Association Forum - Are You Happy with Your Insurance

Assn Members Area · Join

Home.

Association Forum

Ships Store

Cruising

Racing

Technical Tips

Photo Gallery - New

Boat Search - Updated

Manuals & Brochures

Swap Meet

Links

Officer Flag Line & Staff

Bylaws & Constitution

Members Area

Join the Association

Notice:
The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.

Association Forum

Username:	Password:
Save Password
Forgot your Password?

All Forums

Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

Are You Happy with Your Insurance

New Topic

Topic Locked

Printer Friendly

Author

Topic

GaryB
Master Marine Consultant

Member Avatar

USA
4304 Posts

Initially Posted - 09/26/2008 : 08:22:50

I currently have my boats insured through one of the large insurance carriers and have had one of my boats insured with them for 19 years. After the run around I'm already getting on my house repairs after Ike I'm probably going to change all of my insurance to someone else.

I thought I'd take a poll to see who everyone is using and if your satisfied with the service. So who are you using for your boat insurance, are you happy or not, and why?

Association Member

GaryB
Andiamo
'89 SR/WK #5862
Kemah,TX

Edited by - on

britinusa
Web Editor

Members Avatar

USA
5404 Posts

Response Posted - 09/26/2008 : 08:49:09

Happily in our case, no claims on our expensive marine insurance. (BoatUS)

Could you find a local insurance adjuster and ask them who is best to work with.

But somehow, I think you are already on that road after IKE.

The biggest issue we faced after wilma destroyed part of our pool screen (bent one post and ripped out most of the screen material) and totally destroyed out 400+ feet of fence, was the cost of contractors, they took us to the cleaners.. What was left after the screen repair (not replacement!) was nowhere near enough to pay for the fence so that was a DIY project. Contractors in your area must be smiling all the way to the bank.. there won't be enough of them, many will be from out of state, and sadly a few of them will rip off those that were financially harmed by IKE.

Our contractor was legit, but their prices seemed to bump up just a tad (Ha! a tad! That's about double!)

Stay safe.

Paul

Edited by - on

pastmember
Master Marine Consultant

Members Avatar

2402 Posts

Response Posted - 09/26/2008 : 09:36:28

All of my insurance is through State Farm. They have always paid immediately and completely. When my Hobie 17 was destroyed in a storm I hosted photos on line, called the adjuster and gave him the url, he went there while we were talking and said, "I'll get a check out today".

Edited by - on

tinob
Master Marine Consultant

Members Avatar

USA
1883 Posts

Response Posted - 09/26/2008 : 10:31:20

I currently insure with Boat US, and I have no gripes with them, But I think I'll check with Met Life my home insurer. I just switched to M-L for my auto insurance and I was overwhelmed when they came in at half the premium that I had been paying and at greater coverage. Perhaps their marine coverage will be as good.

Val on Calista # 3936, Patchogue, N.Y.

Edited by - on

piseas
Former Treasurer

Members Avatar

USA
2017 Posts

Response Posted - 09/26/2008 : 13:27:34

Gary, I am an insurance agent. So I can speak with some authority here.

No company is perfect, 100% of the time. Yes, there are ones better than others but even the Big Ones have Big problems, meaning they get sued by policy holders.

I suggest you contact the Department of Insurance, usually online. In California, there is a post of company ratings. As we are all spread out here, you are doing the correct thing by asking us, but I again suggest you talk to your friends, neighbors who had claims and see how their claims were treated. The Department of Insurance also posts the number of complaints.

I have a California only company for both my home and auto so probably no help to you. My boat is with BoatUS for last 2 years but I have never had a claim. That is when you know how good, or bad, your company is, which is a shame.

If you are unhappy, definitely shop around and ask questions. You are on the right track. Best of luck.

Steve A

Edited by - piseas on 09/26/2008 13:28:19

Prospector
Master Marine Consultant

Members Avatar

Canada
3159 Posts

Response Posted - 09/26/2008 : 13:48:23

I am also insured wth State Farm - house, 3 cars, boat. My premiums could be less elsewhere, but whenever I have had a claim (auto X 2) it has been dealt with quickly and honestly. our broker is about 3 hours away, but with technology that hasn't presented any service gaps at all.

Our latest claim involved writing off a 6 month old Sebring Convertible for (what I thought was) a pretty hefty settlement cheque. It all went without the bat of an elelash. The only other "claim" we had was about 10 years ago when I was driving a rusted out tempo. Our broker told me what the cost of repairs were, what I would get in the claim, and what it would do to my insurance if I put the claim in. Then advised me to work things out without involving him - after all we had 24 hours to report the accident/file the claim. The other driver and I worked things out over a coffee, the police were not involved, and everyone walked away happy.

Edited by - on

DaveR
Master Marine Consultant

Members Avatar

USA
2015 Posts

Response Posted - 09/26/2008 : 13:54:29

I've been with State Farm for 25 years but that's changing as we speak. A few months ago they (state farm) saw fit to drop 100's (probably more)of people's home owners insurance in the area because of our proximity to the ocean, even though we have an excellent (lack of) hurricane record. They also dropped my hail and windstorm for my storage business. I've never made a claim and neither had the majority of the home owners. They insured my 2 cars, 2 houses, and part of my business. They're losing it all! Oh, sorry, I lost control for a minute

(with all due respect Steve A- you sell it, you don't make the rules) These people who are in business to take risk don't want to take any risk, they just want to take your money. I'm going with a local company that a friend has had great luck with for several years. They're giving me better coverage for less money. Make sure you check out the local guys!
ps- I self insure my boat because they want $1000 a year around here.

Edited by - DaveR on 09/26/2008 13:57:10

Ed Cassidy
Captain

Members Avatar

USA
365 Posts

Response Posted - 09/26/2008 : 15:36:04

With self insurance, how do you get past the marinas that want proof of liability insurance?

Edited by - on

piseas
Former Treasurer

Members Avatar

USA
2017 Posts

Response Posted - 09/26/2008 : 16:45:56

Ed, You have to get a bond for that situation.
Steve A

Edited by - on

lcharlot
Master Marine Consultant

Members Avatar

Antigua and Barbuda
1301 Posts

Response Posted - 09/26/2008 : 18:43:57

House, cars, and boats have all been insured with State Farm since 1983, except for 2003 when I had a Boat US policy on Quiet Time. I had one claim in 1994, and they paid promptly. If I had the boat full time in a marina slip instead of dry storage, I'd probably go back to Boat US as their coverage is more comprehensive, and covers marine-specific risks like sinking, salvage, and oil spill cleanup that my State Farm policy probably does not.

Edited by - on

Voyager
Master Marine Consultant

Members Avatar

USA
5383 Posts

Response Posted - 09/26/2008 : 20:39:14

As a member of the US Power Squadron, I am able to obtain excellent boat insurance for a very good price. As the theory goes, boaters who are personally involved in boating safety education and programs are a better risk than boaters at large.

But in reality, the fact that we have so many members and buying boat insurance as a block this is probably a more likely reason.

Thankfully, I've never made a claim, and hope not to.

But here's a very interesting comparison for you. I have an '85 boat with about $5K worth of gear on the boat. I have insured the boat for $12.5K, plus $200K liability (per person and per incident).

What levels of coverage do others have on their boats relative to the purchase price of the boat?

Edited by - on

OLarryR
Master Marine Consultant

Members Avatar

USA
3467 Posts

Response Posted - 09/26/2008 : 22:58:35

I have never had any claims. Have Boat US Insurance. Without policy in front of me, believe myu boat is insured for $11K and $300K liability. The liability rate is based on my marina's requirement.

Edited by - on

joemireur
1st Mate

Members Avatar

USA
33 Posts

Response Posted - 09/26/2008 : 23:15:36

Gary,

For what its worth, my boat is insured with Progressive through my independent agent. They also had my Lightning when I crashed it into the floating Coast Guard Radio Station at Seabrook (is that the same as pilot error?). Hit it hard enough to make the Coast Guard move out! Progressive paid promptly. I must say that BoatUS is slightly cheaper, but the agent and I grew up together. Otherwise, I believe I would buy from BoatUS. But not just because they would cost a little less. I like lots things about BoatUS and I believe their coverage could only be matched, not exceeded.

Edited by - on

MartinJW
Navigator

Members Avatar

USA
241 Posts

Response Posted - 09/28/2008 : 14:23:56

Great question!

Here's more data for you:

We have insurance through BoatU.S.(CNA Marine). We've had insurance on 3 different boats over the past 5 years with $0 claims, so we've earned a 20% discount which brings our annual premium to $520.

We pay $520/year for our C-250, Road King Trailer, and Honda 9.9hp outboard. (All of these were purchased brand-new in 2008.) The boat + outboard is valued at $36,000, the trailer $6,000.

It looks like we have $500,000 liability and the deductible on the boat is $360 (1%). Our policy also features $500/year towing coverage.

We've never made a claim, so I can't provide any information there.

I hope this is helpful,
Martin

Edited by - on

GaryB
Master Marine Consultant

Members Avatar

USA
4304 Posts

Response Posted - 09/28/2008 : 18:08:23

My boat is valued at $12,000 and the trailer I just bought is insured for $3,000. I have 300,000 liability and I'm not sure what my deductible is.

Sounds like I need to check out Boat US. I'm paying right at $500 per year.

Edited by - on

DaveR
Master Marine Consultant

Members Avatar

USA
2015 Posts

Response Posted - 09/28/2008 : 20:34:36

Ed,
I'm at a private dock so don't have those concerns (thank God). I truly am so lucky. I have a brother who lives about 20 miles south that has the perfect Hurricane hole. I have a good friend that has a dock, but no boat, so she's gracious enough to allow me to rent her dock for about 1/2 the going rate. I live in an area that (believe it or not) is very unlikely to deal with hurricanes, and our lively but not by any means unmanageable Atlantic Ocean is very near by. Maybe I'd be luckier if it were 10 to 20 mph winds instead of 5 to 15? I have a lot to be grateful for...............

Edited by - on

Topic

New Topic

Topic Locked

Printer Friendly

Jump To:

Association Forum

Notice: The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.