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Insurance company info need for boat Insurance

Old 07-11-2013, 07:41 PM
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Angry Insurance company info need for boat Insurance

I have State Farm right now and made many major upgrades and restorations on my boat in the past 6 months, and now can't get State Farm to adjust the actual replacement value in case of a loss, fire, ect...

I heard Boat US is good but does anyone personally have first hand knowledge using this company. State Farm made me document every change, receipts were needed and also why I was requesting a higher coverage. I put $22k in upgrades into the boat and want these updates covered. State Farm has been dragging their feet.

Please any info would help. Some companies won't even insure my boat because of the HP and speed.

Thanks

Dave
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Old 07-11-2013, 09:27 PM
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Originally Posted by toyo321
I have State Farm right now and made many major upgrades and restorations on my boat in the past 6 months, and now can't get State Farm to adjust the actual replacement value in case of a loss, fire, ect...

I heard Boat US is good but does anyone personally have first hand knowledge using this company. State Farm made me document every change, receipts were needed and also why I was requesting a higher coverage. I put $22k in upgrades into the boat and want these updates covered. State Farm has been dragging their feet.

Please any info would help. Some companies won't even insure my boat because of the HP and speed.

Thanks

Dave
Only thing that will force your insurance company to consider your upgrades is a NAMS survey. Most likely, it will not come in where you want it unless you got a screaming deal on your purchase price.

Good luck!
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Old 07-11-2013, 09:31 PM
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I used BoatUS with my Sunsation. Great rates and great coverage. From my experiences you can pretty much insure it for any agreed replacement value but your going to pay more...
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Old 07-11-2013, 09:59 PM
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If BoatUS will write it they will be one of the top 3 companies in the country you would want to deal with (but they don't cover performance boats typically). I had a claim with them years ago and couldn't have been happier with how they handled everything.

They will write a boat based on a surveyor valuation AND they used to have a policy rider for a few extra bucks that does not pro-rate equipment (meaning if your 10 year old 454 blows up they will put a NEW 454 in it)
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Old 07-12-2013, 03:01 AM
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Just because you spent 22k on the boat does not mean it is worth 22k more. If I spent 30k on my boat tomorrow, it might be worth another 10k.
Although State Farm asks for an initial value for the boat, you most likely still have an Actual Cash Value policy and not an Agreed Value policy.
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Old 07-12-2013, 08:38 AM
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What is wrong with having a policy that covers the replacement cost of what you own. It is only with boats that this gets fought. I insure my car and truck, and snowmobiles and they are insured for theft, physical damage, and fire for the replacement cost to put the same type of vehicle back in my driveway incase of any type of loss. That is what I am looking to have on my boat. The replacement cost not prorated. Allstate will write the policy today for any amount I would think the boat would cost to be replaced if lost due too theft or fire or what ever.

My question pertained to BoatsUS because I have never insured a motorized vehicle without going to one of the big named insurance companies before. That is why I am asking for some input here on this forum,.

You are allowed to have different forms of coverage on any boat to cover loose or removable items, such as depth finders, stereo equipment, gear that is stored in the boat of higher dollar value.

If you have a 650 HP engine it should be insured to replace that engine with the same if there is a loss. Or if someone smacks my brand new aluminum swim platform so it gets replaced with a new one, To replace my boat with something new, would be close to $50k. All I am asking for is the replacement value for the insurance I am seeking. State Farm is so screwed up in their underwriting process they would not even allow an appraisal from a certified boat agent unless it met their guide lines. There are companies out there that do this type of blanket coverage, I have been calling more than just one or two, I am trying to get the best price for the coverage I want.

What is wrong with doing that. Like I said it is only when you get into boats does his become a problem with insurance and coverage if your boat is not stock.

I know first hand about insurance companies I have a relative that works for Allstate, and he even told me to go to a different company for the boat coverage because they are 50% higher than everyone else on their cost.

Last edited by toyo321; 07-12-2013 at 10:20 AM.
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Old 07-12-2013, 10:08 AM
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most are getting very tuff on this stuff from ripoffs, telling them you now have 630hp might just get you cancelled...very few will even insure once the H/P gets to a certain point...years ago when I got my Gibson houseboat, they gave me a hard time because it had 700hp !!! could not get them to understand it was 50'...all they saw was 700hp....I have state farm as well...had a major claim years ago and they were super to deal with....I have a declared value policy on a classic car and they would not do what I wanted value wise because of the underwriters..and in the past a couple of pics and they were fine with whatever I said...times have changed because of all the *******s out there....
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