Boat Insurance Advice

[srock]

My guess is that people miss the depreciating coverage and look at the bottom line then whammo when you have a claim.

[markj]

Ski safe is treating ok after probably 30 years of boat ownership, many of that with ski safe and some others in between. Last 8 years I have been back with Ski safe.
In late 2021 I had a direct lighting strike on my property which hit right near the waters edge and right where my electrical service goes to my dock (blew a 2-3 foot hole in the ground, exploded boards off the deck next to it. Then traveled out to boathouse and blew my outlets on the dock and the surge traveled through my NOCO maintainer, through the batteries and took out most electronics in my 2008 230. Audio, ECU, gauges, some wiring, Underwater lights , Zero off, Gateway (not made anymore) and a few other things. Over 15k damage. Ski safe paid and is working with me on a couple small addendums - but they reduced the claim by 1/3rd because boat is over 10 years old. I was able to prove some things were newer (I just put a couple new gauges in the year before and a few other things) so they added a bit for that - but still was out some $$$$. Over all I am satisfied. Didn't realize they reduce by 1/3 for age... Sucks especially when some parts aren't even made anymore.

Holy cow! that's a terrible story. Glad you brought up the depreciation hit. I haven't signed on the dotted line yet so I will be asking about that for sure.

[markj]

Twin Rivers Marine Insurance. Best in the business been using them for 20 years.

That's who I've been with for 18 years now.

[markj]

Okay, thanks for all the replies. I've been using a broker (Twin Rivers) and just wanted to check them against others. My 230 was underwritten by Travelers and my jet skis were underwritten by Markel. The broker knew I was checking them from all the questions I was asking and asked me if they could try to bundle all 3. I agreed and they got a quote that lowered my annual cost by over $200 a year. That also beat SkiSafe.

[mattyjman]

My quote with Boat US was double what I found elsewhere. Surprised to see so many people suggest them.

[bturner]

My experience with shopping boat insurance has be erratic at best. BoatUS doubled my rate one year and were the cheapest by a $100+ margin several years later. While they were cheaper for the boat that year they were $100+ more for my Jet Ski. To be truthful I've lately come to the conclusion that you should be shopping both car and boat insurance at a minimum every other year and any time you get a rate increase. It's all the luck of the draw and who is looking for more business in a given market at a given time.

[Scooter G]

Great thoughts and input, as expected, varied ideas. I am not hearing any price comparisons. I think it would an interesting perspective (boat relative) from the collective to see what we are paying. Are we paying a fair shake or being pillaged.
I just got my renewal notice from United Marine @ $867 for the year. Boat is covered for $140k and trailer is at $10k, no depreciation. I "think" I'm covered just a tad more than market value with a $1400 deduct on the boat, $250 on the trailer & personal property, $0 across the board on everything else. Price is up a few hundred dollars this year because of a fat claim, still is less than what I was paying at Progressive for less coverage and their crazy rule book. For what it's worth...

Just to add, I think bturner nailed it. The competive nature of Insurance Companies and Banks making there balance sheets and stockholders happy, one year at a time.

[handman]

Ski Safe for us. We have 3 boats and all are with Ski safe. Saved several hundred dollars a year with them and fully customizable depending on when boats are laid up.

[Boats Bros]

I’m thinking I should get insurance on my 2003 SANTE 210. If you don’t mind me asking, what is everyone else paying around for their policy? I’d like to know what to expect when I get a quote versus having the sticker shock.

[MN Ryan]

I think I'm right around $400 annually for an '07 211.

[srock]

I shop my boat(s) policies every couple of years and the discrepancies between each provider and the different boats make little sense to me but it is worth the $$$ exercise. Yes, watch stated values, and depreciation deductions. Aside from the boat itself, my other concern is someone getting hurt. Perhaps someone can chime in on what to look for on this.

[Neptune442]

$250/year, 2005 SV211

[bturner]

I swear every time I go shopping the prices are all over the place. It's like they have a "wheel of fortune" wheel they spin to give you a price.

[Laketexoma]

Just got off of the phone with my insurance agent(state farm) for boat insurance. Now I have been with skisafe for 25 years. But I thought I would get other quotes. SF was almost 3x what ski safe was on a 23 g23. It cost more than our house. Crazy!!

[bturner]

Yeah.... that shouldn't really surprise you as they don't focus on boating and in most cases couldn't tell you what the difference between an I/O and an outboard is. Will they throw you a price? Sure but they've never been any good from my experience. I had AAA for years and had them price out boat insurance figuring that I would get a multi policy discount or something along those lines. There I go thinking again, the result was in line with what you got.

I think there's like 3 or 4 insurance companies that will be competitive and I've probably been with 3 of them over the years. The problem you typically run into is that they're good for a while then out of the blue raise you rates by 40% one year or bleed you slowly and do the 10% per year more thing. As much as I hate shopping for insurance, if I see an upward adjustment or a lowering in coverage in my car, house or boat insurance I'm out looking for a new company. There was a time when I had this crazy brand loyalty towards the insurance company I was with. Don't know how I got it but it took years for me to figure out that one company doesn't honestly don't care about you anymore than another. Sure some may be a bit better paying out than another but that typically depends on the adjuster you get and these days many of them are contractors so you may get the same adjuster from company X as company Y. I've found what's more important is understanding what's being insured and how. My top tip for the day would be.... If you have an older boat make sure you understand depreciated values.