Association Forum - 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

Catalina 25 Specific Forum

Happy with your insurance?

New Topic

Topic Locked

Printer Friendly

Author

Topic

Page: of 2

calden
Navigator

Member Avatar

USA
194 Posts

Initially Posted - 02/24/2011 : 16:42:37

Heya:

I'm leaving my insurance company because they gave me sketchy and omitted information to a question I asked, and I'm paying for it now. NOT what I expect from having done business with a local rep for 18 years.

My boat insurance is with them, too, so I'm leaving it behind as well. in looking at the policy I also saw that sinking or damage due to ice or snow is EXCLUDED, which is part of the reason I got insurance in the first place!!! Another example of why I'm pissed at them.

SO - who do you insurance your Catalina 25 with and are you happy with the coverage/price? Does anyone have insurance with Boat US? I'm getting quotes from different places.

Thanks for your suggestions,
Carlos

S/V Mazama
1983 FK SR
#3682

Edited by - on

Dave5041
Former Mainsheet Editor

Members Avatar

USA
3758 Posts

Response Posted - 02/24/2011 : 19:29:59

I have had BoatUS on several boats and have been completely satisfied with the package and price. I have not had a claim.

Edited by - on

Voyager
Master Marine Consultant

Members Avatar

USA
5412 Posts

Response Posted - 02/24/2011 : 19:38:30

I use the United Power Squadron insurance (which is a benefit of the org). I pay just under $400 per year (in Fairfield County CT) for $400K liability, $12K replacement value (an '85 boat) and $100K per person medical or personal injury claims. I too have never had to use it, but is required at my marina and winter storage facility.

Edited by - on

Prospector
Master Marine Consultant

Members Avatar

Canada
3159 Posts

Response Posted - 02/24/2011 : 20:15:47

State farm - very happy, coverage has been great when I needed to file a claim.

Edited by - on

dmpilc
Master Marine Consultant

Members Avatar

USA
4593 Posts

Response Posted - 02/24/2011 : 21:00:43

My policies are with Travelers, both boats, auto insurance, and homeowners. I'll have to check the ice issue. The boat policies cover inland lakes primarily, and my premium is under $200 for the C-25.

Edited by - on

Stinkpotter
Master Marine Consultant

Members Avatar

Djibouti
9087 Posts

Response Posted - 02/24/2011 : 21:27:18

I also have the boat with the house and car, all under an umbrella liability policy with a company called Middlesex Mutual--not well known but highly respected by an agency owner and some adjusters I've known. Friends have had excellent claims experience with BoatUS.

Edited by - on

calden
Navigator

Members Avatar

USA
194 Posts

Response Posted - 02/24/2011 : 23:42:02

Thank you all for the responses.

Carlos

Edited by - on

OLarryR
Master Marine Consultant

Members Avatar

USA
3477 Posts

Response Posted - 02/25/2011 : 04:16:06

I have Boat US coverage. No claims. Very reasonable but this has a lot to do with the area you sail. Areas that are more prone to hurricanes, etc will be areas where insurance premiums are generally more expensive...which I guess is obvious. Just that it's hard to compare one person's response versus another regarding premium cost unless individuals are from same neck of the woods.

Edited by - OLarryR on 02/25/2011 04:19:07

aeckhart
Master Marine Consultant

Members Avatar

USA
1709 Posts

Response Posted - 02/25/2011 : 08:33:32

USAA - but then, you must be on active duty, a retired veteran, or a blood relation to get it. Excellent company run by retired service people for service people.

Edited by - on

NautiC25
Admiral

Members Avatar

USA
957 Posts

Response Posted - 02/25/2011 : 10:00:52

^^^Not exactly. Maybe the head muckety-mucks. But it's mostly run by a few regular locals and a lot of imported people from India. I know because I've been in the building when they had the massive local layoff and moved the Indians into the apartments across the street.

I don't have any experience with boat insurance, but I did have to deal with Geico recently and that was the biggest mistake of my life. They hosed me on several issues, and cost me thousands.

Edited by - NautiC25 on 02/25/2011 10:02:18

calden
Navigator

Members Avatar

USA
194 Posts

Response Posted - 02/25/2011 : 10:01:56

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by OLarryR
 I have Boat US coverage. No claims. Very reasonable but this has a lot to do with the area you sail. Areas that are more prone to hurricanes, etc will be areas where insurance premiums are generally more expensive...which I guess is obvious. Just that it's hard to compare one person's response versus another regarding premium cost unless individuals are from same neck of the woods.
<hr height="1" noshade id="quote"></blockquote id="quote">

Not too concerned about premium costs. I won't go to great lengths to save $20 if there is a big difference in customer service, for example.

In any case I sail on an inland lake, devoid of hurricanes, tides, sandy keel-grabbing channels, or pirates.

Edited by - on

Dave5041
Former Mainsheet Editor

Members Avatar

USA
3758 Posts

Response Posted - 02/25/2011 : 17:21:26

I pay about 190/yr for inland lakes and coastal waters. As noted previously by somebody else, where you are has a lot to do with coverage. Practical Sailor compared packages a couple of years ago and found that not only did rates very tremendously by region for the the same boat, but the companies providing the best packages also varied by regions. You'll have to do your homework, but BoatUS is an easy place to start.

Edited by - on

Prospector
Master Marine Consultant

Members Avatar

Canada
3159 Posts

Response Posted - 02/25/2011 : 18:35:57

I think we pay about $18/mo but we have a multi line with teh house, cars, boat, etc. all with one carrier.

Edited by - on

Peregrine
Admiral

Members Avatar

830 Posts

Response Posted - 02/25/2011 : 19:42:41

I was lucky that the broker who sold me my first boat turned me on to Al Mott and his sons who only sell boat insurance both commercial and recreational.
They are true "brokers" selling policies that meet the need of the owner.
When I complained that my premium was rising too high they found another policy from another company that fit the bill.
Will your broker take the time to find a policy that fits you rather than just sell one from the company they represent?
Also do they know anything about boats?
Ask the fishermen or charter boats in your area.

Edited by - on

trptelf
Navigator

Members Avatar

USA
113 Posts

Response Posted - 02/26/2011 : 04:19:48

We are shopping around as well, and checked with USAA (see aeckhart above) who does our home, auto, etc. They said that the boat insurance they offer is actually through Progressive. The price I was quoted through Progressive directly was cheaper.

Edited by - on

islander
Master Marine Consultant

Members Avatar

USA
4024 Posts

Response Posted - 02/26/2011 : 08:23:55

I too have Progressive but have never made a claim. I think the better question here is, Who has made a claim on their insurance and is still happy with them.

Edited by - on

NautiC25
Admiral

Members Avatar

USA
957 Posts

Response Posted - 02/26/2011 : 08:49:03

As I said above, I don't have experience with boat insurance, but I did make a claim with Geico and had a horrible experience.

1. Police reports. They won't even start the claim til they get that. My PD was 3 months behind and after one month of harassing them, I finally got a supervisor to get me one. Then it took another 2-3 weeks to settle with Geico.

2. They use "Market Value", not blue book, or NADA. Check into that because it's always thousands less. You might have payed $15k for that perfect 89-90 Catalina 25 because we all know about the upgrades and what they're worth. But if your insurance appraisal service doesn't currrently have an 89-90 selling in your area to compare market prices with, then they'll use a 85, 86, etc., and give you $4-5k because they're all "similar models" in their eyes.

3. "Condition". Unless you have pictures, mechanics receipts, or anything to prove that your boat isn't a POS, then they'll try to claim that it is! My vehicle was appraised as "dented, faded, torn/stained interior, engine leaks, etc." until I happened to find a few pictures to prove it was in above average condition. Pictures alone got me another $2k.

4. "Aftermarket or added parts value". I added $8k in parts to my vehicle. Geico didn't give me a dime for them. You may have added tv's, depthfinder, sails, GPS, upgraded stainless hardware, solar panels, chargers...... That stuff adds up REAL quick. Make absolutely sure they'll give you replacement value for them and not a small depreciated value.........or not anything at all!

Like I said, these were major things that cost me thousands because I didn't ask the right questions when buying insurance.

Edited by - on

Stinkpotter
Master Marine Consultant

Members Avatar

Djibouti
9087 Posts

Response Posted - 02/26/2011 : 11:43:11

Regarding "replacement value" and "market value", I look at what I can afford to replace (and the odds of needing to) versus what I need insurance for... You can spend excessive amounts on premiums for things you can actually afford to replace, and you can save a lot on premiums by increasing deductibles or reducing agreed-on values such that if something major does happen, between you and the insurer, you can afford to get back onto the water. Insurers will really soak you for "replacement value" coverage for losses on things that are likely to actually be worth considerably less a few years down the road. You know they aren't going to lose money on that kind of coverage.

Edited by - on

dlucier
Master Marine Consultant

Members Avatar

Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 02/26/2011 : 15:05:55

This is along the lines of what Dave just said...

A sailing friend of mine, a CD25D owner who's in his mid to late 70's, told me he's never carried full coverage insurance on any of his vehicles or boats, only liability. He's a savvy investor and instead of paying for full coverage/replacement insurance over the past 50 some odd years, he invested that money he would have spent on insurance and used the fund to pay for things like car accidents and such. Think about the nest egg you'd have over 50+ years if instead of paying for full coverage insurance, you'd invested that money?

Edited by - on

bigelowp
Master Marine Consultant

Members Avatar

USA
1795 Posts

Response Posted - 02/26/2011 : 21:50:49

FWIW -- I'm with Progressive and the cost (@$350/y on the "gold coast" of CT) seems reasonable. I also have an umbrella on my homeowners for liability in addition to the boat insurance. Have I ever made a claim? No. Am I "fully" insured? I doubt it. Need I be? I doubt it. The test of insurance of any kind is when you NEED it. I have not been in that situation and I would love to hear from those who have filed claims as to the responsiveness and "user friendly"aspect of their experience(s) with various insurance carriers.

Edited by - on

calden
Navigator

Members Avatar

USA
194 Posts

Response Posted - 03/06/2011 : 11:17:22

Thanks all. I got a nice quote from Boat US and went with them. Same basic price as my homeowner's coverage, and better (i.e. ice damage and sinking) coverage, too.
Carlos

Edited by - on

Prospector
Master Marine Consultant

Members Avatar

Canada
3159 Posts

Response Posted - 03/06/2011 : 14:43:35

As I said above, and have told here before,

We hit a rock in "rural" Georgian Bay, dove the bottom to find teh damage, adn found some crushed fg on the leading edge, bottom tip of the keel. The damage was limited to the FG encapsulation, adn did not look like it was severe enough to put us in danger's way. We sailed teh rest of teh summer with the damage.

At haulout we got a better idea of what was wrong adn had an assessment/quote done by the local marina.

Marina quoted $5500 for teh repair. I figured it was worth it.

Called State Farm to find out whether it was worth it to put this on insurance, adn the response was, this is what you bought insurance for, and they put a claim together.

The adjuster called the house about a month later and asked why there had been months between the incident adn claim, and I told him I didn';t think th edamage was bad enough to justify cutting the season short. Adjuster aked who gave us te quote, and agreed that teh marina selected was probably one of the best around for the repair.

He wrote us a cheque for teh repair, made out in both our name and the marinas (needed both signatures) and the marina sat on teh repair until the next spring, giving teh keel time to dry out.

The repair was completed right at launch time (yay!) and by then the cheque was stale.

SF asked that we return the original cheque to their offices, which we did, and they paid the marina directly.

Since our deductable was $500, SF suggested we pay the marina $500, and they would just shorth the cheque by that much, which we did.

In the end everyone was happy.

Edited by - on

islander
Master Marine Consultant

Members Avatar

USA
4024 Posts

Response Posted - 03/06/2011 : 14:58:30

$5500 damage for some fiberglass work?

Was there more damage than that after the haul out?

Edited by - on

dlucier
Master Marine Consultant

Members Avatar

Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 03/06/2011 : 15:05:01

A friend of mine did about the same thing, hit a rock at the beginning of the season and since it didn't sink, waited until the end of season haulout to assess. He patched the fiberglass himself. Photo is of the damage.

Edited by - on

Prospector
Master Marine Consultant

Members Avatar

Canada
3159 Posts

Response Posted - 03/06/2011 : 17:05:35

No Scott, my estimate for supplies to do teh work myself came close to teh deductable ($500) but by having insurance do the job I got a new VC-17 bottom, the hull buffed and waxed, free winter storage, free spring launch, and a crane to put the mast up. Thats a lot of mileage for a $500 bill. Plus the job was professionally done and the keel properly faired. And I didn't have to breathe the dust.

Edited by - on

calden
Navigator

Members Avatar

USA
194 Posts

Response Posted - 03/07/2011 : 08:55:23

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Prospector
 As I said above, and have told here before,

........

Since our deductable was $500, SF suggested we pay the marina $500, and they would just shorth the cheque by that much, which we did.

In the end everyone was happy.
<hr height="1" noshade id="quote"></blockquote id="quote">

I am glad you are satisfied with State Farm. This is the company I am leaving. You may have a different policy, but my boatowner's policy specifically excludes damage and sinking caused by ice damage. I'm actually more irritated with the agent who failed to alert me to this after I had a discussion with him about whether or not my policy would pay extra to raise the boat from the bottom in the case of sinking due to ice damage.

My point is to double check one's policy. I wish I had, rather than relying on the agent.

Carlos

Edited by - on

Page: of 2

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.