Insurance Question -

[Bjax]

Just reading the thread about US Boat and it got me thinking about something I never really looked into. My insurance provider had me split the value of my boat between the engine, the hull, and the trailer. I threw out a few numbers to him but didn't really do any homework on it.
2015 Raptor 400 Value - all encompassing?
2015 R20 Hull?
I think I can ballpark the trailer.
Insurance value here, not resell value…
Thoughts?

[Tomp]

I have my 2015 Z3 insured thru progressive ins.
I don't think its split up, I am paying about $500 a year

[chpthril]

Cant help with the numbers, but yes, in NC boat and motors are listed separately.

[Andy454]

Insurance Question -

I work in insurance, usually the insurance is split between the motor and the hull when you are running an outboard. For inboards and I/o the value is all encompassing.

What I found over the years is that the company that does your home and auto can write your boat also, but they aren't boat experts. Here is what they try to do, add it to your home policy like a scheduled pice of jewelry and the actual language of the form isn't much different except for extra exclusions, or they will use a modified auto form. What ever way it is not very applicable to the environment.

I would recommend getting a policy from a company that is known for boat insurance. It is more expensive but if you have a claim, the extra $200 a year is nothing when compared to denied or delayed claims.



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[Bryan]

Also be sure and ask about discounts.. I have my boat through State Farm and they give 10% for having a boaters safety course card. I'm old enough that I'm not required by law to carry one, but I took the online course anyways to get the discount.. Every little bit helps

[skibumsd]

progressive gives me 25% off my deductible each year with no claims then no deductable with your 4th year. I have a rz4 and pay about 520 a year

[chpthril]

Here in NC, water craft get their own policy and are not scheduled on an HO. You will also find that some of the "companies" actually have the watercraft underwritten through another company that is more specialized. Same with bikes, 4-wheelers, planes, etc. This can help you get and retain those multi-policy discounts.

It also helps when your agent is a boater

[dustinsnipes]

I have GEICO and it was 1/4 the price of everywhere else. $278 a year

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[Andy454]

I have GEICO and it was 1/4 the price of everywhere else. $278 a year

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That's like saying that you shop at Walmart and by their good value brand.

Cheep doesn't usually translate to good.

Especially when you are trusting a $278 a year policy with protecting your $50k to $100k boat.

[dustinsnipes]

That's like saying that you shop at Walmart and by their good value brand.

Cheep doesn't usually translate to good.

Especially when you are trusting a $278 a year policy with protecting your $50k to $100k boat.

Its the exact same policy progressive offers. Just cause something is more expensive doesn't mean it's better.

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[Andy454]

Insurance Question -

Its the exact same policy progressive offers. Just cause something is more expensive doesn't mean it's better.

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I m not saying that you should ever over pay for something, but naming your price usually means having gaps in coverage.

So unless you know the implications of the fine print (the devil is in the details) you should seek a professional to set up an appropriately built policy.
* not all insurance agents are insurance professionals some/most are just salesmen

[chpthril]

Although the coverage listed on the dec page are the same, you do have to read close to see the exclusions. Like engine freezing during lay up, recovery, fuel/oil spill coverage, etc.

[Timmy]

We have skisafe insurance. The company is based out of Florida and only insures vessels. We pay around $400 for really good coverage that covers everything and the trailer, they also offer what's called a lay up period which you can have during the winter months and this saves you a bunch of money. Only thing is during the lay up period everything is covered except you using it on the water (so it's covered sitting in storage, your garage, or if you have to tow it somewhere). I have a friend who has it down and Florida and had a claim on a $100k boat and he said they where great to work with. Hope this helps.

[Thegerman618]

I am with Norman-Spencer they only do boats, they where recommended by the dealer at purchase. $450 yr. and that includes towing both on and off water, and up to $5000 for equipment stolen/lost on the boat (ballast/boards/vest/ect)

[skibumsd]

i just looked in to geico as i was curious about our rates. the same insurance would be 752 through them that i get for 500 something on progressive. And thats not with additional drivers covered and no clue about theft of stereo etc etc. Definitely not cheaper in south dakota!