Boat Insurance suggestions?

Akatrout · 07-25-2009, 07:40 AM

I'm looking to purchase a jet boat and am coming up with a budget to see what I can afford. Does anyone have any suggestions on insurance companies (pms accepted) that have treated them well as far as rates and claims, or companies to avoid due to bad experiences or rates. Also, what do you all suggest as to coverage limits, deductibles, etc. Anyone have examples of what they pay per $1000 value of their boat? Thanks much!

chummer · 07-25-2009, 08:05 PM

Every year, you should examine how much coverage you are paying for, and the true market value of your boat and motor, and adjust it accordingly. Just because you are paying insurance premiums for a $30,000 boat does not mean that is what the boat is worth. You will most likely find language in your policy that states that your insurance will pay true market value up to the agreed upon value. 3 years after buying a used boat, I had an accident with the motor. When I bought the boat, the ageed upon value of the motor was $13,000 which was based upon a boat evaluation that the bank required. After the accident, the insurance adjusters determined the motors current value to be $5,600 for a like make and HP (2000 Merc 225 Optimax saltwater) in working condition. I could find nothing any better to dispute their findings, so that's what I got. I have since revised what I pay in premiums to reflect the boat and motors true market value.

Orca · 07-25-2009, 10:07 PM

PM Pau Hana for a quote.

DUKiller1 · 07-25-2009, 10:37 PM

A couple things to consider when purchasing a boat policy.

How is the value of your boat/equipment determined at the time of loss. Stay away from "market value", "actual cash value". You can find policies that pay "agreed value", "insured value" or similar. The policy you want will pay you the value that you are paying for, not the value that they determine they want to pay you in the event of a claim.

Also, look at the fine print on your policy to determine if you have coverage on the ocean. Some policies exclude the ocean, others have fine print that stop at certain lines, 2 miles out, 10 miles out, etc. You don't want to be on the wrong side of an imaginary line.

If you're looking to get the best policy without breaking the monthly budget, set a higher deductable. Consider a $1000 or higher deductable, which will allow you more and better coverage at a lower price. After all, you really don't want to file a claim unless it's a major loss. Major varies on the individual, but with rate hikes and the ding it puts on your record I would say over 4K. Check with the note holder on your boat if you owe money on it, some companies have limits on the amount of the deductable.

Good luck

Capt. Slick · 07-26-2009, 07:44 AM

State Farms insurance has a 75 nautical offshore coverage. if you fish the ocean, make sure you find out where your limits are whom ever you choose and i would ask.

Orca · 07-26-2009, 08:56 AM

http://www.ifish.net/board/showthread.php?t=253879

Akatrout · 07-26-2009, 06:02 PM

Great info all! You brought up some things I had no clue could be an issue! But then again thats why I came here first, to get the "reel" scoop. I PMd Pau for a quote. Seems that he's the guy to go to. Keep the advice coming!

Duckwheat · 07-26-2009, 06:31 PM

I'd ask Chromoflage. He's had more experience than all of us combined in all matters insurance.

DW

Doc_Rhen · 07-27-2009, 08:56 AM

I just got coverage for my new jet. We went with $50,000 and it cost me $19/month at State Farm.

Undertaker · 07-27-2009, 11:22 AM

Don't forget to tell your agent that you have an Oregon Boaters card too.
State Farm gave me a discount because of it.

bluehewes · 07-27-2009, 11:31 PM

I have a captains license and get discount because of it. But if you are a member of USPS or Sea Scouts most insurance companies will give you a good discount.

Go with an agreed amount plan, it's worth the few extra dollars.

Roperguy · 07-28-2009, 12:47 PM

If you are eligible, look into USAA.

FishGeek · 07-28-2009, 02:28 PM

Make sure to compare the differences between a yacht policy and a boat policy.

There are some very staggering differences in the types of coverage available between the two.

FishRCutBait · 07-28-2009, 08:32 PM

If you are a home owner try to bundle your insurance with all of your other coverages (Home/Car/Boat/RV etc...) as you will receive multiple coverage discounts. You will also get a discount if you have a valid boaters education card. Before I owned a house I found that Progressive Insurance had really good coverage and rates for boats. That was a while ago so I can only speak from history.

Once you know what you want and are up on the insurance terms get multiple quotes and make sure they are apples and apples comparisons in terms of coverage, liability limits and deductibles. Also, some insurance companies provide a discount for having zero incidents for 3 years, offering up to 25% rebates on your premiums!

Lastly, in today's insurance games its all about your credit rating. If you have excellent credit, your likely to get the best rates on insurance. So if you do and have a clean record to boot, shop the preferred insurance companies as you will save in the long run.

Riverteeth · 08-04-2009, 08:25 PM

Quote:

Originally Posted by Roperguy

If you are eligible, look into USAA.

FYI-- USAA uses Progressive as its carrier for boat insurance (they farm it out). I don't know if this is good or bad, this is just an FYI.

bluehewes · 08-06-2009, 11:19 AM

I don't see how they can give a discount for something that's mandatory. Kinda like giving a discount on auto insurance for having a drivers license.

OB1 · 08-06-2009, 01:04 PM

Quote:

Originally Posted by Doc_Rhen

I just got coverage for my new jet. We went with $50,000 and it cost me $19/month at State Farm.

Wow I pay $550 a year for my 20FT Seahawk but I am covered 200 miles offshore, like I would go out that far and I'm covered if go to Canada.
I believe the price covers replacement of boat/motor and electronics.

Mooch · 08-06-2009, 02:00 PM

Quote:

Originally Posted by Riverteeth

FYI-- USAA uses Progressive as its carrier for boat insurance (they farm it out). I don't know if this is good or bad, this is just an FYI.

New policies go through Progressive.

Older policies are "grandfathered" in at USAA.

My North River is through USAA and my Lund is through Progressive.

Riverteeth · 08-10-2009, 12:07 PM

Quote:

Originally Posted by bluehewes

I don't see how they can give a discount for something that's mandatory. Kinda like giving a discount on auto insurance for having a drivers license.

Yes, I agree; but my policy gave me a discount when I told them I have my boater ed card-- A whopping $7/year!!!!!!!

But its better than a poke in the eye with a sharp stick.........

bluehewes · 08-12-2009, 12:05 AM

Quote:

Originally Posted by Riverteeth

Yes, I agree; but my policy gave me a discount when I told them I have my boater ed card-- A whopping $7/year!!!!!!!

But its better than a poke in the eye with a sharp stick.........

LOL true, insurance companies like giving the ole stick in the eye routine.