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EchelonMike

Insurance Quotes for the Bu

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EchelonMike

All:

FYI, for the new Bu, I decided to shop around for insurance quotes and the pricing varied widely, although the coverage was apples to apples. Here is what I found in case anyone's in the same boat (oooh, that was a good pun):

1. BoatUS - My old Bu was on an actual cash value policy at an estmiated $16K last year. It ran $180.00 for the year. I requested the same coverage for the new Bu (2002 Wakesetter 23 XTI). Their estimated actual cash value for the new boat was $34K and the quote was approximately $380.00 for the year.

2. Progressive - They arrived at almost the same actual cash value of $34K, but their quote for the year was less, at $260.00.

3. Allstate - Allstate for the same coverage as Progressive, at $34K ACV, was $154.21 if I bundled with my home and auto policies. Wow! Even if I did not bundle and went stand-alone, it was only $192.

I poured over the fine print and didn't see anything that would make me think they are giving me a sub-par policy.

YMMV, but I was pleasantly surprised at the rate. Allstate's auto and home policy was less too, so I moved it all. The savings will fill the new 55 gallon tank more than a few times this summer! :-)

Ski ya,

-- Mike

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eyepeeler

Do these policies all have 12 month navigation periods? What are the deductibles?

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Michigan boarder

That is a great example.

Another note is stay current with your boat value. Obviously the value declines over time, and if you've had a boat insured for 5 years it probably isn't worth the same as when you bought it 5 years ago. Why pay for excess insurance? Check with your insurance company on how they will assess the value of your boat if it is totalled. I had mine over valued a bit, corrected it and it shaved about $20 a year.

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Chia

i just renewed mine with ski safe it was $899.

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PTM

Ski Safe $899??? I have ski safe and it's $360 for a 07 RLxi.

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Chia

Ski Safe $899??? I have ski safe and it's $360 for a 07 RLxi.

hmmm, perhaps a phone call is in order. My policy includes a layup clause as well.

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Bill_AirJunky

hmmm, perhaps a phone call is in order. My policy includes a layup clause as well.

Also, be aware of the fine print with Ski Safe. If you do anything even slightly out of the ordinary, they have been know to deny coverage, ie; SkySki/AirChair, parasail, even those crazy flying tubes.

When I was working with USHA, we were affiliated with them & STILL got denied coverage. WTH??? :crazy:

Another thing to consider is an umbrella to your policy. In addition to the boat, we also ride dirt bikes, and have a golf cart. So an umbrella made a lot of sense.

Edited by Bill_AirJunky

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jcon44

I would add the travelers to the list if your getting quotes. I looked at quite a few last month and they were the cheapest and very easy to work with..

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tcody

In NC Allstate and Progressive have some of the best coverage and price, I represent both of them. Clap.gif

TLC

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Ndawg12

In NC Allstate and Progressive have some of the best coverage and price, I represent both of them. Clap.gif

TLC

:plus1: for Progressive in NC

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NewMalibu

That is a great example.

Another note is stay current with your boat value. Obviously the value declines over time, and if you've had a boat insured for 5 years it probably isn't worth the same as when you bought it 5 years ago. Why pay for excess insurance? Check with your insurance company on how they will assess the value of your boat if it is totalled. I had mine over valued a bit, corrected it and it shaved about $20 a year.

Interesting point. i have progressive on my boat (tied in with my home/life/car/umbrella) and am paying just over $600/yr. if i dont change my assessed boat value, and something happens in the next couple of years, what does the insurance pay out at? current (then) value? or the agreed upon value?

I love my boat and dont want anything to happen to it, but i am curious because if i am paying for an assessed value of $60k now, but something happens, i dont want to be paying a premium on $60k, but only get paid $50k.....

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Chia

In NC Allstate and Progressive have some of the best coverage and price, I represent both of them. Clap.gif

TLC

i tried getting quotes from both, but because i am canadian and the boat spends between 5 and 8 months a year in canada, they would not even quote.

edit: canadian insurance companies do not want my business because the boat spends so much time in the usa.

Edited by Cervelo

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davemac

All:

FYI, for the new Bu, I decided to shop around for insurance quotes and the pricing varied widely, although the coverage was apples to apples. Here is what I found in case anyone's in the same boat (oooh, that was a good pun):

1. BoatUS - My old Bu was on an actual cash value policy at an estmiated $16K last year. It ran $180.00 for the year. I requested the same coverage for the new Bu (2002 Wakesetter 23 XTI). Their estimated actual cash value for the new boat was $34K and the quote was approximately $380.00 for the year.

2. Progressive - They arrived at almost the same actual cash value of $34K, but their quote for the year was less, at $260.00.

3. Allstate - Allstate for the same coverage as Progressive, at $34K ACV, was $154.21 if I bundled with my home and auto policies. Wow! Even if I did not bundle and went stand-alone, it was only $192.

I poured over the fine print and didn't see anything that would make me think they are giving me a sub-par policy.

YMMV, but I was pleasantly surprised at the rate. Allstate's auto and home policy was less too, so I moved it all. The savings will fill the new 55 gallon tank more than a few times this summer! :-)

Ski ya,

-- Mike

Mike,

Do these #'s include Liability coverage as well, or just Property coverage?

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Michigan boarder

if i am paying for an assessed value of $60k now, but something happens, i dont want to be paying a premium on $60k, but only get paid $50k.....

That's what I was told right there. Now, mine was for quite a bit less, but I had it at 14.5k, trailer at 1k, and dropped it to 12k boat .5k trailer. I was told they will go off of NADA and similar books and use averages. Cost is $200(ish, can't recall precisely) per year.

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G-Mack

i tried getting quotes from both, but because i am canadian and the boat spends between 5 and 8 months a year in canada, they would not even quote.

edit: canadian insurance companies do not want my business because the boat spends so much time in the usa.

Intersting about the US issue. I have mine through Monnex and they had no issue with time in the US.... asked specifically.

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MizzouMike

Interesting point. i have progressive on my boat (tied in with my home/life/car/umbrella) and am paying just over $600/yr. if i dont change my assessed boat value, and something happens in the next couple of years, what does the insurance pay out at? current (then) value? or the agreed upon value?

I love my boat and dont want anything to happen to it, but i am curious because if i am paying for an assessed value of $60k now, but something happens, i dont want to be paying a premium on $60k, but only get paid $50k.....

It depends on the policy. If it is an Actual Cash Value (ACV) it will not depreciate. I believe most policies are not ACV, thus they will depreciate. :dontknow: I got a quote from Global Marine Insurance Agency who placed the policy with ACE. It is ACV for $29K. Premium was $270 per year with $300k in liability. $580 deductable (which is 2% of the ACV). I paid a little more and got higher liability.

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NewMalibu

glad i asked! i just called Progressive and the default policy that they gave me was ACV. (either that or they saw a sucker coming and gave me a higher policy when i was giddy about getting my new (to me) boat insured!)

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MizzouMike

glad i asked! i just called Progressive and the default policy that they gave me was ACV. (either that or they saw a sucker coming and gave me a higher policy when i was giddy about getting my new (to me) boat insured!)

I prefer ACV as I control what I will get paid in an event of loss. If I want to lower the ACV in the future to save on premiums, I just need to tell the insurer and they will lower the value. Otherwise, to me, it is a little grey as to what you would get paid.

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EchelonMike

Mike,

Do these #'s include Liability coverage as well, or just Property coverage?

Both. Here is the high level from Allstate:

--------------------------------------------------------

Subject: RE: Auto Insurance Quote from Allstate

ALSTAR BOAT-AP&C QUOTE SUMMARY

Item 1 2002 MALIBUBTCA Terr 012

COVERAGE Limit Premium

Actual Cash Value 34,000

AA - Liability 100,000 25.86

CC - Medical Payments 1,000 5.22

TT - Physical Damage 34,000 121.89

Deductible 500

Items Annual Premium $152.97

-- Mike

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EchelonMike

It depends on the policy. If it is an Actual Cash Value (ACV) it will not depreciate. I believe most policies are not ACV, thus they will depreciate. :dontknow: I got a quote from Global Marine Insurance Agency who placed the policy with ACE. It is ACV for $29K. Premium was $270 per year with $300k in liability. $580 deductable (which is 2% of the ACV). I paid a little more and got higher liability.

ACV = Blue Book/NADA value. This is going to be your lower priced option. If she sinks, they'll pay you out based on book value. Could be good or bad, depending on what you owe, what you paid, etc. The other option is a stated value policy. If you say she's worth $20K, and she goes down in flames, you get $20K. More expensive but some people like that peace of mind.

-- Mike

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