Let's Discuss Boat Insurance

[rangerdog]

This is how much we've paid per month over the last 4 years:

May 2010 - Apr 2011 = 36.59
May 2011 - Apr 2012 = 39.24
May 2012 - Apr 2013 = 42.57
May 2013 - Apr 2014 = 46.57

and now it's going up to:
May 2014 - Apr 2015 = 51.15 which is $174.72 more a year

I am curious as to who all has what insurance and how much it costs. Mine is with progressive. I am looking to change. Also, What about tow insurance?
2003 2320DVSC

 

[TWOBOATER]

I just renewed with Boat US for $430 for the year (down $47 from last year for no-claim credit) with pretty good coverage for a 2520dvsc. This includes $250 towing for two instances. They also use the diminishing deductible, reducing your deductible each year that you have no claim.
I purchased "Gold Towing" which is unlimited towing, even non-emergency, for $157. for the year. I think you can even use this on a friends boat if you're onboard.
BoatUS will give you a quote on the phone or online. You need to compare policies / coverage side by side to see which is actually a better deal. Boat book value, horsepower, operator experience/ education / ins. history all figure into the price.

 

[Photoguy]

I got a quote last year from Boat US . For my '96 2110 with a new Suzuki 175. $19K agreed value with a few small deductibles for a premium of $403/year. I believe it had some towing ins. as part of it, but don't recall the specific details. I didn't act on it but most likely will this season.

 

[Miss Virgie II]

Those rates are actually looking pretty good compared to Florida rates....... :shock:

 

[Smittles1179]

I'm in Massachusetts - This year I paid $430 with Progressive Insurance for replacement cost on my Tracker 1448 and Parker 2120 – Tracker cost replacement $9,900 and Parker replacement $60,000 – With the $10,000 Electronics and gear included. Plus it has the trailer tow package. In theory if my boat sinks and I survive I should be able to get a new replacement 2014 2120. Hopefully I never have to find out if the policy is any good.

 

[Megabyte]

Can't lay my hands on this years policy, but I don't think it changed at all from last year.

$45k property damage
$1k towing
$500k liability
$5k medical
$500k uninsured boater
$2.5k personal property

$570 per year

The company is called Ace Insurance out of Philly and the broker is Marks Marine out of Depthford NJ.

 

[Photoguy]

I'm in Massachusetts - This year I paid $430 with Progressive Insurance for replacement cost on my Tracker 1448 and Parker 2120 – Tracker cost replacement $9,900 and Parker replacement $60,000 – With the $10,000 Electronics and gear included. Plus it has the trailer tow package. In theory if my boat sinks and I survive I should be able to get a new replacement 2014 2120. Hopefully I never have to find out if the policy is any good.

That's good to know. Seems like a much better deal than my quote $403/$19K.

 

[cbigma]

I have ACE Insurance as well.... almost identical policy limits and premium cost as Kevin's.

My Agent is Northeastern Underwriters, Inc out of Madison CT.

 

[sam3]

also 430 boat us had progressive 3 years ago much hier less coverage

 

[Megabyte]

Most good marine policies are 'agreed value' where you pay x dollars per thousand dollars of coverage.
You decide what your boat is worth and how much you are willing to spend, then go from there.
Extras, such as liability limits and towing can be increased, but in many cases they have minimums.

And of course, there are differences in regions...
If you live in a hurricane area, expect to pay more.

 

[Jersey Jim]

Can't lay my hands on this years policy, but I don't think it changed at all from last year.

$45k property damage
$1k towing
$500k liability
$5k medical
$500k uninsured boater
$2.5k personal property

$570 per year

The company is called Ace Insurance out of Philly and the broker is Marks Marine out of Depthford NJ.

I realize this is a 2 year old thread, but is this insurance company still a good choice to go with? I live only 20 or so miles south of this agent in Deptford, NJ. I have a 2120SC is on the way next month, and have a few things to prepare for before she arrives. I want to have a good policy lined up. I like the idea of a replacement policy. I think that's what I had on my 1801 a few years ago.

 

[Megabyte]

I realize this is a 2 year old thread, but is this insurance company still a good choice to go with? I live only 20 or so miles south of this agent in Deptford, NJ. I have a 2120SC is on the way next month, and have a few things to prepare for before she arrives. I want to have a good policy lined up. I like the idea of a replacement policy. I think that's what I had on my 1801 a few years ago.

Still have them covering my boat, tho I've never had a claim.
Price went up by $12/yr when I moved from Annapolis to Lewes, but that might be because the boat lives on the coast now.

 

[1801Steve]

I have joined this group since the original post. Glad to see it has resurfaced. I am a marine surveyor. Our company has 6 surveyors in Virginia, SC, and FL. All we do is claims work on boats. In 2015 we handled almost 400 claims. We are on pace this year to do about 550. We deal with every insurance company you can name. And some you never heard of! You never know how good your underwriter is until you have a claim.

One little point. It is important to differentiate between agents and underwriters. Agents sell policies. Underwriters are the actual company that writes the policy and handles claims. Independent agents usually have several underwriters they can use. "Captive" agents (think State Farm) write only with their company.

Several people have mentioned Ace. We work for them and they do a good job on their claims. They are more than fair and work to do the right thing for their policyholders.

We occasionally work for Progressive. They do most of their claims in house and only call us when they have screwed up something. The problem with Progressive is that their adjusters (in general) don't know squat about boats and the claims service suffers accordingly. I would not insure my boat with Progressive until you talk to a couple of people who have had claims with them. Or call me.

Several people have mentioned BoatU.S. They have a big claims staff who do nothing but boats. Their claims service is top notch. Their rates are competitive.

Someone mentioned agreed value policies. In this type policy you insure your boat for $X. If it is a total loss you collect $X. No question. Some policies are Actual Cash Value policies. You insure your boat for $X and pay premiums based on $X. If your boat is a total loss you collect the value of the boat at the time of the loss. It is almost always less than $X. This can be a real problem if your boat was insured new and you have a total loss two or three years later. Your coverage may be less than your loan balance! Of course ACV policies are cheaper than Agreed Value policies. This is usually why one policy is cheaper than a seemingly identical quote.

BoatU.S. and Ace write Agreed Value policies. Most of what I call the auto companies (Progressive, State Farm, Allstate etc.) write ACV policies. Nothing wrong with that as long as you know what you are getting.

Also check what coverage you have for fishing tackle. That varies from company to company.

As you see there's a whole lot more to the question than "How much does it cost?" I would be happy to discuss more specifics with anyone who sends me a PM.

 

[Jersey Jim]

Invaluable input guys. I see it's real easy to make a regretful choice. I look forward to shooting you a pm Steve.

 

[dave-j]

I can speak to the professionalism of Boat US insurance. I have (unbelievably) had two total losses of boats while they were on the mooring. First was a 42 foot racing sailboat lost during the "no-name" storm that produced the book "The Perfect Storm" where a whole section of boats were lost in Marblehead harbor. Both pendants simply snapped. Boat was reduced to a pile of fiberglass on a nearby island.

The second was a Sisu 22 that was simply overwhelmed by waves, again in the harbor, during hurricane Jeanne about ten years ago.

In both cases, the claim was agreed value, handled quickly. Because both were named storms (ironically the no-name storm fell into that category), there was no penalty in premium on future boats. All these years later still using them happily.

My 23 DVCC is named Hurricane in honor of the lost Sisu.

 

[sydngoose]

I know this thread is old and has been reborn, but the information is still helpful. The timing is actually remarkeable as I am shopping for insurance for the new to me 2830 we just bought:
I called Gallagher Charter Lakes, Geico marine, Boat US, Progressive, All State, Ace marine, NBOA and finally and the best whom I ended up going with:

CALL TOM VITENHAUS: 941-585-1191

He is a broker who will shop the best rates/ terms for your specific needs. I ended up signing today with Berkshire Hathaway as their terms were SIGNIFICANTLY better and priced better than the competition:
Tom brokered this policy for me (I pay nothing for Toms service's, but rather just the marine insurance policy).

AGREED HULL VALUE is the ONLY insurance you want, people. DO NOT BUY CASH VALUE POLICY's...that is an ambiguous way for the insurance company to tabulate depreciation and NOT be held accountable to a real number. Again, whatever carrier you use, buy an AGREED HULL VALUE policy that way there are no surprises God forbid you have a claim.

 

[Brent]

We have progressive for 2 boats

Sent from my SM-N900V using Tapatalk

 

[rwp48]

Just insured my 2520XL with BoatUS (GEICO). $300 for $35000 Agreed Value.

 

[sam3]

I found progressive had less coverage and cost more boat us also gives a discount if you have a capt lic but you need to tell them they don't ask mine droped $40

 

[Marty D]

BoatUS (GEICO). $300 for $35000 Agreed Value. I was paying more due to electronic and rods and reels - covered for a extra $20,000. That was $120 more. I dropped that because I found out I am covered under my home ins. $1,000,000 wrap around. Boat US has the lowest prices. I never had to use it.