Endorsement Costs that can really add up...
03-14-2010, 10:38 AM
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Endorsement Costs that can really add up...
As many of you are already familiar with, performance boat insurance policies and carriers are unlike your typical insurance carriers. They are different for a very good reason; performance boats aren't your "typical boat." When you own a performance boat, you own a highly specialized boat. Your insurance policy is and should be just as specialized.
When obtaining competitive quotes from different agents or carriers for your performance boat there are some major questions that you should ask to ensure that you are comparing "apples to apples".
1. The obvious....The limits.
Ensure that the limits match. Don't be afraid to "disclose" these to the agent, they need these limits to help you. You should match the following:
2. Trailering allowance - Ask if the quote/policy has an unlimited trailering endorsement.
This endorsement can be the source of hidden costs during the course of your policy and is one that is typically not discussed at the time of sale... Some carriers like ACE give you a "radius" from your home point that you can not trailer your boat out of. Bottom line, if you take your boat OUT of the radius you do not have coverage, unless you pay an additional premium.
At Wake Zone, 98% of the policies we sell have an UNLIMITED TRAILERING ENDORSEMENT added to the policy automatically. This endorsement allows you to trailer your boat anywhere in the US and Canada with NO NEED to pay additional premium.
3. Navigational Operating Territory
Many carriers will stipulate what specific waters you can use your boat in, such as "inland lakes and rivers excluding the Great Lakes" or "Gulf Waters". When this stipulation is put on your declaration page, it is telling you that if you use your boat OUTSIDE of those specific waters, there is no coverage unless you pay an additional premium. The solution to this would be to ensure that you have all the areas you take your boat within the course of the year on the table at the very begining on writing the policy. This will help the agent help you to get the correct policy. The carriers that we write for provide very broad navigational territories.
4. Lay up and use of boat during your lay up.
For those of you who are in colder climates with performance boats you are very familiar with your "lay up period". This is that sad time of year when the fun gets winterized and put away not to see the water again until the next year.
Some carriers will give you a "credit" for not using your boat on the water during this period. If you chose to take your boat out during a lay up time you will have to "pay back" some of the credit you got on your policy. Some carriers of Wake Zone's will allow you to break your lay up one time, free of charge, others have a "set cost regardless of duration" and some will credit your rate for being in a cold area and still allow you to take your boat anywhere you want during the winter for no cost, including Florida! So, it pays to ask.
5. Lastly, the COST OF THE ENDORSEMENTS.
While you should be aware of all of the above, some of you have boats that will not allow you to have a lot of options. So in this instance, ASK THE AGENT what the average cost of an endorsement is for trailering outside your "radius" or using your boat in "different waters". The cost of these endorsements can add up quickly. Some carriers endorsement costs are VERY expensive in comparison to others.
At Wake Zone we're here to help you get the best policy for the best OVERALL price. If you have any questions or need advice, please feel free to call me. I'll be happy to discuss your particular situation with you.
Happy Boating Season!
Stacy
When you get a quote on your boat from Wake Zone, we quote your boat with the following carriers:
American Modern
American Reliable
ACE
Lloyds of London
Markel
Progressive (very rarely)
Safeco (non-performance)
couple others that are state specific
When obtaining competitive quotes from different agents or carriers for your performance boat there are some major questions that you should ask to ensure that you are comparing "apples to apples".
1. The obvious....The limits.
Ensure that the limits match. Don't be afraid to "disclose" these to the agent, they need these limits to help you. You should match the following:
- Hull & Machinery
- Deductible
- P&I Liability or Watercraft liability
- Uninsured Boater
- Pollution
- Medical Payments
2. Trailering allowance - Ask if the quote/policy has an unlimited trailering endorsement.
This endorsement can be the source of hidden costs during the course of your policy and is one that is typically not discussed at the time of sale... Some carriers like ACE give you a "radius" from your home point that you can not trailer your boat out of. Bottom line, if you take your boat OUT of the radius you do not have coverage, unless you pay an additional premium.
At Wake Zone, 98% of the policies we sell have an UNLIMITED TRAILERING ENDORSEMENT added to the policy automatically. This endorsement allows you to trailer your boat anywhere in the US and Canada with NO NEED to pay additional premium.
3. Navigational Operating Territory
Many carriers will stipulate what specific waters you can use your boat in, such as "inland lakes and rivers excluding the Great Lakes" or "Gulf Waters". When this stipulation is put on your declaration page, it is telling you that if you use your boat OUTSIDE of those specific waters, there is no coverage unless you pay an additional premium. The solution to this would be to ensure that you have all the areas you take your boat within the course of the year on the table at the very begining on writing the policy. This will help the agent help you to get the correct policy. The carriers that we write for provide very broad navigational territories.
4. Lay up and use of boat during your lay up.
For those of you who are in colder climates with performance boats you are very familiar with your "lay up period". This is that sad time of year when the fun gets winterized and put away not to see the water again until the next year.
Some carriers will give you a "credit" for not using your boat on the water during this period. If you chose to take your boat out during a lay up time you will have to "pay back" some of the credit you got on your policy. Some carriers of Wake Zone's will allow you to break your lay up one time, free of charge, others have a "set cost regardless of duration" and some will credit your rate for being in a cold area and still allow you to take your boat anywhere you want during the winter for no cost, including Florida! So, it pays to ask.5. Lastly, the COST OF THE ENDORSEMENTS.
While you should be aware of all of the above, some of you have boats that will not allow you to have a lot of options. So in this instance, ASK THE AGENT what the average cost of an endorsement is for trailering outside your "radius" or using your boat in "different waters". The cost of these endorsements can add up quickly. Some carriers endorsement costs are VERY expensive in comparison to others.
At Wake Zone we're here to help you get the best policy for the best OVERALL price. If you have any questions or need advice, please feel free to call me. I'll be happy to discuss your particular situation with you.
Happy Boating Season!
Stacy
When you get a quote on your boat from Wake Zone, we quote your boat with the following carriers:
American Modern
American Reliable
ACE
Lloyds of London
Markel
Progressive (very rarely)
Safeco (non-performance)
couple others that are state specific
Last edited by WakezoneINS; 03-14-2010 at 11:29 AM.
03-15-2010, 04:25 AM
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As many of you are already familiar with, performance boat insurance policies and carriers are unlike your typical insurance carriers. They are different for a very good reason; performance boats aren't your "typical boat." When you own a performance boat, you own a highly specialized boat. Your insurance policy is and should be just as specialized.
When obtaining competitive quotes from different agents or carriers for your performance boat there are some major questions that you should ask to ensure that you are comparing "apples to apples".
1. The obvious....The limits.
Ensure that the limits match. Don't be afraid to "disclose" these to the agent, they need these limits to help you. You should match the following:
2. Trailering allowance - Ask if the quote/policy has an unlimited trailering endorsement.
This endorsement can be the source of hidden costs during the course of your policy and is one that is typically not discussed at the time of sale... Some carriers like ACE give you a "radius" from your home point that you can not trailer your boat out of. Bottom line, if you take your boat OUT of the radius you do not have coverage, unless you pay an additional premium.
At Wake Zone, 98% of the policies we sell have an UNLIMITED TRAILERING ENDORSEMENT added to the policy automatically. This endorsement allows you to trailer your boat anywhere in the US and Canada with NO NEED to pay additional premium.
3. Navigational Operating Territory
Many carriers will stipulate what specific waters you can use your boat in, such as "inland lakes and rivers excluding the Great Lakes" or "Gulf Waters". When this stipulation is put on your declaration page, it is telling you that if you use your boat OUTSIDE of those specific waters, there is no coverage unless you pay an additional premium. The solution to this would be to ensure that you have all the areas you take your boat within the course of the year on the table at the very begining on writing the policy. This will help the agent help you to get the correct policy. The carriers that we write for provide very broad navigational territories.
4. Lay up and use of boat during your lay up.
For those of you who are in colder climates with performance boats you are very familiar with your "lay up period". This is that sad time of year when the fun gets winterized and put away not to see the water again until the next year. Some carriers will give you a "credit" for not using your boat on the water during this period. If you chose to take your boat out during a lay up time you will have to "pay back" some of the credit you got on your policy. Some carriers of Wake Zone's will allow you to break your lay up one time, free of charge, others have a "set cost regardless of duration" and some will credit your rate for being in a cold area and still allow you to take your boat anywhere you want during the winter for no cost, including Florida! So, it pays to ask.
5. Lastly, the COST OF THE ENDORSEMENTS.
While you should be aware of all of the above, some of you have boats that will not allow you to have a lot of options. So in this instance, ASK THE AGENT what the average cost of an endorsement is for trailering outside your "radius" or using your boat in "different waters". The cost of these endorsements can add up quickly. Some carriers endorsement costs are VERY expensive in comparison to others.
At Wake Zone we're here to help you get the best policy for the best OVERALL price. If you have any questions or need advice, please feel free to call me. I'll be happy to discuss your particular situation with you.
Happy Boating Season!
Stacy
When you get a quote on your boat from Wake Zone, we quote your boat with the following carriers:
American Modern
American Reliable
ACE
Lloyds of London
Markel
Progressive (very rarely)
Safeco (non-performance)
couple others that are state specific
When obtaining competitive quotes from different agents or carriers for your performance boat there are some major questions that you should ask to ensure that you are comparing "apples to apples".
1. The obvious....The limits.
Ensure that the limits match. Don't be afraid to "disclose" these to the agent, they need these limits to help you. You should match the following:
- Hull & Machinery
- Deductible
- P&I Liability or Watercraft liability
- Uninsured Boater
- Pollution
- Medical Payments
2. Trailering allowance - Ask if the quote/policy has an unlimited trailering endorsement.
This endorsement can be the source of hidden costs during the course of your policy and is one that is typically not discussed at the time of sale... Some carriers like ACE give you a "radius" from your home point that you can not trailer your boat out of. Bottom line, if you take your boat OUT of the radius you do not have coverage, unless you pay an additional premium.
At Wake Zone, 98% of the policies we sell have an UNLIMITED TRAILERING ENDORSEMENT added to the policy automatically. This endorsement allows you to trailer your boat anywhere in the US and Canada with NO NEED to pay additional premium.
3. Navigational Operating Territory
Many carriers will stipulate what specific waters you can use your boat in, such as "inland lakes and rivers excluding the Great Lakes" or "Gulf Waters". When this stipulation is put on your declaration page, it is telling you that if you use your boat OUTSIDE of those specific waters, there is no coverage unless you pay an additional premium. The solution to this would be to ensure that you have all the areas you take your boat within the course of the year on the table at the very begining on writing the policy. This will help the agent help you to get the correct policy. The carriers that we write for provide very broad navigational territories.
4. Lay up and use of boat during your lay up.
For those of you who are in colder climates with performance boats you are very familiar with your "lay up period". This is that sad time of year when the fun gets winterized and put away not to see the water again until the next year.
Some carriers will give you a "credit" for not using your boat on the water during this period. If you chose to take your boat out during a lay up time you will have to "pay back" some of the credit you got on your policy. Some carriers of Wake Zone's will allow you to break your lay up one time, free of charge, others have a "set cost regardless of duration" and some will credit your rate for being in a cold area and still allow you to take your boat anywhere you want during the winter for no cost, including Florida! So, it pays to ask.5. Lastly, the COST OF THE ENDORSEMENTS.
While you should be aware of all of the above, some of you have boats that will not allow you to have a lot of options. So in this instance, ASK THE AGENT what the average cost of an endorsement is for trailering outside your "radius" or using your boat in "different waters". The cost of these endorsements can add up quickly. Some carriers endorsement costs are VERY expensive in comparison to others.
At Wake Zone we're here to help you get the best policy for the best OVERALL price. If you have any questions or need advice, please feel free to call me. I'll be happy to discuss your particular situation with you.
Happy Boating Season!
Stacy
When you get a quote on your boat from Wake Zone, we quote your boat with the following carriers:
American Modern
American Reliable
ACE
Lloyds of London
Markel
Progressive (very rarely)
Safeco (non-performance)
couple others that are state specific
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03-15-2010, 08:47 AM
#3
HP Marine Ins. Specialist
Thread Starter
Join Date: Mar 2008
Location: Insuring any kind of boat
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??? Seeing as though we only write for Progressive in 6 states out of 50 and that Progressive only represents 1% of our book of business, YES, VERY RARELY. Sometimes Progressive can be a good fit but the majority of the time for performance boats, they are not a "good fit" for a client.
My first choices for carriers, as I've shared with many of you, are American Reliable and American Modern.
