How do you know if you got a good insurance rate?

[Kims]

Why is there no "Blue Book" for insurance of boats? Simple enough to figure out how much they are worth and to finance them but when it comes to insurance who knows? I just insured my boat and although it sounded good, I really have nothing to compare to.

I have a completely rebuildt Scarab 34SS Centerconsole with three V8's outboards totaling 900HP and got full coverage for $465,- pr. year. Is this good? Any tricks to better it? The insurance agent was really nice and came out to take pictures of the boat and the trailer. I'm just wondering what everybody else is paying, and if it is a good rate or not. Seems like everytime somebody ask this question it goes into PM's for some slick insurance agents and the thread magically stops before any quotes are listed. Feel free to post what your rate is and maybe we can give others an idea as to how much it should cost with a OSO list of premiums.

[Von Bongo]

Only way I know of is to shop around. Usually my quotes have been within a few hundred dollars but my last 2 quotes were over $1,100 apart for the same coverage, and yes they were both from marine insurance companies, not a State Farm.

[seafordguy]

Originally Posted by Kims

Why is there no "Blue Book" for insurance of boats? Simple enough to figure out how much they are worth and to finance them but when it comes to insurance who knows? I just insured my boat and although it sounded good, I really have nothing to compare to.

I have a completely rebuildt Scarab 34SS Centerconsole with three V8's outboards totaling 900HP and got full coverage for $465,- pr. year. Is this good? Any tricks to better it? The insurance agent was really nice and came out to take pictures of the boat and the trailer. I'm just wondering what everybody else is paying, and if it is a good rate or not. Seems like everytime somebody ask this question it goes into PM's for some slick insurance agents and the thread magically stops before any quotes are listed. Feel free to post what your rate is and maybe we can give others an idea as to how much it should cost with a OSO list of premiums.

I would worship anyone who quoted me 465/year. The question of whether it is good or not depends on what the coverage is FOR.

[rlj676]

Originally Posted by Kims

Why is there no "Blue Book" for insurance of boats? Simple enough to figure out how much they are worth and to finance them but when it comes to insurance who knows? I just insured my boat and although it sounded good, I really have nothing to compare to.

I have a completely rebuildt Scarab 34SS Centerconsole with three V8's outboards totaling 900HP and got full coverage for $465,- pr. year. Is this good? Any tricks to better it? The insurance agent was really nice and came out to take pictures of the boat and the trailer. I'm just wondering what everybody else is paying, and if it is a good rate or not. Seems like everytime somebody ask this question it goes into PM's for some slick insurance agents and the thread magically stops before any quotes are listed. Feel free to post what your rate is and maybe we can give others an idea as to how much it should cost with a OSO list of premiums.

I agree on how the reply is always PM me or call me. I'd like to just see ballpark estimates when people ask, etc. I'm not quite serious enough to call yet, but still want to know if I can even consider certain boats.

I want a 26 ft cat with a HO (with no ownership experience) and have heard everything from "should be $1500" to it'd be impossible.

[sy goldberg]

I think he should kiss the agent,buy him or her a dozen roses,buy the agent an expensive meal,and paint the agents house.

[Kims]

Originally Posted by seafordguy

I would worship anyone who quoted me 465/year. The question of whether it is good or not depends on what the coverage is FOR.

Originally Posted by sy goldberg

I think he should kiss the agent,buy him or her a dozen roses,buy the agent an expensive meal,and paint the agents house.

This is for full coverage, despite the fact that I do not need it as the boat is 100% paid for. It is not that it is a bad quote, but considering I have had my own boat since I was 2 years old (loooong time ago..), numerous offshore races (sail and motor) behind me, drive a 412000 lbs vehicle at 500MPH for a living, worked on boats at my Dads shop since I can remember and I still don't get a better quote than the next guy buying a boat of this size / speed for the first time... At least I have piece of mind when the boat is not locked behind alarmed bars here at home.

[WakezoneINS]

Insurance depends more on the operator than it does what you own. There are SOOO many factors that go into insurance rating. The reason I have a problem ballparking people is that they hold you to it like it is a quote!

Insurance isn't like financing. Financing takes into account mainly your credit score. Insurance takes into account the following things:

location
value of boat
past experience on similar vessles
courses taken for credit
age
value of boat
engine horsepower
top capable speed
number of operators and their experience
mooring location and storage type
if there is a lay up
past claims history
if the boat has current insurance.

Now do you understand why we say PM, call me or fill out a form on our website?

It's a bit different and nothing that can be classified like NADA for values.

I am not trying to snap back, just trying to help you understand that there is a method to our madness

[WakezoneINS]

BTW... .$465/year on a boat that has triple engines?!?!?!? That rate is INSANELY cheap.

[sy goldberg]

I still think that my prior input is valid and I'll even supply the paint.

[PJDiesel]

Originally Posted by WakezoneINS

BTW... .$465/year on a boat that has triple engines?!?!?!? That rate is INSANELY cheap.

Uh, yeah. I would venture to say "Curiously" cheap!

I'm lacking the third engine and pay over three times that.......