insurance rates/policy

Anna Leigh":3k8s8ddh said:
If the engine is stolen or falls off in 500 ft of water the policy pays for a new engine (less the deductible)
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Hey David, what happens if the water is only 400 feet deep? :?:

Charlie
 
Progressive here also, premium $368 for $57,000 agreed value, boat motor and trailer. Includes towing up to $1000 per incident which should get me back to shore. Covers me from Ensenada MX north. disappearing deductible and roadside assistance while trailering.

I had Boat US insurance and the premium was $113 more with less coverage. (no towing coverage)

Around here, Vessel Assist is about $120/year for reasonable distances, by the way.

Don
 
Hey David, what happens if the water is only 400 feet deep? Question
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Charlie, You have to make at least one attempt to free dive and retrieve it.
 
Golly, this is a complicated process, EVEN IF you read this discussion and just decide to go with one provider based on recommendations here. Remember on Star Trek how Scotty would slide those little sliders up and down to activate the transporter? Buying insurance is like operating a console with about a dozen little sliders! Sheesh...

How much coverage? How big a collision deductible? What about the comprehensive deductible?
Uninsured boaters coverage?
On-water towing? Personal Property? Medical Payments? Fishing Equipment?

Anyway, I just called John Aydelotte at Vessel Assist in Cornet Bay, just down the road a bit from EQ Marine. He's answered the question I had LOTS of times, for LOTS of folks, it turns out :-) He said average tow cost is around $300 in our area, and he wouldn't recommend less than $600 on-water towing coverage. Naturally, he says you get better service, and of course you don't pay out-of-pocket, if you have a BoatUS towing policy. But he acknowledged that it's usually less expensive to get it through your boat insurance policy.
 
I am also with progressive, my2006 CD-22 insured for $63,000
$366.00 a year.
Includes down riggers, rods,tackle and electronics.
 
We had Boat US insurance on our Trawler. Just before it sold, we had the audacity to have a claim! When getting ready to insure the TomCat, Boat US declined to quote us a rate. We now have Progressive, $750 for $ 125,000 agreed value. I just checked rates online from a couple of online companies. Both were close to twice the rate we now pay.
 
I just visited the Progressive Boat Insurance site. They seem to have a unique definition of agreed value.
Agreed Value
Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the Actual Cash Value (ACV) at the time of the loss. Rating Base
The current market value of the boat/PWC, including motors and permanently attached and portable boating equipment.
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The words "current market value" suggest something other than "agreed value".
 
Thanks Pete -

I just re-read my Progressive policy and I can't find any different definition for Agreed Value that you found & highlighted from the web site. (I've got the Agreed Value coverage). There is no mention of the term "rating base"

Where did you find it?

mac
 
Adeline":2aoiklkk said:
The words "current market value" suggest something other than "agreed value".
Click to expand...

RE Progressive - I'm just about to send in my renewal, and the actual invoice clarifies things a bit. The important part of what you read online appears to be the following:

Agreed Value

Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the Actual Cash Value (ACV) at the time of the loss.

On the invoice, the "Ratings Base" they would use is clearly defined - $64,000 in my case. And, while it's not on the current invoice, this is one of the reasons I went with Progressive - the agent assured me, the ratings base (or ACV, or whatever they call it) would not be reduced for the first 5 years. That's held true to date.

Oh - and I'm at $490/year with a $250 deductible, although it may drop a bit once I call them and let them know the boat is now permanently in WA. The $490/year is the "stored in CA" rate.
 
Insurance availability and rates will depend on where you boat--as well as your experience, driving record and credit score.
 
Right you are thataway - and, here in NE, you used to have to stop using your boat during the winter months to get a lower rate - kinda like with a motorcycle.

I'm paying $363 for $40,000 coverage and an additional $78 for 500K liability.
There's a $380 deductible. The policy is with Travelers and I can use the boat whenever/where ever I want (in the US).

I'm sure I can get a better boat rate but my agent is very sharp on my bigger policies so its just easier to have him handle the boat as well.

Phil
 
I also have Progressive for my boat. Does anyone know if they cover towing if you have a problem and if there are limits?

I have State Farm for house and cars and my agent was telling me that State Farm will cover my boat for 50 miles to sea and all of US and Canada plus cover towing anywhere with no limit.

Steve
 
Hi Steve,

When I booked the Progressive policy thru my local agent, they came back and said I had to include trailering coverage, and it cost something like $10/yr more I think (it is now included in the price I pay). It now shows on my declaration page. The policy reads:

If Roadside Assistance Coverage is shown on the
Declarations Page, then in the event of a covered
emergency while your covered watercraft
is being towed by or carried by a land motor vehicle
or being loaded or unloaded from its trailer,
we will pay for our authorized service representative
to provide:
1. towing of the motor vehicle, covered watercraft
and trailer to the nearest qualified repair
facility; and
2. labor on the motor vehicle and/or trailer at the
place of disablement;
which is necessary due to the covered emergency.
If the motor vehicle, covered watercraft and trailer
are towed to any place other than the nearest
qualified repair facility, you will be responsible for
any additional mileage charges incurred.
Roadside assistance will be provided by our authorized
service provider. If a covered emergency
occurs, you may request roadside assistance by
calling the toll-free number we provide to you.

They provided a card which I carry, but have never used.

Mac
 
I rechecked my policy, and it reads that if you select "agreed value", then you get agreed value (minus salvage value if you decide to keep it if it declared a total loss). I will forward that "ratings base" definition to my agent and see what she says....

Mac
 
Thanks Mac,

I was actually asking about towing on the water. My state farm agent said they provide towing even in Canada with no $ limit. I am sure it is to the nearest safe harbor, but that seems like a good benefit.

I talked to them again today and the rate is probably 40% more than Progressive.

Steve
 
Ok - got it. Water towing in the Progressive policy is stated as:

Subject to the limit of liability shown on the Declarations
Page, if you pay the premium for Watercraft
Emergency Towing and Labor Coverage, we
will reimburse you for towing and labor costs, and
delivery costs for parts and supplies, incurred by
you as a result of the disablement of a covered
watercraft while afloat, provided that:
1. the labor is performed at the place of disablement;
and
2. the disablement does not occur where the covered
watercraft is usually kept.
We will not reimburse you for the cost of the parts
and supplies. A deductible does not apply to this
coverage.
Duplicate recovery for identical elements of damages
is not permitted under this policy

I never requested towing insurance from Progressive, I suspect the BoatUS premium would be a good deal if you want coverage.

Mac
 
when an applicant applies for their boat policy, the rating base is a combination of the current value of, boat, engine, or engines and trailer. thus that agreed value is the combined total.
also, the basic policy extends only minor limit of coverage to personal items. check out that amount and then increase it accordingly.
note, read the exclusions for travel, terms of coverage and liability.
also, as i have posted before, regarding insurance, apply for the maximum liability limit and do yourself a favor and purchase an umbrella as well.
your best friend will become your worst advisory should he become injured as a result of your negligence.
pat
 
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