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Insurance Premium and Deductible Check
https://www.smwebhead.com/phpBB3/viewtopic.php?f=6&t=4729		 Page 1 of 2
Author:  Better Luck [ Tue Oct 20, 2009 8:23 am ]
Post subject:  Insurance Premium and Deductible Check
Just wanted to find out who people are insured with, what their deductible is and roughly what their premium runs. If you have claims experiences, share those too.

I'm insured with NBOA who uses another company for claims. I pay roughly about $1,000.00 a year with a 1% deductible of the agreed upon value.

My claims experience this summer was favorable, no hassle what so ever. Now if my fiberglass guy would work on the boat...!
Author:  298VISTA2000 [ Tue Oct 20, 2009 9:37 am ]
Post subject:  Re: Insurance Premium and Deductible Check
Thanks for starting this thread because I just got a letter from my current carrier (Zurich) and it stated that they are getting out of the marine insurance business at the end of the year since they no longer find it "economically viable". I guess all the mysterious boat fires and/or sinkings have taken its toll on them.
Author:  Cap'n Morgan [ Tue Oct 20, 2009 10:35 am ]
Post subject:  Re: Insurance Premium and Deductible Check
firecadet613 wrote:
I'm with State Farm, with everything. I've heard Boat US is good, but try getting the wife to sign off on a higher insurance premium when she just say yes to a new boat!!


Is your insurance policy with State Farm for a boat, or a yacht? I ask because "Boats" are considered to be 26' and smaller. "Yachts" are 27' and larger. Yacht insurance coverage is more individualized because most large boats have the capability to travel further and have more unique circumstances. Your 268 is titled at over 26 feet I believe. Mine is anyway, and a different type policy is needed than what you would get for a 18 to 25 foot boat. A boat insurance and yacht insurance policy usually carries a percentage of the insured value deductible. Is it an "Agreed Value" policy or an "Actual Cash Value" policy?

We did not chose State Farm as their coverage was not adequate for our circumstances, and they do not reduce your premiums automatically each year for depreciation as most boat policies do. Plus, SF was MUCH higher than almost anyone else, and at the time we had everything insured with them. Not any more.......
Author:  beyond the blue [ Tue Oct 20, 2009 11:54 am ]
Post subject:  Re: Insurance Premium and Deductible Check
Not much use to you guys in the US but boat insurance is very reasonable here in the UK. I pay £145 ($237) per annum for £21k ($35k) of personal cover and £3million ($5million) third party cover. The policy carries a .5% excess (deductable) all risks are covered including personal effects, injury, money, outboards, tenders etc.
Author:  jsimon [ Tue Oct 20, 2009 1:39 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
Cap'n Morgan wrote:
firecadet613 wrote:
I'm with State Farm, with everything. I've heard Boat US is good, but try getting the wife to sign off on a higher insurance premium when she just say yes to a new boat!!


Is your insurance policy with State Farm for a boat, or a yacht? I ask because "Boats" are considered to be 26' and smaller. "Yachts" are 27' and larger. Yacht insurance coverage is more individualized because most large boats have the capability to travel further and have more unique circumstances. Your 268 is titled at over 26 feet I believe. Mine is anyway, and a different type policy is needed than what you would get for a 18 to 25 foot boat. A boat insurance and yacht insurance policy usually carries a percentage of the insured value deductible. Is it an "Agreed Value" policy or an "Actual Cash Value" policy?

We did not chose State Farm as their coverage was not adequate for our circumstances, and they do not reduce your premiums automatically each year for depreciation as most boat policies do. Plus, SF was MUCH higher than almost anyone else, and at the time we had everything insured with them. Not any more.......


Capt you had me worried for a sec, I have mine insured with Allstate, they have my listed as a 28 ft vessel, my premium with an out drive rider (replaces instead of repairing the out drive) is $530.00 yr. I carry a 500.00 deductible.

I asked my guy about the yacht vs boat thing and he said he had never heard of it. He has boats insured up to 100k. Maybe the yacht thing kick in after that.

The only thing is Allstate will not insure a boat if the driving record shows more than 1 ticket per houshold in 3 years.
Author:  Cap'n Morgan [ Tue Oct 20, 2009 2:27 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
I only posted that so all would check their insurance, every policy and company is slightly different on what they offer. He may be okay with SF, it never hurts to check just to make sure. After all, Insurance is a racket (sorry insurance guys) and many people fail to read the fine print. We had Allstate on our boat for 3 years, made a claim once, covered in full less deductible and then switched to another company that was cheaper and offered more coverage. It does pay to shop around every few years to make sure you pay for what you get. I am far from an expert, but have had insurance on boats, cars and houses longer than some people on here have been alive. :wink: :D
Author:  rjrose [ Wed Oct 21, 2009 7:35 am ]
Post subject:  Re: Insurance Premium and Deductible Check
I have insurance with Boat US. Premium is $667 per year with 1% deductible
Author:  firecadet613 [ Wed Oct 21, 2009 2:15 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
I can't believe how small the difference is between my 268 and the big boats.

Anywhoo, State Farm is 371. For the heck of it i tried NBOA, and they beat SF. I know my SF policy is a boat policy, not as all inclusive as a yacht policy. It was only to get us by this first year, we were just GLAD to get into the 268 we wanted at our price point, which some thought was impossible.

I'll try Boat US also, and go with the lower of the two.
Author:  Cattailspa [ Thu Oct 22, 2009 7:02 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
We use to be with Boat US. But we switch to NBOA. A friend of mine used them. When I called they bet Boat US by 400. They are very nice people to deal with. Our deductible is 1% of the boat. Hope this helps.
Author:  Wet Doggg [ Thu Oct 22, 2009 7:47 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
Had an Agreed Hull Value yacht policy through Boat US for our cruiser and we were around $450 a year. Our bowrider, Agreed Hull as well is a whopping $135 a year. Both have $500 deductible but my bowrider has trailer/towing coverage.
Author:  sniper222 [ Fri Oct 23, 2009 7:25 pm ]
Post subject:  Re: Insurance Premium and Deductible Check
I have progressive on a 248 and my cost is about $450 per year with a 1% deductible. I would guess that where you live and the "season" may result in changes in premiums as well.
Author:  firecadet613 [ Wed Oct 28, 2009 9:41 am ]
Post subject:  Re: Insurance Premium and Deductible Check
Jeff, you should check with NBOA. I just switched to them from State Farm, they saved me about $50/year and I have much better coverage now. Yacht policy with 1% deductible.
Author:  LazyCAT [ Wed Oct 28, 2009 10:04 am ]
Post subject:  Re: Insurance Premium and Deductible Check
Anyone from Florida dare put up their insurance costs???

Yacht policy with BoatUS $2400+ yearly including hurricane coverage. (required when financing.)

Even a policy w/o hurricane insurance was $1800+ with Geico.

But then all insurances in Fl. are through the roof.
Author:  firecadet613 [ Wed Oct 28, 2009 10:18 am ]
Post subject:  Re: Insurance Premium and Deductible Check
LazyCAT wrote:
Anyone from Florida dare put up their insurance costs???

Yacht policy with BoatUS $2400+ yearly including hurricane coverage. (required when financing.)

Even a policy w/o hurricane insurance was $1800+ with Geico.

But then all insurances in Fl. are through the roof.


And thats on a '06 278? I pay less than 15% of what your BoatUS price is, but thats on an '04 268 in Indiana, laid up from November 1st to April 1st.
Author:  Cap'n Morgan [ Wed Oct 28, 2009 10:41 am ]
Post subject:  Re: Insurance Premium and Deductible Check
firecadet613 wrote:
I just switched to them from State Farm, they saved me about $50/year and I have much better coverage now. Yacht policy with 1% deductible.


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