What are you paying for insurance?
- Thread starter Dhirsh
- Start date
I'm paying $303/year for my 2001 228. It's stored on its trailer. Coverage through BoatUS includes roadside trailer assistance and $250 of on-water towing. And, yes, the value of my 228 is well below your boats, but still...
It's not so simple to compare what others are paying.
There are a few factors that affect rates assuming that coverages are similar for other comparisons.
The value of the vessel is a major factor as is the claims history for the vessel in general. Policy limits are a factor also.
Your driving record (automobile and perhaps boat) will be checked as will your credit report.
Finally previous insurance claims may affect costs.
All that said, my past experience with pricing is that GEICO quotes were always more expensive than others (except Boat US who used to be expensive, that may have changed)
There are a few factors that affect rates assuming that coverages are similar for other comparisons.
The value of the vessel is a major factor as is the claims history for the vessel in general. Policy limits are a factor also.
Your driving record (automobile and perhaps boat) will be checked as will your credit report.
Finally previous insurance claims may affect costs.
All that said, my past experience with pricing is that GEICO quotes were always more expensive than others (except Boat US who used to be expensive, that may have changed)
Uncle Joe
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$1300 with Travelers. 50%hurricane haul out. April to Nov in water. Unlimited towing. So new England
If you have a bigger boat $$, you should consider yacht policy and not just boat insurance from the likes of Geico. My policy will pay to replace the value of the boat at the price I paid vs current market. Travelers just jacked it up from $840 to $970 annually. My duck boat is insured through progressive, not the Grady. Based in PNW.
Pat Hurley
Well-Known Member
$1,018 combined premium agreed value on 2 boats. 100k on my Marlin and 54k on my Jones brothers.
500k liability
300k uninsured and underinsured boaters
10k in fishing equip
2,500 in tow coverage
5k personal effects
10k med pay
$ 682 of that premium is for the Grady. The Carrier is Nationwide. Usage good 12 months out of the year. 500 deductible
Depending on your rating unit (value) claims history, credit, driving record, location and coverages chosen is going to affect that rate. If all that is good my guess is you're paying too much.
500k liability
300k uninsured and underinsured boaters
10k in fishing equip
2,500 in tow coverage
5k personal effects
10k med pay
$ 682 of that premium is for the Grady. The Carrier is Nationwide. Usage good 12 months out of the year. 500 deductible
Depending on your rating unit (value) claims history, credit, driving record, location and coverages chosen is going to affect that rate. If all that is good my guess is you're paying too much.
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No, I own it outright but I'm, required to have a pretty decent level of Liability and Name the Marina in the policy.
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I'll take a look at them. I was with Chubb for many years on my Sea Craft and my insurance broker recommended the switch to Geico. They were his least expensive option at the time. I'll just have to roll the sleeves up and start dialing for dollars.
Services like Tow Boat/Boat US on water towing can be very expensive without coverage. Although your $250 towing allowance sounds good, in many cases it may not cover the bill should you need to be towed. These towing companies can start billing the minute they leave their dock for the whole time to get to you, do whatever they need to do, and tow you back to somewhere.
I just priced a policy for a 2004 257 with a stated value of 45k. It stays on a trailer in Florida. With 500 deductible the coverage was $1,100 from Geico (through Boat US) and $1,250 with Progressive (through USAA).
I also have a 2003 Gulfstream which is kept in Maryland (same stated value and coverage) and the insurance is $495 per year.
For some reason Florida is VERY expensive.
I also have a 2003 Gulfstream which is kept in Maryland (same stated value and coverage) and the insurance is $495 per year.
For some reason Florida is VERY expensive.
Legend
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Oh, I know. As part of my BoatUS membership - which is separate from the insurance policy for the Grady - I have unlimited towing. I have another boat, a 37 footer, and had to be towed once due to too much water in the diesel fuel and that one tow (fully covered by BoatUS) more than covered a lifetime of membership fees!
I bet. Folks don't know how must water towing costs. Like you said, one tow can be the break even point for a lot of years of insurance.
$500 per year for $80,000 agreed value on a 2011 GW 275 Freedom used 12 months per year in Northern California.
