boat insurance?

[MARK F]

i have a 1997 lund pro v le.i have a 200hp yamaha and a 9.94stroke kicker.i have a electric trolling motor front and back. plus the trailer. i am paying $345.00 a year for insurance.can any one tell me if this is too much or somebody with the same set up is paying .or can you give me a name of a company to compare with thank you

[Fred_G]

Sounds high to me. I'm paying $225 for a 2001 Lund Angler with all the goodies. Check out www.progressive.com. It was the cheapest I found. Good Luck!

Fred

[eyebuster]

Sounds a little high to me too, I have a 2001 2025 pro-v w/225 opti 15bigfoot kicker and I'm right around 300.00

[mark f]

thanks FRED i will check it out

[Backwater Eddy]

There is a LOT of loopholes in coverage as I see it. Theft for one has highly limited pay off if your tackle box’s get stolen.

(Example) Fishing Equipment (FISHEQP) coverage:

Provides $2500 coverage for fishing equipment while on board a covered watercraft or while being carried on or off a covered watercraft. Available for all boat types except personal watercraft. A $250 deductible shall apply to each loss due to theft of the fishing equipment. Theft must be supported by visible evidence of forcible entry. No more than $250 will be paid for damage or loss to any one item, except for electronic equipment for which the maximum limit is $500.

A tackle box is considered one item regardless of the number of lures, hooks, baits and other items stored in the container. No more than one deductible shall apply to any one covered.

What are the best options when you compare “Actual Cash Value coverage” in comparison to “Agreed Value coverage”?

Physical Damage options:
Actual Cash Value: The actual cash value is determined by the market value, age, and condition of the watercraft at the time of the loss. A current BUC Guide, ABOS Blue Book, NADA Guide or a local dealer may be able to help determine the market value.


Agreed Value: Pays the rating base in the event of a total loss regardless of the actual cash value. On partial losses, there is no depreciation except for outdrive motors and units greater than 5 years, batteries, sails, plastic and canvas coverings including all-weather bridge and cockpit enclosures and dodgers or components of any of the preceding items. Diminishing deductibles is included with Agreed Value coverage. Diminishing Deductibles provides a reduction in the deductible amount the policyholder pays if Progressive does not pay a comprehensive or collision claim. For each consecutive claim-free renewal, the original Comprehensive and Collision deductibles decrease by 25% until the fourth consecutive claim-free renewal at which time they reach $0. Deductibles return to their original amounts once a comprehensive or collision claim is paid. Agreed Value is available on all boats. For boats 2 years old or less, the sales receipt will serve as the rating base. If a sales receipt is unavailable, the rating base may be determined by looking at a BUC or ABOS guide. Every 3 years the rating base must be updated by either a new marine survey or by referring to the BUC or ABOS guides.

Any feedback would be great.

Thanks,

Backwater Eddy ~ ~><sUMo> ~ ><>

http://home.talkcity.com/ResortRd/backwtr1/index.html

[fishhunter]

Have a 2001 yar-craft 1785dc 150opti T8 kicker loaded. pay $180/year
with allstate.

[iamwalleye1]

I just got my quote from my insurance company. I sh_t my pants. $657.00. This is for a ranger 620 225 v max t8 kicker. That is also $500.00 deductable. It was $ 713.00 with $100.00 deductable! He said they could not insure anything over 200 hp but since I have my 2 cars and house they would!

[Reels]

Your within 10 bucks of what Im paying for my ProV1900 setup the same way. I have it with State Farm.

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[Reels]

Thats only because they know your nuts...

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[Bird Dog]

I just bought a '99 Ranger 620, no kicker. The quote from an independant agent, thru Erie Insurance, for $27.000.00 was $305.00. I think your paying too much, My quote from Boat US was over $800.00


Bird Dog

[GR8WTHUNTER]

Take notice to what backwater is saying. There is more to look at when buying insurance than how much the yearly premium or deductibles may be. What are you getting for the money. Every one of spent tons of time at the dealer asking the what if questions and price checking at other shops so we get a good deal.

Why is insurance different. What is covered, what is not, how much will I have to pay towards any situation?.......

I know what my insurance would do in the theft example eddie refered to. Proof of theft = police report. Deductible = $500 What is "covered" = everything that was taken.

How about hit a nasty pot hole, axle bolt snaps, trailer swings wide and eats a tree. Is this auto, or boat insurance or both. Well, $500 deductible...........all is covered.

To keep it short, it is not how much you pay, but what will it do for you "if" you need it. Shop for insurance the same way you do your boat.

[Backwater Eddy]

That is my point.

I found out the hard way 2 years back that tiny sneaky ##### details in a policy will make a HUGE difference in if you get reimbursed or not.

Stupid details but critical ones. Details such as was the boat attached to your main vehicle at the time of the theft? Was there evidence of forced entry to the boat or just the vehicle? Are you covered in Canada at the same rate or at all, as well as in the USA or even from state to state? Crazy crap, but valid questions never the less.

Auto, homeowners, or renter’s insurance all has slightly different ideas of what is covered under theft at the same deductible.

Details hiding inside details, man-o-man it takes a close long hard look to see them details too, never assume covered is total covered even if it is labeled comprehensive coverage!

Backwater Eddy ~ ~><sUMo> ~ ><>

http://home.talkcity.com/ResortRd/backwtr1/index.html

[mark f]

reels, that is the same company i have it with .state farm

[targa2]

With most insurance you get what you pay for. Those who claim your paying too much may be right but I'll wager they have never made a claim on their discount policy either. I've made 2 now and learned not to cheap out on the policy.
My advice is to sit down and imagine dozens of scenarios of theft and accident that you think might occur and discuss each of them with your agent. I did this and it was very revealing as to how to tailor your policy.This is much easier than trying to absorb the legal ease type semantics on a policy. It will force the agent to clear up in plain english what pertains to you specifically. You can either do this or wait till something goes wrong and pay the larger price. My policy has every item in my boat listed for more than its current replacement.I supply an itemised list with serial #'s where applicable.All risks,replacement cost, $1,000,000 liability. Coverage in Can. and U.S.Over $20'000 replacement for all rods tackle and electronics......Policy costs $800 Canadian($480 US) Lloyds of London.I think it's worth it!!The key is to ask LOTS of ?????