Boat Insurance Experience/Your thoughts

Adelaide said:

I have a question...... We use Progressive for our insurance (boat and Car). Our boat (1983) is insured for $300,000 combined single limit with fuel/oil spill liability and a $375.00 deductible. We have an agreed value of $4,000 above our purchase price. This value will not depreciate. We were not required to get a survey. Why aren't more people using companies like Progressive and Geico?

What is the advantage of a Boatus policy?

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What's important is what is in the policy language and coverage. Make sure it is an "agreed value" policy and is, "all risk" insurance. Pick a reputable company that's going to be around for a while. I'm always surprised when people tell me they wouldn't buy boat insurance from a company that doesn't have the word yacht or ship in the name. Amazing!!

Boat US is Boat Owners Association of The United States and it's not only insurance, but more like being a member of a boat owners club. You receive two different magazines one monthly and the other quarterly I believe. Both are full of boating advise and articles. They also provide free online training for members, which satisfies your state boater education class requirements to get a boating license. They are also a strong boating advocate and organize support or opposition to new boating laws and regulations.

Your policy will be underwritten through Continental Casualty Company (CNA) or Seaworthy Insurance Company, depending on what state you boat in. If you boat in Mexico, they have a Mexican insurance partner, who will provide you coverage that is recognized by the Mexican government. Having a non Mexican insurance company policy and boating there is risky. Decide to extend your trip outside your insured cruise area, a five minute phone call to the Boat US 800 line and extend your cruise area for the time you will be gone. Boat US, 700,000 members, is one of the larger marine insurance companies and they have reasonable rates, good coverage and don't require surveys every couple of years. At the time I signed up, they told me that if they required a future survey, they would pay for it. It's been nine years now and no survey. Can't beat that!!
Larry B

Adelaide said:

. Why aren't more people using companies like Progressive and Geico? What is the advantage of a Boatus policy?

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Back when we first got this boat...in 2007, Neither Progressive or Geico was insuring craft like ours. I just tried an online quote...and they are (Progressive) stating that they are not insuring boats over 35' in our area.

GEICO...based on the information provided online..... NO QUOTE.

Advantage with BOAT/US.... I can get insurance, and the rate is reasonable as compared to a couple of other companies I have talked to.

Presently we are a little south of Tampa Bay.....

Marin said:

Have you tried talking to an insurance broker? They shop around for the best policy for your requirements. We have used a broker since we bought the boat in 1998 and they've been great in getting us the best coverage and price for a yacht policy for our boat. The policies have been from different companies over the years but the coverage has stayed the same and, just as important, so has the cost.

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Marin - We are in Bellingham and need to renew boat insurance for our Selene 36. Can you recommend a good insurance broker?
Silverheels

Rich Haynie Insurance in Seattle