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ContinuousWave: The Whaler GAM or General Area
Who insures your boat?
|Author||Topic: Who insures your boat?|
posted 01-30-2015 06:58 PM ET (US)
Hi all, next up on my boating plan is insurance against theft, liability, etc.
My last policy was with Hagerty's...no complaints, they were quite efficient and up front on everything, which gave me confidence.
Someone suggested looking into nboat.com and I sent them a quite request along with Hagerty's.
Recommendations? I like the idea of agreed value in case of loss...no haggling over a "book price" that might state my 1987 Guardian is old and only worth $1,200...right.
posted 01-30-2015 07:11 PM ET (US)
I have an "agreed value" policy for my boat through State Farm, who also insures my home and cars. Based on my long (30-year) experience with the company, I expect they will treat me right if I have to make a claim.
posted 01-30-2015 07:13 PM ET (US)
I have a 2008 Montauk which I had fully insured up until last month. With retirement and reduced income I had to rethink certain expenses and decided to cancel the full cover which was costing me $1,200 a year. I left my boat
covered under my liability clause under my Umbrella Policy.
My boat is very secure in a closed marina on a trailer with wheel and hitch locks and the fact that there is Marine Police Unit stationed less that a 100' from my boat which is manned 24/7. On top of all this I just installed a GPS tracking device which cost me $20 bucks a month and tells me by text message if my boat is touched or moved.
I would have liked to have kept the Full Cover but the cost was a little high, however I think under the circumstances
posted 01-31-2015 10:13 AM ET (US)
I insure my boat through BoatUS.
posted 01-31-2015 10:34 AM ET (US)
A 2008 Montauk on a trailer in a garage for $1,200 a year seems pretty high. I have a 2005 170 Montauk with an 2011 ETEC 115 HO, trailer and garage kept.
I insure with BoatUS here is my coverage:
Total Annual Premium $323.33
posted 01-31-2015 11:00 AM ET (US)
I believe Fred's 190 Montauk is located in Puerto Rico which may have something to do with the cost of insurance.
I have Progressive and the cost is reasonable. I have no claim experience with them but from what I read on the blogs they are probably average or a bit better with claims. My hope is to never find out how they handle claims.
posted 01-31-2015 04:17 PM ET (US)
Boat us...ahh, good suggestion I hadn't thought of. Thanks for that and the others too. Got yearly quotes so far of approx $600 and $400 so far.
posted 01-31-2015 07:23 PM ET (US)
Ridge, Butch is right I do live in P.R. and boat insurance is sky high, if my insurance was $300.00 and change a year I'd never drop it. I've never had a problem involving theft with any of my boats down here for the last 30 years however it does not mean that boats are immune.
I might be slightly paranoid but if I leave my boat in the water at the marina for a day or two you can be assured I have it locked to the dock just for a little peace of mind, plus a key controlled Perko switch and an engine lock bolt which keeps the engine from turning. If someone wants my boat they will have to work for it!!!!!
posted 01-31-2015 07:40 PM ET (US)
They know boats, will write agreed values policies on older Whalers... Chad recognizes the relative value of the classics... So insurance with them is easy. Their prices were competitive when I shopped them, and you really can't beat the service. I don't suspect Chad is making a whole lot of profit off my small policy, but they treat me like their best customer.
I'd call or email Chad directly, rather then use the request a quote link on the web page.
posted 02-02-2015 12:12 PM ET (US)
I have insured all my boats in the past for agreed upon value (full coverage) and with my Antique/Classic Chris-Crafts and now my newer (2008) BW I always had to supply a recent survey stating the "true" value.
My regular insurance companies (house & cars) never could touch the specific ones such as Haggerty and BoatUS but BoatUS always was the most economical and never more than $500 a year for boats from $10K to $40K value with low deductables($0-$100).
I never had a claim so I don't know if BoatUS is good or bad but they seem the least expensive for full coverage.
posted 02-02-2015 08:15 PM ET (US)
With a 2014 E-Tec my policy through Allstate is under $400. I have a lot of riders also for my canvas, kicker, radar arch, etc.
posted 02-02-2015 10:53 PM ET (US)
My Guardian 19 was damaged by fire. Some kids set fire to bags of leaves in my yard. That caused the fence to catch fire. As a result the starboard side had all of the gel coat burned off. State Farm allowed me to have repairs done at Twin Cities Marine- a Whaler Dealer. The boat was repaired to perfection. I only had to pay my deductible to the dealer.
posted 02-03-2015 04:59 AM ET (US)
Boat us is supposed to send me quote today, but so far, nboat has provided what looks to be comparable policy at best rate....nboat is written by progressive I believe.
Figuring $25,000 agreed value.
posted 02-04-2015 02:00 AM ET (US)
State Farm.. same as above... agreed value.. I pay 200 a year for about 12k replacement.
posted 02-04-2015 08:25 PM ET (US)
Thanks to all, I chose nboats written by progressive, got a very competitive deal and great coverage.
posted 02-05-2015 03:48 PM ET (US)
Fred, umbrella policies, also know as excess liability policies, usually require a separate policy with minimum underlying liability limits (typically $300,000) before providing excess coverage. It was a little unclear if you cancelled your entire policy, including the liability provision. If so, you may be self-insuring for the first $300,000 of a liability loss. You might want to contact your agent and ask if there is a minimum underlying liability limit requirement on your umbrella policy. Not trying to be snotty, but it's a common misconception.
posted 02-06-2015 09:24 AM ET (US)
Progressive - I had a boat stolen in 2009, it was a brand new 34 Fountain CC with Trip 300 Verados, the policy had a theft clause and they don't cover electronics. I did a fixed amount policy. Works out best for depreciating boats. I lost 23% when the policy paid the claim.
posted 02-11-2015 10:10 PM ET (US)
I bought my first boat, an Outrage 17 1996, in June 2014 and insured it through Boat US for an agreed value. I also included towing. In October I had to file my first claim for a broken prop shaft. It was as simple as it gets. They took the info, I got them an estimate for repair and I had a check about 7 days later. Highly recommend them.
posted 02-16-2015 09:31 PM ET (US)
Went from Boat US to Progressive and saved lots of money!
posted 02-17-2015 10:38 AM ET (US)
Rather, thks for the heads up, my boat comes under my Home Owners Policy which is an umbrella. I have a separate clause written as a Water Craft Policy liability only. I've had it for years and it is written directly in to the Home Owners. But still I will ck it out just in case, thks again!
posted 02-24-2015 10:00 AM ET (US)
Switched from Boat US to State farm last week, saved 300/year. Thanks for writing this post. I have not had any claims but Boat US not only increased my rates by $200 a year but they make you join Boat US for $25 a year too. Nice little mag they sedn out but I wont miss it as much as that 300$
posted 02-25-2015 03:46 PM ET (US)
I'm with BoatUS. It is. Inexpensive and consistently priced year over year. I also have Vessel Assist unlimited gold. That had 100mile offshore coverage, including tows to home port as opposed to closest port. I could literally call them from the Cortes Bank and get a tow to Newport Beach CA
posted 02-25-2015 04:59 PM ET (US)
I have the 78 Montauk, 2002 Motor, and 2005 trailer insured by Farm Bureau. Been with them for 15 years now. Premium is 157 a year. 300k liability. 5000 medical payments
It is an actual cash value policy.
Just got my renewal notice and based on this tread requested a quote from Boat US. Actual Cash Value policy with same liability coverage but 25k family member medical payments, 250 in towing coverage, 300k in uninsured boater coverage, and even 250 for sporting equipment is only $214.
An actual stated value policy with 10,000 agreed value is $302 ($25 membership fee has to be added to both)
I'm going to switch to Boat US and go with the stated value policy. Yes, its 150 more than I'm paying but I doubt seriously if Farm Bureau would pay be more than 3k for my boat if something actually happened. And we all know even a 1978 Montauk in good shape is worth more than that. Additionally, FB offers no assistance with towing.
Which brings me to a question for anyone with experience getting towed... How much is a typical tow bill? say from 4 or 5 few miles off shore in the gulf to the closest ramp? I typically spend a few weeks a year in and around Panama City or Perdido Key, Fl. Trying to decide if the 250 coverage that comes with the policies described above is enough or if I should consider a tow contract as well. lightning will eventually strike.
posted 02-25-2015 11:36 PM ET (US)
I also use BoatUS. My AV (42K) is quite high for a 16 year-old boat, but I don't pay a lot for it.
I'll have to dig up the policy for the exact numbers.
posted 02-28-2015 01:57 PM ET (US)
I have Vessel Assist Unlimited Gold. I have my 1995 21 Outrage in Newport Beach, Ca and go far distances. For example, Catalina east-end is 26nm, west-end is 37nm, San Clemente Island NW end is 48nm, South end is 52nm. Santa Barbara Island is 59NM, San Nicholas Island is approximate 80nm and the tuna grounds are 30-90nm. For me, Unlimited Gold is good to 100 miles. Also, importantly, they tow to my home port as opposed to the closest port. I have used them for a couple of jumpstarts and one tow of a few miles. I understand that without such a tow service, it can be between $50 and $100 per hour and that includes the person getting out to you. I have heard the Coast Guard call out asking if anybody wants to volunteer to tow someone who is not covered once they have determined nobody is in immediate danger. For me personally, if I were going alone, not being covered would be an expense and an inconvenience. But when I'm out there with my family and friends, should something happen, I think having a tow service would also avoid the embarrasment of looking unprepared. The following is Vessel Assist, in particular. I think like with cable TV, certain areas of the country are covered by different providers. I have had Vessel Assist for the 20 years and don't regret it at all. Because of my "Unlimited Gold", I had the benefit of them coming to my marina and towing the boat to where the pickup for the re-power took place. They are punctual and very much on the ball. At least in Newport Beach, CA.
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