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Thread: Boat Insurance

  1. #1

    Default Boat Insurance

    I have been looking for boat insurance for the past couple of weeks. I would appreciate it if some of you would provide me with some of the particulars of what you have and the costs. Please PM me if you don't want your numbers listed on the forum.

    Denny
    What-a-Day
    27' x 9.5' Glacier Craft - Volvo 300hp D4 Diesel
    Remember: Any fool can be uncomfortable.
    Denny

  2. #2

    Default Boat insurance

    Denny. I got insurance for my Jetcraft through GEICO. It was reasonable compared to the others I looked at. Call Geico and they will put you in contact with a sister company that does business in AK. Let me know who you go with, mine may be in the water someday and i'll be looking arround. Ol'Glenn

  3. #3
    Member SuYentna Dave's Avatar
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    Default I got my insurance through Charterlakes

    I had hell trying to get insurance for my Airboat but I found this group out of Mich. Their prices was better than what I had on my old Duckworth.

    http://www.charterlakes.com

    800-879-2248

  4. #4

    Default

    dtol: Call Mike Miller at Northern Marine Insurance 1-800-553-1410, Ex 126. He has been selling Marine Insurance in Alaska for over 25 years, knows Alaska very, very well and knows all about aluminum boats. He is now located in Seattle but used to live in Juneau.

    Be careful with your insurance. I went through at least 4 companies before I got hooked up with Mike. The biggest problem I had was getting a geographic coverage area that was acceptable to me. Most of them would not insure a boat if it was used out of PWS or RB. I specifically asked about Montague and west of Ailiak and all but Mike said "No Deal". My boat is covered as far south as 51N and west to 156 W. If that is not good enough I will bet you can work something out with him. And OBTW he was also the cheapest - he came highly recommended by another Alaska boater.

    SB

  5. #5

    Default

    I called Geico and they wouldn't insure a Glacier Craft because it wasn't on their list of boat builders.
    What-a-Day
    27' x 9.5' Glacier Craft - Volvo 300hp D4 Diesel
    Remember: Any fool can be uncomfortable.
    Denny

  6. #6
    Member DMan's Avatar
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    Default

    I have always used Allstate but based on the coverage area Shark Bait mentioned its got me rethinking. They have never asked me before where I use my boat.......
    ... aboard the 'Memory Maker' Making Memories one Wave at a Time!

  7. #7
    Member spoiled one's Avatar
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    Default

    Interesting. I have always used State Farm and the topic of where the boat is being used has never come up. I need to check into that. Thanks for brinng up the coverage area, Shark Bait.
    Spending my kids' inheritance with them, one adventure at a time.

  8. #8
    Member Ebbtide's Avatar
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    Default

    I use Homer Insurance Company. In the past I have also used USAA and Charter Lakes. I like USAA the best however USAA does not insure Charter Boats.
    "Ebbtide" 27 X 9 GlacierCraft
    MMSI#
    338157869

  9. #9

    Default Safeco

    With State Farm I also came up against the limited coverage area by wanting to include S.E. as a potential area; informed that I would have had to transfer to a local broker. SAFECO provided me with same coverage, cheaper and no restricted areas based in AK (all I checked on, may go farther). No claims with them but at the time that I needed to swap, I did know of folks that had a fair settlement after their moose float got dunked.

    Enjoy

  10. #10

    Post USAA Insurance

    Quote Originally Posted by Ebbtide View Post
    I use Homer Insurance Company. In the past I have also used USAA and Charter Lakes. I like USAA the best however USAA does not insure Charter Boats.
    USAA does not insure boats at all now, and refers their customers to Progressive Insurance. USAA's rates were pretty good, but Progressive is cost prohibitive for larger boats IMO.

  11. #11
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    Default

    State Farm, they charge approximately 1% of the boats insured value for full coverage per year.
    $40,000 boat package= Approximately $400 annual premium.

  12. #12
    Moderator Paul H's Avatar
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    Default

    USAA covers through progressive, and it's less expensive than going straight to progressive, as I found out.

    Also some companies will only insure a boat if your auto is insured with them.

    I'm paying about $450 a year for my tolman, which is a 23' home built boat. Trying to insure a home built boat is more challenging than building it, and if the bank that has the note on my engine didn't require insurance, I might have skipped it.

  13. #13

    Default

    State Farm dropped me like a bad habit after a $6,000 claim. I'm thinking about moving all my stuff over to Allstate. The rate was a little less expensive for boats, and about half as expensive on my homeowners. Hopefully I won't have issues picking up new insurance now. At least State Farm paid out with no up front issues, but I was a bit surprised to be dropped after a single claim.

  14. #14
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    Default

    I have USAA too: full coverage for the hull, trailer, and motor. I looked for my new policy packet, but looks like my wife put it somewhere. I think I pay something like $450.00 per year on out 20v70 Alweld with 175 HP carbed Johnson on EZ-Loader trailer.
    Great spirits have always found violent opposition from mediocre minds. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. Albert Einstein

    Better living through chemistry (I'm a chemist)

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  15. #15
    Member GOT TOYS's Avatar
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    Default insurance

    I have State Farm. Like Snowwolfe said it is 1% per year. You can insure your $100K boat for $120K if you want. They will pay out the $120K if it's total loss. I never asked and they never told about area limitations, and saw nothing in my policy that restricted me.
    State Farm insures everything I have, except for my motorcycle. It's the only insurance I have I could found cheeper elsewhere.

  16. #16

    Default Insurance/GAP

    Quote Originally Posted by GOT TOYS View Post
    You can insure your $100K boat for $120K if you want. They will pay out the $120K if it's total loss.
    For what it is worth:

    I got my first experience with GAP insurance when I was nearing the time to drive the boat off the lot and went and sat down with the State Farm folks. They backed the dealer and recommended I be thorough and get GAP along with their coverage. After an hour of no one, including my financial institution, being able to explain to me how I needed GAP on top of State Farms 1% of any value rule I lost a bit of hair. This is an office I have worked with for years and have my other policies with so was talking with folks I knew and had completed claims with. Anyway, I believe GAP was another 350.00 bucks out the door and with the fine print, who knows till the @#*$ hits the fan. This conversation was when I discovered, Oh no, you will not be taking your boat out of the S.C. area and then the bid from SAFECO came in 400$ cheaper and I recovered the GAP money with out the area limitation. I expected to be hit with a higher bill the next year once they had my business but have had no increases applied over the years. My State Farm broker could not assure me that the policy would pay replacement cost if in fact that is what I was willing to pay in premiums thus negating GAP. After the fun of the entire purchasing process, tail chasing on the insurance, I dotted i's and crossed t's, tied on to the boat and hit the sound to recall what it was I had originally intended to do when I embarked on that journey. Thankfully all has gone well to date.

  17. #17

    Default What I finally Did

    Whoa, sounds like you have to watch both your agent and the insurance company.

    Well, my agent came through. He is Tim Haworth of Country Insurance with whom I have all my vehicles and home owners insurance. His phone is 562 3900.

    He searched and finally found a company that didn't have such rigid restrictions on time and where you can boat. The cost of the insurance as I have it set up is .6% of the agreed value of the boat.

    The company is Anchor Marine Underwriters Inc. (Markel American) and they are a Seattle based company providing marine insurance all over the North West. The specifics for my Glacier Craft are listed below:

    1. Agreed replacement value at $1,700 deductable
    2. $250 deductable on the trailer.
    3. $1,000,000 liability
    4. $10,000 medical payments
    5. $2,500 personal effects w/$250 deductable (not fishing gear or electronics).
    6. $1,000,000 uninsured boaters
    7. $750/incident ocean towing
    8. $800,000 Pollution Liability
    9. $3,000 Fishing equipment w/$250 deductable
    10. All electronics, the dingy, dingy motor, kicker etc are factored in the agreed value of the boat.

    What is equally important are the restrictions. The following is on the policy.

    1. Navigation - Gulf of AK coastwise and inland waters between Cape Spencer, AK and Prince Rupert BC. They will be concerned about the capability of the boat and experience of the owner.
    2. Dates of Layup will be between 10/15 and 4/15 of each year.

    Denny
    What-a-Day
    27' x 9.5' Glacier Craft - Volvo 300hp D4 Diesel
    Remember: Any fool can be uncomfortable.
    Denny

  18. #18

    Default

    Dtol,

    Thanks for the detailed information.

    Who would have thought boat insurance would have been so difficult and have so many restrictions. I've never even heard of the restrictions on time of year or area of use before. I had my last boat insured and was never told anything about those issues, I guess it's a good thing I never had to use it.

  19. #19

    Default

    I am curious to know what others impressions are of the numbers I put out and how they compare to what they currently have.

    Especially the cost which is a bit more than half of what everyone else is paying, ie. .6% compared to 1.0% of the agreed value of the boat that seems to be the standard.
    What-a-Day
    27' x 9.5' Glacier Craft - Volvo 300hp D4 Diesel
    Remember: Any fool can be uncomfortable.
    Denny

  20. #20

    Default

    My previous boat was a kingfisher, insured by Ace marine insurance.

    www.acemarineinsurance.com

    Awesome coverage, and was cheap! Definately worth checking out. I'm waiting for my 27' GC!!! So i'll be re-insuring. I'll definately check out the options you all have listed here though. This is a cool forum. I'll be around!

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