boat insurance

still waiting for a spray date on new 05 vlx.
so i have been checking into insurance.

what company do all of you use? how has your company handled claims, good or bad?

Progressive. So far so good , I have never had to file a claim, but from what I have heard they are pretty good.

Ski-Safe is pretty good......especially for the first 30 months......they will replace the total cost of the boat when you bought it....no depreciation like most others

Great post Karma. I have been calling and shopping them all right now as well. I was battling between Ski-Safe and Progressive. Still have not decided. Need to decide in the next day or two. Both reasonbly priced, but I would love to hear from people that have had claims.... Anyone?

http://www.westmarinsurance.com/boat_yacht/

Be careful on what you get.
I live in La county, so this means that we love to go to the river.
Progressive will not cover damage you get at the river! ( check the disclaimer clause )
When I got my boat Tige Water sports pointed this out to me.
I ended up going with a deferent insurance for about $100 a year more, but they cover me every where with in the US and 14 miles off the US shore.

Progressive is ok and has something they call diapering deducible that is nice, but they only cover main water ways ( Lakes and coastguard patrolled rivers)

I would ask your local dealer/repair shop, as if you need to get it fixed you want a company that works well with them and doesn’t drag there feet due to pass issues.
David

I would highly recommend getting a quote from BoatUS. I switched from Progressive and my rate was cut in half. They also have on the water towing options (VesselAssist & TowboatUS) and roadside assistance.

I have two boats insured with them, a 95 Ski Centurion and a 2004 Key West bay/reef. My TOTAL insurace cost for both boats is $450 a year, and that includes roadside assistance on the Key West.

You also get to be part of an organization that fights for boaters rights by working with lawmakers in DC. Membership dues are $15 a year.

I know this sounds like a comercial but I think everyone that ownes a boat should at least be a memeber of BoatUS, even if you don't buy the insurance.

I use State Farm, I haven't had a claim yet(knock on wood) but my father has had a couple on a few of his boats and they were handled very well, they went above and beyond what they had to.

Westmar Marine covers all. parker strip also

I have Progressive-have not had to use it yet. I recently got a quote from US Boaters Insurance and it was almost 1/2 of Progressives rate!

westmar (western marine)

I've got several quotes from Progressive on boats, and they are nowhere near what BoatUS, or other's offer. They're pretty high in fact.

I had BoatUS for six years, but when I just got my '05 VLX I switched to Jack Martin marine "yacht" insurance, http://www.jackmartin.com.

I actually found them when applying for boat financing. Apparently they were a partner of an online financing firm I applied at, so offered me a quote. Kinda spammed me in fact, but ended up being worth it.

Ended up > $100 less than BoatUS for an agreed-valued policy, even after my BoatUS no-claims discount. I'm paying $581/yr for agreed-value on the '05 VLX, $300k liability.

I haven't done any more shopping around, but that's a good price on an agreed-value policy on a boat that expensive.

Boomer:
increase your liability to 500K for probably an extra 25 yr. Thats a hella nice boat and 300k doesnt go real far and most umbrellas require a 500K underlying limit which could result in a 200K out of pocket gap.

For everyone else:

The progressive is a split limit policy (like an auto) not protection & Indemnity form which is true marine coverage. If using progressive better make damm sure you take the "towers liability endorsement".

The Ski safe has exclusion for towing an air chair or parasail also.

Quit asking for rates and ask for exclusions like submerged objects, coverage limits and territorial
exclsuions that may apply.
http://www.wakeworld.com/Articles/2004/insurance.asp

Rick

Great advice Rick, sounds like you know what you're talking about!

Can you explain the umbrella issue and gap you mention?

Boomer:
An umbrella is inexpensive additional liability insurance that rides over the top of ALL your other policies including home/renters, auto etc...
In event of a liability loss the underlying policy pays first up to the limit, then the umbrella pays additional up to it's limit. Umbrelas require minimum underlying limits of either 300K or 500K. The higher the limit the cheaper the umbrella. A gap is created if you fail to meet the underlying limit;
ex:
boat carries 300K P&I limit, umbrella requires 500K limit on underlying boat policy. You have 200K self insured gap. Get out your ck book and list your house & boat for sale and call your 401 manager cause its gone too unless you have tons of cash at your disposal.

The umbrella is most important in my opinion because mine has underinsured motorist clause. If you crash into me and I'm paralyzed I collect 300K form your boat liab pol and then since you prob dont have umbrella. Then I collect 200K from "MY" YES MY boat insurance policy then I collect additional from "MY" YES MY umbrella.
Now I've self insured for 1,250,000 and only paid $300 yr.
When you settled for the 300K liability rate on your policy your "uninsured/underinsured boater limits is the same. So now if I crash into you and have little or no insurance or my boat is stolen at the time and I have no liability at all you would have to collect form yoour own policy. You just valued everyone in your boats life at a max of $300K. I sure value my family and life higher than that. If you are paralyzed how far will 300K go to support your family for a life time?
Do this: Call your ins agent and ask how much to increase your policy to 500K. I would bet you 6 pack beer it's less than $40 yr to self insure for extra 200K.

So for all the others that think they know and should advise on insurance but make a purchase based on rates alone only prove their nieve because they arnt asking the questions you just asked.
Rick

Im gonna go against my "never trash anyone" policy. My wifes sister has lost everything except her supportive family because of Progressive Insurance. I will never do business with them and would advise to stay away from this company as far as you can.

My wifes sister was insured by Progressive and so was the driver of the other vehicle who T-Boned her after the idiot failed to stop at a intersection. She mounted hudge medical bills, lost her great job because her doctors would not release her to perform her duties. They offered her 20K. The greedy bastards wont even take care of thier own customers! Just think what that would do to you and your family if it was you.

I for one could never recommend ski-safe - a terrible company. I too switched to save a few bucks. But really - a 50k+ boat and then everyone wants to save $49.00 on insurance. You get what you pay for. I had heard about people getting taken care of quickly but the truth is that Ski-safe is a terrible company - especially after what John J. and I went through. Read the fine print on any policy, and I would recommend an umbrella as well. Don't let your house, 401k's, etc. ever be exposed.