Boat insurance?

[DBELL]

I have Progressive on the boat, autos and home, so it’s all together but I’m pretty sure the boat insurance is fairly cheap.


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[Chuck Adams]

Home, cars, truck, motorcycles, and boat all with Indiana Farm Bureau.
I also have extra on electronics, trolling motor, and contents.
Cost 10 bucks per hundred for the accessories if I remember right.



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[Retired2Fish]

I asked a local marine service center about insurance coverage and ease of working with the company if loss occurs. After that discussion, I decided to go with State Farm.

[ready2fish]

Up in my area just about everyone goes with this guy

Been using him for many years and , made a claim couple years back with zero issues

Worldwide Marine Underwriters, Inc. | Insurance Agency Grand Ledge

[bfish]

Inland Marine policy through Nationwide covers both of my boats, and my enclosed trailer (for mowing).

[ultraslab]

Read your policy!! Idealy have an agreed upon value and FYI many poicies only cover losses to equipment i.e. rods and reels if theft occurs from a LOCKED compartment. Scott aka old retired adjuster

[Erin Brewer]

Have mine through State Farm it covers the boat plus $5k on everything in the boat


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[mikey16335]

The poorest time to find out what you think is covered and what is actually covered is while making a claim. Many times this will be two different things. It's seat time. Visit the agent and explain that you have XYZ boat and 1/2 million dollars worth of tackle and electronics to replace if it's totaled/lost./stolen. You should hear about a rider to your home owners policy and a separate Inland Marine policy. Have them explain the difference in what's covered at what cost. Next you should hear about ACV (actual cash value) and replacement coverage. This is when things really get interesting. Your ACV and theirs WILL be two completely different numbers as mention earlier. This is when replacement coverage shows its benefits. Each renewal period, I go to my boat dealer and price out the replacement cost and provide a copy to the agent with my check. This helps eliminate confusion about what you are covering. Next, confirm what you have with pictures, make, model, serial#'s-- anything you can use to prove what you have.

My boat is 40 years old. Motor is new. It is better built than the new ones and meets my needs. The Inland Marine replacement coverage $330.00/ year. The check to replace everything on it would be about $18,000.00 Guess which check I write.

Mike

[DockShootinJack]

The poorest time to find out what you think is covered and what is actually covered is while making a claim. Many times this will be two different things. It's seat time. Visit the agent and explain that you have XYZ boat and 1/2 million dollars worth of tackle and electronics to replace if it's totaled/lost./stolen. You should hear about a rider to your home owners policy and a separate Inland Marine policy. Have them explain the difference in what's covered at what cost. Next you should hear about ACV (actual cash value) and replacement coverage. This is when things really get interesting. Your ACV and theirs WILL be two completely different numbers as mention earlier. This is when replacement coverage shows its benefits. Each renewal period, I go to my boat dealer and price out the replacement cost and provide a copy to the agent with my check. This helps eliminate confusion about what you are covering. Next, confirm what you have with pictures, make, model, serial#'s-- anything you can use to prove what you have.

My boat is 40 years old. Motor is new. It is better built than the new ones and meets my needs. The Inland Marine replacement coverage $330.00/ year. The check to replace everything on it would be about $18,000.00 Guess which check I write.

Mike

Makes cents

[ultraslab]

Sorry I missed you, but I left you a voicemail concerning the values of the boat. I’m very sorry but I gave you incorrect information before. I believe the agent I spoke with was unaware that you had agreed value on the boats when I asked. I did confirm that because all of your boats have the agreed value coverage selection, in the event of a total loss, the paid amount is the value on the policy for the boat minus your deductible. You won’t have to worry about receipts or sales documents showing price to prove value to an adjuster.

The above is a snippet from a conversation I had with my agent when taking out my policy. I got them to agree in writing that in a total loss they write a check for agreed upon value minus deductible. You are paying premiumns based on this ageed upon value therefore unless I change it the amount stays the same. I say this from expierance the hard way as mentioned above you don't want to find out your coverage when filing a claim. A little homework goes a long way. Scott