Insurance on my bu

[martho]

READ YOUR POLICY!

Best piece of information in the entire thread

[Lakenut]

I checked with Westmar last year and they only cover in the western part of the country. Just FYI

[sgtsandbagger]

USAA gave me insurance today for the new boat a little cheaper than Progressive. It's still Progressive insurance but since I have USAA for the cars already it made it a little less.

The coverage basically looks like this for under $500 for year round coverage including freeze damage:

Comprehensive

$500 Replacement Cost with Disappearing Deductible (for $55K or more)

Collision

$1,000 Replacement Cost with Disappearing Deductible

Bodily Injury / Property Damage

$25,000 person/$50,000 accident/$10,000 property

Uninsured Boaters Bodily Injury

$25,000 person/$50,000 accident

Medical Payments

$5,000/person

Replacement Cost Personal Effects $1000 w/ $100 deduct.

On-Water Towing

No coverage (Because I'm putting a trolling motor on it)

Fishing Equipment

No coverage (no stink or hooks allowed)

[hukk]

Hey Sgt, are you sure of the coverage amounts? Seems like they should be higher for what you're paying.

For $428 with Progressive mine are:

Comp ded 500 with replacement cost includes wreckage removal

coll ded 500 with replacement value cost includes wreckage removal

bodily injury, property damage include fuel spill liability 250,000 person / 500,000 incident / 100,000 property

Uninsured boater 250,000 / 500,000

Medical payment 10,000

personal equipment 3,000

[247_Pilot]

Might as well chime in here as well ...

I shopped just about everyone on our new 247 and ended up w/Travelers Insurance through Global Marine Insurance Agency 800-748-0224. Ben Belyea was my rep and was outstanding.

All of these varying prices depend primarily on the amount of coverage for the boat and equipment. So my 247 is likely more than one of the smaller boats mentioned above. (And we got a little carried away on our Extreme trailer, so if you have a stock trailer, your rates will be lower).

Boat/Equipment 68,500 w/$685 ded

Trailer 7,550 w/$100 ded

Personal Prop 2,500 w/$250 ded

Towing/Assist 400

Liability 500,000

Med Pay 10,000

Uninsured 500,000

The policy is stated value for 10 years.

Edit: There is no layup period, as we (sometimes) use the boat year 'round.

Edited March 30, 2006 by 247_Pilot

[sgtsandbagger]

I checked out my email from USAA. I thought it was the same as the Progressive quote I gave them, but It's a little different. It shows $500K CSL for the liability and uninsured. The deducts are lower and disappearing too.

A more expensive boat like an LSV or 247 would be more$$. My 21 XTI comes out to about $40/month.

We'll see what the real declarations page looks like when it comes in the mail.

hukk, The coverage you mentioned from progressive shows a rate of $671/year for my boat so you must be getting a good deal. Aren't you in Oregon? I need to be a resident of that state. The state goverment there is very good to military and retirees.

I found way cheaper insurance through Allstate locally. I don't have any experience with them though so I decided to keep it simple and go with USAA for now anyway.

[RogerQ]

I used USAA for the last 2 boats, but switched to State Farm last year when we got our 05 LSV. I have the rest of my insurance with State Farm and the break for doing it all in one place made them a better deal here in CA. If you want the specifics of the policy, send me a PM.

[hotrodbowtie]

247 pilot,

What is the rate for the stated coverage, sound pretty good so far?

[247_Pilot]

247 pilot,

What is the rate for the stated coverage, sound pretty good so far?

OOPS! I forgot to put in our premium amount ... not very helpful, was it? We're paying $727/year for the coverages listed in my earlier post. Hope this helps.

[BlastRlxi]

I used USAA for the last 2 boats, but switched to State Farm last year when we got our 05 LSV. I have the rest of my insurance with State Farm and the break for doing it all in one place made them a better deal here in CA. If you want the specifics of the policy, send me a PM.

I had a friend that worked for State Farm as an adjuster. He finally had to quit as he got tired of screwing little old ladies out of their fair settlements after car wrecks. USAA might not always be the cheapest but the service is outstanding. We all say it about our boat dealers: Don't go strictly by price. Service after the sale is most important.

[martho]

I had a friend that worked for State Farm as an adjuster. He finally had to quit as he got tired of screwing little old ladies out of their fair settlements after car wrecks.

Why does EVERYONE think the insurance companies "screw you?"

Read your policy and know your coverages. It is that simple. The policy language is there and should be no surprise when it comes time for a claim and/or settlement. The policy specifically describes the coverages and explains how settlement will be made.

FWIW: State Farm is one of the most conservative carriers in the property & casualty market.

[BlastRlxi]

I had a friend that worked for State Farm as an adjuster. He finally had to quit as he got tired of screwing little old ladies out of their fair settlements after car wrecks.

Why does EVERYONE think the insurance companies "screw you?"

Read your policy and know your coverages. It is that simple. The policy language is there and should be no surprise when it comes time for a claim and/or settlement. The policy specifically describes the coverages and explains how settlement will be made.

FWIW: State Farm is one of the most conservative carriers in the property & casualty market.

It has nothing to do with the policy coverages. What he was trained to do was offer a rediculously low ball settlement to people who didn't know any better (Senior Citizens were good targets) and try to convince them that that was all they could do. Most didn't know that this was negotiable and that they could get more if they argued. They should just give fair value and be done with it. If these people paid there premiums in good faith they should receive a fair settlement in good faith. The only reason I pick on State Farm is that is the company he worked for.

[Lee]

I had a friend that worked for State Farm as an adjuster. He finally had to quit as he got tired of screwing little old ladies out of their fair settlements after car wrecks. USAA might not always be the cheapest but the service is outstanding. We all say it about our boat dealers: Don't go strictly by price. Service after the sale is most important.

Why does EVERYONE think the insurance companies "screw you?"

Read your policy and know your coverages. It is that simple. The policy language is there and should be no surprise when it comes time for a claim and/or settlement. The policy specifically describes the coverages and explains how settlement will be made.

FWIW: State Farm is one of the most conservative carriers in the property & casualty market.

This is not to stimulate a "bash" insurance co. string.

The advice to consider the insurance co. history and business practices is sound advice. Insurance co. are out to make money! they do this by collecting premiums and minimizing their pay outs. its simple math. Unfortunately , some are much more aggressive in this endeavor. Despite what the policy says you can find yourself in a costly legal battle just to get what you "payed" for. As a result of limited financial resources in addition to time constraints or simply the high frustration factor, settlements are made at a fraction of what should have been payed. It happened to me. I see it happening to my patients all the time.

The bottom line---Is cost important-Yes___Is the company reputation important-Absolutely!!

[stewart]

Might as well chime in here as well ...

I shopped just about everyone on our new 247 and ended up w/Travelers Insurance through Global Marine Insurance Agency 800-748-0224. Ben Belyea was my rep and was outstanding.

All of these varying prices depend primarily on the amount of coverage for the boat and equipment. So my 247 is likely more than one of the smaller boats mentioned above. (And we got a little carried away on our Extreme trailer, so if you have a stock trailer, your rates will be lower).

Boat/Equipment 68,500 w/$685 ded

Trailer 7,550 w/$100 ded

Personal Prop 2,500 w/$250 ded

Towing/Assist 400

Liability 500,000

Med Pay 10,000

Uninsured 500,000

The policy is stated value for 10 years.

Edit: There is no layup period, as we (sometimes) use the boat year 'round.

What was you premium? I'm shopping right now as well........

[Lee]

I shopped just about everyone on our new 247 and ended up w/Travelers Insurance through Global Marine Insurance Agency 800-748-0224. Ben Belyea was my rep and was outstanding.

All of these varying prices depend primarily on the amount of coverage for the boat and equipment. So my 247 is likely more than one of the smaller boats mentioned above. (And we got a little carried away on our Extreme trailer, so if you have a stock trailer, your rates will be lower).

Boat/Equipment 68,500 w/$685 ded

Trailer 7,550 w/$100 ded

Personal Prop 2,500 w/$250 ded

Towing/Assist 400

Liability 500,000

Med Pay 10,000

Uninsured 500,000

The policy is stated value for 10 years.

Edit: There is no layup period, as we (sometimes) use the boat year 'round.

We also went with global for $510 /yr for a 2006 VLX. ( similar limits and deductable)

Edited May 9, 2006 by Lee

[smooth as glass]

USAA is top notch, always there, always with informative answers. In addition to regular coverage it was well advised in another thread to get an umbrella policy of a million, after investigating its very cheap comparitively and good peace of mind, especially if you have additional drivers.

[247_Pilot]

Might as well chime in here as well ...

I shopped just about everyone on our new 247 and ended up w/Travelers Insurance through Global Marine Insurance Agency 800-748-0224. Ben Belyea was my rep and was outstanding.

All of these varying prices depend primarily on the amount of coverage for the boat and equipment. So my 247 is likely more than one of the smaller boats mentioned above. (And we got a little carried away on our Extreme trailer, so if you have a stock trailer, your rates will be lower).

Boat/Equipment 68,500 w/$685 ded

Trailer 7,550 w/$100 ded

Personal Prop 2,500 w/$250 ded

Towing/Assist 400

Liability 500,000

Med Pay 10,000

Uninsured 500,000

The policy is stated value for 10 years.

Edit: There is no layup period, as we (sometimes) use the boat year 'round.

What was you premium? I'm shopping right now as well........

I don't have it handy right now, but in the neighborhood of $730/year. Hope this helps!

edit: Actual price is $727/year.

Edited May 9, 2006 by 247_Pilot

[247_Pilot]

By the way, I asked for $1 million on liab and uninsured boater coverage, and they said I couldn't get that amount. A few weeks after the policy issued, a local lake requested the $1million limit and an additional insured endorsement, and Global was able to do it for me. So I now have the nice high liab and uninsured boater limit of $1mill and it only cost about $18/year more.

[jcbatt]

Progressive turned out to be the lowest on my new VLX. I went through USAA first (cars, etc are through them), and had them quote both Progressive Drive, and their own, and they couldn't get as cheap as I could get on the Progresive direct website. I also shopped the following: BoatUS, Ski Safe, Boater's Insurance (all of these were prior insurers of my boats), United Marine Underwriters.