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So I'm looking at three insurance policies for the boat,and I was curious if anybody else had any ideas on the companies I'm looking at. The story with my boat was that I bought it in a sort of "Fire Sale" where the owner wanted to be rid of it because it took on some water in the slip. I have since spent about $5k on the boat fixing it up, plus some incidentals. I wanted to see if anybody else has any thoughts or opinions on this, or has dealt specifically with any of these companies.
- ACE Insurance - $500 deductible, but wouldn't insure for more than the "sticker price" of the boat. Said they could do more if I could dig up every invoice documenting everything I spent on fixing up the boat. So basically it's insured for $500 less than I paid for it. They depreciated the engine cost.
- New Hampshire - $2500 but willing to go to the surveyor's amount. They also have some very weird language on what's covered and what's not. They said they will not cover "loss due to mechanical breakdown of machinery or fuel systems" They will, however, cover loss that occurs because of that, (eg hull damage). So I'm a little confused. They explained that they won't cover the engine itself, but it the boat wrecked because of an engine failure they would cover that. The language in the contract is really screwy.
- Foremost Insurance - $500 deductible but would insure for the comped value of the boat. So basically way more than I paid for it, but what I would have to pay to buy a similar boat as a replacement. This was based on what other DE38s sold for recently.
Has anybody dealt with one of the above? I've had Progressive for two years but they have really bothered me. They only insure for the purchase price, and I've heard many not-so-great things about them. The only reason I went with them as they didn't require a survey.
Thoughts? I may make this into a blog post once I decide on my policy. I dunno.
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I am insured with Foremost and pay 400 or so dollars a year for 36000 value based on survey and 300,000 liability I think. I think my deductible is higher, maybe a thousand? Depending on survey value and liability limits and stuff like contents of the boat insurance etc... your premium is going to vary. They make it so adjustable nowadays that it is hard to get a apple to apple comparison. Never had a claim but they are easy to deal with in giving them the money to be insured. I was getting heart attack insurance premium quotes from everyone else.. 1500 to 4000 a year which I couldn't afford. (geico, boat us, progressive, and a couple others, loyds of london) Had someone (boat broker) locally recommend a agent in NC that dealt with a lot of commercial fishing boats. Said they did sailboats also and they wrote me with foremost. Foremost did require a current survey.. I think one within 2 years would work but sounds like you have one as of this year. I am limited to east coast of US, to go to the bahamas or elsewhere I would just need to notify them and they would adjust policy and I assume premium so that I was covered.)
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Have you ever had to deal with a claim through Foremost? I know they're part of Farmers, and they've been pretty good about auto policies for us. They paid out $7500 on my girlfriend's Volkswagen when it got in an accident and even after the rate hike the premium was still very reasonable. I've heard not so great things about Foremost's insurance customer service, but literally all of those complaints were auto or home related, or were related to not reading the policy. Nobody had any comments on marine policies, but boats (especially old sailboats) are such a niche market.
They did require a survey, and the first time refused the policy. But once I did the refits, which I posted in another thread, they just wrote the policy no problem. They were primarily concerned with the bowsprit and the rigging problems noted. I think that's actually a positive because it shows they're doing their due diligence, and other insurers didn't know anything about sailboats at all. Similar to you, I'm covered for the West Coast and down to Cabo.
Also, I guess Foremost gives me a $200/yr break on my homeowner's so that's not nothing either.
Does your Foremost policy have other exceptions, such as the engine/mechanical components of the boat?
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Nope no claims.. I'm sure they don't cover engine. Does anyone ever? that sounds more like a warranty. I guess if the engine exploded and damaged the boat they would cover it 🙂 If the engine died I think they would go "hope you can fix it :)"
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