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Insurance - Early 30's with a 28' ride - HELP!

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Old 06-14-2003, 09:55 PM
  #11
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We have experienced GREAT service with State Farm.
We have been with them 22 years, same agent for 17 years.
They have insured both my ZX Donzi's, HP is listed on my policy, we have "agreed value" on the boat and agreed value on the trailer.

My last claim(2001) was a CrabPot (outdrive upper/lower) and they hired a marine surveyor and stroked me a check within 3 days minus my $500 deductible for a new out drive.

I think the key is a good agent, and everyones situation is different, longevity and number of policies are key issues too.
They insure everything from jewelry to my house etc.
$608 annually (must pay in full), $500 deductible.
Bryan

Last edited by Bryan Tuvell; 06-15-2003 at 06:54 AM.
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Old 06-15-2003, 11:19 PM
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Try National Marine Underwriters.

I insured a 25 Powerquest with them when I was 24. Speed was 65MPH, Mercruiser 454 Magnum 385HP. Perfect driving record - about $400 per year with a pretty small deductable. Age didn't matter too much with them. Boat agreed value was around $38,000 including trailer. Never had a claim.

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Old 06-16-2003, 02:05 AM
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Quote:
Originally posted by Von Bongo
I believe that your agent has a lot to do with it. They covered my Stingray, then my Fountain then the Pantera and I was very explicit with the agent each time because I had heard similar stories about underwriters dropping coverage. Both my agents were long time guys in the business and State Farm also has all my other vehicles, my house and an umbrella policy.
Von, thats a duplicate of what I have done with State Farm. I have my '96 Pantera 525SC with them for about $500/year. They've had 2 other boats of mine over the past 9 years, 3 cars and the house. Only had 1 boat claim ever and that was last year for a drive. Didn't raise my rates at all.
They did raise my house deductible a BUNCH this year though due to past weather related claims. With State Farm, the agent makes a TON of difference. Been with my agent for almost 20 years.
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Old 06-16-2003, 07:52 AM
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I'm with Fever Mike - last time I shopped boat insurance for a 1999 280 Powerquest (502, 65 mph), State Farm wouldn't give the time of day! Said they "were not writing any new policies in Michigan."

Allstate, who I've been with for years (and my cousin is my agent) on house, cars, sleds, told me they wouldn't insure any boat that had more than 350(?) hp per engine. Oooook, so a single 502 is bad, but a faster 27' with twin 330's is OK. Makes sense to me...

I ended up with United Causalty, through Bob Llewelyn at Worldwide Marine Underwriters. Think it was ~$1200 a year, agreed value. Sold the boat last almost 2 years ago, but at that time United Causalty was not renewing any performance policies (I think their excuse was 9/11, makes sense seeing as how all those terrorists were using Cigarettes to... oh, wait, that's right. There is no connection. Sorry, my bad.)
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Old 06-16-2003, 08:35 AM
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I'm insured by State Farm. 24 Superboat , 454 Mag, 70+ MPH, $550/yr. I don't recall my agent asking me how fast it will go, he only asked how much HP it had.

I have all my possesions insured by SF. I have had fires, thefts, accidents, tickets, tornadoes, and they have always come through for me.

Dave M.
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Old 06-16-2003, 08:43 AM
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I am paying $750 a year for an 85 28'Cig under 70, agreed value of 35k +5k for trailer with tons of coverage for on the water liability. They needed a full servey and pics of the boat, other than that they didnt seem to care about my age or driving record. I am 21 I picked up the policy when I was 19 with a ****ty driving record but years of boating experience. I couldnt even find another company at the time who would even consider covering me

Last edited by THRILLSEEKER; 06-16-2003 at 08:59 AM.
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Old 06-16-2003, 09:09 AM
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Well you made me look at my policy and it states:

We will pay the cost of repair or replacement at the time of loss, with out deduction for depreciation, subject to the following:
(1) We will pay the cost of repair or replacement but not exceeding the smallest of the following amounts:

(a) replacement cost at the time of loss
(b) the full repair cost
(c) any applicable special limit of liability; or
(d) any applicable limit of liability

(2) Loss to property not repaired of replaced within one year will be settled on an actual cash value basis. This means there may be deduction for depreciation.

We will pay the coverage A limit ($97,000) shown in the declarations for the described boats and motors if all described items are a total loss as a result of a since insured loss. We will also pay the coverage A limit shown in the declarations for a boat trailer if the loss is the result of the same insured loss. The policy deductible does not apply to these total losses.

I was wrong on the premium it is $801, I was thinking of my car. Anywho it's listed as insured for $97K, $7 trailer and $500K liability. They spelled Pantera wrong and but have the length of 28 feet right and the HP listed as 550. $1k deductable.
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Old 06-17-2003, 01:01 AM
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Quote:
Originally posted by Fever Mike
VonBongo, that a replacement cost policy not a real agreed value policy. Talked to my agent and a replacement cost policy on a 28 Pantera is around $50k. YIKES! That's why it's so much less in price plus you must have a lay up period too.
Mike
I have nothing in my policy that says I have a lay up period.
Also, I checked my bill and its only $435 a year.

It looks like an agreed value policy to me.

Here's a copy of the coverage. Notice "Coverage A"
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Old 06-17-2003, 01:05 AM
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This is what it says about a total loss and "Coverage A"
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