Switching Insurance and looking for feedback on anyone using BoatUS

saltydogz said:
I am currently with BoatUS and just got a quote from NBOA after reading the different threads here. The problem that I have with NBOA, and this was after talking to one of their customer service people, is they would only insure the boat for the loan amount not the Condition and Value Survey amount given by a surveyor (done in Sept '08). Which is a big deal when my loan is for a lot less then the current value of my boat.

Am I missing something here boat value $100,000..paid less for the boat...loan $60,000, but NBOA only offered coverage on the loan amount. With BoatUS I have coverage on the value of the boat.

Anyone else run into this with insurance coverage? (maybe I need to post this on the other NBOA thread)
Click to expand...
Ask for "Agreed Value" Coverage. That's what I have from NBOA. Covered the boat for more than I paid for it.
 
I have been with Progressive Insurance for three years. They were much cheaper than BoatUS. Although, I have heard that Progressive is very tough to deal with on claims (i.e. you are just supposed to pay them money, they do not want to pay you when you need them).

When my insurance comes up for renewal this year, I will be looking at all the options again.

I had a fellow boat club member who has Progressive Insurance (they had Progressive for 8 years,and had never filed a claim). During one of the Tropical Storms last year, the cabin of the boat took on about three inches of water during the wind and rain event (it was on a trailer at the time). Progressive denied their claim stating that it was a boat and was designed to get wet. :smt021 Progressive never paid a penny on this claim. UNSAT!

Through some conversations with others (heresay), I have heard that Progressive denies about 80% of the claims when they are initially claimed. They end up paying on almost 75% of those, but only after the owner appeal their decision (once or twice). You shouldn't have to file an appeal to get the coverage that you have paid for.....:wow:
 
pete5016 said:
I have been with Progressive Insurance for three years. They were much cheaper than BoatUS. Although, I have heard that Progressive is very tough to deal with on claims (i.e. you are just supposed to pay them money, they do not want to pay you when you need them).

When my insurance comes up for renewal this year, I will be looking at all the options again.

I had a fellow boat club member who has Progressive Insurance (they had Progressive for 8 years,and had never filed a claim). During one of the Tropical Storms last year, the cabin of the boat took on about three inches of water during the wind and rain event (it was on a trailer at the time). Progressive denied their claim stating that it was a boat and was designed to get wet. :smt021 Progressive never paid a penny on this claim. UNSAT!

Through some conversations with others (heresay), I have heard that Progressive denies about 80% of the claims when they are initially claimed. They end up paying on almost 75% of those, but only after the owner appeal their decision (once or twice). You shouldn't have to file an appeal to get the coverage that you have paid for.....:wow:
Click to expand...

Sounds like the insurance company Mr. Incredible worked for.
increview1.jpg
 
I use NBOA, I don't have a loan on my boat. I'm insured for what I paid for it. They also told me that my coverage value does not depreciate with the boat.

An a different note, I thought I would pass along a story.

I want to preface this by stating that all of this came to me 2nd hand by other boat owners and a yard mechanic, so I don't know if the story is 100% accurate.

The boat next to me in my marina "sank" in the slip and the end of last season. I'm not sure how much water it took on before they pulled it, but the story was that a hose failed which let water in through a seacock. I'm told the insurance company was Progressive. As of right now the boat is not back in the water. I was told the owner is fighting wih the insurance company over the repair cost. The insurance company is taking the poistion that the sinking was caused by a mechanical failure which is not covered.

Does this seem right?
 
I just switched in the last 30 days from a policy thru Premier Marine Ins. underwritten by Lloyd's of London.... $1350/yr for agreed value w/ $500k max 1% deductible including dingy/outboard. I just went with NBOA after hearing about them here and received identical coverage for $1150/yr
hey now $200 is still $200....... and the policy covers the boat for repairs in the event of hose failure except in cases of extreme neglect.
 
if you use Progressive, be careful if you travel to the Bahamas. They do not cover foreign waters. Sure the policy says 100 miles off the coast or whatever, but it also says not foreign waters. Just wanted you to know about coverage if you plan on going to the Bahamas.
 
Vince_nj1 said:
I use NBOA, I don't have a loan on my boat. I'm insured for what I paid for it. They also told me that my coverage value does not depreciate with the boat.

An a different note, I thought I would pass along a story.

I want to preface this by stating that all of this came to me 2nd hand by other boat owners and a yard mechanic, so I don't know if the story is 100% accurate.

The boat next to me in my marina "sank" in the slip and the end of last season. I'm not sure how much water it took on before they pulled it, but the story was that a hose failed which let water in through a seacock. I'm told the insurance company was Progressive. As of right now the boat is not back in the water. I was told the owner is fighting wih the insurance company over the repair cost. The insurance company is taking the position that the sinking was caused by a mechanical failure which is not covered.

Does this seem right?
Click to expand...

Absolutely not! The possibility of the boat sinking, regardless of the reason (other than the owner scuttling the boat), is one of the reasons we pay boat insurance.
 
I am also trying to get insurance for my new boat. I am hearing a different story from different companies in regards to the insured value. I bought my boat for almost half of what it the marine survey appraised it for. The insurance company is telling me I can only insure it for the purchase price not the appraised value. Well if it sinks, I won't be able to replace it with an equivalent boat since I got such a great deal on the purchase price. :smt013 Is this true? I got this from Sea Insure.

Thanks
 
AndreasW said:
I am also trying to get insurance for my new boat. I am hearing a different story from different companies in regards to the insured value. I bought my boat for almost half of what it the marine survey appraised it for. The insurance company is telling me I can only insure it for the purchase price not the appraised value. Well if it sinks, I won't be able to replace it with an equivalent boat since I got such a great deal on the purchase price. :smt013 Is this true? I got this from Sea Insure.

Thanks
Click to expand...


Absolutely not true. Example- your rich uncle gives you the boat for free. You can't insure it?

If you're so inclined, give them a call back and ask to speak with someone who knows what they're talking about. With that said, the book value of the boat may not agree with the surveyor's figure. My insurer used BUC ValuPro- which is the "blue book" for boats- for establishing an Agreed Value.
 
Thanks for the info. I found someone that "knows what they are talking about" and they insured my boat for the blue book value (higher than my purchase price). :smt038
 
I've had my boat since october and experienced damage while docked at the marina due to sudden violent high winds pushing the bow into the pier. It appeared to me as minor fiberglass damage and my thought was to have it repaired by the marina. The marina suggusted I report the claim to Progressive although reluctant I gave them a call and within 24hrs the boat was pulled from the water and trailered 30 miles to a shop. The next day the claim adjuster called and said they were paying 10K on the claim (9 out of 10 beer drinkers at the marina bar estimated $2500). I asked if they saw the damage to the canvas, the adjuster said no but would take care. I checked around, the shop is first class and work is guareented by Progessive/shop forever. They then had the boat transported to a canvas shop - same deal and finally back the marina. I'm 800 miles from the boat and it was all done without any hassle. They even sent pictures of the work and I got regular calls telling me how the work was progressing. This was on a $600 policy.
 
I find the comments on Progressive to be somewhat surprising. While I have not made a claim, they have been extremely efficient and pleasant to deal with. I have seen posts on someone who knows someone who had problems, but, anyone out there with personal experience working with them?

I have been with USAA insurance company for over 25 years now (Progressive is their boat insurance partner), and have found them to be a top notch outfit. It would be very much out of character for that organization to work w/ Progressive if they did not provide a standard of service that equals or betters theirs.

As I stated in an earlier post, NBOA was significantly more expensive (+40%) in their quote to me.
 
We used Boat US for the past two years. Yesterday we change to NBOA and are saving over $600.00 for better coverage
 
Funny how the policy prices vary so much depending on the area you are in... Down here in South Florida NBOA was almost $1,000.00 more than BoatUS which is where I finally ended up..
 
FWIW:

I just got off the phone with BoatUS; they want a current survey (less than 2 yrs old) My survey is almost 4yrs. old, so no good.

The savings versus the add-on to my AAA homeowners policy is only $150./yr.

In my case, not really worth the $$$ savings for a survey.
 
You must log in or register to reply here.

Forum statistics

Threads
113,186
Messages
1,428,161
Members
61,095
Latest member
380Thumper
Back
Top