Boat insurance

[SailingJerry]

I got my Geico/Boat US renewal today for my 1990 wing Kell tall rig. The premium went up 42% AND they decreased the insured value by 16%. Yikes!!!
Has anyone used AllState? I got a very low proposal offer, but is it too good to be true?
Any other suggestions?

[Roc]

I go through IMIS. They are on Kent Island and search for the carrier with the best price. I have Chubb (formerly ACE before bought out by Chubb). My premium went up about $20 over last year. I have full value replacement cost on the boat. (Agreed value).

[waughoo]

I found Geico to not understand larger boat insurance.  They were recommended by USAA when I sought out insurance.  However in talking to the person in the call center, it became clear very quickly I was talking to the wrong provider.  I ended up uaing a marine insurance broker who found me a policy.  I suggest you seek out a marine insurance broker in your area and see what insurance they can set you up with.

[SailingJerry]

Thanks, I might also try a broker. Boat US/ Geico was $2550 for one year and dropped my valuation to $42,500 from $50,000.

[Noah]

Hmmm? My Boat US/Geico policy doesn't renew until November. But currently I pay $472 per year for my 1990 fin keel with a $45,000 agreed value. Had the policy for over 5 years with very minimal premium increases or value change and no new survey since policy began. Guess someone likes me (or forgot about me)

[waughoo]

2.5k!?! That sounds VERY expensive.  I paid 750 that included a 100 dollar shipping rider.

[Kyle Ewing]

My insurance is with BoatUS/Geico and agreed to value/premium is more in line with Noah's for my 1990.  I've also had few rate increases and value was reduced once in over 10 years. 

I think insurance rates are regional--fewer named storms and shorter sailing season in Chicago.  My coverage area is Great Lakes and tributaries and from memory boat must be out of the water November-March.

A benefit of reduced value is it often means reduced deductible (1% of agreed to value or less depending on state of vanishing deductible).

[SailingJerry]

Hmmm? My Boat US/Geico policy doesn't renew until November. But currently I pay $472 per year for my 1990 fin keel with a $45,000 agreed value. Had the policy for over 5 years with very minimal premium increases or value change and no new survey since policy began. Guess someone likes me (or forgot about me)

Where are you located?

[girmann]

Has anyone used AllState? I got a very low proposal offer, but is it too good to be true?
Any other suggestions?

Allstate is terrible insurance. There's a reason their rates are so low. I had them for 22 years for home/auto/umbrella and one claim *doubled* my premium.

[Noah]

Sailing Jerry— I am in San Diego, CA. BTW- that info is in my signature.

[Admiral_Swellson]

I'm going to try https://www.skisafe.com/ their rates are very good.

[KWKloeber]

I'm going to try https://www.skisafe.com/ their rates are very good.

Does anyone have any history about them?  Claims? Yrs in business? Etc?

[Admiral_Swellson]

Reading insurance fine print with all the exclusions, it's debatable whether any boat insurance is worth the cost, other than liability, which your marina probably requires.

Has anyone here ever received fair payment from an insurance company for a boat loss?

[SailingJerry]

I went with AllState. I live in NJ and insurance would have been $600, but the boat is on LI Sound in the Bronx so it's $900. Still way better than $2550. Thanks for the input. Safe boating to you all

[Ken Krawford]

After reading this post I decided to get a quote from Skisafe.  It was about $75 more than my current coverage with Safeco.  Robert, I had a lightning strike about 6 yrs ago and Nationwise was unbelievably generous with their settlement.