Boat insurance; again

rlynch03 said:
Anyone have experience with State Farm for their boat insurance? We have had them for 30 years for everything but our boat. I randomly asked them to quote the 52DB and was pleasantly surprised by the apples for apples route compared to Chubb.
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They are very sneaky buggers…. Just make sure you read the fine print and don’t assume….. they are great taking your money….. not so good at giving it back
 
highslice said:
Read the policy VERY carefully. When I was just married, State Farm was THE company. Then they very quietly scrapped guaranteed replacement value for homeowners. It has been down hill since. A shell of the company they were.
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I have replacement value here in Michigan.

Insuring a boat with them? Nope. They don't want them or classic cars, either.
 
My grandpa ran over grandma in the parking lot…. Crazy story ….. cops came and accused him of trying to kill her…. It was crazy….. but grandma was a mess and they had State Farm for something like 50 years. State Farm wouldn’t pay out ……. It took us 2 lawyers to get any money out of them to take care of grandma….. grandpa died a year later and State Farm paid for a care center until grandma died….. every year State Farm stopped paying and we would have to get the lawyers back on it….. it was crimminal
 
My State Farm agent, who I have been happy with on my cars/house every now and then inquires about my boat. But when I start asking specifics about things like declared value verses actual cash value or environmental clean up cost he tends to drop the topic. I suspect they want to insure a boat like it is a car.
 
rlynch03 said:
Anyone have experience with State Farm for their boat insurance? We have had them for 30 years for everything but our boat. I randomly asked them to quote the 52DB and was pleasantly surprised by the apples for apples route compared to Chubb.
Click to expand...
 
Jus Cruisin said:
I have replacement value here in Michigan.

Insuring a boat with them? Nope. They don't want them or classic cars, either.
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"Replacement Value" and "Guaranteed Replacement Value" are two very different insurance terms. Replacement value covers up to the limits on your insurance. Guaranteed replacement value rebuilds your house and replaces your belongings regardless of the limits of your insurance. I know people who have learned this the hard way. Granted, those terms can vary according to state law.
 
Pirate Lady said:
Every time I shopped insurance be it cars house boat, SF was significantly higher than any other company. Maybe its just this area but they are crazy expensive here.
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I used to use State Farm for everything. Started looking around years ago and ended-up with Geico. I need to scrutinize my boat policy a bit closer...
 
Had State Farm from the time I got my driver license. Like 40 years... multiple states, houses, cars etc.

They screwed me on some hail damage to my house. Would only cover 2 sides. Had another storm and then said they wouldn't cover the remaining sides because it was "old damage". My agent would not return my call. Coupled with the fact that their office staff would call me every three months and ask about bundling my car insurance... except I only had a company car and technically did not own a car...
A HS buddy joined Allstate. Switched over and haven't looked back...

Boat is with Ace thru Chubb.
 
Like others have said, be very careful with SF and read the fine print. A person I know whose boat sunk on the big lake, had his 36’ Maxim insured for $80k (the agreed to value) with State Farm. What he found out was they would only pay 10% of insured value to salvage the boat off the bottom of the lake. So $8k, cheapest estimate he got was like close to $20K. State of Indiana wanted that boat raised like “now” so he had to bite the bullet. Far as I know, has not replaced the boat yet. :)
 
We have Chubb for the boat which is weird it says ACE AMERICAN INSURANCE COMPANY is providing the Ins
,, High rate with Agreed Value. That part I don't get... So do I have Chubb or Ace. And for the Cars, Home etc we have selective insurance
 
Siboatguy said:
We have Chubb for the boat which is weird it says ACE AMERICAN INSURANCE COMPANY is providing the Ins
,, High rate with Agreed Value. That part I don't get... So do I have Chubb or Ace. And for the Cars, Home etc we have selective insurance
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They are one and the same. There has been a lot of consolidation in the insurance business. What happens is someone like Chubb buys smaller companies. Then they have the subsidiaries insure the stuff they don't want on the parent's books. When I was with Fireman's fund they love to have houses on their books. Decided they didn't like cars after awhile a moved our cars to a different carrier they owned. Still got the discount for bundling.

We have been with Safeco for the last 10 years and have had to fairly major losses. Hail in 2015 which was a $25K claim. Our dishwasher flooded our kitchen in 2019, which was close to $50K when it was all said and done. They never batted an eye. In both cases they showed up, handed me a check and said "let us know if it costs more than this". In both cases there were things the initial checks didn't cover and they paid no questions asked. And our rates never went up more than the normal market adjustments. Couldn't have been easier. I use a broker and have them shop my insurance every couple years. But it would take a significant increase from Safeco to make me move.
 
Is anybody noticing that insurance companies are giving up on writing policies for boats over 50' or more than 20 years old ?
 
Skip Boyer said:
Is anybody noticing that insurance companies are giving up on writing policies for boats over 50' or more than 20 years old ?
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Yep. Lots of discussion on "America's Great Loop" forums about it especially since a number of people move from 20' to 45'-50' boats for the Loop.
 
Skip Boyer said:
Is anybody noticing that insurance companies are giving up on writing policies for boats over 50' or more than 20 years old ?
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No to the 20YO part, Progressive (affiliated with USAA) just renewed my 99DA policy and it went down 40 for the year.
 
Blueone said:
My grandpa ran over grandma in the parking lot…. Crazy story ….. cops came and accused him of trying to kill her…. It was crazy….. but grandma was a mess and they had State Farm for something like 50 years. State Farm wouldn’t pay out ……. It took us 2 lawyers to get any money out of them to take care of grandma….. grandpa died a year later and State Farm paid for a care center until grandma died….. every year State Farm stopped paying and we would have to get the lawyers back on it….. it was crimminal
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7d4uci.jpg
 
I guess I’m in the SF boat. They have ‘all’ of our insurance and we’ve been with them for almost 30 years. What a PIA to shop around tho….
 
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