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Question about Insurance


Mercedes

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My dealer has signs up around his shop for Boater`s Insurance Agency, Inc. which is offering an extension of the new boat warranty for up to 5 years if you insure your boat with them. I checked the price of their coverage and it is around $150 a year less than American Family for identical coverage but theirs also adds a 125% replacement coverage if you have the boat with them for 5 years. Has anyone used this company before? Insurance is buying a promise to deliver and that promise is only as good as the insurance company.

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My dealer has signs up around his shop for Boater`s Insurance Agency, Inc. which is offering an extension of the new boat warranty for up to 5 years if you insure your boat with them. I checked the price of their coverage and it is around $150 a year less than American Family for identical coverage but theirs also adds a 125% replacement coverage if you have the boat with them for 5 years. Has anyone used this company before? Insurance is buying a promise to deliver and that promise is only as good as the insurance company.

Bit confused are you saying that American Family has the 125% replacement or Boaters Insurance.

FWIW you are more likely to need the warrenty than the replacement. Also with my insurance co. we have an "agreed upon value" if my boat is distroyed I get a check for that value.

I would look at what you may need most, you are far less likely to get hit by some one texting while driving in your boat than in your car. Also consider how far and how much you are towing. My guess is that is where we are most at risk.

As for the companies, dont know anything about either one.

good luck and keep us posted on what you find out.

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Policies are issued by Norther Assurance Co. of America which is a wholly owned subsidiary of a public company - OneBeacon Insurance Group Ltd. which is listed on the NYSE. Approximately 76% of the stock is held by another insurance company - White Mountains Insurance Group Ltd. Current equity value of the public parent company of around $1.2B. White Mountains is also a public company with market value of it's equity of around $2.9B so these are not fly by night companies.

In a recent public filing by OneBeacon, they claim their operating subsidiaries, presumably including Northern Assurance, are rated investment grade by the major rating agencies as follows:

"Our principal operating subsidiaries are rated "A" (Excellent, the third highest of fifteen financial strength ratings) by A.M. Best Company, Inc. (A.M. Best), "A-" (Strong, the seventh highest of twenty-one financial strength ratings) by Standard & Poor's Rating Service (Standard & Poor's), "A2" (Good, the sixth highest of twenty-one financial strength ratings) by Moody's Investors Service, Inc. (Moody's) and "A" (Strong, the sixth highest of twenty-one financial strength ratings) by Fitch, Inc. (Fitch)."

These are pretty good ratings. I just signed up with them for my new 2011 247.

Edited by jrz1
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My dealer has signs up around his shop for Boater`s Insurance Agency, Inc. which is offering an extension of the new boat warranty for up to 5 years if you insure your boat with them. I checked the price of their coverage and it is around $150 a year less than American Family for identical coverage but theirs also adds a 125% replacement coverage if you have the boat with them for 5 years. Has anyone used this company before? Insurance is buying a promise to deliver and that promise is only as good as the insurance company.

I've used them for years but no claims so far.

-Chris

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Sweet. The yearly savings is great and the coverage is better than with American family. The 125% is a replacement value of my new boat if there is a total loss (offered by boaters ins.). I am sure they hedge their bets with how many people keep their new boats for 5 years, but in this case I am not sure what else I would want to purchase.

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If I'm not mistaken the will extend the engine warranty only not the whole boat?

That is correct. The signs imply the boat but it is the engine/drive system.

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I am currently insured through them and have had no issues. If anything, I did it for the Piece of Mind knowing they will cover the motor up to 5 years. Plus it is transferable.

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You can get 125% replacement coverage simply by insuring it for more than it is worth.

As for extended warranty, does that run at the same time as the manufacture warranty or extend once the manufacture warranty ends. If they at the same time then what is the benefit?

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You can get 125% replacement coverage simply by insuring it for more than it is worth.

As for extended warranty, does that run at the same time as the manufacture warranty or extend once the manufacture warranty ends. If they at the same time then what is the benefit?

The 125% does not impact the premium like increasing the value of the boat and the extra 2 years is at the end of the manufacture warranty.

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Boaters Insurance Agency is a very good company. They offer the Indmar 5 year warranty where the engine is under warranty directly through Indmar.

You also get 5 years of Replacement Coverage on the boat. If it’s totaled or stolen the first 5 years of the policy, you get your old boat replaced with a brand new one.

After 5 years of Replacement Coverage is up, the policy reverts to Agreed Value for the lifetime of the policy. The boat value doesn't depreciate for the lifetime of the policy.

Most insurance on your boat is like car insurance, as soon as you drive off the lot, the boat value drops. Not with Boaters Insurance Agency.

Been using them for years with no complaints!

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