shopping for new insurance

rasburyrasbury Sanford, FLPosts: 4,087Member ✭✭✭✭
Well, was waiting for the hurricanes to catch up to our insurance and my first surprise for the new year! We were paying  about 120 bucks less last year. I'm no insurance expert but when I recall hearing some of the other numbers, it does not sound totally out of line but then my insured value is only 33 grand which kind of makes mine sound high- I'm stored on a trailer- what can I do to reduce the cost and not set myself up? It shows I can basically boat anywhere and my boating area is relatively small, does that make a difference? They said they considered the Bahamas as coastal which I did not quite get. Anyway, I'm sure there is an insurance expert out there somewhere and will appreciate any feed back. 
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Comments

  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    They ask because of the area you live in.
    a guy smack middle of Michigan probably is going to boat on inland lakes and own a smaller boat.
    guys that live on Great Lakes and keep at marinas are likey to boat the open waters. Only difference for you is you have a trailer. Which means if stored at your house would be covered under home insurance.  Also do you have towing or road side assist on that trailer?
    just shop around I use geico and like it. I was with boat us for years but it’s cheaper for me to get geico insurance and tow separate.
  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    It’s all really based on the boat you have and area you keep it and boat in.

  • Handymans342Handymans342 Cape Coral, FLPosts: 5,975Member ✭✭✭✭✭
    Drop the value if you can
  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    edited December 2017
    If that’s what the boat and trailer sell for then don’t listein to Haney.
    i always pay more to lock my value in vs slightly cheaper rate that drops the value every year depending on the market
  • WillhoundWillhound Lake Simcoe, Ontario, CanadaPosts: 977Member ✭✭✭
    The agreed value is a nice thing to have, might be costing you a few bucks more, but not a large amount. I'm surprised at the relatively low amounts for liability. Bottom end here is usually $1Mill and a lot of us go for $2Mill.

    "Knot Quite Shore"
  • Handymans342Handymans342 Cape Coral, FLPosts: 5,975Member ✭✭✭✭✭
    Who is Haney??
  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    Your real name 
    your wife gave you nickname of handy because of all the bathroom deals you did 
  • WillhoundWillhound Lake Simcoe, Ontario, CanadaPosts: 977Member ✭✭✭
    @rasbury my best suggestion is put together an e-mail with all of the limits you're looking for and fire it off to a half a dozen companies or so. Just be sure to stress you want a matching package. Some will try and tweak it with higher deductibles etc. to try and show a better price. Need to be sure you're getting an accurate comparison. When I went through this last spring there was almost a $200 difference from highest to lowest premium for the exact same package. And as an example, the difference from $1Mill liability to $2 Mill was only about $40 so I took the $2 Mill. I did so because the liability portion also covers environmental and salvage fees. Sink a boat here in Ontario and the environment Nazi's go nuts on clean up. Saw a case here last year where a ratty old sail boat that wasn't worth $15,000 sank, but an on-board fuel tank leaked. Clean up costs were almost $400,000 in fees and fines.......
    "Knot Quite Shore"
  • Michael TMichael T Posts: 6,199Member ✭✭✭✭✭
    @Willhound - 100% agree. In Ontario under 2 mil liability is reckless and doesn't cost much more. I paid a bundle (about $1,500.00) to insure our EC 360 but that was also for replacement cost with no depreciation for the first three years.....and that was after a lot of comparison shopping.
  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    I carry 1 mill
  • shawnmjrshawnmjr Detroit MIPosts: 910Member ✭✭✭
    edited December 2017
    Boat US actually goes through Geico now @zaverin1 we’ll at least my policy is. @rasbury it’s probably definitely the area you live in because my policy is only a little over $600 and I believe I have higher liabilities and my agreed value is at $70,000 for boat and trailer. I also store it at the marina. 

    In Michigan we also have a lot shorter of a season too which is probably why mine is cheaper through the same company. 
    Post edited by shawnmjr on
  • zaverin1zaverin1 Saint Clair Shores,MIPosts: 1,076Member ✭✭✭
    Ye I think my premium is around 600 and no trailer 
  • rasburyrasbury Sanford, FLPosts: 4,087Member ✭✭✭✭
    I will look around...we are geico also....
  • shawnmjrshawnmjr Detroit MIPosts: 910Member ✭✭✭
    I’m sure the past hurricane isn’t helping insurance rates right now. 
  • Dream_InnDream_Inn Annapolis, MDPosts: 4,212Member, Moderator mod
    edited December 2017
    Well, I agree with all the comments. I'm just a bit over $700, covering me entire east coast and Bahamas for a value of $135k. Mine is thru Global marine. I'd be very curious what they'd quote you. And as most of you know, I've had to use mine twice in two years for a pretty good claim, unfortunately. Treated me extremely well, and still good rate.

    Dream 'Inn III -- 2008 400 Express

  • Handymans342Handymans342 Cape Coral, FLPosts: 5,975Member ✭✭✭✭✭
    Do they cover the lift??
  • Dream_InnDream_Inn Annapolis, MDPosts: 4,212Member, Moderator mod
    Do they cover the lift??
    The boat is covered year round on the lift. If you are asking about the lift itself, I do not believe they do. Items on the boat and the dinghy are covered. For you, I'd think homeowners would cover it.

    Dream 'Inn III -- 2008 400 Express

  • Handymans342Handymans342 Cape Coral, FLPosts: 5,975Member ✭✭✭✭✭
    No they did not but now they do. I pay 1700 a year
  • Cableguy GregCableguy Greg Pittsburgh, PAPosts: 3,228Member ✭✭✭✭✭
    If you have GEICO, I would consider joining BoatU.S. and getting a quote from them. Since they have a huge membership, they tend to get better rates for their members thru GEICO. It is worth a shot.
    2008 280 Express Cruiser, 6.2MPI, B3, Pittsburgh, PA
    Go Steelers!!!
  • WillhoundWillhound Lake Simcoe, Ontario, CanadaPosts: 977Member ✭✭✭
    edited December 2017
    If you have GEICO, I would consider joining BoatU.S. and getting a quote from them. Since they have a huge membership, they tend to get better rates for their members thru GEICO. It is worth a shot.
    That PDF quote @rasbury shared is BoatUS. @Cableguy Greg you celebrating New Year's early?  :p
    Just kidding......
    "Knot Quite Shore"
  • Michael TMichael T Posts: 6,199Member ✭✭✭✭✭
    Was$1,500.00 U.S. to cover my former 2014 EC 360.
  • Cableguy GregCableguy Greg Pittsburgh, PAPosts: 3,228Member ✭✭✭✭✭
    I was on my phone and didn't look at the PDF. 
    2008 280 Express Cruiser, 6.2MPI, B3, Pittsburgh, PA
    Go Steelers!!!
  • FDNY49FDNY49 Flushing, NYPosts: 102Member ✭✭
    As a Power Squadron member I have gotten very good agreed coverage at a what I feel is a very reasonable cost using their insurance company.
  • gackgack Long Island, NYPosts: 259Member ✭✭✭
    Looks in line with my recent bill from GEICO which went up about $120 also.  One difference is that I have commercial towing at $3K per incident.  $250 will not cover much if a tow is needed. 
  • gackgack Long Island, NYPosts: 259Member ✭✭✭
    Just got a quote from http://www.seainsure.com/ and they beat GEICO by $200 for same coverage.  Anyone have experience with them?
  • rasburyrasbury Sanford, FLPosts: 4,087Member ✭✭✭✭
    looks like you have to be a member of sea tow......I always get confused it I have boat us or sea tow....have then not just kind of merged?
  • aero3113aero3113 Long Island, NYPosts: 1,638Member ✭✭✭✭
    edited January 2
    gack said:
    Looks in line with my recent bill from GEICO which went up about $120 also.  One difference is that I have commercial towing at $3K per incident.  $250 will not cover much if a tow is needed. 
    If your insurance covers commercial towing do you have to pay a deductible if you have to use it? Sea tow is only $179.00 for the season. I would think a normal deductible is around $500.00? Hopefully it doesn't have to be used either way!!
  • rasburyrasbury Sanford, FLPosts: 4,087Member ✭✭✭✭
    Is that towing for the trailer or the boat? I was towed on the water, was covered and they said the tow would have been 600 bucks without the coverage.
  • gackgack Long Island, NYPosts: 259Member ✭✭✭
    I have Boat US included with Gieco.  Was towed off a sandbar once at no charge.  The $200 savings I mention above includes a discounted SeaTow membership of $99, which is required by seainsure.com.  
  • aero3113aero3113 Long Island, NYPosts: 1,638Member ✭✭✭✭
    With Sea Tow you can add trailer care for $10.00 more.
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