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Boat Insurance


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5 hours ago, minnmarker said:

If you go with a different company and have an umbrella policy (or assets to sue for) make sure any boat policies qualify to fit under the umbrella policy.

Great point!!!

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State Farm is who we go through. It’s like $390 a year for full coverage on our 2020 23 MXZ. I looked into actual boat insurance companies and it was more. It was easier to just put it on my insurance where I have everything else. 

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10 minutes ago, dwc032 said:

State Farm is who we go through. It’s like $390 a year for full coverage on our 2020 23 MXZ. I looked into actual boat insurance companies and it was more. It was easier to just put it on my insurance where I have everything else. 

That is really cheap for state farm.  When I used to have my 2012 VTX on my state farm policy it was around $450 - 60K of agreed value coverage 100/300 liability and a 5 month layup

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Just now, oldjeep said:

That is really cheap for state farm.  When I used to have my 2012 VTX on my state farm policy it was around $450 - 60K of agreed value coverage 100/300 liability and a 5 month layup

I could be off by a little. Wife usually takes care of that stuff...lol. We do have everything we own through them so maybe that makes the cost a little cheaper. 

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1 minute ago, dwc032 said:

I could be off by a little. Wife usually takes care of that stuff...lol. We do have everything we own through them so maybe that makes the cost a little cheaper. 

At the time I was insuring my house, 5 cars and the boat ;) through them ;)

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Skisafe is a good option for stand alone insurance but expensive.  The best deal I found is bundling it with my cars, and home through Farm Bureau. Its $425 for full coverage and replacement value without a winter layup 

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22 hours ago, oldjeep said:

That is really cheap for state farm.  

Agreed.  I have them for everything including my 19 23 LSV.  They are far from the cheapest.  

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I see you have 1999 boat, so I'll give you some things that I was dealing with when looking for insurance for a boat older than 20 years.

I had Skisafe for years, but they would not give an agreed value policy on any boat over 20 years old, so I had to look for another company.

I then had BoatUS, but they wouldn't give an agreed value policy anywhere near close to the value of my boat, so I had to keep shopping.  (I needed to increase the agreed value by a lot this summer as the boat prices were increasing)

I finally went with progressive and paid ~$100 more per year than the other two options, but I have an agreed value policy that covers my boat, and they had unlimited on the water towing built into the policy (similar to Boat US).

All of these option were better and less expensive than trying to get it through my homeowners/auto insurance company and it ties into my existing umbrella.

 

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On 11/24/2020 at 9:16 AM, cla10beck said:

I see you have 1999 boat, so I'll give you some things that I was dealing with when looking for insurance for a boat older than 20 years.

I had Skisafe for years, but they would not give an agreed value policy on any boat over 20 years old, so I had to look for another company.

I then had BoatUS, but they wouldn't give an agreed value policy anywhere near close to the value of my boat, so I had to keep shopping.  (I needed to increase the agreed value by a lot this summer as the boat prices were increasing)

I finally went with progressive and paid ~$100 more per year than the other two options, but I have an agreed value policy that covers my boat, and they had unlimited on the water towing built into the policy (similar to Boat US).

All of these option were better and less expensive than trying to get it through my homeowners/auto insurance company and it ties into my existing umbrella.

 

you also get a miles limited tow on land for trailer included,  your agreed value modifies after 5 years if you keep it where they have to get you in to the equivalent boat for value but as described by agents the agreed value amount  still has some positive effect.  i chose after my 5 new model years ended dec 31, 2019 for my new 14 bought new 4/2014 to keep the policy and not lower my insured value as savings were not great enough

i also believe you have a disappearing deductible $200/yr so  after 5 years no deductible (actually maybe its $500 100/yr). i pay $72/mo inc billing fee but no deductible after my 5 years now.  i think i started at $63/yr years ago

Edited by granddaddy55
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  • 2 months later...
On 11/23/2020 at 3:12 PM, Leftlane said:

I used Boaters Insurance Agency - BIA.  About $600 a year for my 18 23 LSV

I've been using them as well but rates got jacked up for 2021 to over $800 for a 2019 23 LSV.  I am looking at other providers, but just got quotes of almost $900 for SkiSafe and then $1,200 for Geico (our car/home insurance provider).  Maybe Boaters isn't looking too bad now.

Edited by eubanks
Update
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Boats are getting to be like cars to insure.  With all the fancy gee-gaws (the technical term), they cost a fortune to repair.  Expect continued rising premiums.

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My 2019 has stayed the same from SkiSafe for the past 3 years. I am guessing ones geographical location has a lot to do with it.

Edited by wdr
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Up until this year, we had State Farm for our boat along with 2 vehicles, RV, home and life.  The boat premium kept jumping ridiculous amounts each year.  This past year they wanted almost $900 for an 18' 22VLX.  Switched to Skisafe with 3 month layup (Nov 1-Feb 1), with agreed value $95k boat and $5k trailer, with towing reimbursement and vanishing $1000 deductible for $538/year.  Didn't have towing, vanishing deductible, freeze protection, or higher personal property with State Farm either so I feel I have better coverage and saving almost $400/year.  

That said, I love State Farm for our other coverages as we've been with our agent for 20+ years, and he admitted that he couldn't touch the price.  We both agreed that the layup has to be the main factor but in all honesty, our boat goes into the garage and covered by Halloween because that's when youth hunting season begins so we don't touch it until February when I may pull it out and get it cleaned/waxed before we start using in March.

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Msingletary3
On 11/23/2020 at 8:55 AM, dwc032 said:

State Farm is who we go through. It’s like $390 a year for full coverage on our 2020 23 MXZ. I looked into actual boat insurance companies and it was more. It was easier to just put it on my insurance where I have everything else. 

Really? I tried to do the same and received a quote for $285  a month from State Farm. What coverage did you get?

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On 2/17/2021 at 1:19 PM, wedge88 said:

Up until this year, we had State Farm for our boat along with 2 vehicles, RV, home and life.  The boat premium kept jumping ridiculous amounts each year.  This past year they wanted almost $900 for an 18' 22VLX.  Switched to Skisafe with 3 month layup (Nov 1-Feb 1), with agreed value $95k boat and $5k trailer, with towing reimbursement and vanishing $1000 deductible for $538/year.  Didn't have towing, vanishing deductible, freeze protection, or higher personal property with State Farm either so I feel I have better coverage and saving almost $400/year.  

That said, I love State Farm for our other coverages as we've been with our agent for 20+ years, and he admitted that he couldn't touch the price.  We both agreed that the layup has to be the main factor but in all honesty, our boat goes into the garage and covered by Halloween because that's when youth hunting season begins so we don't touch it until February when I may pull it out and get it cleaned/waxed before we start using in March.

That's been nearly my exact experience.  State Farm was no good for the boats.  Both my RLXi and old 22 VLX are with ski safe, as will my yet to be built 2021 23 LSV.

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On 11/23/2020 at 6:55 AM, dwc032 said:

State Farm is who we go through. It’s like $390 a year for full coverage on our 2020 23 MXZ. I looked into actual boat insurance companies and it was more. It was easier to just put it on my insurance where I have everything else. 

wow!  I need to shop around.  I just got the renewal bill for my 2020 23 MXZ and it was over 900 for the year.

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On 11/23/2020 at 8:55 AM, dwc032 said:

State Farm is who we go through. It’s like $390 a year for full coverage on our 2020 23 MXZ. I looked into actual boat insurance companies and it was more. It was easier to just put it on my insurance where I have everything else. 

 I don't buy it unless you live in a state like Alaska where you can only use the boat 2 weeks of the year.  We had everything through State Farm, a great relationship with our agent and no claims and with all of our discounts they couldn't get under $879 for a 2018.  If you're paying $390 then I'd be questioning what coverages you have.  

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6 hours ago, wedge88 said:

 I don't buy it unless you live in a state like Alaska where you can only use the boat 2 weeks of the year.  We had everything through State Farm, a great relationship with our agent and no claims and with all of our discounts they couldn't get under $879 for a 2018.  If you're paying $390 then I'd be questioning what coverages you have.  

Ok, I just checked my State Farm account. I was a bit off.  We pay $658, for our 2020 23 MXZ. Still pretty cheap, compared to others in this thread. 

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