Boat insurance question

bahamabreisus said:
As I am sure you all know, coastal and inland lakes are very different in the insurance world. We just started a new policy on our new to us 370DA, $1200/ yr, which we were tickled with. Our 500DA was $2400/yr. This is through Charter Lakes agency and policy with New Hampshire.
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I completely agree, depends on where you boat, one thing I found out about Progressive, if your boat is new enough (not more than 10 at time of signing) they have a propulsion plus coverage for the outdrives or lower unit of an outboard that includes wear and tear. Not bad I thought, I need to buy a newer boat! :cool:
 
So just got off the phone with Boat US, young lady said the $1900 was accurate due to the marinas 500K requirement and Lake Norman where (she said) they have an “abnormal”? Amount of claims, asked her what that meant and she couldn’t offer an explanation. Also just talked to Progressive and asked if my rates were changing in April, she was fun and asked me if I wanted to pay more, I said no and she said no. Asked her what would happen if I made a claim, she asked how much? I said lets use the canvas $4K she said “all good as long as I didn’t damage anyone else’s boat and that no other claims for 12 months” guess I’m staying with what I have.
Jon
 
GirlyGirl1999 said:
So just got off the phone with Boat US, young lady said the $1900 was accurate due to the marinas 500K requirement and Lake Norman where (she said) they have an “abnormal”? Amount of claims, asked her what that meant and she couldn’t offer an explanation. Also just talked to Progressive and asked if my rates were changing in April, she was fun and asked me if I wanted to pay more, I said no and she said no. Asked her what would happen if I made a claim, she asked how much? I said lets use the canvas $4K she said “all good as long as I didn’t damage anyone else’s boat and that no other claims for 12 months” guess I’m staying with what I have.
Jon
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I would ask Progressive for that "no change when you renew in April" in and email you can print and/or save.
 
techmitch said:
I would ask Progressive for that "no change when you renew in April" in and email you can print and/or save.
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Agreed, she was nice enough though, having been in “sales” for a number of years I know what to expect, we’ll see I’ll post in April
 
GirlyGirl1999 said:
I completely agree, depends on where you boat, one thing I found out about Progressive, if your boat is new enough (not more than 10 at time of signing) they have a propulsion plus coverage for the outdrives or lower unit of an outboard that includes wear and tear. Not bad I thought, I need to buy a newer boat! :cool:
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Yes, I found that coverage the renewal before the boat turned 11. Called and asked if I took the coverage at that time would it still be covered after the boat was more than 10 years old. I was told "yes" if I kept continuous coverage, which I have. I asked where in the policy this was reflected and she sent me the section. Best $119/year I could spend IMHO.
 
I saw an ad one day touting NBOA as Sea Ray's insurance partner. So I filled out an application for kicks. Turns out Progressive (my current insurer) is the underwriter. NBOA's quote was less than half what I paid last year. Didn't see that coming.
 
I'm with New Hampshire now but in 2020 I was with another company paying 1450 a year. I thought it was too much so I asked my brother-in-law who he used and I ended up with a new policy the following year thru his broker at 977 so big savings. I made sure it was the exact same coverage before switching.
 
So on insurance. I got my new policy/bill for house today. Went from 1650 to 2560. Called agent, she looked into it.
House value 355k, insured for $456k.
Covered a 2 car garage, got no garage.
Covered for basement, got no basement.
ETC, you get the idea.
She called the company and said WTF?
Way overinsured. Saved me a lot of money.
Just fyi.
Great thing about being retired, I got all day to deal with this stuff. And as a AARP member, I will sic their ass on you like a pit bull on a steak!
 
Just got my invoice from GEICO - $ 1,857.00. I think it was 1/2 that last year.

Edit: it was $1,600 last year, so the increase isn't too bad.
 
Pirate Lady said:
Don’t know when your renewal date is, mine is June so I haven’t been impacted by Ian or other this year major loses. Will see come June. I am looking at AARP/Hartford as a backup plan in case BoatUS Geico decides to get stupid.
Our marina offers free unlimited mileage/distance towing with slip I won’t need that from BoatUS if I quit them.
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Watch Hartford, had them for my wood shop insurance and a woman ran into my garage door and her insurance paid Harford for the door but they would not pay me till I gave them a invoice for the door being fixed. Told them I would fix it as I was a wood shop but they needed to pay me what the womans insurance paid them as it was my money. They told me the money was for the garage door and they didn't want me going out and buying a TV with it.Took about 2 weeks to finally get the money from them going up the ladder of higher ups till someone agreeded it was my money. Guess who doesn't insure my shop anymore!!
 
I have progressive,used to be boats us . What is outdrive coverage,thanks
 
highslice said:
That's crazy. I have had the boat with Progressive for 12 years. $74K agreed value - boat isn't worth that much, but bringing the AV down to current value only saves $6/year so I keep it there to help with the purchase of a new boat if we have a total loss. It also includes unlimited towing and outdrive repair or replacement for any reason. This year the premium was $525. That is with the increased limits of $500K required for my umbrella policy.
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How did you get outdrive coverage
 
Scott215 said:
How did you get outdrive coverage
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I believe for the outdrives coverage the boat needs to be 10yo or less. I’ll see if I can cut and paste the verbiage.

“Propulsion Plus pays to repair or replace the lower unit of an outboard motor and the upper/lower units of an inboard/outboard motor in the event of a mechanical breakdown, including those caused by wear and tear.

To purchase Propulsion Plus, the watercraft can’t be more than 10 years old. And it must have Comprehensive, Collision, and Sign & Glide Coverages. Propulsion Plus can remain on the watercraft until it reaches 21 years old.”

When using this coverage, a $250 deductible is required.

Heads up: Propulsion Plus does not cover breakdowns that occur within 30 days of the purchase date of the coverage
 
GirlyGirl1999 said:
I had them give me a quote but apples to apples they were $500 more than Progressive,
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im surprised..... they are just a broker....we have been with nboa 25 years....,that might have something to do with it.....but we go out and bid it every year..... i even have a friend in the insurance business and he cant touch nboa
 
Blueone said:
im surprised..... they are just a broker....we have been with nboa 25 years....,that might have something to do with it.....but we go out and bid it every year..... i even have a friend in the insurance business and he cant touch nboa
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Progressive is affiliated with USAA so I wonder if that has something to do with it. I’ve been with USAA since 78, I shop them every year especially for the house but they always come up the best. They don’t do “watercraft” but they have a link button for watercraft that takes you to Progressive.
 
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