boat/trailer insurance prices

[FM_Mike]

I truly meant no disrespect and may have made my point a little to harshly, If so, my apologies.

I was only concerned that grouping ALL Internet insurance companies into the same bowl is not really fair.

I do agree that there are many disreputable Internet insurance companies out there, and those often taint the reputation of others, but there are also some very good ones. The best advice I could give a person looking for insurance is to research the company and do your detergents when doing so. Low price is Only PART of the equation.

I'm sure that is what the original poster was trying to get here.

I understand your point and agree.

Mike

[JohnMickish]

For what it's worth, on my policy, I carry $300,000 liability on each person, each incident and property damage. $100,000 liability is required for most tournaments.

I am insured though Worldwide Marine Underwriters. They only do boats so they can keep their costs down since we all know that boat incidents are alot fewer than car incidents.

Don't forget that your credit score also plays a part in your inurance rate. There are lots of variables so do your shopping.

[mabr]

To those who are in the know, Is it possible to have a RCV policy in MN? I was told that you could not in MN. If so do you Insure your boats for an agreed amount going in?

[10,000 Casts]

No problem Mike! I think Clowncolor and I were thinking 2 different things.

Quote:

To those who are in the know, Is it possible to have a RCV policy in MN? I was told that you could not in MN. If so do you Insure your boats for an agreed amount going in?

There are a few companies that will do Replacement cost and they all have different guidlines on what qualifies. The oldest boat that I have heard of getting replacement cost coverage is 10 years old. Some companies have an agreed apon amount and some treat it just like an auto policy where you find one that is the same year, like, kind and quality and they give you the money to buy it.

[mabr]

Thanks 10,000, SO what I was told wasnt correct that you cant get a replacement cost policy in MN? It was a Independent Agent who told me this, But reviewing my policy I notice I have a ACV, which I dont like. But I did have another company (boats only)out of state give me an estimate for an agreed value. I need to do something because even though mine is 9 years its in way better shape than most boats its age.

[10,000 Casts]

Theres nothing wrong with acv if you have a good comapny and a good agent. When my clients have a total loss claim, after I talk to the client, I hop on all the websites and start calling boat dealers to get some #s to give to my adjuster who I work with alot. If there is a good similar boat out there they go and buy it, if not then they can either get the next closest thing or take the equivelent $$$. What I do in my agency is make a timed and dated not when I write the policy so I can show the company that we talked about it before hand so it doesn't look like we are just coming up with a value on the spot to make the client happy.

Some agreed apon amounts or stated values only set a max that the policy will pay out so you have to be careful.

As far as your boat being mint, I hear ya and the other thing is that if an adjuster goes of of NADA blue book in MN it is almost always very low on all boats little lone a mint 10 year old boat. That is where a good agent is very helpful.

[MinnesotaMike]

10,000 Casts,

Not to jack the thread but talking about older boats... I have a 1980 Lund Pro Angler. I am the second owner and the boat was repainted prior to my purchase. I replaced the floor and carpet and this thing is in mint shape. A few years ago I talked to my agent and he said because of its age he would not bother putting insurance on it.

Now, I don't use it all that often but I think I should have some sort of insurance on it.... What are your thoughts?

Thx,

Mike

[amateurfishing]

10,000 Casts,

Not to jack the thread but talking about older boats... I have a 1980 Lund Pro Angler. I am the second owner and the boat was repainted prior to my purchase. I replaced the floor and carpet and this thing is in mint shape. A few years ago I talked to my agent and he said because of its age he would not bother putting insurance on it.

Now, I don't use it all that often but I think I should have some sort of insurance on it.... What are your thoughts?

IMO...i think u need a new insurance agent that understands boats. when getting my '84 nordic cresliner online, i wanted to make sure my boat insurance was maxed out value wise. my agent said make sure all adds ons are documented for boat & if anything ever happed, due to age of boat the insurance team would be checking all the online sales sights for "similar age & style" boats for value at that time. i guess that is all they can do for older stuff low balled by NADA. Plus when researching stuff online, u cannot decipher condition, add ons, etc as well. plus my agent has a neighbor that is a pro fisherman, so even though he does not fish, he knows alot about the stuff from his neighbor.

Thx,

Mike

[10,000 Casts]

MM, imo every boat should have insurance on it if not just liability and medical expense. Was your agent maybe saying that since it was under a certain ft and hp that it was covered under your homeowners policy? I am not a fan or insuring a boat under an HO policy because it will rarely make sense to make a claim when you factor in surcharges and your deductible but it's good to know liability is covered if anyone every gets seriously injured. example is a client of mine was pulling their grandson tubing and the grandson broke his arm and the kids parents didn't have health insurance so we went to the med on the boat policy.

One thought is maybe the agent didn't want to take the time to write the polivy for $5 comission.. hope not but you never know.

A full coverage policy on your boat shouldn't cost more than $45 yr. I would reccomend that you take some pictures and give them to your agent to put in your file and have him make notes of everything you've done.

[not_nuf_time]

I have an insurance broker for all of my insurance needs, what that means is that she shops around for the best rates for me on everyting(I know take that with a grain of salt), but year after year she sends me to Progressive with my boat and camper.