Insurance

[thtrog]

x2 BoatUS

[ajholt7]

BoatUS x3

[TeamAllen]

I filled out some online forms for Boat US and AAA. I'll see what they come back with today?

[da.bell]

The value of my boat keeps going down, but the premium does not. Time to start shopping around.
I've been with WestMar for the entire 13 years. So far Progressive beets them by $100. I'll see who else is dealing these days?

I am with Westmar also and the reason why your value does not go down is because the original value of the boat is what the insurance amount is at.

For example:

I paid $55k for a boat and insured that boat for that amount. 10 years later, I own $15k and then I totally destroyed the boat because I hit an underwater object. Westmar will pay $55k for your boat. From that $55k, you have to payoff the $15k but you have the remainder to utilize to purchase a new boat.

I don't know what exactly this is called but chpthril will definitely know.

I did look into BoatUS Insurance and they were only a few dollars every 6 months cheaper than Westmar. Just make sure you are comparing apples to apples on this.

[dingleberry]

da.bell - the type of coverage you describe is called Agreed Amount Value. The coverage amount remains unchanged due to depreciation.

The other type of coverage is Actual Cash Value, which pays out based on the current market value of the boat.

[yllw20]

team allen
- look into Progressive agreed value policy.
- it will hold the value you set for it. this will be your best bet if you end up having a major loss on your boat. your typical acv/market policy will have to much variance in what an older boat is being bought and sold for.
- this will probably be a little more than the acv policy, but worth it if you ever need it.

[da.bell]

da.bell - the type of coverage you describe is called Agreed Amount Value. The coverage amount remains unchanged due to depreciation.

The other type of coverage is Actual Cash Value, which pays out based on the current market value of the boat.

Thanks, I couldn't remember for the life of me. I guess I am getting old.

[TeamAllen]

I'll look at the policy when I get home. They (Westmar)are the ones who keep dropping the value of the boat. I paid $27K in 1997 and they are saying the boat is worth $16K now. The premium stayed the same(or up)even though the value of the boat went down. NADA shows the value at around $11K.

[TeamAllen]

I thought it was based on an Agreed Amount Value, but it looks like it changed to an Actual Cash Value after 10 years.

Here is the statement from Westmar:
"When the watercraft, tender or dinghy, or watercraft trailer become ten (10) years of age or older, the most we will pay is the current Actual Cash Value, or the Amount of Insurance stated on the Declaration Page for these items, whichever is less, subject to no deductible."

I understand the idea, but they have less liability and a higher premium.

[yllw20]

I would get a quote for an agreed value policy... you can do that online @ progressive.com take into consideration anything you have done to your boat that would increase value ie; adding a tower,perfct pass or stereo additions and your trailer in the value and make sure you add trailer to policy.
hope this helps

[TJRiver]

it's such a pain in the @$$ to make the claims cuz there are two many laywers making too much fine print and red tape!!

Insurance is a simple, single sentance agreement: "In the event of a claim, we will pay you (or the injured third party)". The other 45 pages of your policy are exclusions to the foregoing. If you buy insurance, do not take your agent's word something is covered, read the damn policy. If it is not there in black and white, it is probably not covered.

Oh yea, if you can get it, USAA is the best in my experience. It is a membership organization, so it works for the members, not shareholders who have no interest in whether a claim is paid or not, they are just looking for $$$. I get a rebate check every year on my auto policy, based upon the company's losses for the preceding year.

[dingleberry]

Insurance is a simple, single sentance agreement: "In the event of a claim, we will pay you (or the injured third party)". The other 45 pages of your policy are exclusions to the foregoing. If you buy insurance, do not take your agent's word something is covered, read the damn policy. If it is not there in black and white, it is probably not covered.

Oh yea, if you can get it, USAA is the best in my experience. It is a membership organization, so it works for the members, not shareholders who have no interest in whether a claim is paid or not, they are just looking for $$$. I get a rebate check every year on my auto policy, based upon the company's losses for the preceding year.

Agreed that I love USAA, and I have them insuring everything else except my boat. USAA does not handle the boat policies themselves anymore - they pass it through to Progressive.

[gcboat]

Boat Ins.

I've just finished checking lots of companys - and went with Progressive.

A broker-agent mentioned that if we add it to our house/auto homeowner's policy, which ended up costlier, and have a claim, it would ultimately effect our home policy much more than if it was a separate agency's policy.

Hope this helps...