Boat Insurance

[Steve328is]

You know... you are right... on the math.... I was not thinking....Sometimes those insurance agents try to sell you so much under the sun... We did start out with a quote of $800 with me(wife) as a driver..both good driving record....

Sounds like we did do well....

Thanks....Steve's wife

[cyber]

Ours is ~$600 for a year on the cruiser (BoatUS)... Bowrider would run $350 - $400 so I would say sure nuf... On 3 year old...

The deal is try to get "agreed value" - where you always get "what you paid" - not some pro-rated.

[Dan&Darci]

Cyber is correct, perhaps the most important part of the insurance policy is to make sure it is an "agreed value" policy.  That way, if there was a total loss, there is no arguing with an adjustor about the value of the boat and what you are to be reimbursed.

I've heard several horror stories around the lake this year from people that had catastrophic losses as a result of the winter storms at Lake of the Ozarks.  It's 7 months later and they still haven't settled with their insurers as they cannot reach agreement as to their boat's value.

[Steve328is]

We did get the "agreed amount"...so... sounds like we did well.  Like I said before...the insurance companies will try to sell you stuff you don't need.  And being a new boater... you don't know better.  

All the input has been great!

[2kwik4u]

You guys are saying $350-$400 is the normal per year for agreed value insurance?!??! Looks like I'm overpaying by about double!!!!!

$57/month * 12 months = $684

I'm starting my shopping around Monday morning.

I'm kinda of curious as to the agreed value though. Does it matter as to how much you paid for the boat? Are there any laws about the insurance value versus the purchase price? For reference, I bought the boat at the begining of April for $7,200. I have the insurance set at $8,500 agreed value.....Aside from higher premiums is there a reason I should lower it? I figured the extra amount in the agreed value would go to cover any lost equipment (GPS devices, MP3 players, cellphones, watches, anchor, lines, ski's, vests, ropes, bumpers, anything), or other various damages I might incur. Current payoff on the boat is only $6,700 after one payment, so I think I'm well covered there......Any thoughts?

[Steve328is]

Well..I was told re: the "agreed amount" that the laws vary state to state.  Some you have to have proof.  Florida is not a state requiring proof.  This is what I was told.

We also have our RV insurance through Progreesive...I guess decent yrly price... we did not shop on that one... the dealer did it.  Though re: the boat or the RV..no claims for 4 yrs..the ded goes to $0.  

Progressive was the only insurance the dealer told us..they would cover the RV for the actual purchase amount. Instead of the amount the RV is valued at time of accident.  

For the boat... I was afraid to check out the names I have never even heard of....until I got feed back from you guys...then my husband bought the boat..yesterday and had to make decision right then and there. (;-)

[cyber]

$57/month * 12 months = $684

I'm starting my shopping around Monday morning.

Remember agreed value means higher the agreed - higher the premium.  Let's just say that the cruisers at $600 / year are easily 8 - 10 times that amount - so yeah, go ahead and break it off if you like... WOW!!!

[cyber]

Just as an FYI - you can get a free quote on Boat US - they send it via e-mail with a follow up written paperwork - easy to deal with and so far easy to like.

That also gets you discounts at many marinas / etc throughout the US.

And some very interesting insights on boating and pending regulations, etc.

And no, I don't work for them - trust me...

[DaleM]

Checkout Boater's Choice Insurance.  I have an agreed value policy for my 1996 Rinker 232.  I had a little mishap this spring and ended with a $4250.00 repair.  It was just a little gouge (my opinion).  An arrow shaped gash about 6" long and 3" wide at the widest point.  I was floored when I heard what that repair was going to cost.  Totally covered no questions asked.  Sent them pics and that was that.   It wouldn't take much to cause a $10,000 repair bill anymore.  My insurance is $478.00 for the year.