Insurance...boatus still the best?

[Ixneigh]

I guess since I live in Florida they hiked my insurance premium a few hundred this year.
Anyone found any other insurance they like better than boat us?
Ix

[Russ]

They increased it by a few hundred dollars?
Wow! I think ours is only a few hundred dollars.

You are in Florida and I bet they have had a lot of claims there recently.

I still like BoatUS. They know boats, unlike many carriers who do everything. Don't ask about my experience with State Farm and Hurricane Sandy.

[NiceAft]

Russ,

One little hurricane, and you run to Montana What's next, the Gobi Desert

Ray

[Ixneigh]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

[drams_1999]

My Boat US policies got transferred to GEICO. I think GEICO bought them out. That may explain the rate hikes. Did this happen to anyone else?

[Nauti Nell]

I use USAA for everything but they use Progressive for my boat and motorcycles. Great rates. I think it's about $350 a year for the boat ('05 26M), full coverage. You can't beat USAA service. Have never had to use the Progressive side but if USAA is partnering with them that says a lot to me.

[Russ]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

Liability is the one area you need insurance. However, your geographic location shouldn't be that much of a factor here.

For liability, umbrella policies are cheap for what you get. Well worth it.

I need to revisit our policy. It was a bit over $300 as I recall. The boat is older and worth less, so I probably don't need as much coverage.

--Russ

[paul I]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

How is it insured? Actual value or agreed to value? Mine is with Geico and costs a bit less than $300/yr for $18k agreed value.

[grady]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

How is it insured? Actual value or agreed to value? Mine is with Geico and costs a bit less than $300/yr for $18k agreed value.

Makes me wonder also. Mine is just up for renewal and it is $250 for 10K agreed value. Just went up again and am looking for a better price. Guess maybe I already have a good price. It is with Foremost insurance.

[Russ]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

That seems pretty outrageous. What's the declared value? That's not far from the price of my homeowners policy.

[Herschel]

Its now 1200 a year. This is getting to the point of just having liability.
Ix

That seems pretty outrageous. What's the declared value? That's not far from the price of my homeowners policy.

I am in Orlando, Florida, just renewed my BoatUS policy for $459 with agreed value of $17,400. Perhaps a little high for my '98 26X, but, hopefully, not too far off with my new Yamaha and extra equipment. I would not be surprised that your positon in the keys might be a factor. Still, $1200 seems a little steep.

[Ixneigh]

I carry 30000 of hull insurance. Maybe that's why my premium is high. That was replacement value when I bought the boat but won't cover the improvements I've made that I doubt I would want to do over.
Ix

[Herschel]

I carry 30000 of hull insurance. Maybe that's why my premium is high. That was replacement value when I bought the boat but won't cover the improvements I've made that I doubt I would want to do over.
Ix

That makes sense. I try to keep a positive attitude about insurance, but sometimes even the best companies get me a little jaded. My wife thought she lost her engagement ring about three months ago. Checked with USAA where I have a special listed jewelry policy and found out my policy was only going to give me the wholesale cost of the ring or replace it through their jewelry source. I was disappointed to say the least. Doubled up my efforts and actually found the thing in our travel trailer. Definitely a hero moment with the missus (ugh...Admiral). Just saying, insurance is sort of "can't life with it; can't live without it" sort of thing these days. Especially in Florida with different deductibles for "named storms".

[March]

That is true: BoatUS offers the option of settling on a standard value of the boat and equipment (which is evidently MUCH lower than the price we paid for it several years ago, not to mention the improvements we have lovingly designed and implemented over-time) in which case the premium is still quite low.

But they also give you the option to establish your own value and they will insure it--at a price, of course. They have a "calculator" on-line that allows you to experiment with several options, assign the value you think your boat is worth and spit out the likely premium. It's a rude awakening.

I have chosen the middle ground--didn't want to go with the value THEY assigned to my beloved boat, but didn't go all the way to what I thought the value of my boat was, toys, electronics, improvements, bells and whistles, and extras included. Paid $400.00 yearly premium last year which--I think--is reasonable. The previous insurance agency I used was Peking and they asked for $600 for less coverage--and weren't "pros"

We'll see what this New Year Brings. And Happy New Year to everyone, since we're here....

[paul I]

I carry 30000 of hull insurance. Maybe that's why my premium is high. That was replacement value when I bought the boat but won't cover the improvements I've made that I doubt I would want to do over.
Ix

So my conclusion is you are carrying $30K agreed value and you are located in a hurricane zone where the premiums are significantly more. I can understand that, I guess. But $1200 is still pretty steep. Do you really think it would cost $30K to replace your boat + the improvements on the used market? And also, keep in mind, the full agreed value only comes into play if the boat is a total loss. For damages less than the full value, what you get is still pro-rated based on the market value and subject to your deductible.