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-   -   Boat Insurance (http://www.wakeworld.com/forum/showthread.php?t=777849)

globemaster 03-23-2010 11:30 PM

Boat Insurance
 
Greetings! I'm going to the proud new owner of an '08 X-Star next week. I've been checking into the insurance options, and I notice that the rates seem to have jumped from what I was expecting.

I was going to use USAA/Progressive, but their rates were over twice what they charged me a few years ago.

Can anybody give me any info on insurance companies and/or rates? If anybody is getting a good rate on an '08 X-Star with a 400 horse engine, I'd like to hear about it.

Thanks!

ajholt7 03-24-2010 1:45 AM

I use Boat U.S. but, there are so many variabales you just have to shop around. I will say this, I had a claim with them and I could not have asked for better/faster service.

silvermustang35 03-24-2010 5:03 AM

I was with Statefarm for my I/O and was paying about 300 a year. When I got my new boat, I switched to Boat US and it was not even double that price but the amount to be insured is double, almost triple. They were really patient with me on all the questions I had and insured me the same day and sent me a copy of the binder through mail and sent it that day in email. I have been impressed so far. I hope not to have a claim but I dont see any issues.
Also, just for reference, my I/O trailer had a hit and run last year at the dock while we were out, my insurance wouldnt cover it and said I needed to pay a $500 deductible....I looked at the Boat US policy and it is only a $50 deductible. Im hoping nobody hits this one or I'll be finding them lol

chris4x4gill2 03-24-2010 5:31 AM

I use Ski-Safe. I believe it is the same company as Boat US. Very affordable rates and good coverage on paper. I havent had to make any claims with them yet.

acurtis_ttu 03-24-2010 6:25 AM

I use an independent insurance agent for all my insuarance needs. He knows the coverages I want and shops around once a year for me. I have my house, two cars, two boats and two jet skis along with my umbrella policy and some add on's for my wifes jelwery thru him.

I think most of my insurance is thru travelers? I pay roughly $425/year on my 07 surpa 22.

consigliereg8r 03-24-2010 9:43 AM

I have State Farm but will changed to Boat US. I did an online quote and got a much cheaper price for better coverage

elc 03-24-2010 10:13 AM

Westmar marine was the insurance company that was recommended to me. Their rates were very competitive. I haven't had to make a claim but from what I have heard, they are easy to deal with if you need to.
http://www.westmarinsurance.com/boat_yacht/

HSE 03-24-2010 10:17 AM

I have Westmar also and just compared with SkiSafe and I have $12K more coverage on the value of my boat / trlr with all the same coverages for $50 year less.

cavlxenvy 03-24-2010 10:39 AM

I had Westmar then switched to Boaters Insurance. They were much cheaper and plus they had a special deal for Malibu boat owners.

bill_airjunky 03-24-2010 11:04 AM

I use the same company my car &house policies are on, Safeco. The rates were competitive with the others & it's easier to manage. Ski Safe dropped us because we ride SkySkis. :mad:

A couple things to consider:

- Some companies will quote a rate for the season. Some for the year. If your planning on using your boat in the off season (like right now), then be sure your insured year round.

- Consider an umbrella policy. As boat owners, we do some crazy things & bring our friends around to do them too. And many of us are into other toys too, ATVs, dirt bikes, golf carts, etc. An umbrella will cover up to a set amount (ie; $1 million), regardless of what is going on & where. So if your buddy breaks his leg boarding behind your boat, or a girl scout bumps her head in a fall running down your front stairs, or you roll your ATV, your covered. And if it gets into some kind of litigation, then your insurance companies' cut throat, high dollar lawyers are working for you.

cptsupra 03-24-2010 6:19 PM

I was in the same boat when USAA stared farming out their Marine Insurance. The best coverage and cost with the lowest deduticle (1%) I could find was Boat US. I have used it for a substantial claim close to half the value of the boat with no issues.

The only issue was that I was ignorant on the trailer coverages. Their default was 2000 dollars for the trailer, I didn't do the research to increase the coverage to the appropriate amount. Even that being my fault, they worked with me to cover the full trailer, write off the title on it, and I was able to get it back to new with a new frame within that budget.

I can't speak for other insurance companies on how they handle claims, but I am very satisfied with Boat US.

shawndoggy 03-25-2010 5:44 AM

Quote:

Originally Posted by bill_airjunky (Post 1565227)
And if it gets into some kind of litigation, then your insurance companies' cut throat, high dollar lawyers are working for you.

Just as an FYI, insurance defense is about the worst paying practice area in private practice. Your rates are kept low, in part, by your insurance company being stingy about how much they pay defense counsel.

mhunter 03-25-2010 6:41 AM

I am also with BoatUS. They were recommended by a marine mechanic I trust. They only insure
watercraft an know values and the repair costs to make it right. Skisafe is part or Progressive .BoatUS is their own company. Check with multiple companies for price but check out the coverages. If you are in the north make sure it has winter layup freeze insurance.

acurtis_ttu 03-25-2010 8:19 AM

I have had Boat US in the past, and have filed a claim thru them. they were very good with the claim service. But starting about 4-5 years ago, they really made me go thru hoops to prove I wasn't going to use my boat in coastal waters. Living close to the coast ( Houston, Texas) rates skyrocketed. I remember having to explain to multiple Boat Us employees that a MC prostar 190 was not an ocean worthy boat, lol.

The difference between rates was thousands of dollars. coastal vs non-coastal.

tyler97217 03-25-2010 8:36 AM

I just use State Farm. They carry all of our insurance and the benefits to me in doing that are:
-decent rates ($401 annually on 2010 Supra)
-discounts cause all your policies are there and one less company to remember to do biz with
-no layup period (many insurance companies do not cover your boat in the water for 12 months)

mdaijogo 03-25-2010 10:49 AM

WestMar insurance
 
Has anyone had to unfortunately use the Total Loss Replacement Coverage option? This is where they get you the same boat with a 4 year time period if you boat becomes a total loss?

Doing some last minute comparisions between Boat US, Westmar, and Allstate.

Thanks.

Mario-

fman 03-25-2010 11:02 AM

Another thumbs up for SkiSafe, I had to bump my coverage to 300k because I have a million dollar umbrella policy on my house/autos/boat. I pay $475/year for an '08 Supra 22V. It went up $42/year with the added $300k liability cap ($25k is standard).

ldr 03-25-2010 2:00 PM

I used to have insurance with a lay up period but i have since switched to progressive. Since i don't ski in the winter i simply change my coverage come winter time and then bump it back up before i take the boat out. This drops my $300 policy down an extra $50- $100 a year. Just something to think about to save some coin. Plus ilove the diminishing deductible with progressive After 4 years the deductible will be zero and i'll be paying the $1000 deductible rate.

bill_airjunky 03-25-2010 3:24 PM

Quote:

Originally Posted by shawndoggy (Post 1565538)
Just as an FYI, insurance defense is about the worst paying practice area in private practice. Your rates are kept low, in part, by your insurance company being stingy about how much they pay defense counsel.

I will make a point to tell that to someone who is currently using their insurance companies defense counsel.

There was a case listed on this site some time ago where a Supra ran up & over another boat, killing the driver of the other boat. The media & many people on this site crucified the driver of the Supra. The insurance company's defense counsel hired someone to recreate the accident. Between the results of that study & the results of the DUI reports, the case has gotten very interesting. I won't say the Supra driver is going to get off, obviously there was some negligence on his part, but it's starting to look like his counsel is well worth whatever they pay him.


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