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247_Pilot

Boat Insurance Recommendations

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247_Pilot

The spray date on my new Wakesetter 247 LSV is next Wednesday the 18th, Biggrin.gif and I have to start shopping for some good boat insurance. Anyone have any recommendations? I want an agreed value policy w/no depreciation, and I'd like uninsured coverage as well. My current carrier only offers these coverages on larger boats (over 26 feet) so I'm "jumping ship" so to speak.

Most of the direct writers (Allstate, State Farm, etc.) don't offer the entire package I'm looking for. I've started looking around, but thought some of you would be able to put me in the right direction.

Thanks in advance!

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LS-One
The spray date on my new Wakesetter 247 LSV is next Wednesday the 18th, Biggrin.gif and I have to start shopping for some good boat insurance. Anyone have any recommendations? I want an agreed value policy w/no depreciation, and I'd like uninsured coverage as well. My current carrier only offers these coverages on larger boats (over 26 feet) so I'm "jumping ship" so to speak.

Most of the direct writers (Allstate, State Farm, etc.) don't offer the entire package I'm looking for. I've started looking around, but thought some of you would be able to put me in the right direction.

Thanks in advance!

I would certainly start with my auto carrier for multi dicounts offered.

I have three cars and two boats with Allstate what is it you are looking for the biggies don't offer ??

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HRemington

you'll get more recommendations than you can shake a stick at and much varies from state-to-state. As Mark said, some have gotten the best deal from their present carriers of house and auto insurance. I've got everything with State Farm, but they couldn't touch my boat because of length:HP ratio, while others got a great deal from State Farm.

I've got mine with Progressive and you should at least go online and do your own quote. I had a $5,000 accident within 30 days of getting my boat, and I never had the first problem with the claims process, nor was there any problem at renewal time. They paid very fast off their own estimate, which turned out to be more than actual, so that my whole $500 deductible was covered.

Ski Safe and Boaters Insurance are two other good sources.

Edited by HRemington

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247_Pilot

Thanks for the quick responses. I too, have Allstate for everything: auto, home, business, life, etc., but Allstate won't do a stated value boat policy unless the boat is over $40K (no strain there!) AND at LEAST 26 feet long. That rules out my boat, and when I'm spending such an insane amount of money on the boat, I'd like to have the warm fuzzy feeling of an agreed value policy.

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HRemington

my Progressive is stated value...

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John I.

Boat /US has done right by me for years.

I have auto, homeowners, boat, and rental property all with different companies. Kind of a pain in the arse, but no single company has been able to offer me a better cumulative rate for everything.

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LS-One

The spray date on my new Wakesetter 247 LSV is next Wednesday the 18th, Biggrin.gif and I have to start shopping for some good boat insurance. Anyone have any recommendations? I want an agreed value policy w/no depreciation, and I'd like uninsured coverage as well. My current carrier only offers these coverages on larger boats (over 26 feet) so I'm "jumping ship" so to speak.

Most of the direct writers (Allstate, State Farm, etc.) don't offer the entire package I'm looking for. I've started looking around, but thought some of you would be able to put me in the right direction.

Thanks in advance!

I would certainly start with my auto carrier for multi dicounts offered.

I have three cars and two boats with Allstate what is it you are looking for the biggies don't offer ??

:Doh::Doh: Sorry I didn't read you post close enough, answered my own question.

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Bill_AirJunky

My Safeco policy is stated value too.

Couple other strange things I ran into. Many of the policies from SkiSage & US Boat are great rates...... because they are only for 6 months of the year. They don't expect you to use the boat the other 6 & have it parked in your garage where the homeowners insurance will cover it.

And if you ever pull a foil rider, be damn sure your covered. Farmers & Progressive have specific exclusions for Air Chair or Sky Skis. And they will drop you like a hot rock if you ever get caught with one.

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LS-One
My Safeco policy is stated value too.

Couple other strange things I ran into. Many of the policies from SkiSage & US Boat are great rates...... because they are only for 6 months of the year. They don't expect you to use the boat the other 6 & have it parked in your garage where the homeowners insurance will cover it.

And if you ever pull a foil rider, be damn sure your covered. Farmers & Progressive have specific exclusions for Air Chair or Sky Skis. And they will drop you like a hot rock if you ever get caught with one.

that sux !

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Lakenut
Couple other strange things I ran into. Many of the policies from SkiSage & US Boat are great rates...... because they are only for 6 months of the year.

I have ski safe and I have a 4 month lay up for Nov.-Feb which is fine by me because it is either freezing cold and no wind here in Oklahoma or warm and windy as could be during those months. I think they also offer full year coverage. I haven't had any claims so I can't speek for their service. My homeowners quote for the bu was OUTRAGEOUS! Shop around. Quotes don't cost anything but time.

PS-Welcome to the Bu family!!!

Edited by Lakenut

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Slurpee

I shopped around quite a bit and found the best terms and rates by joining club Malibu and getting a disounted rate because of that with Boaters Insurance. It worked out like $60 cheaper than the next closest premium. Plus you get some good toys with Club Malibu. WakeMD addores the coffee thermos and mugs we got. Plus the shirts are kinda cool.

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Texasguy

In conjunction with USA WaterSki there is a company called Global Marine Insurance Agency that writes thru Inamar. I got More coverage for Less money and NO lay up period. Give then a try 877-754-9283, or www.InsureMySkiBoat.com for more info on them go to usawaterski.com

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Faceplant409

I think I got everything you are looking for at Western Marine Insurance Svcs. They are in Stockton, CA at 209-466-1413. I could not find a website addy, I did mine over the phone-fax plus I'm a repeat customer. I think I'm around $600/yr. Stated value, $300,000 P&I, $5000 personal effects (stereo, ski gear, anything that was not installed before delivery)

One word of caution....If you insure the boat with your 'main' carrier, and you have an sizeable claim they may opt to drop you entirely.... (CA trend...) putting you in the same category as 'assigned risk' clients (DUI, reckless, lots-o-points, etc,) This is a piece of advice given to me by an insurance guy I know.

YMMV...

Patrick

BTW: good luck sleeping when those factory pictures start showing up!!!

(you did get in touch with the factory to get construction photos, diddn't you???)

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Gordo

HANDS DOWN - BOATERS INSURANCE AGENCY - DANVILLE, CA . 1-800-344-7488 I had my 2004 VLX insured with USAA (they have our home, cars) and that cost me $1,200/yr to insure a $51,000 depreciated value. Boaters Insurance Agency gave me agreed upon value and is charging me $600/yr. Same deductible.

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martho
have it parked in your garage where the homeowners insurance will cover it.

THIS IS INCORRECT. PLEASE DO NOT THINK THIS WAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You will be out 20 - 30 - 40 grand in a heartbeat

Edited by martho

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Gordo

Martho is correct- liability coverage is not even extended. Your HO policy will not cover anything for your boat. You have to have a boat policy.

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coldwater-echelon

Make sure they cover hitting an underwater obstruction. I had an accident in a rain storm and hit bottom, bent everything. Allstate took care of me very well.

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martho
Martho is correct- liability coverage is not even extended. Your HO policy will not cover anything for your boat. You have to have a boat policy.

There may be some coverage for watercraft used to service the premises and/or a watercraft which is not otherwise insured. The standard HO-3 has watercraft coverage up to "$500 including their trailers, furnishings, equipment and outboard engines or motors."

This is not an additional limit over and above your Coverage C (personal property) section. So, if your house burns to the ground and the watercraft is on premises, the watercraft would be treated exactly the same as a pair of pants. If you have $100,000 in PP coverage and have a $130,000 loss, the $500 for the watercraft coverage does not make your possible coverage $100,500. You do not get anything above your $100K limit. Oh, and the coverage is subject to deductible, too

Furthermore, there may be some small amount of liability coverage afforded under the liability section of your homeowner's policy for an activity arising out of boat use. While a large portion of the liability section excludes watercraft, there is always the $500 "good neighbor clause" which most carriers have in their Section II coverages.

HOWEVER, the bottom line is this.

Your Malibu is a watercraft intended to have its own coverage. Other than $500 here/$500 there, the Homeowner's policy(and any other auto policy for that matter) will not help you in the case of a crash/injury.

I have never seen a copy of the policy for these 6 month terms. I would highly encourage you to look at the dec page and see the term of the policy. If you are only using it 6 months a year, then storing 6 months a year, you are still exposed to loss all 12 months. If you only have liability coverage for 6 months, what happens when your boat causes a fire from a bad battery cable and you burn down the entire storage yard? It was in December and you only had 6 months of coverage between April - Oct. Is there no coverage for loss in Dec? The same is true for physical damage to the boat. Someone backs their car into the boat while on the trailer in Decemeber. The jamoke with the car has no insurance. How do you recover?

MARTHO AIC, CIFI, SCLA

Edited by martho

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WakeGirl

I'm glad that I read this thread, because there are a couple of things that I didn't know about. One bit that I should share is the issue of gear. Most policies have an allowance for onboard gear, but it may be pretty low. I hadn't bothered to check what ours was until we bought the VLX - it was a paltry $1000. That's nothing compared with what we actually carry, so make sure that you've got the correct coverage on that as well.

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martho
I'm glad that I read this thread, because there are a couple of things that I didn't know about. One bit that I should share is the issue of gear. Most policies have an allowance for onboard gear, but it may be pretty low. I hadn't bothered to check what ours was until we bought the VLX - it was a paltry $1000. That's nothing compared with what we actually carry, so make sure that you've got the correct coverage on that as well.

Tracie,

Remember that most of the gear you would have in the boat would be considered personal property. This PP would be covered under your homeowners policy. If you have a separate coverage for gear on your boat policy, you may be paying money for a coverage which already exists under your homeowners policy.

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Lakenut
I have never seen a copy of the policy for these 6 month terms. I would highly encourage you to look at the dec page and see the term of the policy. If you are only using it 6 months a year, then storing 6 months a year, you are still exposed to loss all 12 months. If you only have liability coverage for 6 months, what happens when your boat causes a fire from a bad battery cable and you burn down the entire storage yard? It was in December and you only had 6 months of coverage between April - Oct. Is there no coverage for loss in Dec? The same is true for physical damage to the boat. Someone backs their car into the boat while on the trailer in Decemeber. The jamoke with the car has no insurance. How do you recover

My lay up of 4 months will not cover on the water accidents during the lay up. If the house burns down or the boat is stolen in Dec. it is still covered.

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247_Pilot

Wow! Thanks, everyone, for all of the suggestions. I've had both of my previous boats insured through Allstate and have been very happy, but with the new high price tag 247 LSV, I want more than they'll offer.

I'll start making calls and let you know what I end up with. Thanks again for all of the help!

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WakeGirl
I'm glad that I read this thread, because there are a couple of things that I didn't know about. One bit that I should share is the issue of gear. Most policies have an allowance for onboard gear, but it may be pretty low. I hadn't bothered to check what ours was until we bought the VLX - it was a paltry $1000. That's nothing compared with what we actually carry, so make sure that you've got the correct coverage on that as well.

Tracie,

Remember that most of the gear you would have in the boat would be considered personal property. This PP would be covered under your homeowners policy. If you have a separate coverage for gear on your boat policy, you may be paying money for a coverage which already exists under your homeowners policy.

Interesting. I thought that this was coverage in case of theft when you have the boat say at the lake on vacation. Are you saying that Homeowners may cover that in that case as well? I would imagine that it would have to be listed, right?

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247_Pilot
BTW: good luck sleeping when those factory pictures start showing up!!!

(you did get in touch with the factory to get construction photos, diddn't you???)

Patrick,

Yes, I got in touch with the factory for the construction photos ... I'm already up at night day dreaming about delivery of our new toy ... You're right, once those photos get here I'm toast! Yahoo.gif

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WakeGirl

I actually think it gets really bad after the pics stop coming. Then you just wait. :)

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