Treads

Just found out that BoatUS will not cover my 91 292 SR1 with twin 502's. The underwriter stated that due to the fact the boat will do in excess of 70 MPH, that it did not meet their criteria for insurance.

Nationwide (which I have my auto, home, life with) quoted me a declared value full coverage policy ($45,000 value) for $1,250 a year, seemed a little high to me.

What is anyone else paying for a comparable boat and which carrier?

Thanks for any insight.

CMG

try Progressive

http://watercraft.progressive.com/

Treads

Thanks CMG, I'll let you know the outcome.

offthefront

iTrader: (1)

who told them it would go over 70 ?

t500hps

I have a 98 Formula 312 that does 74 and Boat US would quote. Progressive has my policy and I was able to get a quote online in minutes. $1,200/ yr. I don't have anything with Nationwide and they were $50 higher.

Treads

offthefront,

I asked that exact question of the underwriter, and he told me that based upon the information that I provided (HP rating) and research that they do themselves, that they (BoatUS) rate the boat to do in excess of 70 mph. It was for this reason that they would not cover the boat.

I went to Progressive web site and got a quote last night. Without getting inot all the variables that the questionaire prompts you for, I reveived quotes from $1046 all the way to $2000. I didn't have the exact limits from the Nationwide quote to do an apples to apples comparison. But for a declared value of $45k, I think that an annual premium of about $1200 isn't all that bad. I'm sure that being based out of the Chesapeake and with the density of boaters on the Bay, it also has an effect on the rate.

I'm going to get the specific limits on the Nationwide quote on Monday, then go back to Progressive for an apples to apples look. Then decide. Will also ask Nationwide if the rate is discounted for multiple policies, long term customer, etc, etc.

offthefront

iTrader: (1)

my premium with Progressive was 750.00 for my 89 311 454mags ...nothing was asked/said about speed .. that was in April of 04 ... I did let the policy expire this Spring . When I tried to reinstate the policy they would not cover it because now it is more than 15years old ... .... I just picked up Liability .... 105.00 a year for 300K coverage ..... The boat is probably worth about 40K ....I have had boat insurance since 1986 and never filed a claim ....

dukenrock

I went with Progressive. They had zero restrictions on trailering, what lakes I can use it on etc. They did have a 1000HP restriction as well as MPH. $3,400/year. ('05 382 Formula)

mopower

Thats the best you could do??? Figuring about a 6 month season , that's almost $600 a month.
Bright side is......it makes gas look cheap

dukenrock

They base in on average season, howevere I can take it to Florida, for example, in Febraury and the coverage is still good. If someone knows where I can get it considerably cheaper with no trailering or lake restrictions I'm open for suggestions.