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Insurance

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Bruce Baker
Captain

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USA
402 Posts

Initially Posted - 04/25/2006 : 09:09:32

I have been insuring my boat with State Farm for four years. My mast snapped, due to incompetent installation by the boatyard from whom I bought the boat. State Farm paid the claim, but I was left with the impression that they don't know squat about sailboats.

So I got a quote from Boat US. But I'm uneasy about the quote:
1. It's about half what I pay State Farm ($101 versus $220).
2. It is for members of the Coast Guard Auxilliary (I don't know why, I'm not a member. I am a member of the Power Squadron--for now--I had to join in order to take a class.

What do you all pay for insurance?

Bruce Baker
Falls Church, VA
"Yee Ha" 3573
'83SR/SK

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/25/2006 : 09:14:27

$244 to BoatUS with a hull value of $5K and a "no-loss credit." At $5K, I'm not really covering the boat--my concern is liability.

Edited by - on

existentialsailor
Master Marine Consultant

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USA
1180 Posts

Response Posted - 04/25/2006 : 09:29:42

$130, BoatUS, same as Dave, concern is liability, not boat value. My premium may increase when I let BoatUS know, the boat will be on the coast instead of on an inland lake.

Edited by - on

djn
Master Marine Consultant

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USA
1561 Posts

Response Posted - 04/25/2006 : 12:51:37

Hi All, my boat is covered under my home owners insureance. The liability limits are great but the value on damage to the boat is only $1,500.00. I can up that to $10,000.00 for $70.00 a year. I am with Farm Bureau. Cheers.

Edited by - on

Frank Hopper
Past Commodore

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Pitcairn Island
6776 Posts

Response Posted - 04/25/2006 : 13:46:00

Don't forget your deductable when you use home owners. I just took out another boat policy with State Farm for my Hobie Kayak, if I had used my homeowners my 2k deductable would have been more than the boat.
My 89 wing is insured for 12k, trailer for 3k motor for 1k, I am happy to pay the premiums.

Edited by - on

aeckhart
Master Marine Consultant

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USA
1709 Posts

Response Posted - 04/25/2006 : 17:38:17

My 88 wing is insured with USAA for 135.00. The boat is insured for it's value depending on the region - $12,000 here in Michigan. The trailer is $3,000.

A couple of years ago I was struck by lightning, hit by a motor boat, and damaged my rudder, all in two successive seasons. If I remmeber correctly, the bill ran about $4,000 total. Everything was paid with no hassles-less deductible of course.

I have been and will continue to be, sold on USAA.

Edited by - on

Buzz Maring
Master Marine Consultant

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USA
1762 Posts

Response Posted - 04/25/2006 : 17:48:03

<font color="blue">I have been and will continue to be, sold on USAA. - Al</font id="blue">

Hi Al,

I've had USAA insurance for over 30 years, and I'm sold on them, too. I was wondering though ... did USAA require a survey of your boat before they would insure it? I talked to them several years ago about insuring my boat, but I didn't make much progress ... the person I was talking with didn't know much about sailboats, and it sounded like they wanted me to get a survey before they would write a policy.

I'd still like to use them, because I know from personal experience that they are a great company, and they pay their claims fairly and quickly ... I'd appreciate any help you can give me ... thanks!

Edited by - on

Leon Sisson
Master Marine Consultant

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USA
1889 Posts

Response Posted - 04/25/2006 : 23:31:12

That point about an insurance survey is an interesting question. Which insurance companies require a survey, and which don't? (And why?) A thorough survey is an expensive hassle. Does having one seem to work in your favor regarding lowering premiums, and coming to terms on damage claims or total loss value?

-- Leon Sisson

Edited by - on

StSimon
Captain

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USA
298 Posts

Response Posted - 04/26/2006 : 01:39:18

Some insurance companies offer different types of policies. One for instance offers an ACV (actual cash value as deemed by NADA or market survey)policy, an Agreed Value policy which usually requires documentation such as an appraisal, or a replacement policy where they will replace your boat in the first 5 years.

Each company offers different coverages so it can be tough to compare apples to apples. Other factors could include your credit score, your zip code, and other things.

I had a stinkpot and a sailboat insured with one company. When I checked to see what another company would charge I ended up switching. I literally cut my premiums in half and increased my coverage at the same time. I have always heard that shopping for insurance (all types) should be done no less frequently than biannually.

I hope this helps,

Edited by - on

atgep
Master Marine Consultant

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1009 Posts

Response Posted - 04/26/2006 : 07:10:33

I had State farm last year. My premium tripled after I purchased the insurance! I got a bill for $550 after I paid $200 for the year. It was due to the insurance losses over the past year. I dropped them and went back to progressive. No problems with them.

Tom.

Edited by - on

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 04/26/2006 : 07:23:15

I have a replacement value policy up to 6 grand for the boat, 1 grand for the motor. It extends to whomever is driving the boat. If something breaks, they give me what it costs to replace it up to 6k.

Costs us 270 a year. I think we could one pay it for 30 bucks less but we spread it out over 3 payments....

Edited by - on

DanM
Captain

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USA
256 Posts

Response Posted - 04/26/2006 : 09:13:56

$254, second year with Progressive, for $8,600 agreed value, $250 deductible,(inland lake, on the hard 6 mos. in a protected marina).
I'm in agreement with Andy; price is relative to what you want to cover. Be careful about coverages. Buying it on the web from Progressive would have cost me the same, but my agent researched to include a lot more. Saved $60 (23%)by declining their convienent installment option.

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/26/2006 : 12:52:14

Gee, Duane--you double-clicked the Submit button and the two copies arrived two hours apart! That's S L O W !

Edited by - on

aeckhart
Master Marine Consultant

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USA
1709 Posts

Response Posted - 04/26/2006 : 13:02:27

Buzz,

No survey was required at the time I purchased in 1989. Several years ago they asked me to complete a form explaining the condition of the boat. I had to include pictures.

Times have changed and a survey may now be required. The questionaire may have been a measure to cover long-standing insureds when they implemented the survey requirement.

Edited by - aeckhart on 04/26/2006 13:08:25

Cloudveil
1st Mate

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USA
60 Posts

Response Posted - 04/26/2006 : 13:47:59

I just purchased policy from BoatUS. Coverage for US & Canada inland and costal waterways. Policy is their "Boat Saver" policy
for actual cash value of $16K boat, 5K trailer, $500K liability,
$1K medicaL, $100k uninsured boater. $250.00 deductable. Also
$350.00 per incident boaters assist & trailer highway assist. $194.00/year.
I had to complete their self survey form and include photos of
boat

John Wood
'89 C25WK #5973 "Uzumati"

Edited by - on

lcharlot
Master Marine Consultant

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Antigua and Barbuda
1301 Posts

Response Posted - 04/27/2006 : 00:14:59

I have Boat-US. Agreed Value of $12000 for the boat, $2500 for the outboard, and $7500 for the trailer. $350,000 PL/PD. Total premium last renewal was $350, which seemed high, until someone told me that underwriters consider dry stored boats to be actually riskier for theft (especially outboard motors) than boats in slips. I used to have State Farm, and I completely agree with Bruce Baker in his posting "they don't know squat about boats". State Farm charged me about the same as Boat-US for far less coverage. State Farm only issues "blue book" policies on RV's (which is how they classify boats), they can't or won't do Agreed Value or Actual Replacement cost policies. Probably been burned for too much losses in Florida and the Gulf Coast the last couple of years. The one time I had a claim (for a collision) on my State Farm boat policy, the check was for only 50% of the repair estimate given by a local fiberglass shop; State Farm had "depreciated" the whole boat to 50% of it's original purchase price, so they figured that it's repair covereage should only be 50%. Needless to say I had no idea they would do that (I suppose it was in the fine print somewhere), so I ended up having to do the repair myself. As for surveys, State Farm never asked me for one, although the agent did go to the boat and take several photos of it. My homeowners and auto policies have all been with State Farm for almost 20 years, so maybe they waived the survey since I am a "good customer". Boat-US made me get a survey, that cost $350 on top of the premium, but it was worth it to be reassured by a professional that the deck core and hull were sound, with no sign of delamination or dry rot. Boat-US has a major advantage over most other homeowners companies like State Farm: they include coverage for salvage and EPA fines and clean-up costs if your boat ever sinks and releases gasoline or motor oil into the water. State Farm would have no concept that a recreational boat owner could face a huge Government pollution fine, or salvage cost up to 40% of the value of the boat, even if it isn't sinking, and just needs a tow back to the marina.

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