Insurance for the old boat - Page 2

bigeasy1 · #11 03-12-2015, 03:23 PM

Quote:

Originally Posted by cdavisdb

that is a lot less than mine(about $700/yr), but I think most of the difference is because mine includes a reasonable amount for replacement value and limited Bahamas coverage. I sent them a bill of sale and some receipts and they took my word for it. If you have none of that, a survey would probably do the trick. Boat US seemed like reasonable people to deal with.

Yes my quote is liability only.There is nothing for hull replacement value and nothing for damaged equipment,stolen property,etc etc,so if that horrible scenario were to happen,I'd be screwed,and possibly suicidal.
At this point my thoughts were for liability.
I have most of the receipts for all the equipment and material that i bought for the restoration,so at some point I'll have to make that decision as to which plan I'll go with.
It would be more than three times the cost to have coverage on the hull and equipment.I try to justify not having full coverage because I only spend a total of 30-35 days a season on the boat,but I know that's not a realistic way to look at it.

bumpdraft · #12 03-12-2015, 08:37 PM

After I struck an underwater dredge pipe, they sent out an "independent" surveyor to look at my transom. He tells me it's probably just the straw that broke the camel's back, due to the age of the boat. My reply back to him was that they knew the age of the boat when they took my premiums.
The surveyor and the company agreed to pay to take the motor off and have the repair shop look, after the cap was removed. I then get a letter from the company stating that they would pay for the exploring, including removal of the fuel tank, but would not be paying to repair the transom, if it was found to be bad. I called the person that wrote the letter and asked why they needed to remove the fuel tank. As it turned out, the guy had written the letter about another boat and had forgot to take out the part about removing the fuel tank. I was not at all happy about hearing this and told him so (kind of a form letter). I also told him I was not happy with his surveyor, as he did not even bother to look under the hull.
The transom did not need to be replaced. They fixed the cap and the next thing I knew I got a check. So, I'm still with boat us.

btw. I noticed on my policy this year, that my cruising area was limited to the inland and coastal waters. So I looked up the definition of coastal waters and it appears to be 12 nm. This didn't sound to good, so I called and talked to the underwriter and he assured me that as long as it was a reasonable distance, not 200 miles that it was ok. I would have to notify them of a trip to the Bahamas.

jongolds · #13 03-12-2015, 10:24 PM

I've got Boat US with similar terms to those mentioned already. I went through a claims process with then when our prior boat sank at the dock. They were great. It would take a lot to get me to switch now. They were very fair and responsive, beyond my expectations.

DonV · #14 03-13-2015, 09:03 AM

Good discussion. I've had Progressive for I guess 14 years, not sure why I picked them, however I'm very sure money was a big factor. Now that I know a bit more about who owns Progressive and their outside the left wing views I'm going to do some shopping this year.

For both boats it's about $900 per year full coverage, liability, uninsured boater, collision, 75 miles navigation, personal effects and fishing equipment to $2,500 with zero deductible. The agreed value on the SeaCraft is $20,000 and the Pathfinder $25,000. I'm hoping someone like BoatUS or Charter Lakes can match those premiums or get real close!!!!

Jeff79Sceptre · #15 03-13-2015, 12:02 PM

I saved all my reciepts. I figure I will not be paid for the labor in installing the transom. The materials alone were expensive. 2 sheets of coosa, epoxy, glass. I guess labors a lost thing. Sad very sad. I'm not sure I would do it all again even if I was reimbursed. The aluminum top on the boat is worth 6k as I contacted the person who made it in 1989. I figure at least 60k on the boat. 2800.00 for the fuel tank. Radar and chartplotter. Etecs are ordered. Theres 30k. Adds up quick. I'd hate to see all of this go to waste on a boat that's only worth 3k to the bank. So what's a 55 Chevy worth? 1200.00?

bigeasy1 · #16 03-13-2015, 12:17 PM

Quote:

Originally Posted by DonV

Good discussion. I've had Progressive for I guess 14 years, not sure why I picked them, however I'm very sure money was a big factor. Now that I know a bit more about who owns Progressive and their outside the left wing views I'm going to do some shopping this year.

For both boats it's about $900 per year full coverage, liability, uninsured boater, collision, 75 miles navigation, personal effects and fishing equipment to $2,500 with zero deductible. The agreed value on the SeaCraft is $20,000 and the Pathfinder $25,000. I'm hoping someone like BoatUS or Charter Lakes can match those premiums or get real close!!!!

I wouldn't use Progressive even if it was free.for the reasons you mentioned.
If you get a deal with Boat US let us know.From the discussion I had with Boat US I don't think you'll be able to match the price you currently have for that kind of coverage,but I hope you do.
Let us know how you made out,maybe I'll have to try charter lakes as well.
good luck.

Old'sCool · #17 03-13-2015, 06:23 PM

Pretty sure Charter is underwritten by Progressive

CaptMick · #18 03-14-2015, 12:50 PM

Travelers is who underwrites my Charter Lakes policy.

seacraftks · #19 03-16-2015, 06:18 AM

You can if you look around 500 per yr gets about 16,000 worth of ins

DonV · #20 04-15-2015, 08:30 AM

An update.

I just received my Progressive renewal policy, both boats is $1,029 full coverage, no deductible with $111 deduction if paid in full ($918). However Progressive pissed me off with the "Notice of underwriting and rating decision" page. They say I did not get the best rate because of "credit history". Let's see here, they used Experian as their credit source and I have an 836 rating with them and a 871 FICO score, so they can kiss my ass!!

Anyway, I contacted Charter Lakes and they are a bit cheaper however there is deductibles I now have to deal with. They do have the "disappearing deductible" so that is good.

Thanks for the information on other insurance companies and I'll keep you up on the process.