Insurance for my 20' sterndrive

Discussion in 'Sport Boats' started by Arminius, Dec 4, 2019 at 4:03 PM.

  1. Arminius

    Arminius New Member

    21
    Oct 30, 2019
    Bowrider 200 Select, 2003
    5.0L MPI, 260 hp w/Alpha 1 Drive
    Got a good price on my Progressive/Homesight Homeowners' and a quote on Watercraft comprehensive from Progressive. The Bowrider 200 I just paid $15,000 for is in the attached garage.
    In case of fire, the boat's coverage under Homeowners' is limited to $1,500. It can be specifically endorsed to the policy if I provide an appraisal letter from the Searay dealer and the additional premium would be $260. I passed.
    I will get a personal liability endorsement on the Homeowners' for $10 before I take it out.
    The Watercraft policy is $240 with the "Agreed value" of the boat at $15,000. I can raise that to $20,000 for an additional $20. In case of a total loss, the Agreed value is paid regardless of actual cash value. This is a comprehensive policy with liability, medical, trailering, etc. I will definitely get this policy before taking it out. The policy can be cancelled after a partial year and 90% of the prorated premium will be refunded. That would still leave me with only $1500 in fire insurance while it is in the garage for the winter, like now.
     
    Last edited: Dec 4, 2019 at 6:56 PM
  2. GypsmJim

    GypsmJim Active Member

    184
    Aug 8, 2018
    Western New York
    '19 SPX 190 OB, 150 & 5 Mercs
    '17 Whaler 150 Montauk
    '15 Yamaha FXHO
    '60 Mulray Dinghy
    '52 Lyman 15'
    Mercury 150 4-stroke
    68 Outboards representing 11 manufacturers
    I have 4 boats covered on BoatUS. IMHO they are the ONLY Insurance company to use for a boat. You get more than just the insurance.

    Now, having said that, insurance varies from state to state, so if you live in california or some other odd place, you might find different results.

    $240 is more than I pay for a comprehensive policy with a 45,000 agreed value.

    Also, I did due diligence on Progressive and they are not in my future.
     
  3. Arminius

    Arminius New Member

    21
    Oct 30, 2019
    Bowrider 200 Select, 2003
    5.0L MPI, 260 hp w/Alpha 1 Drive
    Thank you. My vetting on insurance has always been to distribute the existing dec page by fax to prospects with a request that their rep call me it they can beat it. I had been lazy for a "few" years with Liberty Mutual and was shocked when I found that both Geico and Progressive could cut the auto and home premium in half despite their truly obnoxious advertising. Liberty had endorsed my boat use onto Homeowner's personal liability and I had a following Umbrella so I never worried about the specific Watercraft coverage. Now, I better e-mail the Progressive quote to various carriers including Boat US. In talking with Progressive, there were no independent agents but all company reps were intelligent, knew their policies and did not push. They had a range of accents but you got to be accustomed to that.
     
  4. GypsmJim

    GypsmJim Active Member

    184
    Aug 8, 2018
    Western New York
    '19 SPX 190 OB, 150 & 5 Mercs
    '17 Whaler 150 Montauk
    '15 Yamaha FXHO
    '60 Mulray Dinghy
    '52 Lyman 15'
    Mercury 150 4-stroke
    68 Outboards representing 11 manufacturers
    Boy the plot thickens...

    I really think we are all getting screwed ALL the time and we don't even know it. That's why in some cases I am self insured and actually save tons of money. Of course, that doesn't include liability for anything or my boat as well.

    First of all, Geico underwrites BoatUS policies. One would think that their price would be the same!

    I recently learned that I was eligible for USAA insurance. I did not know that. When I had a price for Homeowners and Auto I found them to be the cheapest of anything anywhere, which is what the TV ads would have you believe. However, I further found out that they are underwritten by Liberty Mutual. Ain't that a kicker?
     

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