Insurance Questions

Siboatguy

Active Member
SILVER Sponsor
Mar 28, 2016
499
Holmdel,NJ
Boat Info
1999 Sea Ray 290 Sundancer
2005 Sea Ray 320 Sundancer
2005 Sea Ray 340 Sundancer
Engines
Twins V-Drives
8.1 Mercruiser
So im in the market for a new boat... I have a deposit on a 340... While I'm shopping for insurance my broker is telling me I can add it on to the house... Did anyone go this route... The name of the insurance company is (Selective Insurance) anyone ever do this before?
 
Good company. I have Selective. House fire in 2014. Gutted to the studs. They paid for a nice apartment for 10 months, rebuilt the house, no fights. I have heard horror stories. Selective was amazing. Didnt raise rates a dime.
I didnt know they do boats, will look into it. If boat coverage is as good as the house I would definitely consider it.
 
Why is that any different than Geico or Progressive that also does house and cars?
They say its going to be added onto the house... Not sure... But I had Geico & Progressive before but there rates are just high... But this is just a add on to the house there saying not its own policy..
 
Then as Doit said, discuss carefully. Read find print. Two terms, Agreed Value & Hull Value. Understand them.
yea that part I know about Agreed Value & Hull... But yes I gotta read the fine print but thats usually 30 pages long... well see
 
Good company. I have Selective. House fire in 2014. Gutted to the studs. They paid for a nice apartment for 10 months, rebuilt the house, no fights. I have heard horror stories. Selective was amazing. Didnt raise rates a dime.
I didnt know they do boats, will look into it. If boat coverage is as good as the house I would definitely consider it.
I have a friend that is an agent. The reason they call it Selective. Thet dont advertise. They are very “selective” who they insure. Good company
 
Here is something that I found while researching insurance on the purchase of our 420 five years ago. i don't recall the source. I copied and saved it.

upload_2021-8-23_19-55-4.png


upload_2021-8-23_19-56-31.png


This is not advice, it is just somehting I used.

Jaybeaux
 
Jay,
That is probably the best narrative yet I have seen on boat insurance. I always harp on getting Pollution Liability. Coast Guard in Seattle is getting much more aggressive about going after owners for oil spills. The biggest problem I run into is the big 5 insurer agents (Geico, farmers, etc) are NOT knowledgeable on boat policies and will tell you their policy includes pollution liability but they actually dont. Then when you have a question on other parts, the agent has no clue the answer. The other problem is getting the full policy along with their riders and explanations. They piece meal it and send in pieces and parts. The best thing to do is go to a MARINE insurer to start. Premium will of course be more (maybe double the big 5ers) but like your example, you will be fully covered. I would be very leery of a company tying the boat insurance to the home. Yes, you get a discount from the big 5 ers (thank you flo for telling me a bazillion times now on the beach -NOT) with bundling but they are separate policies with same company.
 
I have allstate, they insure my 2 cars, my house, my 2 boats and my 2 jet skiis. They use a similar bundle package.
 
FYI, So I went with Chubb I hear there a great company and I got a ok quote with them too... If anyone wants to check them out..
 
+1 on Chubb... Just hope I never need them
 
As is common in these discussions, there is confusion between insurers and independent agents and the companies they can represent.

It is crazy to insure a large vessel with a boat policy from household insurance companies. Get a yacht policy from a marine insurer. Try Global Marine Insurance.http://www.globalmarineinsurance.com/GFC has a well written explanation of the difference he has posted often.
 
I have allstate, they insure my 2 cars, my house, my 2 boats and my 2 jet skiis. They use a similar bundle package.

I am all about risk mitigation, boats and jet skis or a claim waiting to happen. That is why I choose to ensure my boots with a completely separate independent agent who specializes in marine insurance and understands boats.

When the almost inevitable boat claims arise you could find yourself having everything canceled including your homeowners and auto insurance. That would be a really bad situation.

While it is true that any boat claims would be on a clue report, it is unlikely your homeowners are auto would be canceled because of boat claims with a different company.
 
Very interesting. Never thought of that situation. I had geico with a sub section of them for the marine stuff. I will be calling my agent to ask some more questions about that. Thanks
 
FYI, So I went with Chubb I hear there a great company and I got a ok quote with them too... If anyone wants to check them out..

I had Chubb before and they paid out quickly on a total loss during a tornado. They also had my check in the mail for owner items inside the boat on the day I initially called. Now they may not take me back on as an insured, but they did pay out!
 

Forum statistics

Threads
112,948
Messages
1,422,818
Members
60,930
Latest member
Ebrown69
Back
Top