www.iFourWinns.com

Read your policies real close. There is a huge difference between a boat insurance policy and a Yacht Policy. A Yacht policy will cover you much better than regular boat insurance. Now that I know the real difference I will never go back again. Here is a good article that explains the difference.

http://www.dustybridgewines.com/dropoff/yachtstuff.pdf

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2000 268 Vista "Reely Nauti"
http://www.facebook.com/#!/rivercruiser

Just got quotes from BoatUS and NBOA. Decided to switch to NBOA from Progressive due to much better coverage for less.

LIMITS OF INSURANCE: AGREED VALUE
AMOUNT OF INSURANCE ON HULL & MACHINERY $ 47,300
DEDUCTIBLE $ 500
LIMITS OF PROTECTION & INDEMNITY $ 300,000
MEDICAL PAYMENT Deductible $ 10,000
UNINSURED BOATER Deductible $ 300,000
TOWING $ 1,000
TRAILER $250 $ 2500 ACV
PERSONAL EFFECTS $250 $ 2,500

Annual premium: $591.00

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06' 240 Horizon
Mercruiser 350 mag Bravo III

I just switched from NBOA back to State Farm and I will tell you why in a second. First I would like to say that when I was shopping for insurance this year as my renewal date is in March, I contacted Boat US and got an outrageous quote for the level of coverage they were providing compared directly to NBOA.

Last year I was insured by NBOA and had not had to file a claim until last summer and I had nearly $9000.00 worth of damage from a storm. Got scratched up all over the place! Nothing structural all cosmetic. So, since my boat is insured for about 250K my deductible is around $2500.00. I only was paying a premium of about 1000 or 1100 a year.

This year I checked with State Farm just out of curiosity and they quoted me about $1500. BUT there is a difference in policies. With NBOA, the deductible is 1% of the agreed value, with State Farm the deductible for ANY loss is $500.00. So for the three seasons of being with NBOA, I saved about $500.00 a year until the time I needed to put a claim in and I spent the savings and then some.

Moral of the story is: No one expects to use their insurance but sometimes you do! To me it is worth a few hundred bucks to know I wont need to come up with thousands when I file my next claim and I am sure there will be one. It is a boat on open water after all.

Also, those of us with larger investments, my agent told me that I could insure my boat for whatever I want to but the insurance company is only going to pay me what the boat is worth which could be quite different than what you are expecting to get! I had it insured for what we owed but that is not what I would be paid if there was a total loss. You may want to check into this. You actually could lower your premium by re-evaluating this item. Also, you can have your boat appraised and tell the bank who may require you to insure it for what you owe them that it doesn't matter what you owe because the insurance company isn't paying out that amount anyway. Please check things out first, I am not advising anyone here, just telling you about my experiences.

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2008 Four Winns V358 (T 6.2L Merc Bravo III's with DTS and SeaCore)
2006 Sea Ray 340DA
2006 Sea Ray 320DA
2005 Maxum 3100 SE