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Complete replacment boat policy....


Wakesetter67

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Ok I got the skinny on why my boat Ins is so high, I am with progressive and they have in the policy, IF for any reason my new boat is a complete loss. They will replace it with a new boat of similar make and quality, as long as I have the boat. So I guess it is alot differant from other policys that say about the same thing..right now I pay 912.00 a year for this policy..I would assume that is a good way to go???

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I have the same policy with Progressive and it runs like $600/year. I have a buddy who's toyhauler blew up and the insurance didn't give him squat.

We were heading to the lake two weeks ago and after I hooked up my Malibu I discovered my factory GM hitch was about to fail. I'm pretty sure if I had not noticed the hitch my boat, safety chains, and breakaway break would have all left the truck before I arrived at the lake. That would not have been pretty.

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I have a replacement policy in CA and I pay around 600 (westmar boat insurance). I also have a hammerhead. I would get quotes for the same coverage from other companies.

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I have a replacement policy in CA and I pay around 600 (westmar boat insurance). I also have a hammerhead. I would get quotes for the same coverage from other companies.

Well I checked with other Ins Co and Some will pay you what its worth as in if its a 2005 then you will get a price for what a 2005 is going for..The one with progressive say's if in 5 years u destroy your boat... they will replace it with a 2015 malibu....Hmmm.. Hope I total my boat in 2015 wonder what neat stuff Malibu will come up with by then!!!!

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I would read the fine print on that policy. I find it hard to believe that after a boat has a few years on it and it was totaled that insurance would replace it with a new boat. If I’m reading you correctly insurance would replace my 99 Sunsetter with a 2010 model boat??? Doesn’t sound right.

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martinarcher

I would read the fine print on that policy. I find it hard to believe that after a boat has a few years on it and it was totaled that insurance would replace it with a new boat. If I'm reading you correctly insurance would replace my 99 Sunsetter with a 2010 model boat??? Doesn't sound right.

Agreed. Sounds a little too good to be true.

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Well I checked with other Ins Co and Some will pay you what its worth as in if its a 2005 then you will get a price for what a 2005 is going for..The one with progressive say's if in 5 years u destroy your boat... they will replace it with a 2015 malibu....Hmmm.. Hope I total my boat in 2015 wonder what neat stuff Malibu will come up with by then!!!!

Westmar has the same deal, my policy may be three years though, not five years (I will check). The westmar policy also has a declining deductible. I had progressive for my first v-drive and their quote was high for this boat. One of my good friends worked at a malibu dealership for years and he was the one that turned me on to Westmar after I told him what the progressive quote was.

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Ok Heres the fine print... I have what the Ins Co gets from Progressive. I ask point Blank...So If I Toltal My Boat In 5 Years...They Will Replace it with a 2015 Malibu and she said yes..Also she said that progressive is about the only one to offer that kind of policy... So basicaly for an extra 21.00 a month I have that replacement policy...

post-11398-128633401857_thumb.jpg

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I would read the fine print on that policy. I find it hard to believe that after a boat has a few years on it and it was totaled that insurance would replace it with a new boat. If I’m reading you correctly insurance would replace my 99 Sunsetter with a 2010 model boat??? Doesn’t sound right.

If you buy a new boat and you total the boat after a period of time they will buy you (they claim) a new boat. They will obviously not replace a 99 with a 2011.

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If you buy a new boat and you total the boat after a period of time they will buy you (they claim) a new boat. They will obviously not replace a 99 with a 2011.

Ya good point, I will check with them tomorrow and see how mlong they will offer a new replacement boat...I should just call the progressive 800 # and talk to a live agent..lol
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martinarcher

Ok Heres the fine print... I have what the Ins Co gets from Progressive. I ask point Blank...So If I Toltal My Boat In 5 Years...They Will Replace it with a 2015 Malibu and she said yes..Also she said that progressive is about the only one to offer that kind of policy... So basicaly for an extra 21.00 a month I have that replacement policy...

Pretty sweet. I can't read the pic, but I trust you have since it's your policy. So is there a time limit on it? I can't imagine they would honor it in 20 years. Also, in 2015 if you were to total your boat how do they deal with options on the new boat. I'm sure Malibu will have all kind of shnazzy new "have to have" things to offer.

Edited by martinarcher
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You are insured for the cost you paid for the boat. The boat does not devalue with age.

Just pulled my policy $97.00 for 9 month of use 3 months off insured for 47,000. I also insure many other things threw Auto owners. Many of my big ticket items are insured individually. Wifes wedding ring $29.00, Art work, Camera $6.00, my sons lap top $9.00.

I am an old fart and very good history.

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Ok Called the 1800 # and it is full replacement for up to 5 model years, Then What ever the value of the boat...funny thing is, they were so much cheaper then my agent 641.00 comepared to 919.00 I dont get it....kinda makes me madStarwars.gif I understand the relationship with an actual agent but wow..

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I have Boat US for $912 a year on a 2010 247 LSV with the LS 3 450 motor :whistle:

Someone told me Boat US is better than Progessive...but forgot why :crazy:

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Ok I got the skinny on why my boat Ins is so high, I am with progressive and they have in the policy, IF for any reason my new boat is a complete loss. They will replace it with a new boat of similar make and quality, as long as I have the boat. So I guess it is alot differant from other policys that say about the same thing..right now I pay 912.00 a year for this policy..I would assume that is a good way to go???

I have the same as you, it's also called an agreed replacement value. I only pay $450 a year though.

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I have the same as you, it's also called an agreed replacement value. I only pay $450 a year though.

What value do you have agreed on? Also what are the limits for liability, uninsured, ect. All those factor into what the premium is.

For mine, I pay $590 a year. The coverage is as follows:

Total Replacement (Agreed Replacement Value) $80,000 for the boat + $5,000 for the trailer.

Personal Property $3,000 w a $250 deductible

Towing up to $400

Liability $500,000

Medical $10,000

Uninsured Boater $500,000

Don't know if that's a good deal or not but when I plugged it in to Progressive, It was about $150 cheaper at the time of insuring our boat.

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Total Replacement (Agreed Replacement Value) $80,000 for the boat + $5,000 for the trailer.

I should also mention that this is the Agreed Value my Agent recommended. I paid less but it is unlikely that I could get a new boat for what I paid again so we used an inflated value.

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What value do you have agreed on? Also what are the limits for liability, uninsured, ect. All those factor into what the premium is.

For mine, I pay $590 a year. The coverage is as follows:

Total Replacement (Agreed Replacement Value) $80,000 for the boat + $5,000 for the trailer.

Personal Property $3,000 w a $250 deductible

Towing up to $400

Liability $500,000

Medical $10,000

Uninsured Boater $500,000

Don't know if that's a good deal or not but when I plugged it in to Progressive, It was about $150 cheaper at the time of insuring our boat.

My agreed replacement value is what I paid for it, they wouldn't go any higher than what was on my sales invoice. $500 deductible.

Per item boating equipment - $5k

Additional aggregate boating equip (includes trailer) - 10k

Medical - 5k (better up that one)

Liability - 500k

Underinsured - 200k

Let me know who your agent is...

Edited by 06vlx
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My agreed replacement value is what I paid for it, they wouldn't go any higher than what was on my sales invoice. $500 deductible.

Per item boating equipment - $5k

Additional aggregate boating equip (includes trailer) - 10k

Medical - 5k (better up that one)

Liability - 500k

Underinsured - 200k

Let me know who your agent is...

Why would you carry less UB than liability coverage just out of curiosity?

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I have progressive and pay 500 a year. Now with that said I have 250 deductible. I just placed an insurance claim for severe damage to my gel coat. During a monsson in Havasu while my Bu was tied up at the dock the winds threw it around and caused some major scratches all the way to the glass. They are some what easy to deal with and I got a check for more than the estimate just in case there were extra charges that weren't seen until actually being fixed which was kinda surprising but cool. The only problem I have is that they issue two party checks and they are a pain in the a** to cash unless you don't have a lienholder on your boat. Just trying to get the check cashed so I can et the repairs done was a big enough pain to make me look elsewhere for coverage.

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Why would you carry less UB than liability coverage just out of curiosity?

Good question, I didn't know I was until I posted to this thread. I will be having a conversation with my agent about some additional coverages.

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