Best Off Shore boat Insurance?

San Anita · 04-02-2006, 01:53 PM

My insurance company F-Most is jerking me around and its time to do some shopping. I have to have good coverage offshore, like 50 miles. Any Salty Dogs have good luck lately with insurance companies or any suggestions?
Thank, Bill

CrazyFish · 04-02-2006, 02:08 PM

I have State Farm on my boat with no complaints. Their limit of coverage is 75 miles. When I turned in a claim last year they were great to deal with.

namu mac · 04-02-2006, 02:45 PM

Boat Ins. Agency- Travlers Ins. Co. Policy. 200 mi. off-shore.

Arima17Ryan · 04-02-2006, 02:48 PM

Boat US......

My family has used them for years. I great company IMHO and very competitive when you look at what is ACTUALLY covered(like fuel spills or salvage, which you're liable for if your boat becomes a hazard to navigation). We've used them for larger pleasure boats in the past and now use them for our fishing boats. I've never had to make a claim, so I can't help you there. But I feel very comfortable with Boat US. I think a boat-only insurance company recognizes the needs of a boater more. Again, just my humble opinion.

Orca · 04-02-2006, 02:48 PM

Boat US. Give them a try.

skein · 04-02-2006, 04:59 PM

Boat US. Unfortunately I've had to make two claims, and both were handled quickly and professionally - and satisfactorily. I give them the HIGHEST marks.

Skein

Pilar · 04-03-2006, 06:43 AM

Ace or Inamar, boatsman policy. No limit on how far offshore, covers all navigable waters Mexican border to BC. Never claimed anything yet but price is good.

Yachtmans policy requires survey and has distance restrictions. Boatsmans has no restrictions and no survey. Coverage variable for liability, pollution and contents.

two by four · 04-03-2006, 09:27 AM

I dropped F-Most last month also. Got a good deal with Progressive thru AAA, $68. a year cheaper for identical coverage.

Reel Creel · 04-03-2006, 09:37 AM

Boat US

No limit off shore.

Misty Dawn · 04-03-2006, 10:26 AM

Pilar, you have a PM.......

Pilar · 04-03-2006, 12:02 PM

Back to you ....... :lurk:

Iwish · 04-03-2006, 01:14 PM

The policy Allstate offers goes for 100 Nautical miles offshore from the USA or Canada. Rates are very competitive as well. We also offer Emergency Services Coverage which allows $1000 towards:

a. Mechanical Labor at the place of breakdown.
b. Towing to the nearest service point where necessary repairs can be made.
c. Towing it out if it is stuck.
d. Delivery of fuel, oil, battery or change of tire. (We do not pay for the cost of the item itself.)

Softball Dad · 04-03-2006, 06:17 PM

Some very key items to look for when buying boat insurance is.

1. Agreed Value or Replacement cost. Don't settle for actual Cash value.
2. Fuel Spill Liability
3. Wreckage Removal.

Each of these items are very costly in a claim situation. Not worth saving a $100 in my opinion.

Metal Manipulator · 04-03-2006, 06:27 PM

SD is right these three can cost you 100's of thousands of dollars in enviromental claims. And your boat value is not worth much to the insurance company.

San Anita · 04-04-2006, 04:57 AM

Thanks, Good info. Iwish are you a rep for Allstate? If not please PM me with a contact.
Bill

Onokai · 04-04-2006, 07:57 AM

Boats US. ditto. Mark

CATCH AND EAT · 04-04-2006, 10:49 AM

In my industry we call Progressive, Regretsive because when you have a claim you regret having this company. Horrible with auto claims for sure. Good luck with them if you are with them.

Iwish · 04-04-2006, 12:58 PM

As far as insurance goes, I firmly believe that your company is only as good as your agent. If you have a good relationship with your agent and he/she is willing to go to bat for you then you have a much better chance than those who don't have agents but only have toll free numbers to call. Nothing wrong with the toll free numbers until you want somebody to stand up for you and say, "I know this guy and he takes great care of his stuff. He just did a repower and replaced all his electronics, etc.".

All insurance companies have good stories as well as bad stories. Spend some time with your agent and understand your policy so you don't end up being surprised to find out that you didn't have the coverage you thought you bought.

Since this thread has been started it's not a bad idea to check and see how far offshore your policy covers you and how much emergency coverage you actually have. You can change your coverages whenever you want and finding out after the fact that you could have increased your emergency coverage offshore from $100 to $1000 and it would have only cost you $15 per year may not be worth taking the chance.

I'm off my soapbox now. Thanks for letting me give my $.02.

San Anita · 04-05-2006, 05:00 PM

Thanks Bernie, Anyone else use progressive? I got a quote through American marine that seemed reasonable and good coverage including the major 3.
Bill

Softball Dad · 04-05-2006, 07:46 PM

I'm sorry Catch & Eat. I work with Progressive all the time in the insurance industry. They have always been fair to my clients and very resposive to claims needs. They have a very good boat policy with all the important coverages that are needed for boat owners. I have met with several people that have had their boat insured with the so called big three only to find that their policy is an actual cash value policy when they stated to me that it was an replacement cost policy.

I would not hesitate to use progressive or Boat US for my boat insurance. Both the above companies offer Agreed Value on the boat and if the boat is new enough offer replacement cost coverage.

They both offer Wreckage removal liability and Fuel Spill Liability.

Progressive offers Roadside asistance, Includes Mechanical or electrical breakdown, Battery Failure, Insufficiant Supply of Fuel, Flat Tire, Lock out, Entrapment in snow, mud or Sand. Coverage extends to the tow vehicle while transporting the insured boat

On-Water Towing and Labor Coverage Service up to $1,000.

Folks this is very broad coverage. Pull out your policy and see if your policy compares.

Good luck with whatever you decide.

Softball Dad · 04-05-2006, 07:48 PM

Iwish, Great points man.

CAPT KUJO · 04-06-2006, 03:10 AM

Just re=insured the BLACK ROCKET with a non-charter policy
$150,000.00 coverage 75 miles offshore all US and Canadian waters $760.00 year SAFCO INS

Thanks a deal!

CAPT KUJO

Triple C · 04-06-2006, 01:53 PM

I just got a quote from Inamar Marine Insurance
for my 05 26' Striper
Agreed Value boat 70k 750 det
Trailer 4k
Libility 300k
Med 5k
uninsured 300k
personal prop 2500 250 det
towing assist 500
No range limit on offshore (trying to clarify)
for $622.00
That beats my progressive coverage by $125
and they have a 50 mile limit

Mark Mc · 04-06-2006, 07:31 PM

One of my answers to the original question would be: "the company that actually pays the claim." There is an awful lot of focus on the coverage and premium. Equally important, if not moreso, is what happens when you put in a claim. Will they actually pay it? Will they then raise your premium bigtime? Or will they drop you like a dead carp?

Another thought to ponder......lots of mention of "coverage to 50 miles offshore" or "75 miles offshore."

OK pop quiz for each person who thinks they know how far their coverage is. Is it in statute, or nautical miles?

If you think you are covered to 50 nautical miles, but your insurance Co. thinks in statute miles, well now you have about a 4 statute mile discrepany if you are tuna fishing at the limit.

San Anita · 04-08-2006, 08:55 AM

Still working on it and thanks to Sling Blade I was able to get in touch with his F-Most agent. He seemed to be more on top of things. BoatUS will not insure you if youve had a claim within the last 3 years and thanks to those #$@%#%%#%#%#@%s that stole my kicker last winter, I was not able to get a quote. My apraiser is going to work up the itemized list for value and we will see what F-Most has to say after that. I think I will get a couple more quotes based on the Salty Dogs input.
Thanks, Bill

blubeast · 04-12-2006, 06:55 AM

Good points SD. I called my State Farm agent to verify my coverages - thought I'd share what I learned.

coverage out to 75 nautical miles.
fuel spill - yes; $100k, then works with umbrella liability.
wreckage removal - up to 105% of value of boat
on-water towing - up to $500 in tow costs.

worth checking into...

Triple C · 04-12-2006, 10:29 AM

Hat's of the Iwish, I called my Allstate agent
and had my boat requoted. It appears that last year
Allstate revamped it boating insurance. The rate I got
is 200.00 lower than the rate quoted by Inamar higher
liability and towing assist. 100 miles nautical. This is
300.00 saving over Allstate a little over a year ago when
switched to Progressive............Thanks for the PM Iwish
I owe you at least a beer next time I see you

San Anita · 04-12-2006, 11:28 AM

Triple C
So whats your insurance $$ now and whos your rep?
Bill

Triple C · 04-12-2006, 11:55 AM

Allstate and annual is 455.00 for 500k liabilty
McOmie is the agent in Aloha that's with my car and home discount

zike · 04-13-2006, 03:03 PM

I checked with boat us, progressive, allstate and state farm
for rates on my 92 trophy worth maybe 15k with the 02 merc 150. Allstate at $404 was high, even though they carry my home. Boat us and prgressive were around $380 and state farm was $191. The mutual of enumclaw policy that I now have is only $163. Why the big difference, in the rates, the coverages are the same.

Triple C · 04-13-2006, 04:53 PM

It's hard to say Zike. I don't know why it would be so high
my agreed upon value 70k +. I would expect your rate would
be much lower. Maybe Iwish can answer that question.

bajadan2000 · 04-17-2006, 07:33 AM

Bill,

Not sure yours is an isolated case.

Hearing many reports from friends back east that their renewal rates are really on the increase. Speculation is, some the Ins. Co.s took big hits from the huricanes in Florida and the the gulf. Not sure if the rate increases are a regional thing or nation wide. However, a lot of people are shopping around now and finding as much as a 50% difference in the rates for the same coverage. Probably because some of the Ins. Co. have raised their rates and some have not.

The big offender seams to be Boat US. Everyone is very happy with their coverage and claims service, however, are being hit with very large rate increases. Has anyone with Boat US in the NW been hit with a rate increase or is this just an east coast thing?

I have applied to Boat US for a quote and feel I am also getting jerked around. However, they seam earger to talk about it.

Dan

Iwish · 04-17-2006, 10:46 AM

If I may throw in my $.02 here, and this is strictly my opinion, not factual.

Insurance companies began using credit in insurance scoring years ago. While not all companies use credit the majority of them do. This is a process that has been evolving over a long period of time and the companies that switched have done so with their largest policy groups first. For instance, with Allstate, we started with our Auto insurance, then Homeowners, Umbrella policies and Boats followed. It wasn't until last year, as Triple C mentioned that we "revamped" our boatowners policy and when we did so we added insurance scoring to the mix.

Some policies may still have been cheaper in the older company while some may turn out to be cheaper in the new company, but we can't write in the old company any longer.

As to why the companies can have so much difference between them, this again, IMHO, can also be attributed to many factors.

Larger companies have really moved to seperate themselves from being 1 "big" company where all states rely on each other. If Florida has a hurricane then Oregon has to pay? In some cases, maybe. Not as I understand it with Allstate. Each state has to be able to stand on it's own here. Just as when we have the windstorms that do several million dollars worth of damage here in the NW we don't surcharge other states policies to recover that premium. The biggest reason you may see such a difference in premium between companies is most likely because of who is using credit and who isn't. Please don't take this as a "slam" on anybodies credit score as I have seen many people come back with a less than perfect insurance score and claim to have credit scores that are better than perfect. We don't only look at credit but also look at how long you have been with your other insurance company, losses, current coverages as well as about 30 other things that all together make up an "insurance score."

Hopefully this makes some sense and for those of you who have premiums that are far below the competition, keep them as long as the coverage fits your needs. You will see an increase in a matter of time. They very well could be looking at other product line right now and boats aren't a priority. As far as companies that just do boating, as long as they are profitable there is no need to raise the rates. If they do count in the hurricane losses into the mix then you will most likely see an increase soon. Probably at your next renewal or the subsequent one. No need to switch before then as long as the coverage is what you need it to be.

Just to clarify again, this is just my opinion and is not fact.