Insurance

travisrandall · #1 04-24-2010, 10:17 AM

I got a quote from a local co. yesterday for 650 a year and have to get an appraisal for it first. Seems high for the coverage to me. its not a show boat and needs some work but i dont think its that much of a risk. what do you guys pay and use for insurance? she told me because of the year its a high risk, doesnt she know its Potter built!

MasterBaiter · #2 04-24-2010, 10:54 AM

I tried going through Boat US. They wanted an arm and a leg and didn't cover much on the boat or gear. Seemed to cover tournament costs but like $200 worth of gear and if I remember right $6000 for the boat. The boat is worth more than that and 200 for gear is an insult.

I carry towing and trailering and that is it.

CaptMick · #3 04-24-2010, 11:00 AM

Who is the carrier? Some carriers or I should say most, just rate by year and some rate by survey in my experience. I have been told by my agent that after a refit my carrier would rate it as a brand new boat provided the refit meets certain conditions.

My agent here in Hilton Head is a captain who worked in the watersports industry with me all through high school and college. He got a real job and I stayed on the water except for a few years as a claims adjuster and agent.

I will pass on his number if you want. He writes a ton of marine policies because of his background. Plus he is in Charleston several times a month so if you want to meet him face to face its no problem.

Never hurts to shop. And it never hurts to have somebody who knows Sea Crafts as your agent.

makade · #4 04-24-2010, 11:47 AM

I have a policy with SafeCo ins. very cheap stated value. When I first got my boat the old owner showed me his policy with progressive on the west coast of Fl, I tried to get the same coverages in Fort Lauderdale and it was ridiculous, It might have have been 4 times as much! I didn't insure for a while but now my storage situation changed, I'd rather be safe than sorry.
I'm paying 350 a year now, 10k value.

travisrandall · #5 04-24-2010, 02:11 PM

that would be great to get in touch with him. all I want to get it for is if we have a total loss 50 miles out. otherwise I never have had insurance on my boats, at least none worth insuring. I would hate to loose my Seacraft, but it would hurt my pocket some too.

CaptMick · #6 04-24-2010, 02:46 PM

PM on the way.

lobo1 · #7 04-25-2010, 11:43 AM

I just insured my new rebuilt 1977 boat through Boat U.S. and found it to be thorough insurance and fairly priced....

I insured the boat for an "agreed upon" value - no questions asked cash policy - cant be simpler. If the boat is a loss - I get "X" dollars - period. I do not see the coverage shortages mentioned here - maybe a misunderstanding on someones part but all Boat U.S. insures is boats - they seem pretty good at it to me. This policy also meshes nicely with my umbrella coverage.

I did have a recent survey in hand too - maybe this helped me - not sure- but I like what I have now and I have had a number of boats and companies to compare my specific needs to.

my $.02

Old'sCool · #8 04-25-2010, 12:16 PM

Mine's through Charter Lakes, underwritten by Progressive. ~$650/yr. for $18k coverage. They required a survey.

pelican · #9 04-25-2010, 12:20 PM

i can tell you truly,in my experience,BOAT US insurance is the absolute best,i do alot of insurance work,and by far,BOAT US has got to be the best,state farm being the worst

lobo1 · #10 04-25-2010, 04:58 PM

Reelescape,

Not trying to sell you on Boat U.S. but I have considerably more coverage than 18 K and pay quite a bit less than the 650 you said you are paying. I think you can get equal or better coverage and save 2-300 bucks.

just thought i would throw it out there....