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Insurance Company Suggestions for new boat?

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Old 01-19-2005, 09:13 PM
  #31
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Default Re: Insurance Company Suggestions for new boat?

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Originally Posted by Harper220
Wow! It pays to shop around... I use ACE (Inamar) for my 2001 28 Daytona with 496 ho's. $783 annual... I can't imagine paying 2k, 3k, or 4k a year for boat insurance. Insurance is nothing but a big racket!!
Define racket - you pay that 783 annually for a few years and have a total loss and get payed 100K. Hopefully it won't happen, but when it does you will be glad you participated in that racket. Or worse yet you accidently hit someone and cause damage and injury. Who pays? You are protecting your assets, future and family.

Everyone has choices. Pay cash and don't insure - also hope you don't ever cause damage or injury to someone else. If you do, you will be working for them for a long time.

Seems to me you are getting a pretty fair deal.
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Old 01-19-2005, 10:44 PM
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Default Re: Insurance Company Suggestions for new boat?

I'm with World Wide on my 28 Daytona. Give Bob a call.

State Farm had it the first year when I had 330 stock engines.
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Old 01-19-2005, 11:08 PM
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Default Re: Insurance Company Suggestions for new boat?

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Originally Posted by Mentalpause
Define racket - you pay that 783 annually for a few years and have a total loss and get payed 100K. Hopefully it won't happen, but when it does you will be glad you participated in that racket. Or worse yet you accidently hit someone and cause damage and injury. Who pays? You are protecting your assets, future and family.

Everyone has choices. Pay cash and don't insure - also hope you don't ever cause damage or injury to someone else. If you do, you will be working for them for a long time.

Seems to me you are getting a pretty fair deal.
I'm not complaining about my boat insurance, $783 seems very reasonable compared to the guys that pay 2k, 3k, 4k or more a year on a $100k to $300k boat.

I'm just generalizing about insurance as a whole. You can't actually tell me that you've always been perfectly happy with your insurance as far as the cost to insure and increasing rates. If you've ever had a claim, were you always happy with the outcome?

My house, truck, business, unemployment and health ins. adds up quickly and keep going up drastically with no sizable claims in years, but late premium by one day= cancellation of coverage or SOL. Pay premium on time= sorry we can't cover your claim for some goofy reason and you're still SOL. Insurance companies demand very gutsy premiums, but when it comes time to pay, they want to pay out the least amount possible if not pay anything at all.

Sorry for venting, I just get a little worked up over insurance. It's not a fair game...

Last edited by Harper220; 01-19-2005 at 11:23 PM.
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Old 01-20-2005, 12:54 AM
  #34
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Default Re: Insurance Company Suggestions for new boat?

I think Insurance $$$ is what's hurting the cat Market. I was talking with a friend the other day and told him I would be better off and further ahead If I paided him $1,000 a day just to ride in his boat to get the thrill of the speed.
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Old 01-20-2005, 09:57 AM
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Default Re: Insurance Company Suggestions for new boat?

Bob at world wide wrote mine, good guy...
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Old 01-20-2005, 10:33 AM
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Default Re: Insurance Company Suggestions for new boat?

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Originally Posted by craig223
1-800-339-1235

Bob and Sy are the only two out there worth messing with. Beware of getting Marine insurance from a car insurance place. It's all good until you need to make a claim!!!

Sy's # is 888-226-2846

Not true my friend !!

Buzz at PMA is also very much capable of writing a good policy at a great rate. He knows High performance boats and what he is writing. He and Sy both use Ace.
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Old 01-20-2005, 11:37 AM
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Default Re: Insurance Company Suggestions for new boat?

I just had a new boat insured with Sy.. Previous boat was with State Farm but they wouldn't touch the new one..
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Old 01-20-2005, 11:51 AM
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Default Re: Insurance Company Suggestions for new boat?

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Originally Posted by otis311
Not true my friend !!

Buzz at PMA is also very much capable of writing a good policy at a great rate. He knows High performance boats and what he is writing. He and Sy both use Ace.
My bad!!! Never heard of Buzz, but I'll take your word for it. By the way, Your Harley at OSO HQ runs great!!!
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Old 01-20-2005, 12:33 PM
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Default Re: Insurance Company Suggestions for new boat?

Quote:
Originally Posted by Harper220
I'm not complaining about my boat insurance, $783 seems very reasonable compared to the guys that pay 2k, 3k, 4k or more a year on a $100k to $300k boat.

I'm just generalizing about insurance as a whole. You can't actually tell me that you've always been perfectly happy with your insurance as far as the cost to insure and increasing rates. If you've ever had a claim, were you always happy with the outcome?

My house, truck, business, unemployment and health ins. adds up quickly and keep going up drastically with no sizable claims in years, but late premium by one day= cancellation of coverage or SOL. Pay premium on time= sorry we can't cover your claim for some goofy reason and you're still SOL. Insurance companies demand very gutsy premiums, but when it comes time to pay, they want to pay out the least amount possible if not pay anything at all.

Sorry for venting, I just get a little worked up over insurance. It's not a fair game...
I agree the rates are hard to stomach at times. And some companies are obviously more efficient than others, and have more competitive rates. But I'm not sure all rating issues fall at the feet of the insurance companies. Rates have many factors, and fraud and litigation are two that have a big impact. Litigation is impacted by local state laws. Plus all states have insurance commissioners that in some cases, have to approve those rates. Ask a trial attorney why they pick certain places to try class action suits (southern Illinois being one). They do it because the jurys in those places like to give out huge awards. And then we all get to pay higher premiums because somebody got a verdict for 100 million.

Now claims service is another story, and I agree with you that is at the feet of the insurance company. Beware of small print in the policy of things which are not covered. And if you just get bad service, that tells you something about the company you are with.

Another impact on your boat insurance is where you boat and how you use it. My rates went down significantly when I put my boat on LOTO, nice deep lake with nothing but lots of other boats to run into. When I boated the rivers and shallow lakes in Illinois my rates were almost 50% higher. Much more likely to hit a log, or bottom out somewhere.

Last edited by Mentalpause; 01-20-2005 at 07:06 PM.
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Old 01-20-2005, 01:12 PM
  #40
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Default Re: Insurance Company Suggestions for new boat?

Call SY at total dollar. Also, taking Tres Martins course will also probably drop your rates and teach you to handle your boat correctly so hopefulyl you never have an insurance claim. He will also teach you everything about a stepped hull and cat (handling, dynamics, maintence, etc.) Definetly a neccesity even if youve been boating for years.

Last edited by LostinBoston; 01-20-2005 at 01:16 PM.
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