Boat Insurance. Share what you got.

[tenncrappie]

I've had my insurance for some 10 years with the same provider. Never had a claim but the little guy I bought it from years ago recently shared with me she sat in on a recent conference call where the CEO's of the company are now suggesting to get out of the boat insurance business so I will be looking. Just wondering what others can share of what they got/ What they pay/ coverage and is best to work with when there is a claim. Also don't mind to suggest bad experiences (Red Flags) as well. Thanks.

[wicklundrh]

Contact Bob over at Worldwide Marine Insurance.
Worldwide Marine Underwriters | Boat Insurance Agent Grand Ledge

He is an underwriter for several companies. Many if which specialize in Marine Insurance only. He can tailor a package just for you.

Previously I carried State Farm. It was an add on to my home owners coverage and I really didn't like that. I payed about 550 per year. Additionally, I carried BoatUS as a rider for towing and road service. It cost an additional 100 per year.

I see bob at several tournaments per year. Through another CDC members urging, I contacted him. I was blown away.

I pay 350 per year for far better coverage on a boat only policy.

I have 100% towing on the water (any water). Roadside service on my trailer. 300,000 in liability insurance (needed for tournament fishing).

Important verbage: My boat is insured for an agreed upon "replacement value". That value is 35k. That is boat, motors, and trailer. I have 10k worth of coverage on my trolling motor, electronics, life jackets, gortex, and other clothing. I have 10k of coverage on my rods, reels, and tackle at any one time.

I also carry "Underwater obstruction". Hit a log, sand bar, dead walrus, your lower unit is covered.

Whether someone steals a rod, life jacket, goretex, fish finder, or the whole boat, I am covered. Get in a wreck on the road, I'm covered. Some dirtbag hits me on the water, I'm covered. Myself or passenger get hurt, I'm covered.

NONE of the above was specifically mentioned in my generic policy through State Farm.

Hope that helps

[FurFlyin]

I have a policy with Chubb. My brother and I own an 18 wheeler trailer repair facility and we have to have so much insurance it's scary. I used our agent and they shopped around boating insurance with several companies and my best option was with Chubb. I did a comp with Progressive and I have twice as much insurance with Chubb as I could have gotten with Progressive for the same money.

I am going to compare my policy with what wicklundrh posted and see how it stacks up. I pay about the same amount in an annual premium and I have mostly the same verbage in my policy, but my agreed value is less than his. That won't have much effect on the price but I'm still going to check with the guy he wrote about in the above post.

EDIT: I have not had a claim with Chubb so I have no idea how they are to work with. That concerns me. I know my agent would go to bat for me, but I don't know how much they could do. wicklundrh, have you filed a claim with your insurance? Truthfully it doesn't matter how much insurance I have if they refuse to pay a claim or are really hard to work with then the insurance isn't worth having.

[Snubby]

I have the same exact coverage as Wick does other than my agreed upon value of my boat is lower, I pay $525 a year to Progressive. I have never had to make a claim so not sure on that yet, but I will be contacting Worldwide Marine next year when my policy expires.

[EWS]

Bob is the man in boat insurance.

[ET Fish]

Well, I went with the lizard. $176/yr. I am much more concerned with plenty of liability coverage. That’s where you can be really vulnerable.

[Cane Pole]

Well, I went with the lizard. $176/yr. I am much more concerned with plenty of liability coverage. That’s where you can be really vulnerable.

Yes. Liability is a main button issue. There are people out there that are waiting to sue you and plenty of lawyers looking for an easy buck. This is not paranoia,it's just a factor of the world we now live in.

[ET Fish]

Yes. Liability is a main button issue. There are people out there that are waiting to sue you and plenty of lawyers looking for an easy buck. This is not paranoia,it's just a factor of the world we now live in.

When I am working on a Financial Plan for a client, this is always in the early part of the discussion. High liability limits on car, home, etc. Then an Umbrella piggyback.

[Redge]

State Farm $500 ish, never made a claim. Will check with Wicks guy, sounds competent!


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[spartannation]

Bob at Worldwide knows boats and boat insurance inside and out. Just be sure to budget a good chunk of time, that dude can TALK!