- Nov 26, 2006
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What do you think? Who's a good company with diversified liability? For a 2005 340.
Florida Insurance
- Thread starter Hampton
- Start date
mrtopknight
New Member
Depends on what you want. I have Boat; State Farm was comparable to them with my boat but they did not offer a towing package.
- Nov 26, 2006
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mrtopknight said:
Who do you use? Thanks.
- Oct 6, 2006
- 12,155
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- 1996 450DA
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- 3116 Caterpillars
There is a difference between "boat insurance" and an "agreed value" or all risk yacht policy. The basic difference is that the "yacht" policy has very few exclusions and the boat is covered for the declared value; the "boat" policy has lots of exclusions and the boat's value is depreciated in the case of a loss. You should be shopping for an agreed value policy.
There are a number of companies that write in Florida, but not as many as there used to be. Try NBOA, Boat/US, and Progressive. Also, the Sea Ray Owner's club used to have a discount arrangement with an insurance agent for newer Sea Rays, but I forget the company. A lot of companies just stopped writing Florida boats after Katrina, so the pickin's may be slim.
Be aware that you may have an experience problem with some carriers moving from a 25' boat to a 340DA where the underwriter may ask you to have a hired captain on the boat for a while until you get a few hours experience.
There are a number of companies that write in Florida, but not as many as there used to be. Try NBOA, Boat/US, and Progressive. Also, the Sea Ray Owner's club used to have a discount arrangement with an insurance agent for newer Sea Rays, but I forget the company. A lot of companies just stopped writing Florida boats after Katrina, so the pickin's may be slim.
Be aware that you may have an experience problem with some carriers moving from a 25' boat to a 340DA where the underwriter may ask you to have a hired captain on the boat for a while until you get a few hours experience.
WFYB
New Member
My understanding is: Progressive, Boaters Choice, Allstate are not writing new policies in So Florida
Jon
Jon
- Nov 26, 2006
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So far, the only quote that has come through is Boat USA. They want $5100/year for a 2005 340, 2% ded, and no frills. This has to be on the high side, right?
I know, storms, Fl,....
I know, storms, Fl,....
osd9
New Member
Hampton said:
:smt119 WOW........I am insured with Allstate for my 2002 380DA..I don't remember all the particulars......it's a $500 deductible....my annual premium is approximately $1700 and the boat value on the policy is $210,000.
I am waiting for quote back, hopefully today, for a 2003 410DA.....
- Oct 6, 2006
- 12,155
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- 1996 450DA
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Keep shopping..........that is several times more than I pay for a good bit more boat, but Boat/US is a good company with excellent claims handling and a good reputation for treating policy holders fairly.
And your home port is not south Fla., so be specific and realistic in limiting your navigation area. Ask about discounts for boater's education (take the Fla Safe Boating Course...I think it is its online or by correspondence) and ask them to waive any experience surcharge.
Also, there are several insurance companies that use more than the boat to establish underwriting guidelines. Try to find one that appraises you, your past record in accumulating assets and your tolerance for risk, as well as the boat and its location.
And your home port is not south Fla., so be specific and realistic in limiting your navigation area. Ask about discounts for boater's education (take the Fla Safe Boating Course...I think it is its online or by correspondence) and ask them to waive any experience surcharge.
Also, there are several insurance companies that use more than the boat to establish underwriting guidelines. Try to find one that appraises you, your past record in accumulating assets and your tolerance for risk, as well as the boat and its location.
mrtopknight
New Member
I have Boat US and I am very pleased with them
I just got apolicy from progressive back in June..they were by far the cheapest and boat us actually offerred ne a policy through progressive....they took the progressive policy and added their cut to it. I pay around $400 a year for a 2005 180 sport with full replacement value, 1K ded, and it decreases 25% a year with no claims...after 4yrs...no ded!!
osd9
New Member
Just got a call from my Allstate agent...new policy for the '03 410DA is $2098....up $419 per year from the '02 380DA....$500 Deductible....
mrtopknight
New Member
180 Sport said:
That's a sweet deal!! What do you mean "boat us actually offerred ne a policy through progressive"?
I may have to switch next year.
- Oct 6, 2006
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Boat/US is just an insurance agent...they place the policies with several companies but usually do a good job in matching the policy holder and his needs to the underwriting company.
Alex D
Active Member
Here's the yacht policy I got through NBOA. The insurer is "American Bankers Insurance Company of Florida in Scottsdale, AZ (WTH ... :smt017) :
NBOA MARINE INSURANCE AGENCY
4404 N. TAMIAMI TRAIL SARASOTA, FL 34234
800-248-3512
2002 36' SEA RAY / 340 DA
NAVIGATION: US INLAND AND COASTAL WATERS
ALL RISK COVERAGE ON HULL ( $1,500 Deductible) $ 150,000
INCLUDING EQUIPMENT
PROTECTION AND INDEMNITY $ 500,000
MEDICAL PAYMENTS $ 10,000
UNINSURED BOATER $ 500,000
TOWING $ 1,000
PERSONAL EFFECTS ( $250 Deductible) $ 2,500
NAMED WINDSTORM DEDUCTIBLE $ 4,500
The premium for your insurance is: $ 1,140.00
National Boat Owners Association fee: $ INCLUDED
TOTAL DUE: $ 1,140.00
This was the best quote I could get. Have not checked with Travellers or Progressive though.
NBOA MARINE INSURANCE AGENCY
4404 N. TAMIAMI TRAIL SARASOTA, FL 34234
800-248-3512
2002 36' SEA RAY / 340 DA
NAVIGATION: US INLAND AND COASTAL WATERS
ALL RISK COVERAGE ON HULL ( $1,500 Deductible) $ 150,000
INCLUDING EQUIPMENT
PROTECTION AND INDEMNITY $ 500,000
MEDICAL PAYMENTS $ 10,000
UNINSURED BOATER $ 500,000
TOWING $ 1,000
PERSONAL EFFECTS ( $250 Deductible) $ 2,500
NAMED WINDSTORM DEDUCTIBLE $ 4,500
The premium for your insurance is: $ 1,140.00
National Boat Owners Association fee: $ INCLUDED
TOTAL DUE: $ 1,140.00
This was the best quote I could get. Have not checked with Travellers or Progressive though.
LMBoat
Well-Known Member
I live in south FL and getting/keeping boating insurance is a challange now-a-days. My current carrier <Nat Marine Underwriters> is ceasing coverage in my area so I'm being dropped. I have been shopping around and the worst quote I got was from Boat US. For a $60K policy with a $1,200 deductable <$3,000 for storms> the premium is $4,600 !!!
It's a challange down here. The boat is too old, too big, too small, too far south, etc. I found one place that would do it for about $3K, but it's a Loyd's <London> policy and I've heard some "not so good" things about that. I may be completely screwed. I may have to sell the boat or go without coverage. I'm looking at an unbrella liability policy that would cover me on the water if something happens that would involve a liability <ie lawsuit> issue on the water.
It's a challange down here. The boat is too old, too big, too small, too far south, etc. I found one place that would do it for about $3K, but it's a Loyd's <London> policy and I've heard some "not so good" things about that. I may be completely screwed. I may have to sell the boat or go without coverage. I'm looking at an unbrella liability policy that would cover me on the water if something happens that would involve a liability <ie lawsuit> issue on the water.
- Nov 26, 2006
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- 2008 44 Sedan Bridge
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For those of you who don't live in Florida, this is our form of state tax. There's give and take, this is a give, but it's worth it.
HokiesFan
New Member
NBOA Coverage
I am also using coverage provided by NBOA. I had coverage from Boat U.S. for a number of years and would really like to stay with them, but their prices have skyrocketed over the last several years and typically not competitive. I am paying $850 for $200K coverage with a $4k deductable. Knock on wood (or perhaps wood properly encapsulated in fiberglass) that everything has been o.k. so far, but they again, all insurers are great until you have to make a claim. Has anyone ever filed a claim with NBOA?
I am also using coverage provided by NBOA. I had coverage from Boat U.S. for a number of years and would really like to stay with them, but their prices have skyrocketed over the last several years and typically not competitive. I am paying $850 for $200K coverage with a $4k deductable. Knock on wood (or perhaps wood properly encapsulated in fiberglass) that everything has been o.k. so far, but they again, all insurers are great until you have to make a claim. Has anyone ever filed a claim with NBOA?
Alex D
Active Member
Re: NBOA Coverage
Who is the insurance company you're with? I undestand NBOA is the agent, but who is actually insuring your boat ...?HokiesFan said:
HokiesFan
New Member
American Bankers Insurance
American Bankers Insurance Company of Florida is listed as the insurer and NBOA is listed as the producer. I'm getting the willies about insurance just writing this. Anyone else with experience with NBOA?
American Bankers Insurance Company of Florida is listed as the insurer and NBOA is listed as the producer. I'm getting the willies about insurance just writing this. Anyone else with experience with NBOA?
Skip
Well-Known Member
- Oct 5, 2006
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Greg,
I too am with NBOA for the 420. Zurich has the policy, and NBOA is the point of contact. I am paying around $1200 for 300K and 5K deductible.
I learned a very important lesson in the 420DA puchase/insurance process. back in the summer of 2002 (in the pre-Sea Ray days) I hit something on Lake Anna with my 1998 Supra Saltare ski boat. $1300 in Gelcoat repair. I filed a claim with USAA, my insurance carrier at that time; that simple claim came back to haunt me four years later; I do not know how much more I am paying for insurance now because of it, but even though there was no negligence on my part and I had no prior claims in 15 years of boat ownership, the NBOA agent spent a lot of time questioning me about it. I believe that claim will drop off my record in another year.
Going forward, I will have to have a catastrophic repair requirement to justify filing a claim with the thought that if I file a claim I may not be able to ensure a new boat in the future; or if I can get coverage it will be cost prophibitive.
Skip
I too am with NBOA for the 420. Zurich has the policy, and NBOA is the point of contact. I am paying around $1200 for 300K and 5K deductible.
I learned a very important lesson in the 420DA puchase/insurance process. back in the summer of 2002 (in the pre-Sea Ray days) I hit something on Lake Anna with my 1998 Supra Saltare ski boat. $1300 in Gelcoat repair. I filed a claim with USAA, my insurance carrier at that time; that simple claim came back to haunt me four years later; I do not know how much more I am paying for insurance now because of it, but even though there was no negligence on my part and I had no prior claims in 15 years of boat ownership, the NBOA agent spent a lot of time questioning me about it. I believe that claim will drop off my record in another year.
Going forward, I will have to have a catastrophic repair requirement to justify filing a claim with the thought that if I file a claim I may not be able to ensure a new boat in the future; or if I can get coverage it will be cost prophibitive.
Skip