f311fr1

I had SF for over 30 years. The insured my 272 Formula, 311 Formula, 28 Sonic, and my 43 Black Thunder. I went to them when I was doing a repower on the Black Thunder and gave them all the specs. Their answer was to notify me of impending cancellation. I had not had a claim in over 20 years. I got to checking my actual policy that the agent had turned in on original powered BT. He listed twin 205HP engines. A typo, I don't think so. I think he lied on purpose to keep my business. I moved all my insurance to American National Property and Casualty. They are out of Springfield MO. but have local agents. The were very reasonable for better coverage. I had a truck wreck about 18 months ago (my fault) and they did not penalize me and were very responsive on handling the claim. I will never do business with SF again.

5PMSMWHR

Last year when I got my 353 with 500EFIs, the SF underwriter came back saying they wouldn't write it because the hull was considered unsafe. Knowing that was total BS I told my agent if he didn't want me to pull my life, house, and five vehicle policies he ought to talk to them again. 24 hours later I was covered for around $875 a year.

Rippem

all I can say is... be prepared for the service on the loss end that those cheap rates on the front end bought you.

there is no free lunch and you get what you pay for.

5PMSMWHR

Rip,
You get what you pay for with Insurance?????? You really don't understand what insurance is, do you? So, you base service on what you end up paying in premium? Obviously you're in a high risk pool. Maybe Tres Martin Driving school can get you a discount. All I'm saying is I have thirty years experience with State Farm, all good. If I ran an agency and you walked in, I'd probably jack your rates through the roof and make you feel good about it as you left too

sy goldberg

I've seen this happen many times and I would suggest that the person who got the bargain get a letter from the UNDERWRITING department of the carrier stating that they are covering this boat based on it being a HIGH PERFORMANCE BOAT and are willing to continue coverage based on that fact.

Rippem

actually I do. My brother has been in the insurance industry for 35 years, from office boy in the early 70's, to chief underwriter, to CFO and then CEO of 2 of the largest entities in the country.

and actually if YOU understand what insurance is...you'd know that with comparable loss percentages across the industry...(do you know statistical math?)
SF either doesn't pay/underpays out, or has a pool of 3X any other marine division in the industry to offer those rates.
right.
when the in/out math is done, they are not losing money at the divisional/corporate level...to write you a boat policy.


all that was meant was that a too good to be true premium 90+% of the time will net you not so good/timely performance on the claim end, especially in a total loss or liability situation. I don't care if you now the agent or not, corporate can overule/sweep them under the rug in a single breath.

You better be sure SF knows EXACTLY what the boat/motors are and how fast It'll go.

Is that a real 'marine policy' and if so, what are the spill/environmental and salvage limits if she goes down?

and is that price agreed value or ACV?

TexomaPowerboater

That is odd, I pay the same exact price for my 1990 28 apache, twin 460hp. Its not in a coastal area either.

5PMSMWHR

My marine policy with SF is fully aware of my boat and its equipment. If you're coverage cost is that far out of the box from mine either your brother doesn't like you as much as you would like to think....or you're one of those people that drops claims every 6 months and doesn't understand why your premiums are boosted...statistically speaking, you're a risk

Rippem

#1 good for you.
I hope the hull truth that you bestowed upon your agent when you threatened to pull all your business is the same truth he passed on to the underwriters (and didn't do "what he had to do" to save your other policies with him).

#2 No need to attack me/my family there friend...who are you taking lessons from?
I don't have any insurance with my brother. Read posts more slooowly if you struggle with comprehension. Always the same...come too close to truth, calling out for facts, or calling out bu!!chit, and certian groups of people get a nasty demeanor in a hurry...

#3 far from a claim dropper, or a risk. Long term employment and credit scores consistantly in the high 700's/800. Violation free for at least 15 years (longer than that I think), and have filed one relatively small collision claim and one significant claim on vehicles in almost 20 years (a comp claim at that, the 99 GMC that inexplicabally went up in flames idling in the garage (though I did save the garage!).

Never a claim on homeowners, nor on boats/watercraft.

#4 I've watched you drive your boats...realistically speaking...

you're a risk

#5 I wouldn't touch SF for my boat insurance, as much like Progressive, the horror stories contained in this thread are by far not the first ones reported over the years about the typical experience come claim time.

I sincerely hope you're not telling one of those stories down the road...

Rippem

you still didn't comment on wether that super cheap premium your so proud to toss out there is agreed or ACV, or was that because you don't know?

personal injury liability? Now we won't discuss numbers on a public forum, but I find it hard to believe you're at anything above minimums at that price.
Me? suffice to say I pay more annual premium for more coverage.

Now maybe you've got an umbrella... though most won't start paying out at a dollar above typical mins. so make sure they meet at the right place!

how 'bout those environmental/salvage limits? That's expensive stuff to have to pick up the rest of the tab out-of-pocket ...

doesn't it seem odd to you that you can insure a $100,000+ powerboat that operates in an inherently more dangerous environment, with no speed limit, more volatile potential for liability to property (other 100K boats, or more) and person (how many people could you have on your boat for the day on the water?) for the same kinda money (or less) annually it takes to insure a 40K vehicle?

and in a smaller pool of insured?

things that make 'ya go hmmmmm.....