Insurance - Process and What Are People Paying?

[Fishtales]

Hi,

I just closed the 11th season with my boat this year. My insurance company sent me a 6 page self assessment to detail the condition of my boat and asked for a bunch of pictures. Up till now I've had the same agreed-value policy which was basically what I paid for the boat when new in 07. I assume there will be a new value determined for the boat and at some point the agreed-value will be adjusted and hopefully the premium drops. I'm curious what I can expect to occur in the process and how often the value is adjusted over time for folks with older boats. I don't (never have) own anything on the boat, but have been keeping the insurance.

Paying about $1,100 a year for it here in MA ($180K agreed value) with a clause to be laid up 5 mo a year. Curious what folks have to say on the topic.

 

[seasick]

Hi,

I just closed the 11th season with my boat this year. My insurance company sent me a 6 page self assessment to detail the condition of my boat and asked for a bunch of pictures. Up till now I've had the same agreed-value policy which was basically what I paid for the boat when new in 07. I assume there will be a new value determined for the boat and at some point the agreed-value will be adjusted and hopefully the premium drops. I'm curious what I can expect to occur in the process and how often the value is adjusted over time for folks with older boats. I don't (never have) own anything on the boat, but have been keeping the insurance.

Paying about $1,100 a year for it here in MA ($180K agreed value) with a clause to be laid up 5 mo a year. Curious what folks have to say on the topic.

I just renewed my policy and called to ask about the agreed value. It seems that with my insurance company, the agreed value doesn't get adjusted automatically and I've had the policy for 10 years. It is possible though to have the agreed upon value changed (lowered in my case). I did have it lowered and that reduced the premium somewhat. I changed the value to a realistic value for the boat at this time

 

[SmokyMtnGrady]

I have USAA/Progressive. USAA has their boat and RV policies now underwritten by Progressive. I have an agreed value and increased it slightly. My thinking is this. In 09 I bought my boat new as an 08 left over. It was like $78 and change . My boat is mostly garaged kept, is in good condition and to replace it with a similar boat given sky rocketing boat prices, I am willing to pay an extra hundred bucks a year for just in case.

A new Seafarer today is around $125k boat prices are like college tuition lol. So, I tend to look at it as what kind of boat could I get right now on the mid $70k range ? Since I repowered and my motor has only 36 hours on it ,finding a boat might be hard. I guess one could find a good hull and repower it. My insurance was quick to investigate and pay for the claim when my motor was stolen. Those are some of my thoughts

 

[Legend]

Mine was $1,103 for 2017

 

[glacierbaze]

How much liability and personal injury coverage are you guys getting for that money, along with replacement value?

 

[Legend]

My policy is 6 months laid up - May 1 - October 31 - I have extended it a couple of times to include November for an added charge

 

[Legend]

How much liability and personal injury coverage are you guys getting for that money, along with replacement value?

Boat/Motors/Dingy 122,000
Personal Property 2,500
Towing 1,000
Liability/Fuel Spill 500,000
Medical 5,000
Unisured Boater 500,000

 

[seasick]

Don't forget that price depends on many factors such as claim rate for a specific model, horsepower and top speed. your driving record ( yes automobile), your credit score , your claim history and of course your specific area (zip code).
Yup, the insurance company knows a lot more about you and uses that info for pricing.