boat insurance for them. My 2002 Sunscape came in at $410/year with 300k coverage and a 500 deductible. Be happy to share the details if you PM me.

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crescentbar
I have always been a fan of USAA for all of my insurance and they recently teamed up with Progressive to handle the boat insurance for them. My 2002 Sunscape came in at $410/year with 300k coverage and a 500 deductible. Be happy to share the details if you PM me.

Plus1.gif Progressive: They saved me about 400 per year. Progressive also gives you an agreed value that doesn't depreciate.

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smedman

I use Boaters Insurance Agency - $278 yr on 2006 Vride.

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BB LSV
I have always been a fan of USAA for all of my insurance and they recently teamed up with Progressive to handle the boat insurance for them. My 2002 Sunscape came in at $410/year with 300k coverage and a 500 deductible. Be happy to share the details if you PM me.

Plus1.gif Progressive: They saved me about 400 per year. Progressive also gives you an agreed value that doesn't depreciate.

Plus1.gif Progressive for me as well. Congrats on the BU! Thumbup.gif

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winddawg

Try Travelers they gave me an agreed value policy that doesn't depreciate and are easy to work with.

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IamN2Speed
Plus1.gif Progressive for me as well. Congrats on the BU! Thumbup.gif

Thanks...

I'm looking out at the Progressive website, and getting a $575/mo for 100/300/100 at a stated value of 38k (high Nada)

That seems a bit high to me...

I sent in a quote request to Boaters Insurance Agency. We'll see. Smedman, any experience (direct or indirect) with claims at BIA? Just wondering if there is any negatives out there to watch out for...

-Keith

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albino rhino
Plus1.gif Progressive for me as well. Congrats on the BU! Thumbup.gif

Thanks...

I'm looking out at the Progressive website, and getting a $575/mo for 100/300/100 at a stated value of 38k (high Nada)

That seems a bit high to me...

I sent in a quote request to Boaters Insurance Agency. We'll see. Smedman, any experience (direct or indirect) with claims at BIA? Just wondering if there is any negatives out there to watch out for...

-Keith

Thats the normal progressive rate, for USAA they actually have a lower rate due to yoru affiliation with USAA. Can't be beat, you just have to be a member of USAA to get it!

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Jeffro84

I went through Voyager Marine(broker) and they found progressive to be the best.By best I mean a reputable company with a low price.441.00 a year.

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CLOUT1
I have always been a fan of USAA for all of my insurance and they recently teamed up with Progressive to handle the boat insurance for them. My 2002 Sunscape came in at $410/year with 300k coverage and a 500 deductible. Be happy to share the details if you PM me.

Plus1.gif

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99response

Boaters insurnace agency has always treated me well (insured about 5 boats through them in the past two years), they insure alot of ski boats and know what's up.

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whitlecj

I like SkiSafe.

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Chilliezax

Boaters Insurance Agency, I've used them for two boats now. Easy and cheap.

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Chia

i am always surprised by discussions about insurance in the usa. it seems everyone carries only 300-400k of liability. Is that really enough in such a litigious society. Are you not risking everthing you own by having such a low limit.

I would be very surprised if any canadians on this forum had less than 1 mil liability and most likely have 2 mil.

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martho
i am always surprised by discussions about insurance in the usa. it seems everyone carries only 300-400k of liability. Is that really enough in such a litigious society. Are you not risking everthing you own by having such a low limit.

I would be very surprised if any canadians on this forum had less than 1 mil liability and most likely have 2 mil.

I am curious as to why you think 300K limits are low. Also, I am interested in your thoughts on why you think because people use the civil court so much that you should have higher limits.

I think this has the opportunity to be a good discussion about coverage limits.

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martho

I think we can help the OP a bit here.

For those recommending certain carriers, I would like to know if you had a claim against any of these company's policies. If so, would you include what happened, how long it took for loss settlement and do you feel you were treated fairly.

It is easy to say a company is good but unless you have been through the claim process, you really don't know much about the carrier other than the name and the payment.

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jimw

Boatus.com gave me the "best" rate.

Most Insurance agents would say that $300k liability is too low. If you have an accident and it's your fault. Damages and medical bills could easily go over $300K, then they come after you and your assets(your house).

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JohnDoe
i am always surprised by discussions about insurance in the usa. it seems everyone carries only 300-400k of liability. Is that really enough in such a litigious society. Are you not risking everthing you own by having such a low limit.

I would be very surprised if any canadians on this forum had less than 1 mil liability and most likely have 2 mil.

I am curious as to why you think 300K limits are low. Also, I am interested in your thoughts on why you think because people use the civil court so much that you should have higher limits.

I think this has the opportunity to be a good discussion about coverage limits.

Do you think 300 is sufficient Martho? People use the civil courts out of necessity. Insurers almost always have the opprtunity to resolve claims pre-suit. Those that don't (resolve) get litigated.

Cervelo, and you in Canada have standardized healthcare! Here, if someone suffers a catastrophic injury (or any injury for that matter) they are responsible for the medical expenses, and if they have health insurance, health insurer usually has a right of subrogation (to be paid back) which is even more reason why owners should have higher limits. I have brought this up before and I'm glad to hear you speak out too.

Edited by JohnDoe

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IamN2Speed
I think we can help the OP a bit here.

For those recommending certain carriers, I would like to know if you had a claim against any of these company's policies. If so, would you include what happened, how long it took for loss settlement and do you feel you were treated fairly.

It is easy to say a company is good but unless you have been through the claim process, you really don't know much about the carrier other than the name and the payment.

Thank you martho... This is exactly right. I have had Ski Safe for my last boat. I know the application process was smooth, but really, I don't know anything more about the company. Example: will they'll be difficult to deal with, or will they'll pay out no hasstles or guilt. (don't ya hate when someone makes you feel worse about an accident that you certainly already do?) I think the most important part would be if there were a major accident. I'm relatively confident any of the providers will fix you boat if you hit a rock or something, but what if you have a major injury collision? What if one of your passengers gets run over? That's the type of thing I'm thinking about.

Anyway, I stumbled accross this site which was REALLY helpful.

http://boatinsurancereviews.com/review.htm

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IamN2Speed
If you have an accident and it's your fault. Damages and medical bills could easily go over $300K, then they come after you and your assets(your house).

Ha! They can have my house, and the 80k I'm upside down in it... Cry.gif

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smooth as glass

In addition to the boat policy. Its recommended to have an umbrella of 1 or 2 million. that covers you beyond the boat. And relatively cheap for a little more peac of mind. 3 to 4 a year. Also a USAA fan.

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wakeup

I have used Progressive for a very long time and has always been very competitive and very easy to deal with when needed. But CALL, don't just get a quote online. There are many factors involved no matter who you use (like if you have other insurance already with them, you are married, yada yada.)

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JohnDoe
I think we can help the OP a bit here.

For those recommending certain carriers, I would like to know if you had a claim against any of these company's policies. If so, would you include what happened, how long it took for loss settlement and do you feel you were treated fairly.

It is easy to say a company is good but unless you have been through the claim process, you really don't know much about the carrier other than the name and the payment.

I think the most important part would be if there were a major accident. I'm relatively confident any of the providers will fix you boat if you hit a rock or something, but what if you have a major injury collision? What if one of your passengers gets run over? That's the type of thing I'm thinking about.

Correct. American consumers put way too much stock in who provides the lowest rate or their friends' experiences when they have some piddly property damage claim. The handling of major claims are what matter and I don't mind paying more for it. After all, it's INSURANCE.

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martho

I will expand on this later as I have to go to work.

I AM NOT YOUR ATTY AND I AM NOT ADVISING ANYONE TO CHOOSE YOUR POLICY LIMITS BASED ON MY COMMENTS BELOW

300K on an auto or boat liability policy is sufficient in a huge majority of the situations which arise. There is always an exception to the rule and no one wants to be the person for which the exception happens.

As for a situation where someone is going to pursue the tort for money outside the 300K....It's a gamble. Most times, counsel will take the 300K and call it a day. DEPENDING ON CASE SPECIFIC ISSUES, someone may decide to pursue additional recovery. In that case, counsel will pursue a larger amount. This is a gamble that a jury will give a bigger award. If the jury doesn't come with that award, then counsel has to explain to a spouse/relative of the dead victim(not always a death case, but policy limits are usually horrific injury or death situations) why counsel just threw away $200K for the victim's family and rolled the dice on a bigger verdict. This does happen, however it is few and far between. This matter can also be state specific depending on what precedent has been set regarding pursuing the tort.

Umbrella policies are a totally different ballgame. The average person who has an umbrella policy doesn't understand it's coverages or its role. That is a discussion for another thread.

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Chia
I will expand on this later as I have to go to work.

I AM NOT YOUR ATTY AND I AM NOT ADVISING ANYONE TO CHOOSE YOUR POLICY LIMITS BASED ON MY COMMENTS BELOW

300K on an auto or boat liability policy is sufficient in a huge majority of the situations which arise. There is always an exception to the rule and no one wants to be the person for which the exception happens.

As for a situation where someone is going to pursue the tort for money outside the 300K....It's a gamble. Most times, counsel will take the 300K and call it a day. DEPENDING ON CASE SPECIFIC ISSUES, someone may decide to pursue additional recovery. In that case, counsel will pursue a larger amount. This is a gamble that a jury will give a bigger award. If the jury doesn't come with that award, then counsel has to explain to a spouse/relative of the dead victim(not always a death case, but policy limits are usually horrific injury or death situations) why counsel just threw away $200K for the victim's family and rolled the dice on a bigger verdict. This does happen, however it is few and far between. This matter can also be state specific depending on what precedent has been set regarding pursuing the tort.

Umbrella policies are a totally different ballgame. The average person who has an umbrella policy doesn't understand it's coverages or its role. That is a discussion for another thread.

Having no insurance is sufficient in a huge majority of boat owners lives however I don't think anyone would recommend that.

Edited by Cervelo

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