Agreed value marine insurance

[spindle]

I have my boat insured with State Farm. I spoke with my agent about upgrading to Agreed Value coverage and was told to bring all my receipts in and he would send a request in. He reviewed the paperwork and sent in the request. I later received a letter stating the they wouldn't increase my coverage to what I actually have invested in the boat. They didn't offer an explanation as to why they wouldn't cover agreed value. I have all my insurance with State Farm and have for years. I'm looking for an insurance company that offers agreed value insurance at an affordable price. Anyone have any ideas?

[wicklundrh]

Yup... was in the same boat "pun intended". Contact Bob over at Worldwide marine insurance. Your best bet will be Progressive. Saved me 200 a year plus upped my coverage 10 fold! Plus towing on and off water.

I'm insured on the boat, motor, and trailer for replacement coverages of 40k. 10k in electronics, 10k in equipment.

Marine insurance is all Bob does and he is the best at it. I HAD State Farm for my boat. Never again.

[Orion_70]

Shop around.. like above, check progressive. If you're a veteran, check USAA... For any and all insurance you should shop it at least every 2 years

[Boa3]

I would also check Boat US.

[wicklundrh]

I'm at my computer now so I can type a little more on this subject.

Many of the insurance companies do not specialize in Marine Insurance. As a result, they end up putting your boat on your home owners insurance and claims end up running directly through that. They also do not understand the diffrent types of coverage that you want and or need.

I fish tournaments and many of them require a very specific minimum for catostophic and other. I have my home and auto through State Farm however they really could not provide me with a no kidding policy specifically for my boat.

I actually met Bob Luellan at a few fishing tournaments and have had a few friends that utilize his services. Although I assumed he was local I would later find out that he is an industry leader in providing Marine Insurance throughout the U.S. I'm just lucky in the fact that he resides 20 minutes from where I work.

Prior to getting with bob, I had coverage through State Farm. As I said, it was an addition to my home owners insurance. Because of this, I paid an additional amount of money per year to BoatUS to provide on water towing and road towing in the event of an issue. I fish open waters of the Great Lakes and need that coverage.

I got with Bob and explained exactly what I needed. Being that he understands the tournament regulations, he knew that I needed the higher liability insurance. He also understood the amount of money that is in all of my equipment. I told him that I was looking for an insurance that was all inclusive. I did not want to have to pay additional coverage for on water towing and roadside repair issues. I also wanted to be covered in the event that anything in my boat was stolen while dockside or at the launch or weigh in.

Remember, many of these companies do not know or understand what you need nor can they provide it. Underwater obstruction coverage is one of those things! Whether it be Worldwide or another company, do yourself a favor and find a no kidding underwriter that specializes directly in boats! They know and understand what you need and will find the company for you. No need for you to go and check out 30 different companies while trying to remember or understand all that you need. You might not need as much coverage as me. You might not want certain things that I have but, you might also find out that all of those things are much cheaper than what you pay now. I can tell you from experience that my State Farm coverage costed me a little over $500 per year. Add on the $70 BoatUS towing and an additional $12 for roadside and we were right around $600 per year. Bob was able to find me a much higher coverage, all inclusive, at a cost of just over $300 per year! A no brainer to get higher coverage for half the price!

[Hammmerhead]

Do the quote online directly through Progressive, it will save you 10% per going through an agent.

[bfish]

I don't know about boat, but I highly suggest staying away from State Farm. I have multiple properties, 3 vehicles, etc with State Farm. Had a bad year with tornado in the neighborhood of my residence, hail on some of my rental property, and a waterline burst inside a rental property. I was the only house in the neighborhood who didn't get a new roof (The house 2 doors down's roof bounced through my backyard). Hail fixed the roofs at 2 rentals (side by side) but just barely (took the lowest of 8 roofers bid). The water damage pay rates were horrible low; I couldn't find contractors to fix the damage flooring. Luckily I had receipts from the install the previous year, State Farm wanted to pay me half of what the actually flooring cost (and I was suppose to somehow cover labor too). Even then I had to do the removal myself. They failed to pay for the flooded HVAC piping. Carpets pads were removed, but was told to reinstall the carpet (which I had to pay out of pocket). Also the payouts didn't fully cover the painting of the water damage on the walls (paid for about 15% of the first coat). Then to top it off, they dropped all my policies (5 days before several of my rental escrows were to be paid), so I found out through the mortgage companies. It sucks because the agent is a long time family friend. I've since had hail damage at several other properties, boy oh boy was it much easier to work with a different insurance company.

[akaslyguy]

Call Bob Luellan at Worldwide Marine......you will be amazed at how much more coverage you can get..... and at how bad the coverage you currently have actually is!! He will talk you through each and every line of the quote to make sure you understand what you need. I was very impressed!!! The policy he got me ended up being with Progressive too, but I would bet he will beat anything you find on your own. The guy I have had all my stuff insured with forever said he could not come anywhere close to what Bob could get me.

Joe

[Ketchn]

interesting reads …..and Info
I never had any problems with state farm ….houses or cars ...paid so fast it wasn't funny
even gave me the full sales price I paid on a brand new one my kid totaled with 300 miles on it .
hope I don't have to test em anytime soon though
sounds like things have changed ?

[fiveeyes]

I echo what Rich said..call Bob at World Wide Marine. He knows his business, and will take care of you.
I have been with him for several years. Good man.