insurance

[Nicolina]

I have to finalize insurance on my early model CP-27 and got two quotes: one from my insurance agent (State Farm) who has lots of business with my family, the other from BoatUS. State Farm is more expensive but asked lots fewer questions; BoatUS seems cheap, options add some dollars, and has a more complicated contract and more restrictions. Does anyone out there have experience with either or both? How do they compare in handling claims, helping with salvage, etc? Any other recommendations?

[edbuchanan]

Hi,

I have State Farm home-owner's insurance, and they paid our one claim perfectly, and also arranged the emergency repairs to the house instantly.  Check both insurance quotes to see if either one has a more limited cruising range.  My Allstate boat owner's insurance covers most of the Caribbean.

Ernie (Molly, 23/II 1984)

[ontarioSuncat]

Think about the type of policy, is it replacement cost or not. I have replacement cost on my Suncat. if I get a total loss they will pay the value I set on the boat which is the  cost of a new boat. For other repairs they will pay for new parts not used parts. A boat is not a car, where they will only pay the deprciated value.

[brackish]

Several years ago I was traveling and planned to stop midpoint to look at and, if satisfied, make an offer on the spot to buy a boat.  I would tow it back on the return trip.  Called up my State Farm agent, who had my auto insurance (for thirty years), to find out how to get immediate coverage if the deal went through.   They wouldn't write because boat insurance is part of homeowners, and they won't write new homeowners in Mississippi.

I didn't buy that boat but needless to say, I don't have State Farm any more.  Multi-lined with another company and used Boats U. S. for the boat I did buy, much less costly even with the multi-line discounts.  Have had Boats U. S. for many years on various boats, but fortunately, have never made a claim so can't comment on how well they do when you need them.

[tmolik]

I have had Boat/US since 1977 and they always have been great to deal with.

tom

[tmolik]

Hi,

I have State Farm home-owner's insurance, and they paid our one claim perfectly, and also arranged the emergency repairs to the house instantly.  Check both insurance quotes to see if either one has a more limited cruising range.  My Allstate boat owner's insurance covers most of the Caribbean.

Ernie (Molly, 23/II 1984)

I've had allstate before and they only paid depreciated amount, so check it out.
tom

[Mawsippi Saylah]

I lost my Catalina 25 a couple of years ago to a string of strange and unfortunate events. BoatUS was my insurer and they were, in a word, awesome. Easy to deal with, sympathetic to my loss and cut me a check for the entire value the policy had the boat insured for.  We just purchased a Compac 23 and looking to get on board with BoatUS again.

[Bob23]

Thanks for that info. I've had my 23 uninsured for the past 4 years and it's bugging me a little. I'll check BoatUS out.
Bob23

[curtisv]

If you take your boat out for the winter they don't charge but only if you call them.  Thanks for reminding me.

Curtis

[skip1930]

You pay for what you get. I just added the boat on to our State Farm. About $80 a year-a-round,
6 mos in the water, 6 on the hard. But as to the boat it's self. If it goes down , or burns up or is blown away I don't care. I'm covered with another policy if I damage someone or some one Else's boat. I'll just find another boat. Unlike my friend who put more then $10,000 worth of electronics on his CP-19 and then just parks it on the trailer uncovered and under trees...does he make sense?

skip.

[crazycarl]

gotta go with boat u.s.  when our starwind 19 was damaged beyond it's value, they cut me check for $960 more than we paid for it.  then they said i could keep it.  i stripped it down and have since made over $3000 from the parts, and i still have the trailer to sell.  plus, their trailering club has great benefits.
                                                                                                         
i also had purchased their unlimited towing insurance for that fateful trip.  the best $127 i ever spent.  the tow cost $3705!

                                                                                                  carl

[CaptRon28]

You gotta compare apples to apples here. There are several different kinds of insurance - including agreed value and actual cash value. The latter is what most people may have - which includes depreciation built in to it. With agreed value, both you and the insurance company agree up front what the boat or car or ?? would be worth after a total loss. The difference in pay-off beween the two policies could be many thousands of dollars. This usually costs more. Some of the insuance companies mentioned may not be thinking agreed value when they sold you the policy, but some of them might be willing to write it.

I'm using Progressive for the Telstar and the policy clearly states the agreed pay out amount. The Horizon Cat is covered thru Travelers, and that also states agreed value in the fine print. Ace covers my SeaDoo Challenger jet boat (no comments please - I don't really like it either, but it has its use). This seems to be a mix - agreed value for the boat, actual cash value (with depreciation) for sails, canvas, upholstery, etc. Since the boat has little of the above, it doesn't concern me. I had a Catalina 250 insured thru State Farm a few years ago and that was clearly actual cash value. Since I bought the boat for a very, very good price, I wasn't really concerned with that either. I've got several antique and classic cars which are all insured for agreed value. The difference here could be substantial.

You've got to read the policy, perferably before you sign the contract. Most of the marine insurance companies (Zurich, Boat/US seem to favor agreed value. Others could be anything.

[DW]

I went with BoatUS for coverage of our soon-to-be-built (Lord willing) Picnic Cat.  The web site was easy to use and the phone service was first rate.  Also, they were $50 cheaper than GEICO, which has all of our other insurance.  I can't comment on their claims service; hope I never have to do so.

[Billy]

In-sure-ance?

[NateD]

My local State Farm guy who has all of my other insurance was slightly more than Boat US when I was looking for insurance last year, but I went with State Farm anyway given the relationship that I have with them. They have been easy to work with on the few car claims we've had, but I haven't made any for the boat or house yet.