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Farmers will not insure over 52 MPH !!

Old 06-21-2002, 12:19 PM
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Angry Farmers will not insure over 52 MPH !!

In changing my insurance policy to cover my 312 Formula my Farmers agent said no problem...... will cost $750.00/yr. Last week I get a cancellation from Farmers. I call & they say they will not cover a boat that goes over 52 mph !!! I said "are you not going to insure boats anymore? They will all go over 52 mph except pontoons!! " No, just excluding some boats that go over 52mph!! This sucks.... my last Formula went 75mph & no problem. This one six feet longer, 5000# heavier, & they won't insure it!!
This is only equipped with EFI 454's, not 502's or 500's. What the hell!!
They will list me with an outside company for $1500.00 per year.
What's everyone else paying for stock 10,000# boats???
Maybe I'll cancel my policies on 2 houses, & 3 other boats!!
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Old 06-21-2002, 12:28 PM
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That's rediculous!!!

I would like to find out where they got that "52" figure from?? Is 52mph safer than 54mph????? And why is it safer???

My insurance company (allstate) has changed thier ways also.....they will not take on "new" policies for a certain "black list" of boats.....but they are honoring thier existing policies. So i guess that means if i get a new boat....i have to get a new insurance co.
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Old 06-21-2002, 12:35 PM
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Not only that, but my truck had tools & stuff stolen out of it two months ago. I called the agent (same one).... this is covered under the "homeowners"policy, so he says.... we will cover it less deductible of course, but Farmers may not renew your policy if you make a claim !!! (So naturally I didn't) This should be against the law!!! They sure don't mind you paying them thousands of dollars, but you claim a few hundred in return & your "out the door"!!
They said the same thing about a break- in/theft at my lake house 5 years ago. ....No claims in between either, never a boat claim.... this is a crime as far as I'm concerned.
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Old 06-21-2002, 12:49 PM
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Try Bill at www.BlackadarMarine.com
1 800-292-0092
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Old 06-21-2002, 01:26 PM
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Normal policy is to not insure over (I thought it was 60) mph. You can get an exclusion, as I have one that my agent got (in writing) since I had multiple other policies with them. Funny thing is, now that I have the GPS it won't go over 60 anymore (the old water speedo was happy to report an "over 60" top speed).

They did however just do a "safety and value" inpsection of my house (and I thought all others) and raised the premium by 30%. I read somewhere that there had been lots of claims on new homes with mold/mildew problems due to improver ventilation design, and they were raising ALL home rates to cover there losses (not just those on poorly built houses that had the problems of course, "that" would be descriminatory).

-Greg
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Old 06-21-2002, 01:39 PM
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Blownformula, Check out State Farm Insurance. I have never had any issues or problems with my boats. Never any stupid questions, just your general standard questions...make, length, motor... so on.
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Old 06-21-2002, 01:54 PM
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I just left Farmers........they started w/ good rates but consistantly increased my rates.

I just went w/ American Family and saved $400 a year on my cars and $300 a year on my house.

My boat is with Safeco though........no probs and I even had a claim a few years back (hail damage)
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Old 06-21-2002, 02:43 PM
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I left State Farm a couple of years ago to consolidate under Farmers....Boy, was that a mistake!!
Yesterday, State Farm announced they will not underwrite any new Homeowner policies in Oklahoma.....if you don't have the house policy, they won't write the boat either!!
The scourge of the world....Lawyers & insurance co's!!
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Old 06-21-2002, 02:53 PM
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Blownformula,

Geez dude... hate to move there. Are you familiar with Ugly John's Custom Boat's out there in you area?
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Old 06-21-2002, 03:14 PM
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I am familiar with Ugly John's. A friend of mune bought a boat from him as "new"......found out later that Uglie's son had sunk it. They cleaned it and sold the boat as new. Needless to say, there was a lawsuit & Ugly lost...Not a very good rep here among the "knowing"!!
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