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Phoenix Guy

Best Boat Insurance??

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Just shopping around for the best price/quailty insurance. I had SafeCo on my last boat, pretty good value. Never had a claim so i dont know about their service. What do you all have??

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I have Sea Worthy. It was brokered to me by Geico.

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State Farm. All policies are not the same. Liability, contents, full replacement, are things you want to consider. Contents, is everything in the boat that is not part of the boat.(includes removable items like electronics) You need a dollar value for this and the higher the number, the more expensive the insurance. Full replacement. Lets say you have a 50k boat and it sinks 10 years from now. 10 years from now, that boat will only be worth 15k. 15k won't buy you another 50k boat. Full replacement will give you the 50k you originally spent. 

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I would highly recommend talking to Bob Luellen at Worldwide Marine (bob@worldwidemarineins.com). He moderates a forum on another board and a lot of guys use him because he is very knowledgeable about marine insurance. A friend of mine bought insurance through him several years ago and was very happy with it. When I got my new boat in May, I decided to call Bob. He  set me up with Progressive which is what my buddy has. Two weeks after getting the insurance, and the second time I had my boat out, I hit a submerged object. It knocked off a large chunk of my cavitation plate. I took it to my dealer which is four hours from my house and left it. The insurance adjuster looked at it within a few days and approved a new lower unit casing. The adjuster kept me informed of what was going on the whole time. I was extremely pleased with how this was handled. By the way, I saved around $60 a year from what I was paying with my old insurance.  

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I didn't go through Bob, but I have Progressive as well.

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I didn't go through Bob, but I have Progressive as well.

 

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State Farm. All policies are not the same. Liability, contents, full replacement, are things you want to consider. Contents, is everything in the boat that is not part of the boat.(includes removable items like electronics) You need a dollar value for this and the higher the number, the more expensive the insurance. Full replacement. Lets say you have a 50k boat and it sinks 10 years from now. 10 years from now, that boat will only be worth 15k. 15k won't buy you another 50k boat. Full replacement will give you the 50k you originally spent. 

 Slonezp, Your State Farm policy is full replacement?  I am getting mine setup now with State Farm and they are telling me its not full replacement.  My boat is a 1997 model and they are pricing the 150hp Evinrude Intruder at $1500.  Are you saying your policy would covert that motor for full replacement at todays retail prices?

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Anyone go through USAA (Yes I realize not everyone can get it)? I have my car insurance done through USAA and they have been amazing. I see that they offer boat insurance as well, but I have not had any experience here since I don't have a boat yet.

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I would think that full value replacement would be NEW cost,  when you purchase new.  When you buy used or get insurance after you've had the boat,  I doubt they'd offer a full NEW value replacement option.

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No. Your 1997 boat is valued at $XXXX.00. If the boat were to sink they would pay you the $ amount is was valued at the time of your policy instatement.  If the motor is valued at $1500 and it gets damaged beyond repair or the damage exceeds the value, you get $1500. towards another motor purchase. Basically, once you have it valued the depreciation stops. 

My boat was purchased this year. The boat, motor, were valued at full retail because they are brand new. If it sinks in 10 years, they will not pay me 2023 full retail, only 2013 full retail. Maybe the words full replacement are the wrong term. It's actually a non depreciated value. Unlike car insurance, if you pay 30k for a car and total it in 10 years, they pay a depreciated value of lets say 10k.  

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Ok.  That is exactly what I am seeing.  Working with Bob also for a quote.  They say there are companies that will insure it and include new for old replacement options for things like something in the water tearing up the motor. 

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I have seaworthy via Geico as well, its cheap (for my old boat), but I have never filed a claim... My inlaws go through whomever they use for their auto insurance and get a discount... Regardless,roadside assistance for your trailer is a nice thing to have... My father in law had a blown axle 2 hours into a 6 hour drive, and that insurance was a life saver....

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We do a lot of insurance work so from my perspective, it comes down to how well claims are handled and processed. We see a lot of Progressive, Seaworthy (Geico), Allstate and State Farm. They have all been good to work with and the claims have been processed to our customers satisfaction. Many use the same private adjusters. I think the recommendation to use a broker is a good one because, as pointed out, coverages can vary widely and you want to be sure you have what you think you have if a problem arises

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Anyone go through USAA (Yes I realize not everyone can get it)? I have my car insurance done through USAA and they have been amazing. I see that they offer boat insurance as well, but I have not had any experience here since I don't have a boat yet.

 

 

 

USAA does boat insurance through Progressive. I have auto and home through USAA and took the boat through progressive.  

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If you compare apples to apples in coverage, I've always gotten the best rate by using the company that has my auto, home and umbrella...  the discounts apply to multiple policies so for example, my boat policy (just changed it over to safeco last month) was about the same but the multi-policy discounts changed my auto and umbrella rates so that the addition of the boat actually netted me a $200+ difference.

 

As for claims, I have only had a claim on State Farm and they were great on the boat.

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The best is the one you never make a claim to.

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The best is the one you never make a claim to.

How many claims have you made........ Did the idiot hitting you when towing go on your boat insurance or car?

USAA is who I use for everything I'm gonna be getting a boat here soon I may see what they(progressive) have to offer. Usaa also outsources motorcycle insurance to progressive also.

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How many claims have you made........ Did the idiot hitting you when towing go on your boat insurance or car?

His paid for it all. Geico - they were an absolute pleasure to deal with, if you what I mean. ;)

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After a week of comparing quotes and policies, I am going to go with Bob and Progressive on Monday.  They offered a higher agreed value on my boat, trailer, and motor, and I like the fact that they offer new for old replacement.  State Farm did not offer that.  IE>  If I lose my lower unit from something in the water causing it, State Farm would send me a check for $1500 minus my deductible.  The Progressive policy would pay for a new lower unit.    Sounds like Bob is trustworthy and will stand by  you through any claim. 

 

Anyone have feedback on Progressive?  Sounds like a good plan. 

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I had Progressive motorcycle insurance once. I was hit head on by  truck which fled the scene. I was ok, and my progressive agent was amazing. She even came to the house to check on me several times until i was able to go back to work. I have nothing but good things to say about the incident, which is odd for an insurance claim.

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Thanks everyone.  I went through Bob today and got a Progressive policy.  Not much more than SF was charging me but higher agreed value on the boat, motor, and trailer, roadside assistance on the boat and truck pulling the boat, and new for old replacement for partial loss accidents.  Sounded good, so I bit.  :)

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