Boat Insurance - Your experience please
 

I am writing an article on boat insurance and need help from all who have had good or bad experience with their insurance.

I do not need to know the name of the company as this is not a witch hunt. It is only informational and meant to educate boaters on how to buy and where to look for the best coverage for their favorite toy.

If you are an insurance professional, please contact me if interested so I may ask a few questions of you. You may even get a quote in the story.

Please email me at [email protected] with whatever information you may have and a contact number should I have any further questions. You can also call me at (714) 283-8670. What you send may show up in the article and if I use any names you will have the right to read the article before published.

Thank you all!

Sy Goldberg from Total Dollar is the guy. Not just a company. He is at all the shows and attends poker runs. Actually has packages that cater to and understand the needs of the perfomance boater. I never had a claim and hope not to! I personally rather do business with someone who supports the sport rather than just sells into it.

I'm with you there! I have spoken to Sy in the past and hope to speak to him soon. I know he is a great supporter as well as an active participant in OSO.

Sy, call me if you have a moment. I will call you soon as well. Thanks!

Sy has been good to us as well...Stay away from State Farm, they will insure your boat and then cancel it a few month later when they figure out what they insured. I am not the only one that has had this experience with them.

I have PMed Sy in Jan 03 and April 03 and have not heard from him. Is it just us???:confused: :confused:

Update: Just talked with him-very nice and helpful.

I have always been able to get in touch with him by calling him on the phone. 1-888-226-2846

Craig

Craig223 - OK, thanks. I'll try the phone number.

Not so good so far...this year is off to a bad start just trying to get coverage. I can't imagine what it would be like if I actually had a claim.

I've been sloughed off to the flunkies at a prominent broker who will remain unnamed and left a message for a new broker...let's see who actually wants my business...

Tell me how it goes Sean. If I find anything that helps, I'll get back to you.

I and my Dad have had State Farm For many years and have had no problems at all .

So far, my experience sucks. I am buying a 2000 Sunsation 288 with a stock 502 and so far, the cheapest quote has been $1150.00.

I have NO speeding tickets, great credit...This SUCKS. The insurance industry is about as unorganized as any out there. I tried to get it through a company that another board member has his exact SAME boat through, only his is one year NEWER and he has MORE HP's and I was told they wouldn't insure my new boat due to the fact that it is "a high performance boat"

The insurance industry needs to get their act together.

I've had my "stuff" insured by State Farm since 1980. Boat's been on since we got it in 1986. We've made 3 boat claims to date (each $1,000+) and never had any problems. We have an "agreed value" policy which I review every year with my agent. I'm a big fan of this kind of policy because there is absolute certainty how much they will payout in event of a total loss. BTW- they do require documentation of any improvements if it's a restored or refurbished vessel (like mine).

I think the agent is one of the most important parts of any insurance policy. A good one will go to bat for their customer, even when it's against company policy (it happened to me!).

The boat I had a problem with State Farm was a cat. The others I know of were also cats. This might have been the problem, but they should not have approved the policy, accepted our money, and then cancelled us 4 months later.

We sent pictures, disclosed hp, and speed prior to having the policy approved. our agent went to bat for us, but they still said "we don't insure those kinds of boats".

Sound to me like it was your agent who screwed you over. They should know and understand the policys they write- it's their freakin' job for cryin' out loud. If the company policy excludes cats (or any other specific kind of boat) the agent should know it and explain to the customer why they can't insure him.

I wonder how many bad agents have soured perfectly good customers because of their own ignorance and lost future business:rolleyes:

[QUOTE]Originally posted by 43Thunder
[B]I have PMed Sy in Jan 03 and April 03 and have not heard from him. Is it just us???:confused: :confused:

Ever since his half-brother, catmando has left the board, he has not been his self. :D :D

I use State Farm for insurance on all the toys, autos, and homeowners and have never had any problem with them even throughout a claim process.

See the OSO links section under insurance, two great companies. Personal experience with both.

nothing but bad in the last year.37 ol with trips.seems like it's uninsurable.sy had the boat until the company quit writing hp insurance.so i started getting quotes from different insurance agents.only to find out how crooked the insurance companies really are. their are only a hand full of companies that will write hp boats.the first agent will call all companies for your quote,and at the same time it locks out any other agent from getting a quote from the same company.then your stuck with only the first person you called.it's a game only at your expense,and you can't do anything about it.markell quoted me 4500.00 a year.i mailed 1/2 down.and then kept raising the price every couple of weeks with out writing a policy.a policy shows up at 6500.00,i get mad & cancel the insurance.they short me over 500.00 on a more than fare refund. now i have to find an agent that can get a quote from an insurance company that no other agent can lock out.sy has been the only agent that treated me fair in my mind.world wide marine underwriters in michigan locked me out of all companies,and made in almost impossible to find insurance.all the response i got from them on the shortage in my mind of 500.00 was (i thought it was taken care of).they did nothing but give me a false quote in writing from markell & would not stand behind me for a fair prorated refund. so i say careful with the way you look for insurance it could cost you a bunch. this same bull**** also applies to any commercial truck insurance.not only hp boat insurance.p.s i did find a home at blackadar. in regards to state farm insurance.i have heard more stories about them not insuring cigarette type boats.and then you hear some people have state farm because they insure alot of stuff for a lot of money in premium so state farm will insure them.its all bull****!insurance companies have a monopoly on the market.my suggestion is to talk to as many boaters that have boats like yours before you talk to any kind of insurance agent.!!!!only my 2 cents thats all i have left.

While we're on the subject of insurance I'm just curious what people do regarding supercharger add ons after the fact. Just pretend it's not there and hope you never have a claim (which they would probably deny if they found out about the no-disclosure)! Or if you tell them about the changes, what kind of reaction and rates did you receive??????? Steve

Allstate has been good to me.

Had a tree from a tornado fall on my old 1988 Force 320, adjuster was out within 48 hrs and was more than fair in settling the claim.
They now insure my new Baja Boss 342 for $1500 a year when the next lowest quote was $3900 from Progressive.

Jeff

You guys are awesome. Some great information to start. I hope that I can help in some way once I make my inquiries.

Keep it coming! I'm listening. Thanks!

This is unbelievable to me. You should be able to get insurance for about half that. At least that is what I was paying for my 272 with stock 502. That boat will not do over 70 which seems to be the magic number for most insurance companies. (Have you called Progressive?) My PQ340 will do 80 and none of the major companies would write me. All of the marine insurers gave me ridiculous guotes. Thank you Sy. He is a straight shooter and offers a great policy.

Good insurance is a must. I had a 232 burn up in a boatel fire in '98. Had Allstate at the time. They set up a trailer on site after the fire. I stoped by and had a check for the purchase price of the boat in about 30 minutes. Boat was 4 years old at that time.

Actually, I think I am a victim of a bad agent. After going out on my own and trying several well known companies, that 1150 was my cheapest quote. I asked my agent to try her channels as well, even asking her to try Progressive, on the advice of another member. She called back in an hour and said their underwriter refused to insure "performance boats".

After a call directly to Progressive (Thanks Rick!!!) I had insurance on the boat for about $800.00...right where I expected to be in price. I pulled what little hair I have left out for a week going around and around and when I went direct, it was painless.

Shame on me for not doing it to begin with.

That was a great question someone else raised about suprchargers...What do people do when they boost power and what has been the reaction of your insurance companies?

Bill Butler at Blackadar Marine Insurance has always had my APACHES and is very fair and helpful. He is knowledgeable on all HP boats and the required insurance.
1-800-292-0092
Robert

Some observations:

- Forget on-line applications (except for Progressive.) Call and talk to a human.

- A good agent is worth his weight in gold.

- Don't cheat on your top speed and HP. They have tables. You will pay your premiums and when there is a claim: denied.

- If it's high performance, Total Dollar, Performance Marine Associates and Blackadar are best choices. Total $ and PMA use same underwriter (INAMAR). Blackadar 30ft and up.