Need Insurance
 

:mad: 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.

Re: Need Insurance
 

try Progressive

http://watercraft.progressive.com/

Re: Need Insurance
 

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

Re: Need Insurance
 

who told them it would go over 70 ?

Re: Need Insurance
 

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.

Re: Need Insurance
 

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.

Re: Need Insurance
 

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 ... :rolleyes: .... 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 ....

Re: Need Insurance
 

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)

Re: Need Insurance
 

:eek: 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 :rolleyes:

Re: Need Insurance
 

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.

Re: Need Insurance
 

I use State Farm and pay $849.00 a year for 90,000.00 policy includes 6,000.00 for trailer (500.00 deductable) and 2,000.00 personal items inside the boat (100.00 deductable). Also includes 300,000 water liability, any damage to boat from rocks ect, and towing if stranded. I have life insurance and home owners insurance through them as well but no one could come remotely close to their number that I checked with. 1997 353 Formula with 502 MPI's.

Re: Need Insurance
 

I got State Farm to quote a 01 382 w 575's. I could not believe it 2275. Full coverage. I have 10 or so policys with them but still I thought that was cheap.

Re: Need Insurance
 

National Marine Underwriters. Full coverage including trailer, 300k liability. 1988 Formula SR1-311 with T-454 Mags. $750/yr.

Re: Need Insurance
 

I used State Farm on my 99 34ft Powerquest Vyper with 500hps, and coverage(replacement cost, including trailer) plus 3 grand on personal property with 500000. liabilaties was 1200. per year covered trailering and up to 50 miles offshore,,Bahamas coverage was purchased on a per trip basis rider at the rate of about 60 bucks per trip.

Re: Need Insurance
 

You had better read your policy. My State Farm agent of many years listed my Black Thunder as having 250 HP engines instead of twin 500HP. After his daughter took over the agency I got to checking all of our insurance. I caught the mistake and reported it to SF. My thanks from them was to not renew my boat insurance. I have since pulled all of my insurance to another carrier. If I had had an incident while insured by SF they would have said sorry, not covered. What really steams me about the whole deal is they had the Merc S/N's, marine survey. and pics of the HP500's. So much for due diligence on the part of the insurance co. Joe Murray

Re: Need Insurance
 

Try Progressive Insurance. They seem reasonable. ERIC

Re: Need Insurance
 

Try Dave Webb at JW Terrill. You can get their contact infor from the Formula website. They have Formula-exclusive programs and their rates are very competitive. We use them all the time for our new Formula customers.

Tom
Total Marine

Re: Need Insurance
 

I would agree with Tom from Total Marine. We used Dave Webb on our 98 382 FasTec and have on the the 04 370SS. Great person to deal with, up front no bull s**t.

Re: Need Insurance
 

Try www.worldwidemarineins.com. Ask for Bob and tell him Garrett D. sent you. He just saved me $400 for the year for the same coverage I was going to get elsewhere!

Cheers,
Garrett

Re: Need Insurance
 

I am a marine surveyor.I have a few insurance companies to try that are very good...You may need a survey for the vessel..I can help you

Tom Martin
215-852-6641

Re: Need Insurance
 

Dave Webb at J.W. Terrill. 636-728-7678. Any Formula owner should call Dave first.No surprises,you can trust Dave.

Re: Need Insurance
 

I agree...

Re: Need Insurance
 

I just purchased a 2001 382 with twin 500 efi,Markel quoted $2,900.00.That policy includes 4 month layup.The other stipulation is the boat cant be in water during hurricane season,and I have to fax them a letter when going down to florida to be covered!!!No tickets,accidents,and prior performance boats,no losses and good credit! I thought I could have done much better.Oh 150,000 replacement.

Re: Need Insurance
 

Did you try Progressive? They'll insure up to 1000 combined HP and were pretty reasonable. No trailering stipulations but would check water limitations.

Re: Need Insurance
 

What Eric said :D

Re: Need Insurance
 

Progressive is awesome. They were the only ones who would touch an older boat and They treated me very well when I had a claim.