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Insurance


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I have to give a recommendation for State Farm. My premium on my 2017 23 LSV is about $55 a month. It may not be the least expensive you can find but I do have first hand experience about how they cover you in a loss.

The first boat I ever owned was a 2010 23 LSV and it was destroyed in a marina fire just a few months after I bought it. Link to the story below.

Anyway, the long and short is that State Farm waived my deductible and had a check for the full insured value of the boat in the mail to me 7 days after the fire started (It took them 3 days to put it out).

My experience was amazing with State Farm and unless they do a 180 on me they pretty much have a customer for life based on the way they handled my total loss claim.

 

 

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+1 for SkiSafe.   Hadn't heard of it prior to this site, but just insured my 2016 23 LSV through them.  I like what I've read from those who have needed to used them and the cost and simplicity of signing up was nice.  $488/year, $300k liability, $94k value.  I did the layup, but only b/c I spoke with them and it sounded really easy to get it turned on for any days if needed, which I doubt I will.  No layup added just under $200, so still a pretty good rate.

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Thanks guys.  Ended up going with Malcolm.  Little bit better coverage and deal than SkiSafe, but most all the insurer premiums were around the same price.  The only real way to save any measurable amount of money is to commit to a lay-up time, but I would rather ride 12 months out of the year.  :rockon:

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It is odd how it all varies.  I quoted Ski Safe last night and even with a layup period it was several hundred bucks higher than Progressive for similar coverages (no layup period with Progressive).  

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7 minutes ago, hethj7 said:

It is odd how it all varies.  I quoted Ski Safe last night and even with a layup period it was several hundred bucks higher than Progressive for similar coverages (no layup period with Progressive).  

With SkiSafe adding freeze protection was $100ish more IIRC which might be some of the difference.

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  • 4 months later...

Pricing policies now since my Skisafe renewal is coming around in Oct.

Skisafe must have had a rate hike recently!  My policy was $750 last year (which seemed kind of high) and included freeze coverage.  The quote I just got online now is $924 and without freeze coverage.

Looks like I have some more shopping around to do this year.

I had read somewhere that their premiums had jumped due to payouts but was hoping the $750 from last year was the rate that included the hike.

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1 hour ago, jwl019 said:

premiums had jumped due to payouts

Have you seen how people drive?  That, and the fact that any claim is immeasurably more nowadays due to all the bells and whistles and options like flake gel coat.  The same thing is happening with house insurance.  BTW, an interesting tidbit:  people are saying climate change is causing more damage and they cite dollar figures.  But the dollar figures include the granite countertops, high-end appliances etc.  Ever see a starter home today and compare it to one 20-30 years ago?

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My Skisafe policy went up  $99 this year ($627-726,  October-April layup).  Still way better than what I had previously with Allstate but if that becomes a trend I'll have to shop it next year.

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I insure for a value that I name!  My boat is older but looks as it just came off the assembly line. I don't want to have the fight over the value of my boat.  I do the same with other thing I have large amounts of value involved.

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1 hour ago, Sixball said:

I insure for a value that I name!  My boat is older but looks as it just came off the assembly line. I don't want to have the fight over the value of my boat.  I do the same with other thing I have large amounts of value involved.

Wait till it is 20 years old.  Even with a marine survey I only get FMV now (about 60% of MSRP) rather than agreed value.

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18 minutes ago, Eagleboy99 said:

Wait till it is 20 years old.  Even with a marine survey I only get FMV now (about 60% of MSRP) rather than agreed value.

I have a value I declare and pay for no negotiation.  I do the same with my photography equipment and Art work. The cost is set on what cash value I am declaring.  I can not inflate the price but it can stop the deprecation.  Same thing if the art work increased in value it would not see the true value just what was agreed on at the policy time. Any deviation would need to be rewritten in a new or revised policy. My agent had no issues doing this. I may be doing some changes soon not because I am disappointed in my agent but investment changes I am making my require it. We will see if this is going to make any issues but I have never had any problem insuring a value of an idem as long as I was not declaring a false value.    

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The declared value approach to insurance is common.  I have several vintage vehicles which range in price from $10k to $50k.  I use Haggerty for the insurance and they ask me to state the value of each vehicle.  I'm sure they have some underwriting process to make sure I am not wildly overstating a value, but they have never questioned me.  I pay a premium based on that declared value.  If there is a total loss, I get that declared value.   IMHO this is the only reasonable way to insure assets whose values cannot be accurately determined if there is a loss.  There are too many factors that influence value, much like is the case with high end boats.  

Daily driver vehicles are easier for the insurance company to value because 1) there are more of them, makes a larger pool of comparisons to determine value and 2) most of the value is based on year and mileage, again with a large pool of comparables.

For my Malibu, I use a company called Foremost which is a partner/subsidiary of Farmers insurance.  I pay about $500/year for my declared value of $45k on my 2006 23LSV.

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5 hours ago, Eagleboy99 said:

I simply could not get the value I wanted, survey notwithstanding.  Different market I guess.

Not the market just the way you buy a policy.  Talk to your agent.  I did need to show value of the items being insured and as I said you can not insure a 30k boat for 40k without showing a reason for the value difference. But one can insure almost anything it's just is the cost worth it. Look at something like the readers digest sweepstakes it's a amount of money insured. The chance of wining is like wining the Powerball lottery and getting struck by lightning in the same day. 

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We use Allstate and they have always been great.  Were happy with the premiums with $250 deductible.  Very responsive and quick with claims.

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  • 1 month later...

Anyone used or heard about Markel Marine Insurance?  So far, the online quote I hsve thru them has the best rate and coverages.  Progessive/USAA is in 2nd at around $150-200 more.

My Skisafe renewal came in the mail yesterday and went from $650 (+$100 winterization) to $911 with less coverage amounts and no winterization.

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Well. I have Progressive. After 8 years I had a claim. Must have smashed into a submerged railroad tie floating down river. Gel, strut, prop, rudder, shaft, fin. They were anal and meticulous and got it better than new. Seamlessly worked with my dealer.  Back in my slip in several weeks with just a couple calls. No deductible either with disappearing deductibles.  Not the cheapest, but very class act, and just like a good dealer I’ll pay a bit for it. 

Oh! Almost forgot. If you need a warm fuzzy. Call your dealers service manager. Ask him which insurance adjusters are in the most often and best to work with. Then pick one of them. 

Edited by Slurpee
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28 minutes ago, jwl019 said:

Anyone used or heard about Markel Marine Insurance?  So far, the online quote I hsve thru them has the best rate and coverages.  Progessive/USAA is in 2nd at around $150-200 more.

My Skisafe renewal came in the mail yesterday and went from $650 (+$100 winterization) to $911 with less coverage amounts and no winterization.

Coincidentally I got two quotes today for my new 2019 23 LSV that I am taking delivery this Saturday; one from Skisafe and one from Markel.  My Malibu dealer recommended Markel. Markel quoted 10% deductible for hull value, diminishing deductible and $300k liability for $658. Skisafe quoted $631 for same hull coverage and deductible but $100k liability for $631premium. Markel American is an AM Best A rated insurance company who has been providing coverage for more than 20 years. I will probably go with Markel. 

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8 minutes ago, psb0424 said:

Coincidentally I got two quotes today for my new 2019 23 LSV that I am taking delivery this Saturday; one from Skisafe and one from Markel.

My current Skisafe policy doesn't expire until 10/26 on my '18 23 LSV so I have been rate shopping.  Rates go from $555-$1,398, so a pretty big swing between companies. 

So far, I have quotes from:

Markel

Boater Ins. Agency 

Skisafe 

USAA/Progressive 

BoatUS/Geico

 

Waiting to hear back from NBOA on their quote.

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I insured my brand new 18 23 LSV for a stated value of $110k through Boaters Insurance Agency and it is $620/year.  This is a little less than what I paid for Progressive on my 2014 23 LSV with a stated value of $85k when I bought it used in 2017.  

Stated value is the only way to go if available.  I lost my 14 in the LBJ floods last October and it was super easy to make the claim with zero hassles at all.  Waited 30 days to make sure it didn't turn up somewhere (which it never did), and they cut me the check no questions asked.

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  • 2 weeks later...

So, just reviewed my 2013 Malibu 23’ LSV policy with PROGRESSIVE and on the declarations page I noticed that it does not have freeze / winterization coverage on it.  I called progressive today, and told the rep on the phone my problem, that I spoke with an agent previously about freeze protection, and wanted to make sure I was covered for that.  The agent today told me that progressive does not offer any freeze protection, or “winterization mistake protection” at all.

Does this seem correct to you?  I thought freeze protection was a common, insurance-wide protection option, that is offered by boat insurance companies, for customers who want to pay for the option.  Am I wrong here, or did I get an agent that is new at her job?

Scratching my head on this one, and ready to kick progressive to the curb and head to ski-safe.

what are your thoughts?

-Whitecap

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1 hour ago, Whitecap said:

So, just reviewed my 2013 Malibu 23’ LSV policy with PROGRESSIVE and on the declarations page I noticed that it does not have freeze / winterization coverage on it.  I called progressive today, and told the rep on the phone my problem, that I spoke with an agent previously about freeze protection, and wanted to make sure I was covered for that.  The agent today told me that progressive does not offer any freeze protection, or “winterization mistake protection” at all.

Does this seem correct to you?  I thought freeze protection was a common, insurance-wide protection option, that is offered by boat insurance companies, for customers who want to pay for the option.  Am I wrong here, or did I get an agent that is new at her job?

Scratching my head on this one, and ready to kick progressive to the curb and head to ski-safe.

what are your thoughts?

-Whitecap

Boat us / geico its an add on you need to specify, but if i recall correctly, it is $30 a year. Not having that coverage would be a total no go for me.

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