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Thread: Boat Insurance

  1. #1

    Question Boat Insurance

    Out of curiosity, how many of you "shop" for your policy? Meaning: actively search for the best price. Disclaiming any kind of endorsement, what company was least expensive? My policy almost doubled with no claims ever. I want to look around.

    Thanks.
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  2. #2
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    I shop around for every policy we have for everything we insure. State Farm was the cheapest for our boat.
    Would like to add that I picked up some flyers from Allstate at the Northway Boat Show this past winter and they had fantastic rates advertised. But when I called them for a quote and asked for identical coverage that we currently had they were 30% higher.
    Tennessee

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    Member Sierra Hotel's Avatar
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    I had my last boat insured through USAA. When I purchased my new boat, I was told that they no longer unwrote boats, but offered insurance through Progressive under a partnership agreement. The coverage on my old boat ('94 Trophy, single Merc 150) was about $300 per year. The insurance on my new boat is $1,400 per year , and I have to pay it all up front . I'll be looking for a new insurer next year . . .

    SH

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    Default Try Safeco, $500 a year for $100,000 coverage

    You can get new policy and cancel the old one. Sierra, $1400 seems too much, just shop around and replace the coverage. I have 2006 26' Hewes with twin 150 Yamaha's and some accessries and paying about $500 a year.
    M & M

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    Member AKRoadkill's Avatar
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    I don't shop around for insurance...my wife's in the business (commercial agent) so she handles all the insurance stuff. I think we have State Farm for the boat now, and it's around $300 a year for the SportJon; already had to use it once, and was wishing we had a lower deductible...which we now do.

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    Quote Originally Posted by Sierra Hotel View Post
    I had my last boat insured through USAA. When I purchased my new boat, I was told that they no longer unwrote boats, but offered insurance through Progressive under a partnership agreement. The coverage on my old boat ('94 Trophy, single Merc 150) was about $300 per year. The insurance on my new boat is $1,400 per year , and I have to pay it all up front . I'll be looking for a new insurer next year . . .

    SH
    Really? I have my boat, motor and trailer insured by them, full coverage. It costs me roughly $500.00 per year.

  7. #7
    Member kaisersosei's Avatar
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    Thumbs up Recommend

    I use Luke's Insurance here in town and he seems to have very competitive rate with good prices.

  8. #8

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    I'm around 300-350 a year through State Farm. I put some "character" on the bottom of the boat a couple of years ago and asked them about replacing the bottom, they said it would be covered minus deductible. I decided to hold off since the damage is just cosmetic at this point. Heck, you can't even see it when it's in the water.

  9. #9
    Member LungShot's Avatar
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    Default wow

    I cant believe USAA charges you $1400 a year. I went through USAA/Progressive, and got my Boat, and motor insured for $320 for the year. I just set it up a couple weeks ago. Plus everytime I insure somthing through them it drops the rates on everything else - house - truck - van - boat.

  10. #10
    Member Sierra Hotel's Avatar
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    Quote Originally Posted by LungShot View Post
    I cant believe USAA charges you $1400 a year. I went through USAA/Progressive, and got my Boat, and motor insured for $320 for the year. I just set it up a couple weeks ago. Plus everytime I insure somthing through them it drops the rates on everything else - house - truck - van - boat.
    I've had USAA for everything since 1981, and was a little shocked when I got this news. I will be getting some quotes for competition, but USAA put me behind the power curve when I was buying my new boat - I didn't think it was going to be as big a deal as it turned out to be so I didn't shop first - lesson learned.

    SH

  11. #11
    Member broncoformudv's Avatar
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    Sierra Hotel we just went through the same thing with USAA and have been using them since I was a kid. The price with Progressive just kept going up so my wife did some shopping around and found a lot better rate through State Farm, its around $500 a year now. We dropped Progressive after the first month. You might want to do that.

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    I have a 22 foot jetboat with an inboard v8. State Farm full coverage to include towing and rescue for 33.00 per month times 12 months.

  13. #13
    Member AKBighorn's Avatar
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    I have never shopped around in the 20 years that I have needed insurance. From what everyone tells me they are paying for thier truck, car, boat, house, etc. through other places makes me happy to be using State Farm. I sure hate throwing money away on insurance but if its there and you need it well......... Anyway I am paying right at $300 a year for my boat and can't complain. Seems like the first year had to be paid in full and then you could change it after that time if you prefer. At $1400 a whack once a year or not I would choke!

  14. #14
    Member Alaska Gray's Avatar
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    I have USAA and they went through progressive. They might be a little expensive but each year they get cheaper. And there deductible is not bad.
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    Moderator Paul H's Avatar
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    I also went USAA/progressive, and I think it's $460 for the year, which was better than progressive's on line quote for the same boat that came out at close to $600 for the year. I also found out if you have a homebuilt and/or wood boat you can really be in a pickle trying to get insured, most folks won't touch you. So my boat is a custom built composite

    I've heard State Farm has good boat rates, but they won't insure a boat unless you have an auto policy. USAA has been so good to me over the years that it's worth paying a couple bucks more on the boat policy.

  16. #16
    Member Sierra Hotel's Avatar
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    Quote Originally Posted by Paul H View Post
    I also went USAA/progressive, and I think it's $460 for the year, which was better than progressive's on line quote for the same boat that came out at close to $600 for the year. I also found out if you have a homebuilt and/or wood boat you can really be in a pickle trying to get insured, most folks won't touch you. So my boat is a custom built composite

    I've heard State Farm has good boat rates, but they won't insure a boat unless you have an auto policy. USAA has been so good to me over the years that it's worth paying a couple bucks more on the boat policy.
    If it were only a couple of bucks I wouldn't even think about shopping around. But almost 3x the price? Gotta check it out. Will post my results.

    SH

  17. #17
    Moderator Paul H's Avatar
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    In your case I'd definately shop around. I'd also say just for giggles run your numbers through progressive's on line qoute and see what it comes out to. If it's way lower than what you're paying, call em up and let em know they have some splaynin to do

    Seems most folks pay around $500/yr for personal use boats in AK, on up to boats costing $100k. If you're running a charter, they'll bend you over, and charters would be happy to be paying only $1400 a year.

  18. #18
    Member AKBassking's Avatar
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    Quote Originally Posted by Sierra Hotel View Post
    I've had USAA for everything since 1981, and was a little shocked when I got this news. I will be getting some quotes for competition, but USAA put me behind the power curve when I was buying my new boat - I didn't think it was going to be as big a deal as it turned out to be so I didn't shop first - lesson learned.

    SH

    SH,

    I had USAA for a number of years too. I filed a claim back in 2005 which cost $2200. They canceled me after that. Evidently, when I had called to ask if something was covered, they stated this was considered a claim, so I had 2 claims within 7 years. Unfortunately now I am on the insurance "bad boy" list. Every insurance company can look at this list and base their rates on this. I almost took USAA to court, but figured it wasn’t worth it.

    I called GEICO (who insures my cars) and they won't insure my boat and Progressive is $707 a year. I told them I only operate it 5 months a year. They told me to make monthly payments then cancel it when winter comes.

    I may have to call State Farm. I only need a 6 month policy.

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  19. #19
    Member Sierra Hotel's Avatar
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    Quote Originally Posted by AKBassking View Post
    SH,

    I had USAA for a number of years too. I filed a claim back in 2005 which cost $2200. They canceled me after that. Evidently, when I had called to ask if something was covered, they stated this was considered a claim, so I had 2 claims within 7 years. Unfortunately now I am on the insurance "bad boy" list. Every insurance company can look at this list and base their rates on this. I almost took USAA to court, but figured it wasn’t worth it.

    I called GEICO (who insures my cars) and they won't insure my boat and Progressive is $707 a year. I told them I only operate it 5 months a year. They told me to make monthly payments then cancel it when winter comes.

    I may have to call State Farm. I only need a 6 month policy.
    Unfortunately, I still owe on my boat so I can't cancel in the winter, and they won't let me drop the comprehensive and collision. I checked with State Farm and they quoted me $1,000 per yaer, with a $1,000 deductible. Part of my higher cost with progressive is the deductible is down to $250, driving the cost way up. I 'll change that, but I'm definitely going elsewhere. USAA let's me pay my premiums either 6 months at a time, or even monthly. Progressive requires the premium be paid up front (!) or in four monthly payments the first four months of coverage. Not real customer friendly in my eyes.

    As for USAA, I had my run-ins with them back in the '80's. I had three claims on my homeowner's insurance within three years and I got a nasty note from them asking me to look at my home situation to see if I could elminate any hazards, as we had filed more claims than the average household - I viewed it as a veiled threat not to file any more claims or we would be cancelled. What they didn't look at was one of the claims was a USAA insured driver (no relation to me) running into our driveway culvert (clearly marked with reflectors, mind you) and taking out our mailbox. The other claims were also uncontrollable (storm damage due to high winds - took out a section of fence; and a water heater located in the house failed, flooding the floor and ruining the carpet. I sent a little note to the President of USAA (it was some retired general or another), and got a nice call back from his "aide" who explained they merely trying to get people to look at their situations to hold costs down . . . it was a warm discussion, I can tell you. That having been said, they've always been pretty easy to work with, and I really have no desire to change, other than my boat insurance.

    SH

  20. #20
    Member Sierra Hotel's Avatar
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    Thumbs up An Update . . .

    Well, I found out that Alaska USA offers insurance underwritten by Safeco. I was quoted $639 per year with a $500 deductible.

    State Farm quoted me $1039 per year, with a $250 deductible, and $831 with a $1000 deductible.

    Compared to USAA/Progressive's $1,327 per year with a $250 deductible.

    Needless to say I went with Alaska USA/SAFECO. It pays to shop around . . .

    Cheers,

    SH

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