Who are you insured with and what's your rate?

NBOA for 15+ years on multiple boats. One claim involving marina lightning strike, quickly settled. Adjuster was more interested in getting us back on the water than the cost of repair. State Farm aka Jake, Progressive aka Flow AND the Gecko were twice as much to cover their advertising budget.
 
mrsrobinson said:
They came back about 20% less than geico, but with a lay up period. Never heard of that before, but understand it now. They also have a navigation line that is difficult to understand but basically I couldn't cross over it.

Thanks for the referral.
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Up until a few years ago my policy with Charter Lakes had no boundaries or lay up period but that company got out of the marine business, my agent said there were alot of unhappy customers. The replacement policy definitely has more stipulations for the same price so I was not thrilled with that but still 40-50% cheaper than what I found when I shopped around last year.
 
The boundaries is too confusing, too complicated for me honestly. And it appears to be in waters I will probably venture into during trips. "Draw a line from this city to that port, than to this city and that port, than go west, maybe east to this town..."
 
Jus Cruisin said:
I checked State Farm once on my Cobia. It's obvious they don't want to insure boats or classic cars for that matter.
I just let Vantol, a local broker, shop for me. It's been Chubb every time.
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The only time I ever dealt with State Farm was with a lawyer…. Evil company
 
I call NBOA and as stated above NBOA has me with Safe Waters and they are no longer writing any boat policies.
So I guess I will be out shopping for insurance.
 
NBOA quote is $1000 higher than Geicos with more restrictions. Looks like I will be going with Geico.
 
Spark600 said:
I call NBOA and as stated above NBOA has me with Safe Waters and they are no longer writing any boat policies.
So I guess I will be out shopping for insurance.
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Safewaters just sent me the non renewal due to leaving the business. Im with travelers now, with a superior, albeit more expensive, policy.
 
Check CHUBB
, I have yacht policy fixed value
06-40DA
Ins:210,000k
Deduct -2100
Cost -1000 OTD FOR THE YEAR
 
Spark600 said:
I call NBOA and as stated above NBOA has me with Safe Waters and they are no longer writing any boat policies.
So I guess I will be out shopping for insurance.
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Have been with NBOA since teh 2nd year we owned the 44DB(2016). Never an issue. I got the same thing from Safe Waters last year. NBOA shopped it to someone else for same coverage and same price….

Bennett
 
Travelers on the 52DB. About $2300/year. They do cover mechanical breakdown.
 
LMBoat said:
I just got my renewal, it is up 25% from last year, and up 50% in the last 3. I have Chubb, $160K hull value, 2% deductible, 10% storm deductible, $500 K liability. I haven't had a claim in 28 years. Cost this year is $5,100. Living in south FL has it's price, literally.

Great comments as I am now shopping around....
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Good luck on the shopping for Fl insurance. Mine is stratospheric also; just renewed this month - I fully expect to be in the five digits next Feb and my broker doesn't believe I'll be renewed by the same underwriter. I'm actually considering self-insuring if it significantly goes up again and carrying only liability. I did however have a significant claim in 2019 due to a lightning strike.
 
ttmott said:
Good luck on the shopping for Fl insurance. Mine is stratospheric also; just renewed this month - I fully expect to be in the five digits next Feb and my broker doesn't believe I'll be renewed by the same underwriter. I'm actually considering self-insuring if it significantly goes up again and carrying only liability. I did however have a significant claim in 2019 due to a lightning strike.
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TTMOTT as I do not have a loan on the boat ( Paid cash ) how does one go about doing self- insuring as I am thinking about doing this now.
The way I see it the deductible is going to be so high and in a named storm it is even higher when I need it most, So maybe just liability.
Any help would be great.
 
Spark600 said:
TTMOTT as I do not have a loan on the boat ( Paid cash ) how does one go about doing self- insuring as I am thinking about doing this now.
The way I see it the deductible is going to be so high and in a named storm it is even higher when I need it most, So maybe just liability.
Any help would be great.
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There is actually two ways to move towards self-insuring. The first is to reduce premiums by carrying only the necessary liability policies (they are inexpensive) and have very high deductibles (catastrophic only) and invest what you don't pay in premiums for use when issues arise. This way the money is yours and if you never have an accident or require repairs you will have a nice little investment. But if you have a catastrophic loss between what you have set aside in an investment and the high deductible there is recovery on the vessel. The other way is to completely self-insure your agreed value policy and again carry the necessary liability policies. Those premiums again are offset by investing and saving for that rainy day.
 
Ok I got it, I will just carry liability with my carrier and then I will open a new account with my financial guy and put the difference from the policy in there.
This will work I like it, I am going to look into this.
Thanks ttmott

I did this with my life insurance ( Flex V ) years ago as per my financial guy and it worked out well as I have more money in the account now then if I left it in the Flex V
 
Similar thing to what I did with my auto insurance. High deductibles, liability only, set aside some cash for a loss, invest the remaining.
 
I keep hearing "that's a 20 year old boat..." when talking to a broker about a quote. I wonder if that is why quotes are coming in high (at least they feel high to me).
 
mrsrobinson said:
I keep hearing "that's a 20 year old boat..." when talking to a broker about a quote. I wonder if that is why quotes are coming in high (at least they feel high to me).
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Wtf is wrong with these people. A 20 year old boat is nothing, especially in the northern part of the USA.
 
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