Boat Ins. for a Purchase of a 1988 Searay

S

Spectator

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Jul 12, 2009
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San Diego
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Hi, i'm having trouble finding full coverage ins. for a boat I'm looking to buy. I'll be paying cash but I'd like to protect my investment but since the boat is over 20 years old i'm only getting liability quotes, Any suggestions?
Thx
Rorysd
 
Contact NBOA good people, they will hook you up with progressive Ins. also good people and a good rate I've got a 88 390 covered from stem to stern....Rip
 
Boat U.S. will insure you and so will State Farm. Both do full coverage. I found State Farm to be cheaper. Boat U.S. may require a survey where SF didnt
 
I've got State Farm for everything. Very easy. Just called them up, gave them boat info and they allow you to place your own value. I did the same for the trailer I recently purchased. And they were the cheapest!!!
 
Thanks for the heads-up on State Farm. :thumbsup:

I just got a quote from them $460 bucks for agreed value of $18.000.00 on my tug with no servey required. :smt038
Also if I hit something underwater its covered with a $250 deductible. :smt038



Thanks again. :thumbsup:
 
Last edited by a moderator:
While I am an insurance agent, I'm not licensed in CA. As previous posters have indicated, Progressive, NBOA, or Foremost all have good programs that specialize in protecting your passion. You may find that with a modest deductible it is worth getting the full coverage so you're not out your hard earned money should you have a catasrophic loss.

Good luck!
 
There are a few things you have to watch out for with boat insurance. A lot of companies don't guarantee new parts to go on your boat, they will try to find good used parts, also if your boat goes under they may take the salvage fees out of your total payout, leaving you out money.
The company I am with guarantees new parts, covers my salvage fees, gets me free equivalent rental if my boat is in shop for a week, I am protected against uninsured boaters and I have 2 million, not 1 million liability. all for $500 a year, this was half the price of what State Farm wanted (and I have everything else with StateFarm)

I was very happy when I made the call..
 
Anyone know the difference between a "yacht policy" and a "boat policy"? In researching new coverage I am getting conflicting and confusing information...any help would be appreciated!
 
Henn said:
There are a few things you have to watch out for with boat insurance. A lot of companies don't guarantee new parts to go on your boat, they will try to find good used parts, also if your boat goes under they may take the salvage fees out of your total payout, leaving you out money.
The company I am with guarantees new parts, covers my salvage fees, gets me free equivalent rental if my boat is in shop for a week, I am protected against uninsured boaters and I have 2 million, not 1 million liability. all for $500 a year, this was half the price of what State Farm wanted (and I have everything else with StateFarm)

I was very happy when I made the call..
Click to expand...
Like to know what company you are with. It would be worth checkin out.
 
Henn said:
There are a few things you have to watch out for with boat insurance. A lot of companies don't guarantee new parts to go on your boat, they will try to find good used parts, also if your boat goes under they may take the salvage fees out of your total payout, leaving you out money.
The company I am with guarantees new parts, covers my salvage fees, gets me free equivalent rental if my boat is in shop for a week, I am protected against uninsured boaters and I have 2 million, not 1 million liability. all for $500 a year, this was half the price of what State Farm wanted (and I have everything else with StateFarm)

I was very happy when I made the call..
Click to expand...

I would also like to know who you are with. The company that has my car and home policies doesn't insure any boat over 20 ft.
 
My Progressive policy is dirt cheap... about $500 for both of my boats (total) and includes towing... I have a real high deductible but, if I have a total loss I will be ahead... I have insurance mainly for liablility...
 
Yacht policies are usually written for an agreed value of the boat. In the case of a total loss, you are covered up to that value. Yacht policies also have other coverages not normally found in boat policies.....towing, fuel spill coverage, salvage protection, as well as "other items" coverage for some amount on installed electronics, cabin and storage compartment contents. Yacht policies are usually written by agents who specialize in covering larger boats.

A boat policy is usually written by an auto insurance company or your home owners agent and will not be an agreed value policy. That leave you subject to whatever the insurance adjustor charges for depreciation in the case of a loss. You also may not have coverage for contents or added items like electronics.
 
Henn said:
There are a few things you have to watch out for with boat insurance. A lot of companies don't guarantee new parts to go on your boat, they will try to find good used parts, also if your boat goes under they may take the salvage fees out of your total payout, leaving you out money.
The company I am with guarantees new parts, covers my salvage fees, gets me free equivalent rental if my boat is in shop for a week, I am protected against uninsured boaters and I have 2 million, not 1 million liability. all for $500 a year, this was half the price of what State Farm wanted (and I have everything else with StateFarm)

I was very happy when I made the call..
Click to expand...

You were absolutely right Henn and I have to thank you for the PM and I am also glad I made the call. Your guy was bang on and explained everything in complete detail with regards to boat insurance. Complete and full coverage for under $500. It saved me about $100 with better coverage over the other companies I called.
I owe you a beer my friend.
 
Think I may just take you up on that! If anyone else wants his info feel free to PM me, Im just not sure he wanted his info on a public forum, just not my place to make the call!
Glad your happy!
 
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