Insurance Company Choice?

[Moonchaser2304]

Any suggestions between BoatUS, Allstate, or Progressive?
I've read a lot of the old posts on insurance and it appears I should get quotes from Allstate, BoatUS, and Progressive for insuring a 2001 Catalina 310 we are buying that will be moored on an inland lake in North Texas.

I wondered if the prices come back within $100 of each other if anyone has recommendations on claims processing between those 3..OR do you have recommendations on other companies?

I've always had BoatUS marine insurance, because my homeowner/auto company, Allstate, was not in the boat insurance business...but I just got a quote from BoatUS for $649 and Allstate for lower deductibles was $720 plus Allstate would extend my existing $1,000,000 umbrella insurance to the boat as well.

My main concern is how well these companies do in processing claims..

Any thoughts welcomed!!


Curt & Susan..hopefully soon to be the proud owner of a 2001 Catalina 310

[Evan]

Have you got a copy of each policy to compare? Read the sections on "consequential damages". i.e. if a turnbuckle fails, and the rig goes over the side, they don't pay for the turnbuckle (probably not because it's wear and tear) but good ones will pay for the mast and any sails lost.

Read about the replacement value of items. Are they depreciated or full replacement costs?

Are all these "agreed value" policies for a total loss? You don't want an "actual cash value" type policy that pays out what the insurance company says your boat is worth at time of a total loss (like car insurance).

[Moonchaser2304]

Thanks Evan...I'll get the documentation and do a compare..good ideas to compare!
I'm also hearing that all else being equal to go with BoatUS over others

[S/V Illusion]

An umbrella policy is all-encompassing or at least it should be. Why allstate would suggest one needs to be "extended" begs the question why - you are either covered for all contingencies or you aren't and it might be in your best interest to find out what is wrong with your existing coverage. That some agent wants to sell you something else may be indicative of a bigger problem either with your existing coverage or the integrity of the agent.

If you want to hear horror stories about Allstate, just ask anyone in New Orleans.

[camaraderie]

While I am currently with IMIS due to coverage limitations...I had BUS for over 20 years and had a large claim in 2004 that was handled promptly and without any hassle whatsoever. I certainly can recommend them for US waters.

[JusDreaming]

We had major claim with Markel and had GREAT success with them. And they were cheaper than Boat US

[Chuck Baier]

BoatUS has become one of the highest priced insurers so i would contact IMIS for a quote before making a final decision.

[bstreep]

We just settled a significant claim with Nationwide from wind/tornado damage in Waterford Harbor. Yup, I know "NATIONWIDE?". But many folks in Clear Lake/Kemah now use them. While the adjuster was new to "big boats", they certainly came thru the process with flying colors.

Oh, yeah. At less than HALF the price of BUS.

[jackiepitts]

I received a agreed value quote from Boat US and although there pricing was right in line with Zurich (our current insurance company) I noticed as I was reading the quote that they did not cover damage incurred by a uninsured boater. I figure at least 50% of the boats out there are not insured and more than likely one of these uninsured boats will hit us by dragging anchor etc. I see no point in a insurance company that will not cover your boat if another boat that is not insured hits you.
The point is that you better read the fine print. I am not sure if Boat US quotes all there policies this way but it would be worth looking into if you are considering them.

[Tim Mertinooke]

I recently purchased a Fuji 32 Ketch from a friend of mine for 10k. It was a good deal and is worth substantially more. I recently received a quote from BoatUS for $636/year. The boat has a market value of $34,500 (their number), but they will only insure it for the 10k I purchased it for. The boat is in good shape and I am scheduled for a survey next month to determine condition and value. Whatever value a competent, certified surveyer establishes ought to determine the insured hull value in my mind. It may not be worth the full 34k, but it will certainly be worth more than the 10k I paid for it. I understand their logic, but I would think it fair to replace the boat at it's market value especially at a price of $636/year. See what telling the truth on the application gets you! Does anyone know of an insurer that will insure a good boat for its real value, not the price paid? I picture scenarios like someone inheriting a Hinkley worth hundreds of thousands of dollars for free from a parent and having an insurance company say they wouldn't insure it for its value because you didn't pay for it. I am guilty as charged for expecting logic from an insurance company.

[scotte]

We have BoatUS and an agreed hull value that is higher than what we paid for her. The differential in percent was not much in our case (not over 3x as much as in your case). They accepted our surveyor's value estimate, which included quite a bit of documentation. I've also been a loss-free BoatUS customer for a decade or so - A good history with BoatUS always helps give additional leverage.

[Chuck Baier]

Originally Posted by scotte

We have BoatUS and an agreed hull value that is higher than what we paid for her. The differential in percent was not much in our case (not over 3x as much as in your case). They accepted our surveyor's value estimate, which included quite a bit of documentation. I've also been a loss-free BoatUS customer for a decade or so - A good history with BoatUS always helps give additional leverage.

We too had been with BoatUS for over ten years. They tripled our insurance, required a survey although we had one that was 14 months old, and refused to honor the surveyors recommendations on hull value even thought they had insured it for the same amount the year before. we have never had a claim, I am a licensed Captain and my wife and I have many, many years of experience. We canceled with them, Have a better policy for less money and a much more personal experience with IMIS.

[Tim Mertinooke]

I agree that being an "unknown" to BoatUS as I am doesn't help. I plan to shop around some, but if I am limited to BoatUS I may ask if they will insure higher with the evidence in hand after the survey.

[Chuck Baier]

Tim, Be sure to shop around first since I think you will find you can insure the boat for less through other companies. From my experience you don't get much benefit from being a good customer anyway.

[Tim Mertinooke]

I plan to shop around and will certainly give IMIS a call tomorrow. Thanks for giving me a heads up about them, we'll see what they have to say. Part of the problem, and what complicates the situation, is that I live in Massachusetts and our insurance laws are so outrageous, it excludes certain companies from being able to offer insurance policies to its residents. Ah, the Commonwealth.