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TOPIC: Insurance Providers

Insurance Providers 19 May 2017 16:58 #1

  • eddya
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Hello All!! I am in the process of purchasing my first Boat. 28' Bayliner 2855 2001. I'm shopping for insurance, and have no clue who or how to purchase boat insurance, what rate I shoul be paying, what coverage to look for or anything else. I know my marina requires minimum $300k insurance. I normally use USA because I've been a member for 20+ years. They outsource boat insurance to progressive. I'm looking for opinions on Progressive for boat insurance, opinions on other better options, and any advice for a first time boat owner/insurance purchaser (amount/coverage type/anything else I should know). Thanks for your help.

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Insurance Providers 19 May 2017 17:05 #2

  • Ruffryder
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BoatUS...they are the best.

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Joon, Kathy, Jaden & Tristan
93 3058
92 2855
91 Fourwinns 205
Longbranch WA
Life is Good

Insurance Providers 19 May 2017 17:09 #3

  • CptCrunchie
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eddya wrote: Hello All!! I am in the process of purchasing my first Boat. 28' Bayliner 2855 2001. I'm shopping for insurance, and have no clue who or how to purchase boat insurance, what rate I shoul be paying, what coverage to look for or anything else. I know my marina requires minimum $300k insurance. I normally use USA because I've been a member for 20+ years. They outsource boat insurance to progressive. I'm looking for opinions on Progressive for boat insurance, opinions on other better options, and any advice for a first time boat owner/insurance purchaser (amount/coverage type/anything else I should know). Thanks for your help.


I just switched to BoatUS who use Geico. I was with All State and BoatUS is far more knowledgable about my boat than All State could even hope to be. I wanted a certain replacement cost and All State would only give me half of it, where BoatUS agreed to exactly what I asked for. I also bumped it up to $1M, plus I get towing on and off the water, trailer coverage, gear, kicker, ....yada, yada, yada. I'm happy I made the switch.

All State wanted me to use an umbrella, and I was unwilling to tie everything we own together. While some may disagree with our doing that, I'd rather have our larger assets under a couple of policies. It's a little like the Kevlar Egg Principle, "If you want to put all your eggs in one basket, they had better be bulletproof!"

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"B on D C", is a 1989 2459 Trophy Offshore HT, OMC 5.7L, Cobra OD, Yamaha 15hp kicker. Lots of toys! I'm no mechanic, just a blue water sailer and woodworker who loves deep sea fishing.
MMSI: 367637220
HAM: KE7TTR
TDI tech diver
BoD, North Olympic Peninsula Puget Sound Anglers, Sequim, WA
Kevin

Insurance Providers 19 May 2017 19:54 #4

  • robster_in_edmonds
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The last time I looked at a Progressive boat insurance policy it clearly stated that if the boat were declared a total loss they would pay current market value, up to but not exceeding the insured amount of the boat. Let's say you insure the 2855 for $35,000 and when it is declared a total loss Progressive feels the market value is only $20,000. You'll get $20K and a sick feeling in your stomach. :-(

You need to look at a true "yacht" policy, which pays out based on the agreed value that you insure your boat for. BoatUS is a fine company, and there are many others as well. I happen to be a State Farm agent and State Farm is the only general lines company with a solid boat insurance policy that is similar to a yacht policy IN MY OPINION.

Make sure your environmental damages covers the maximum EPA fine, which is currently over $900,000.

CptCrunchie, if I were your insurance agent we would be having a long, friendly chat about your insurance coverages. I don't think your agent properly explained the value of an Umbrella policy. I'm not soliciting your business. If your personal net worth exceeds $300,000 and you don't have a personal liability umbrella you are very likely under-protected. If you were at-fault in a car accident tonight and paralyzed the driver of the other vehicle, would your insurance be adequate to compensate them? If they sued you for your assets (equity in your home, boat, and cars plus retirement savings, pensions, future income and potential future inheritances) how would you pay for your legal defense and how would you feel if you lost all those assets?

Some people view insurance as a necessary evil. I view insurance as a way to protect my financial future.

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Rob Meldrum
Commodore, Edmonds Yacht Club (2014-2015)
"Miss Maui" * 1997 Bayliner 4788 * Cummins 330s

Insurance Providers 19 May 2017 20:28 #5

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robster_in_edmonds wrote: The last time I looked at a Progressive boat insurance policy it clearly stated that if the boat were declared a total loss they would pay current market value, up to but not exceeding the insured amount of the boat. Let's say you insure the 2855 for $35,000 and when it is declared a total loss Progressive feels the market value is only $20,000. You'll get $20K and a sick feeling in your stomach. :-(

You need to look at a true "yacht" policy, which pays out based on the agreed value that you insure your boat for. BoatUS is a fine company, and there are many others as well. I happen to be a State Farm agent and State Farm is the only general lines company with a solid boat insurance policy that is similar to a yacht policy IN MY OPINION.

Make sure your environmental damages covers the maximum EPA fine, which is currently over $900,000.

CptCrunchie, if I were your insurance agent we would be having a long, friendly chat about your insurance coverages. I don't think your agent properly explained the value of an Umbrella policy. I'm not soliciting your business. If your personal net worth exceeds $300,000 and you don't have a personal liability umbrella you are very likely under-protected. If you were at-fault in a car accident tonight and paralyzed the driver of the other vehicle, would your insurance be adequate to compensate them? If they sued you for your assets (equity in your home, boat, and cars plus retirement savings, pensions, future income and potential future inheritances) how would you pay for your legal defense and how would you feel if you lost all those assets?

Some people view insurance as a necessary evil. I view insurance as a way to protect my financial future.


We have 2 carriers, All State and BoatUS/Geico to cover all our assets. All State's boat policy sucked. State Farm wanted to do an umbrella policy, but we really like our All State broker.

The only way we could do anything like the umbrella policy with All State wasn't worth it the expense, and from what they told us, it is far more expensive and they would only pay us $6,500 if the boat was written off with $300,000 for oil spill. For an extra $83, BoatUS will pay us $15,000 and cover us for $1M for oil spill.

As to being sued, I'm sure we have adequate coverage among our policies that will let us hold onto our assets.

I also really like having the boat on a separate policy.

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"B on D C", is a 1989 2459 Trophy Offshore HT, OMC 5.7L, Cobra OD, Yamaha 15hp kicker. Lots of toys! I'm no mechanic, just a blue water sailer and woodworker who loves deep sea fishing.
MMSI: 367637220
HAM: KE7TTR
TDI tech diver
BoD, North Olympic Peninsula Puget Sound Anglers, Sequim, WA
Kevin
Last Edit: by CptCrunchie.

Insurance Providers 19 May 2017 21:24 #6

  • Solandri
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I got a policy with Amica because I needed it in a hurry, and my home and auto is with them. I got some quotes from other insurers after. Amica's was pretty price competitive, but had one huge benefit the others didn't: 100% towing coverage, no distance limit. If you're planning to cruise or sail to lots of places, that's probably a golden feature to have.

www.amica.com/en/claim-center/claims-fre...-towing.html#livable

Downsides are, they'll only pay market value, not agreed value. And personal property aboard the boat (i.e. not attached to or needed to operate the boat) is not covered, though it can be included under a home policy if you have that with them.

I'll probably switch to BoatUS next year. They were slightly cheaper, (and had $1 million oil spill coverage + $5000 electronics). In Southern California I can get 100 mile radius towing coverage for $169/yr, which puts their total cost right at what I'm paying with Amica. But they'll pay agreed value for the boat.

CptCrunchie wrote: I also really like having the boat on a separate policy.

Be careful of mixing insurance policies with different companies. I ran into a similar situation at work with an accident with a rental car. If all your policies are with a single insurer, something happens and they just pay. If your policies are with two companies and an incident happens which could potentially fall under both policies (e.g. liability for boat and umbrella), the two insurers will bicker with each other. They will refuse to pay saying the other insurer should be paying instead. Meanwhile you've got a bill collector breathing down your neck demanding payment for damages, and you're the one stuck making excuses for your insurance not paying out.

(I also ran into a situation where having the same insurer worked against us. Our building insurance and a tenant's insurance policies were both with Farmers. The tenant's toilet sprang a leak and destroyed the tenant's wood flooring. Everything in our lease and insurance clearly stated that bathroom fixtures were the tenant's responsibility. But because both policies were with Farmers, rather than bothering to investigate and actually reading the lease, since they were going to pay either way they just took the lazy way out and split the liability. Charged half of it to our policy, half to the tenant's.)

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1994 2556, 350 MAG MPI Horizon, Bravo 2
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Insurance Providers 19 May 2017 23:29 #7

  • Ccg
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Look at Premier Marine. Hands down the best policy in the Pacific Northwest.

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Insurance Providers 20 May 2017 07:45 #8

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Thanks for the reply's folks. I love this group...always a wealth of knowledge. It's making this rather intimidating process of buying our first larger boat much easier. So can I just get a good recommendation of what coverage and amounts I should ask for, and how much is reasonable to pay. In the state of Washington. I just learned of EPA coverage (first I've heard or thought of it) so I see there are things I still need to be educated on. I saw a sorta FAQ on insurance on this site a while back, and I haven't been able to locate it now that I'm actually looking for insurance. It was pretty comprehensive, the small portion that I read. Does anyone know what I'm speaking of, and where to find it? Thanks again all!!

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Insurance Providers 20 May 2017 13:43 #9

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eddya wrote: Thanks for the reply's folks. I love this group...always a wealth of knowledge. It's making this rather intimidating process of buying our first larger boat much easier. So can I just get a good recommendation of what coverage and amounts I should ask for, and how much is reasonable to pay. In the state of Washington. I just learned of EPA coverage (first I've heard or thought of it) so I see there are things I still need to be educated on. I saw a sorta FAQ on insurance on this site a while back, and I haven't been able to locate it now that I'm actually looking for insurance. It was pretty comprehensive, the small portion that I read. Does anyone know what I'm speaking of, and where to find it? Thanks again all!!


At this point, you should have enough information to proceed. Suggest you make a few phone calls, during which, make some notes.

Also insist on a 'yacht policy', such that you can get back what you paid for it, not what they think it is worth. Tell them the value for all gear, the trailer, etc. Ask about their towing, both on and off the water. Insist on $1M liability. Then talk fees, possible discounts and deductibles. Ask for a quote reference number. Hang up the phone, do some comparisons, and make a choice.

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"B on D C", is a 1989 2459 Trophy Offshore HT, OMC 5.7L, Cobra OD, Yamaha 15hp kicker. Lots of toys! I'm no mechanic, just a blue water sailer and woodworker who loves deep sea fishing.
MMSI: 367637220
HAM: KE7TTR
TDI tech diver
BoD, North Olympic Peninsula Puget Sound Anglers, Sequim, WA
Kevin
Last Edit: by CptCrunchie.

Insurance Providers 20 May 2017 16:06 #10

  • Jeffw
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BoatUS. You may find cheaper, but not better. Insure the boat for it's purchase price, plus what you anticipate having to put into it. This can always be adjusted later also. Get their yacht policy, $300,000 liability minimum. Ask them to explain anything you don't understand. Go to their website and spend some time reading. Geico is their underwriter, a major player in the insurance industry. BTW, I'm a retired (still licensed) agent.B)

Edit: look in the BOC Library section for Insurance 101. And welcome to the BOC!

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Jeff & Tara
(And Ginger too)
Lake Havasu City, AZ
[SIGPIC][/SIGPIC]
2000 Bayliner 2858
"GETA WAY"
MMSI: 338094599
In memory of Shadow, the best boat dog ever. Rest in peace, girl. July 2, 2010
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Insurance Providers 21 May 2017 02:17 #11

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CptCrunchie wrote:

eddya wrote: Thanks for the reply's folks. I love this group...always a wealth of knowledge. It's making this rather intimidating process of buying our first larger boat much easier. So can I just get a good recommendation of what coverage and amounts I should ask for, and how much is reasonable to pay. In the state of Washington. I just learned of EPA coverage (first I've heard or thought of it) so I see there are things I still need to be educated on. I saw a sorta FAQ on insurance on this site a while back, and I haven't been able to locate it now that I'm actually looking for insurance. It was pretty comprehensive, the small portion that I read. Does anyone know what I'm speaking of, and where to find it? Thanks again all!!


At this point, you should have enough information to proceed. Suggest you make a few phone calls, during which, make some notes.

Also insist on a 'yacht policy', such that you can get back what you paid for it, not what they think it is worth. Tell them the value for all gear, the trailer, etc. Ask about their towing, both on and off the water. Insist on $1M liability. Then talk fees, possible discounts and deductibles. Ask for a quote reference number. Hang up the phone, do some comparisons, and make a choice.


So..."Yacht Insurance" sounds really expensive compared to "Boat Insurance". Can you explain the difference in policy and in price?

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Insurance Providers 21 May 2017 04:44 #12

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eddya wrote: So..."Yacht Insurance" sounds really expensive compared to "Boat Insurance".


I didn't say that. You want a Yacht Policy. Both are types of boat insurance.

If you hit a deadhead and they write your boat off, regular boat insurance will only pay you the market value of your boat. A yacht policy will pay you whatever you take the policy out for.

The price difference is minimal. When I switched over, it increased my costs by $83, but my write-off amount almost tripled.

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"B on D C", is a 1989 2459 Trophy Offshore HT, OMC 5.7L, Cobra OD, Yamaha 15hp kicker. Lots of toys! I'm no mechanic, just a blue water sailer and woodworker who loves deep sea fishing.
MMSI: 367637220
HAM: KE7TTR
TDI tech diver
BoD, North Olympic Peninsula Puget Sound Anglers, Sequim, WA
Kevin
Last Edit: by CptCrunchie.
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