Boat Insurance

S

Sky King

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exMember
Joined
Jun 11, 2005
RO Number
17791
Messages
52
We're upgrading to a newer boat. Our current insurance co is United Marine Underwriters. My current boat is an 86 26' and our annual is $630. Boat we're getting is a 98 Regal. Our current company quoted $883. Ranges have been from the $883 to $1600.

We were contacted today by American Bankers Insurance. They quoted me $481 annually with the policy underwritten through NBOA. Same coverage other companies offered. You know the age old saying..."if it sounds too good, etc." Well, I am having a hard time getting info on the company. Anyone out there use them or heard of them? Thanks much.
 
USAA is my insurance company. They have Progressive underwrite all their boat insurance. I was told by USAA that Progressive is one of the largest boat insurers in the world. Costs just over $1000 per year for Saint Max. Their performance after my log smack was OK. Not USAA by any means, bur OK. I hear BOAT US is tops for insurance service but it costs more. Their quote was about 30% higher than USAA.

HTH
 
I never heard of ABI and, yes, it does sound too good to be true. I'd advise you make certain to check them out thoroughly before you write a check. Maybe your finance company will have some input.

We also had UMU for our Silverton. They wrote it for ACE which is a AAA+ insurance carrier. We had a major claim the FIRST DAY that we had coverage (long, painful story). UMU and ACE were excellent to deal with and took care of everything without any delays or squabbles. I recommend them every chance I get.
 
Maybe because I'm a Northerner & fresh water boater; but I'm with BoatUS (CNA) and I pay less than $425/year for stated value.
 
I have a new 2007 Searay 320DA and pay $761 annually, which includes a 4 month lay-up. Boater's Choice
 
I'm also with Boat US and I pay right around $400.00 a year for an agreed value policy. I had one claim about 4 years ago and had no issues with them covering it. That was the only claim I had but surprisingly my Premium didn't go up the following year and I'm still with them.
 
probably the single most important issue is what kind of policy it is, agreed upon value or depreciated replacement value. there is a huge difference, contact your insurance agent and have him/her explain which policy you are being quoted and the difference between the two. if you have one and find out after a claim you wish you had an "agreed upon value policy" you are in for a rude shock. depending on where you boat as to which companies will offer the most competitive rates. i had a claim a few years back. State farm was the underwriter and i had very smooth sailing when it came to paying/settling the claim. alot of friends had claims from the same hurricane and did not have nearly as easy a time with a variety of other carriers. even if i pay more, i'm sticking with the folks that were standing by me when things got ugly.
 
I have an agreed value policy with Progressive on an 04 Chap 230. The agreed value is $35k and I pay 200 per year. Liabilities are 100/300. Deductible was $500 but it is a disappearing deductible and is now down to $125 (no claims in 4 yrs). I'm wondering if I'm missing something on my policy.
 
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