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I agree with Chip on the service and "services" offered by USAA (I use them for all my insurance, banking and most of my investing). I am willing to not get so worried about bottom line cost due to their outstanding service.
so I called them for my boat insurance. But USAA must have some sort of partnership with Progressive for boat insurance because that is who I ended up talking to and getting my insurance from.
I went to the BoatUS site for an online quote which ended up being nearly twice the price I am paying for Progressive ($600 versus $1100).
I see some of you other Mac owners talking about much lower premiums from BoatUS. Maybe I went with different levels of insurance and deductibles.
I agree USAA is a great company to deal with. I don't remember being transferred to progressive when I got a insurance quote for the boat last year but i do remember the person not being of the same caliber as the usual USAA rep.
I have the Yacht policy through Boat US. Agreed value $36K. $360 deductible. Yearly premium with 10% no loss discount (didn't sink my previous boat insured through them) $175. Covers US Pacific Coastal from Cape Scott, Vancouver to Point Banda, Mexico.
c130king wrote: . . . I went to the BoatUS site for an online quote which ended up being nearly twice the price I am paying for Progressive ($600 versus $1100).
I see some of you other Mac owners talking about much lower premiums from BoatUS. Maybe I went with different levels of insurance and deductibles . . .
Jim,
After years of reading this on site, I'm pretty sure that the price difference is not caused by the level of insurance. I have the same BoatUS "Yacht policy" that Scott describes, just above, also at about $200 per year. That is BoatUS' premier choice, most expensive.
Pricing differences ... when BoatUS is quoting these enormously higher premiums, it's a regional difference. I'm guessing it's because their losses in that region have been too great & they've simply decided to recover previous losses from same region ... or just to avoid any new risks in same region. This is the only rational explanation for Scott & I (both in CA) to have $200/year while you're being quoted $1,100/year.
Be sure to read the "cruising area" coverage in your quotations.
Today I received a boat insurance quotation from BoatUS.
I called their underwriting department to ask for their definition of "cruising area". According to their underwriting department's supervisor, BoatUS will not insure a Macgregor in Bahamian waters. He explained that the minimum boat size BoatUS will insure for Bahamian cruising is 27 feet.
I'm sticking with my Seahorse policy: the policy covers up to 150 miles off the US coast.
This 150-mile offshore limit is just enough to cover my boat when I cruise the Abacos.
I have the Yacht policy through Boat US. Agreed value $36K. $360 deductible. Yearly premium with 10% no loss discount (didn't sink my previous boat insured through them) $175. Covers US Pacific Coastal from Cape Scott, Vancouver to Point Banda, Mexico.
Just got my renewal in the mail
Inland rivers and lakes US
250 deductible
300 USD annual with an agreed value of 25000 USD
Gotta say Im miffed about paying more than 12 month a year SoCal Scott above for inland coverage - looks like I should bump up that deductible doesnt it???
Luke, double check your policy. I have the same company with 150 mile coverage. However, the Bahamas is a foreign country and requires an additonal premium for coverage while there. Read closer and even though it has a stated value, things change when there is a numbered or named storm.
USAA, $280 deductable, $225 annual premium, trailered in back yard in Hurricane Risk area. Cost of boat and trailer is only coverage if it sinks or gets stolen. They paid for a lower end on my motor when I screwed up and didn't replace a thrust washer in front of prop.
All State and Nation Wide pulled homeowner's policies just recently/currently from every neighbor I know. Big stink.
Yup, Nationwide just cancelled my policy after 12 years with no hurricane claims. Bunch of total crooks these insurance companies are....and a pretty lame state government too. You should have seen the letter I got, totally based in fantasy land about the future threat of hurricanes. They can't even get the weather right for the next 7 days and we are supposed to believe this forecasting kook who says there will be more hurricanes during the next 20 years. He gets the forecast wrong far more than he gets it right. And regardless, that is what insurance companies are supposed to do, insure against catastrophes. They already raised rates about 300-400% over the last 12 years to make up for increased property values and perceived risk. I doubt anyone here is an insurance company executive, but if you are, you better hide from me.
Must say, I'm as confused as Eric is........
I transferred my coverage with Progressive from Florida last year to Texas.
I think the 'new' amount in Texas was $500 for $25000 agreed value.
I just got my renewal today and the new annual premium is $401, same agreed value.
This does not seem like a regional issue as I'm also in the Houston area, so unless you pi$$ off some insurance company somewhere along the line..........
I would try as was suggested above, try the wife as the insured and maybe use your marina address as the location of the vessel.
state farm just sent me the renewal for my '02 X for SoCal.
$20K boat, $1K trailer, $100 (personal property)/$500 (other) deductible, $300K liability (my agent is big on liability)...$323/year
that's my special deal for insuring 6 cars and a house with state farm as well.
Bob T.
"DaBob"
'02X w/ '04 90-TLDI (14" x 11 pitch)
Dinghy Motor: '06 2.5-Suzuki
I think there might be greater theft risk for a trailered boat but lower risk of loss due to sinking, obviously. My guess is the theft losses account for much more payouts than the sinking losses
insurance from.
for insuring 6 cars and a house with state farm as well.