Insurance

HalcyonDays

HalcyonDays

Active Member
Joined
Aug 30, 2023
Messages
26
Reaction score
5
Points
3
Age
70
Model
Freedom 307
Who has best rates for boat insurance?
 
I have not been able to beat the price and ease of establishing a policy than Progressive.
 
  • Like
Reactions: MashpeeMan
I had Progressive for a while thru USAA. I needed to upgrade when I moved up to the 265 Express. I seem to remember there was an issue with upping the agreed value when I put new motors on it. Or maybe it was their definition of coastal was "not greater than 60 miles".. I need to go past 100.
After a lot of searching, those two issues cropped up from many insurers except Boat/US-GEICO. So thats who I have. It is as reasonable price as any for an offshore boat since you get the towing included.
Some companies quote lower prices until you specify your agreed value or your range.

There is another thread about this from a few years ago.


https://www.greatgrady.com/threads/need-insurance-recommendation.35961/post-250216
 
Last edited:
Progressive won't insure the older boats like mine. So i use Boat/US-GEICO.
 
I ues GEICO and get Boat US towing included because they own Boat US. So If your savings paying $175 and up for towing and saving $100 on the policy you might want to look into changing, my boats a 2000. Good Luck and stay safe.
 
I had Traveler's insurance for almost 5 years total on my previous homeowners insurance, cars, boats and other policies, and even for a month or two with when I bought my current boat. When I first started using them, they would insure the boat for whatever you wanted to insure it for with their "agreed upon value insurance policy". Then for some reason a few years later when I bought my Grady White in 2021, when I went to insure it they asked me how much I paid for it. I told them I paid $26.5k and they said that they would only insure it for the purchase price of $26.5k. I told them that I purchased the boat out on the east coast and brought it back to Seattle, as well as the fact that it's worth at least $55k in its current condition. Still no dice. I threatened to pull all of my insurance policies with them... homeowners, boat, auto x2, etc... and to go with someone else if that's the way they were going to run their business and treat a customer of over 5 years. Still no dice. So, I gladly transferred all of my policies over to Progressive, saved almost $400 a year doing so and have better insurance coverage with them. I remember talking with a different Traveler's sales rep when cancelling my policies and they asked why I was cancelling. I told them what happened with my boat policy and that I could save money as well as get better insurance coverage elsewhere for less. She tried to convince me to stay and I told her that she was crazy if she thought I was going to pay more for less coverage and only have my boat covered up to $26.5k. I haven't had to file a claim yet, but as mentioned above, they added a towing insurance plan to my policy for either free or it was like $10 extra a month or something extremely minimal. As mentioned before, no claims with Progressive but I'd used them in the past and without any issues. I think my policy for the year with an agreed upon value of $55k is like $600 maybe? I could lower it down even further with a higher deductible but to me it's not worth the risk at maybe saving $50-$75 a year. They also had no issue with insuring my boat because of its age, which my boat is a 2004.
 
Some companies are limiting to stopping insuring vehicles and property in certain flood prone communities. In addition, most insurance companies look at other factors such as claims history, driving record, credit score and boating experience. The checks for claims include automobile and possible home/renters insurance. Your driving record may also be a factor. Each company weighs these factors differently in assessing the risk factor.
There is no exact answer to the question of who is the least expensive and you need to get multiple quotes to compare. I am surprised that one company says your boat is too old. Did they say that in writing or in an email or did a broker tell you that? It may be that they use that as an excuse for other factors.
I use Progressive and have for many years. It may or may not be the lowest cost these days. Insurance rates have increased dramatically in recent years primarily due to the recent weather related events.
 
I’ve had Progressive (through USAA) for several boats and have been pleased with their rates and their service. I needed water tows twice with one boat that they reimbursed within 24 hours, one of which was billed about $600. No deductible charged and no raise in rates. They sent a flatbed to haul my broken axle trailer with boat atop and my truck as well on one occasion. Not sure what that must have cost, but my roadside assistance coverage paid it with no deductible or subsequent rate increase. Very pleased with Flo and her friends.
 
I have mine through Chubb. While its probably a bit more than the ones listed above, the coverage is some of the best, imo. I have my 265 insured for a stated value of 80k, which also includes the trailer. They also have coverage for manufacturer design defects. I know someone who had their transom replacement covered, due to the design defect of the bang cap on his Marlin.

I was insured with Allstate for a while, but when I went to renew, I was asking about coverage being 50 miles offshore. Come to find out, I only had coverage for up to 10 miles. So you'll want to verify with whoever you decide to go through, how far offshore you are covered for. You might be surprised that most only cover up to so many miles. Chubb has no limit.
 
Saltyone said:
I have mine through Chubb......They also have coverage for manufacturer design defects. I know someone who had their transom replacement covered, due to the design defect of the bang cap on his Marlin.
Click to expand...
wow, thats like a built in warranty. that could save $8-12k
 
  • Like
Reactions: Saltyone
Ekea said:
wow, thats like a built in warranty. that could save $8-12k
Click to expand...
I'd be shocked if that's still the case and/or his policy didn't take a hit. Otherwise they'd lose their shirts from a lot of GW owners.
 
This was his post on here on his transom replacement.

Transom on 2007 Marlin

After reading Fishtales adventure with a wet transom I took a closer look at my own Marlin transom. What I saw did not please me but I'm glad that I took the time to inspect. I found a small crack in the gel coat in the well that ran the entire length of the well. I also noted the jello like...
www.greatgrady.com www.greatgrady.com

When I insured mine with Chubb last year, even the agent was familiar with the Grady transom issues, and the coverage they provided for them.

From the Chubb brochure

"Loss caused by latent, manufacturing or design defects or mechanical or electrical breakdown or machinery damage are not excluded."
 
Saltyone said:
This was his post on here on his transom replacement.

Transom on 2007 Marlin

After reading Fishtales adventure with a wet transom I took a closer look at my own Marlin transom. What I saw did not please me but I'm glad that I took the time to inspect. I found a small crack in the gel coat in the well that ran the entire length of the well. I also noted the jello like...
www.greatgrady.com www.greatgrady.com

When I insured mine with Chubb last year, even the agent was familiar with the Grady transom issues, and the coverage they provided for them.

From the Chubb brochure

"Loss caused by latent, manufacturing or design defects or mechanical or electrical breakdown or machinery damage are not excluded."
Click to expand...
I'd love to know the rates. Between Yamaha mid sections and GW transoms, many should have been signing up years ago!
 
My insured value is similar, but my coverage is not as inclusive. I'm more than $1k/year less.
IMO your rate is still good considering the coverage. Between indoor storage and new engine warranties, I currently don't have the need for your type of policy. Good to know what's out there.
 
Yeah, its not the cheapest by any means. My aluminum northriver was probably close to what you were paying, but I was with Allstate for that boat. As mentioned, the main reason for the change with how far I was allowed to go offshore with Allstate. I think I even checked with Progressive, and they had a couple levels of coverage depending on the mileage offshore. Once you got to a certain point, it almost doubled in price. But if I remember correctly, they still had a max limit.

Here is the coverage with Chubb on their Masterpiece Select policy, the select coverage is on the right.

1706133066522.png
 
You must log in or register to reply here.