Help Me Compare/Rate These Insurance Companies

[Archi]

I'm soon to be a new owner of a 1981 Sabre 30 and I've been looking at the following insurance companies. I'm a novice so if you could help me to compare/rate the following companies that would be a big help.

BoatUS, Middlesex Mutual, Watercraft, Progressive & Safeco.

Thanks to all.

[YeahJohn]

It all depends what you want and need. Boat US is super picky and may not even be able to get you enough insurance for your marina. You also need to pay for a survey during the Boat US process. I am a Boat US member and love the tow package but the insurance didn't seem like it was for me. I have AAA with a multipolicy for home and car. They underwrite boats up to 31' and then broker larger boats. I would call your home or car insurance and stick with them.

[kd3pc]

BoatUS is a go, pay losses as the policy states and easy to deal with...

Progressive, just the opposite...the rates are good, until you need the protection...then not so much help

[YeahJohn]

If I had a boat that was worth more than sentimental value I would probably go with Boat US as well.

[fallard]

Whichever way you go, read the fine print and understand whether they provide for replacement or whether they depreciate. You'll pay more for a replacement policy and you may want to have an agreed value that you can live with.

I had a lightning strike last summer that took out all of my electronics and some of the electrical stuff. My policy was with Marine Underwriters, through a local insurance agent. They were $200/yr more than BoatUS, but they provided new replacements, whereas Boat/US had a depreciation clause. The $200 was money well spent.

On the other hand, I have a boat policy for my 23' powerboat and had a lower unit casualty (last year was a bad year!) Even though I had been carrying $11000 coverage on the motor, Safeco would only provide for used parts because the motor was more than 5 years old. They told me I had been overinsured for the previous 8 years! Lesson learned: read the fine print.

I can speak for Middlesex on boat policies, but I have them for my house--also on a replacement basis--and am willing to pay the premium. If you have a lot to lose, you need to understand your casualty coverage. Otherwise, cover yourself for liability and catastrophic loss.

[KeelHaulin]

Originally Posted by kd3pc

Progressive, just the opposite...the rates are good, until you need the protection...then not so much help

That's strange; a friend who had a vandalism/fire on his boat recently was paid the full value less deductible for the total loss of it. When I asked who his insurance was he said it was Progressive. They even let him keep the boat.

[Sanduskysailor]

I have had 3 claims in the last 3 years after 20 years of no claims. 1st claim was through ACE Marine insurance, paid claim for 19K on a Sabre 28 which lost its rig and was damaged in a microburst. Send ACE claim was an agreed amount write-off due to grounding damage caused by a seiche a year later. Freak accident, C&C 29II was total writeoff. Third claim was for grounding damage due to to uncharted obstruction in a harbor entrance. Progressive was insurer. Adjuster inspected boat when hauled, wrote estimate, fiberglass guy gave his estimate which was close. Progressive adjustor printed check for fiberglass guy's estimate on the spot. Also told me to call him if it ran over that amount. Further investigation by Progressive confirmed my information on uncharted obstruction. Claim was not applied to my record. Both ACE and Progressive were very professional. In Progressive's case it might have to do with their adjustor being in our area a lot. Here's hoping that I don't have another claim for 20 years.

[JoeDiver]

BoatUS is who I went with. Better coverage and about $100 cheaper than Progressive. (I'm a USAA member)

BoatUS has 2 kinds of policies...the "saver" policy that depreciates and is very inexpensive, and the "yacht" policy which does not depreciate and in my case is an agreed value policy.

[Minnewaska]

The only valid grounds to compare the insurance carriers themselves, is on their service, financial stability and reputation for paying claims. Carrier can and do offer different coverage levels, particulary between different states. Insurance is regulated by the states and drives many of these differences. If I told you that I use Traveler's because they will pay half the cost to haul the boat for a hurricane, your policy may not have that feature.

If you are new to boat insurance, I think the best approach is to find a local independent insurance agent that represents several insurance carriers. They can shop for you and, most importantly, explain the differences between the policies. Least expensive is absolutely not necessarily the best policy.

[Boatsmith]

I have Progressive and they have paid two claims for me in very good form. They also have a good rate for me.