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Post by mark2000es on Feb 22, 2020 13:32:44 GMT -5
Hello everyone - I just purchased a new boat and had questions on insurance. I plan to call a few companies - Progressive snd Geico for quotes. I’m wondering what sort of coverages you all recommend along with deductibles.
Thank you
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Post by rlazar on Feb 22, 2020 14:32:32 GMT -5
I used Allstate for my 22 foot boat... full coverage and replacement value. I think it was only $350 per year.
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Post by sgilbert on Feb 22, 2020 15:49:00 GMT -5
BoatUS is now Geico. Whether the quote(s) are the same with/without membership, I do not know. I've been with them forever. With discount from this site, annual membership is only $10. Well worth it.
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Post by gofast24 on Feb 23, 2020 9:38:59 GMT -5
From my many years experience with Insurance (car/house/boat) I recommend you go to a multi line agent in your area and have him go thru multiple companies he represents and find you the best quote for what you have. Rule of thumb, never stay with one insurance company for more than 2-3 years. Our 4160 insured for $92k costs approx $900 / year for a starting point. Good luck!If changing to a new company and they are looking for new business you will probably get a better price that what you have now, doesn't hurt to investigate?
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Post by Leeward on Feb 23, 2020 12:05:57 GMT -5
Your location changes premiums drastically. I recommend using a broker. Send them the limits you're comfortable with and they'll do the rest. Plus take a boaters safety course (or at least say you have) it'll kick a few bucks off.
Some big name brokers are Markel American and Gallagher
Actual cash value is the cheapest
Agreed value will be more... If you don't know what this means than do your homework before contacting anyone, it'll save you a boat load.
I went with progressive for 108$/mo with ACV (140k ish currently), half mil liability/oil, hurricane 6000$ all other 2500$ deductibles. Comprehensive coverage is what is the most $ so jack that deductible up if you want lower premiums.
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Post by gofast24 on Feb 25, 2020 11:45:15 GMT -5
Your location changes premiums drastically. I recommend using a broker. Send them the limits you're comfortable with and they'll do the rest. Plus take a boaters safety course (or at least say you have) it'll kick a few bucks off. Some big name brokers are Markel American and Gallagher Actual cash value is the cheapest Agreed value will be more... If you don't know what this means than do your homework before contacting anyone, it'll save you a boat load. I went with progressive for 108$/mo with ACV (140k ish currently), half mil liability/oil, hurricane 6000$ all other 2500$ deductibles. Comprehensive coverage is what is the most $ so jack that deductible up if you want lower premiums. Gosh, $1296/yr for a 29' Vessel? Yes, agree, location is a big factor! Also agree to go to a multi line company and ask for the best price. our 4160 insurance (insured value $92k/liability $500k/$1k deductible) less than $1k / year, but also not on the ocean in FL. i have several friends living in FL, their homeowners insurance is out of this world. |
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Post by Av8ator1 on Feb 26, 2020 6:53:03 GMT -5
I had geico, was the cheapest and had the most features.
The towing included was a nice feature for me.
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Post by jnelson90 on Feb 26, 2020 11:45:13 GMT -5
I have Progressive and have had two incidents - building collapsing on my boat and a river otter snacking on all of my cockpit seats. They came through on both claims and I was very pleased with how well they did. Just wanted to point this out as cost is only one factor in choosing your carrier.
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Post by gofast24 on Feb 27, 2020 11:17:40 GMT -5
OK, so what was your deductible assuming you had and had to pay and did your rate go up the next premium period?
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Post by jnelson90 on Feb 27, 2020 11:59:10 GMT -5
Rate did not go up and my deductible was $1k. Actually, the rate went down slightly after the first claim. Please note that both claims were not a result of any of my actions so no fault on my side.
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Post by gofast24 on Feb 29, 2020 10:43:07 GMT -5
Rate did not go up and my deductible was $1k. Actually, the rate went down slightly after the first claim. Please note that both claims were not a result of any of my actions so no fault on my side. So you paid the deductible which may or not have been more or less than the repairs cost? If you payed all the costs via your $1k deductible that didn't cost your insurance company anything? Most likely that is why your insurance didnt go up? |
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Post by jnelson90 on Mar 4, 2020 11:59:49 GMT -5
Both claims cost Progressive - first total claim amount was about $22,000 and the second was for about $5,000. Both cases I had to cover the deductible and I am very happy with Progressive.
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Post by gofast24 on Mar 5, 2020 10:45:07 GMT -5
Thanks, that info certainly helps with trying to figure out insurance.The building falling down on your vessel, $22k damage? What was damaged, sounds like a lot? Your insurance may have gone after the owner of the building and his insurance and reclaimed most of their costs on your claim? As you are happy with Progressive just stick with them.
Just FYI, I have been driving for 55 years and had my first accident a year ago november, bumped a guy in the back of his car at about 2 MPH. My damage to my front bumper was just a buff and polish of his blue bumper paint, son did it NC. His damage (to his 2002 Toyota Camry) Progressive paid $1600 to repair his car. My rate went from $930 / year to $2300+/year when my policy came due. Needless to say I contacted my insurance broker and he got me into a company located here in GA for $1100/year. Same coverage/deductibles/etc. plus included a $1 million umbrella for that price. So, glad you had the results you had but again just suggest anyone with any insurance shop around every 2-3 years to compare current pricing, from my 55 years of experience in insurance costs. There was also a recent CR magazine indicating the same thing, shop every 2-3 years.
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Post by jnelson90 on Mar 5, 2020 11:56:03 GMT -5
When the building collapsed due to excessive snow on the roof I had significant damage but some boats were a complete loss. The interesting part is the original collapse did not cause any damage and it was the people trying to clean up things after the collapse that allowed all the snow and ice to come crushing down on my boat. The biggest part of the cost was a replacement custom windshield. Progressive investigated going after them to recoup their losses but never did and never really indicated why. Their choice at that point. Thanks for the additional good pointers, just like everyone that has a boat - has a story; same applies to insurance claims. Happy Boating!
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Post by gofast24 on Mar 6, 2020 11:20:46 GMT -5
Thanks Jeff, good info!
Regarding the windshield a friend of my sons slipped on the fore deck and shattered the center glass, three sections to our windshield (the one that opens with a electric gear motor controlled at the helm). E mailed Regal and the roughly 18" X 22" piece of curved safety glass was quoted at $2400! Yes, it was out of production and Regal told me the glass company said they would have to make a new mold to produce it. So, bought a piece of 5/16" plexiglass, cut and trimmed it, drilled hinges and motor bracket thru holes, and put it in. It flexes just enough to provide a watertight seal and cost of raw plexiglass sheet was $58. Yes, I put a lot of time into measuring, making a template, routing the edges, drilling a few holes but gosh, $2400 OEM glass vs. $58 with a little labor?
Question, did Regal have a replacement window for your boat and if so, do you have any idea of what it cost?
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