Insurance
Keith T
marine insurance. I shopped all of them for my 2000 Maxum & my 2000
Kawasaki Jetski. But none of them could beat my good old State Farm
agents prices with whom I have my house & auto policies with. I have
the highest limits available and still cheaper. Granted, my view could
change if I had to stake a claim and encountered headaches, but people
I've talked to that had filed, were completely satisfied. Was just
curious why more people don't stick with their local agents.
Keith T
Peggie Hall
fishing boats and PWCs, your good ol' State Farm coverage is prob'ly as
good as anything else you'll find. But for those with larger cabin
boats, a true "yacht" policy provides coverage that companies like State
Farm, Allstate etc don't. You're prob'ly only concerned with protecting
your maxum and jetski from sinking or theft--a total loss. But when it
comes to larger cabin craft, a total loss is actually the least likely
scenario. Storm damage, vandalism, theft of equipment or personal
property, sinking in the slip--a whole bunch of things can happen to a
30'+ cruiser or sailboat that's kept in the water that can't happen to a
runabout kept on a trailer at home. It's how the policy treats all THOSE
things--how much of the stuff kept aboard is covered, whether it's new
for old, depreciated, or "call your homeowners agent" etc--that makes
the difference between "yacht" policies and plain ol' boat
insurance...can even make a big difference between yacht policies.
Peggie
Steve
Steve
s/v Good Intentions
buck183
I've wondered this myself. I have yet to find anyone that has better rates
then my local State Farm agent whom I have been with for 15 years now.
Someone replied that there is a big difference when insuring a larger craft
or yacht. I'd be willing to bet that my agent would be competitive on any
of these craft. At least for me anyway.
I recently purchased a 1996 26' Scarab with a 415hp/502 Mag in it. I was a
little worried about the cost of insurance before I purchased it. After a
phone call to my agent he put my worries at rest. My annual premium is
$400. $500 deductible. Agreed value of 40k.
It's also nice to know that your dealing with someone that you know and is a
hometown person too, instead of a voice on the phone.
Buck
#183
"Keith T" <ktri...@mindspring.com> wrote in message
news:3c950337...@news.mindspring.com...
Calif Bill
Boat/US with spill coverage was $240 with a 10% discount for USCG saftety
course.
Bill
buck183 wrote in message ...
Keith
cover a Cruisers 3950 aft cabin, Krogen 42, or Sea Ray 36' aft cabin.
Too big, expensive, whatever... I don't know what the cutoff point is,
but somewhere below those. Al Golden is the best at finding good
insurance for the larger boats. Independent agent and knows marine
insurance inside and out. I think I'm with Markel now through him.
http://www.imiscorp.net/ if anyone's interested.
--
__________________
Keith
How old would you be if you didn't know how old you was? - Satchel Page
Keith T
wrote:
>It depends on the size of the boat. For runabouts, cuddies, ski boats,
>fishing boats and PWCs, your good ol' State Farm coverage is prob'ly as
>good as anything else you'll find. But for those with larger cabin
>boats, a true "yacht" policy provides coverage that companies like State
>Farm, Allstate etc don't. You're prob'ly only concerned with protecting
>your maxum and jetski from sinking or theft--a total loss. But when it
>comes to larger cabin craft, a total loss is actually the least likely
>scenario. Storm damage, vandalism, theft of equipment or personal
>property, sinking in the slip--a whole bunch of things can happen to a
>30'+ cruiser or sailboat that's kept in the water that can't happen to a
>runabout kept on a trailer at home. It's how the policy treats all THOSE
>things--how much of the stuff kept aboard is covered, whether it's new
>for old, depreciated, or "call your homeowners agent" etc--that makes
>the difference between "yacht" policies and plain ol' boat
>insurance...can even make a big difference between yacht policies.
>
Well, that was very well explained, and makes perfect sense. Thanks
for the info Peggy. I was just curious. I guess there is a lot of
folks on here with some BIG boats.
Keith T
Gould 0738
of a wrecked car would even consider for
an entire minute the possiblity of insuring a boat without a yacht policy is a
profound mystery.
See the recent "NADA Pricing" thread for a preview of what you'll be up against
if you have to deal with Allstate, State Farm, GEICO, or whatever, in the event
of a fire or sinking. It's not a pretty picture.
A local insurance guy told me a funny story last week. A guy had a major loss
on a 35' Sailboat, and he called the auto insurance carrier who had written the
policy. The voice on the phone said, "Does it still run?" The insured said,
yes, the engine still ran. The VOTP said, "Then just bring it by our claims
center at 135th and Aurora." (135th and Aurora is at least seven or eight
miles from any navigable waterway.......)
Stickin' with a proper policy, I am.
Steve
Steve
Mark Roberts
I have my other boat insured with them, but the payout for a total loss on
the Cat was too much. I guess a lot has to do with the worth of your boat.
I ended up going with Mike Miller at Northern Marine Ins., Inc. in Lynnwood,
Washington. (1-800-327-2573). He signed me up for yacht insurance with a
commercial fishing rider. I think the total package is around $1700/year,
but the payout for a total loss is 170,000.
-mArk-
F/V Fish Assassin
F/V Pacific Mistress
In article <u9abk45...@corp.supernews.com>,
Curtis CCR
> I have all my insurance EXCEPT my boat(s) with State Farm. They won't
> cover a Cruisers 3950 aft cabin, Krogen 42, or Sea Ray 36' aft cabin.
> Too big, expensive, whatever... I don't know what the cutoff point is,
> but somewhere below those. Al Golden is the best at finding good
> insurance for the larger boats. Independent agent and knows marine
> insurance inside and out. I think I'm with Markel now through him.
> http://www.imiscorp.net/ if anyone's interested.
Likewise, I have all of my insurance, except my boats, with State
Farm. I am a happy SF auto and homeowner policyholder.
State Farm would not cover my 36' Chris Craft. When I got my Sea-Doo
jet boat in 1996 they wanted over 50% more than a couple of marine
insurers I looked into. I was originally with Royal insurance (out of
NC, then ended up with Boat/US - felt they had the best/complete
coverage for the money.
Should note that State Farm looked at my Sea Doo as a boat, not a PWC.
They will cover PWC via a rider on a homeowners policy, but not a
boat. My SF agent at the time was a close, and long time friend and
we casually discussed their quote on the 'Doo one afternoon. He said
that they sometimes have problems pricing boat policies because they
don't have as much experience in boats as they do other lines of risk.
They probably cover lots of ski boats and can price them right
because they have more data to work with. The Sea-Doo jet boats just
sounded like small boats with lots of power, and there weren't that
many of them around in 96.
Curtis CCR
> [snip] Storm damage, vandalism, theft of equipment or personal
> property, sinking in the slip--a whole bunch of things can happen to a
> 30'+ cruiser or sailboat that's kept in the water that can't happen to a
> runabout kept on a trailer at home.
The slip is the most likely place a sinking will occur. I don't
remember the percentage, but according to Boat/US, a large majority of
pleasure boat sinkings happen in a slip when the owners are not there.
Jack Redington
Keith T wrote:
Unless I am getting lost in some terminology I am not clear on. Or mabey
I am not sure what a true "yacht" policy is. You may not need to have
a big boat to get a benefit of a said "Yacht" Policy.
I have a 95 Crownline 210ccr (21ft cuddy cabin, Yes Peggy the one that
was tied up to your Trojan during the raft up on Lanier a couple of
years ago :-)) The boat was insured with State Farm, as is many of the
things I own. But once while speaking with the agent when I was renewing
my policy it can to pass that they could not tell me what the payoff
would be if I had a total loss on the boat. But that they would
determine the replacement value at the time of loss. At the same time
the value I am going to be paying based on a value. Say I think the
value is 20k and at the time I renew my policy. At the time of loss they
determine that the boat is worth 16k. They would pay the lesser while I
had been paying premiums for a boat that "could" have a replacement
value of up to 20k, but could have been paying for a boat that has a
replacement of 16 etc..
Mabey this has nothing to due with the policy description and more to do
with the agent or working with a company that understands insuring boats.
I went with boatus (underwritten by cna) And have the agreed hull value
clause and a set figure. The price was almost the same between the two.
Capt Jack R..
ps: Good to see ya around again Peggy, Drop me a email and mabey we can
get together on the lake this summer again..
>
Peggie Hall
>
> The slip is the most likely place a sinking will occur. I don't
> remember the percentage, but according to Boat/US, a large majority of
> pleasure boat sinkings happen in a slip when the owners are not there.
Yep...The number #1 cause used to be toilet seacocks left open...now
it's dock water connections left on and unattended.
Peggie
John Gaquin
"Keith T" <ktri...@mindspring.com> wrote in message
> .......none of them could beat my good old State Farm
> agents prices ......... Was just
> curious why more people don't stick with their local agents.
The premium you pay isn't even close to being the most important thing about
your insurance. The devil's in the details.
JG
Peggie Hall
likely to be Lanier. I moved to Little Rock AR last fall. But hey, we
have some beautiful lakes and a river too--so come on over! :-)
One of the problems with auto insurers writing boat coverage is that
automobile policies are based on "fair market value," whereas yacht
policies are based on agreed hull value. It works for cars because there
are so many of 'em and any '99 Ford Explorer can be replaced with a
comparably equipped one in FL for about the same price as it can be in
Maine or Arkansas. Local factors like employment, road conditions etc
don't have any impact either. But that's not true of boats...prices
vary wildly all over the country...lowest in FL, highest in the
NE...fresh water use only sells for higher prices than salt water use..a
local glut on the the market of a particular make/model that was "hot"
one year can drop the bottom out of resale values for it...so can local
or regional economic woes. NONE of that is true for vehicles.
Nor do vehicles (except for RVs, which are another category altogether)
come equipped with complete kitchens, including icemakers,
dishwashers...washers and dryers, entertainment centers, electronics,
and people don't keep bedding, clothing, cooking utensiles, dishes etc
in their cars.
A friend who owned a houseboat was fond of bragging that he had the best
boat insurance deal on the lake. Then one day his 6 year old boat sank
in its slip. It only went 4' down, but enough to ruin everything in the
boat. All the appliances, furnishings, wall coverings, carpet, bedding
were considered fully depreciated after 5 years...no coverage after
that. Dishes, pots & pans, clothing, sheets, blankets, clothing were
"personal effects--not covered by the boat policy...see if your
homeowners covers 'em." In fact, the ONLY things his insurance covered
on his 6 year old boat were raising the boat and getting the engines and
genst running again. Ralph stopped bragging about his boat insurance
after that.
A true yacht policy would have covered it all--most would be "new for
old"--because companies who specialize in boats recognize that boats
aren't cars...that some cruise in open ocean, and know what can happen
to boats that can't happen to cars. And they know how to value
boats...if you lose a boat insured for the agreed hull value of $100k in
a hurricane, a true marine insurance company will pay you $100k. The
premiums for true yacht policy may be higher than you'll get from State
Farm or Allstate...but boat insurance is like anything else: you get
what you pay for.
Peggie
Gould 0738
>Yep...The number #1 cause used to be toilet seacocks left open...now
>it's dock water connections left on and unattended.
>
>Peggie
>
And all this time I thought the number one reason that boats sank at the dock
was foundering beneath extremely heavy payment books. :-)
Shame on me.
I understand the old NY pawn brokers and furniture retailers used to call it,
"Jewish lightning."
MadCow57
it's dock water connections left on and unattended.<< -- Peggie
The last two near-sinkings I've watched resulted from the owner or a relative
doing work on the boat, then leaving something open.
These events are always draw a crowd at the marina, with dockhands deploying
pumps, boaters trying to help find the hidden key, the office frantically
trying to reach the owner by phone, etc. Nothing has actually hit the bottom
yet, though.
Not a sinking story: Several years ago a houseboat missed the turn going out
of the marina and somehow ended up on top of and across two floating finger
piers. Quite a crowd for that one too.
Jack Redington
But who knows, My boat is towable and I bought something new to two
it with, So who knows :-)
Since I am a Missouri boy I know and am more comfortable on the midwest
lakes so who knows. My folks still have a place on lake of the Ozarks.
Bull Shoals and Tablerock are all nice lakes. I am not familiar with any
further from Mo. But there is something about those Ozark hills that
make me feel comfortable :-)
Capt Jack R..