Boat Insurance

Zogman

Founding Member
Founding Member
Joined
Apr 20, 2015
Posts
4,487
Likes
1,558
Points
528
Location
NW Angle, MN and Grand Forks, ND
So I hit a rock, my bad! So it is not fun dealing with all the folks involved, agent, Policy rep. Adjuster. All I will say at this time is read the policy. Not just the summary first page, read all the fine print. Know your agent, I thought I did. Mine is not my advocate.

​Anyone have good experiences???
 


shorthairsrus

Founding Member
Founding Member
Joined
Apr 13, 2015
Posts
8,422
Likes
486
Points
383
i know guys that have hit stumps and rocks and they all say insurance covered it. I asked mine originally if its covered and they said yes --- i have to admit though i have not read the policy. I paid cash for my boat -- -that makes it worse because they only have the owner to be responsible too and the policy can be different without a lien holder. My experience with insurance companies as a whole is you have to get ugly with them before they actually pay.
 

Zogman

Founding Member
Founding Member
Thread starter
Joined
Apr 20, 2015
Posts
4,487
Likes
1,558
Points
528
Location
NW Angle, MN and Grand Forks, ND
THX. Short.

My lower unit with Yamaha parts would be $4100 however the adjuster found (in Addis Ababa) from Henry Mudflap a "re-manufactured" lower unit for $2900. And the agent says I have to use it according to the policy, which you have to print yourself on line. So I elected to pay the deductable plus about $700 more so I could have the Yamaha replacement parts.
 

1850reata

Founding Member
Founding Member
Joined
Sep 7, 2015
Posts
258
Likes
68
Points
147
Location
Bismarck
Problem with the insurance industry is most agents try to sell CHEAP to avoid questions from customers avoiding sticker shock which can lead to lesser policy forms that will lead to higher out of pocket expenses for the insured when wanting to replace not fix with like kind or quality. Depending on age of motor/boat a cash value option may be the best a guy can get though too. Cars and boats are almost always like kind and quality unlike a building where you can get replacement cost. The new car replacement crap you hear on tv commercials is usually limited to 12 or 24 months of new purchase before it changes to cash value unless you can buy agreed value. No matter what always remember insurance is for catastrophic coverage and you will rarely be made whole after a loss because there are so many hidden costs involved when it comes to a loss like not being able to fish outta your boat while in the shop!
 

Retired Educator

★★★★★ Legendary Member
Joined
May 4, 2016
Posts
3,226
Likes
183
Points
273
Location
North Dakota
I have rarely found a reason to complain about my insurance agent or the coverage when I've had a loss. Knock on wood. Agent has always went to bat for me and companies have been fair. That being said, my insurance is not anywhere close to cheap and do try to keep the premium down by having a little higher deductibles. Don't expect them today for the smaller ($100-$1000) claims. I also don't expect an argument with a $4000 loss.
 


jdinny

Founding Member
Founding Member
Joined
May 20, 2015
Posts
2,240
Likes
131
Points
288
you did.
one of the guys that responded sells insurance
 

Captain Ahab

Founding Member
Founding Member
Joined
Apr 22, 2015
Posts
10,528
Likes
442
Points
418
Location
Timbuktu
Which insurance company? I have Progressive on one boat and Worldwide Marine on the other.
 

huntinforfish

Founding Member
Founding Member
Joined
May 11, 2015
Posts
679
Likes
10
Points
143
Tough break, but good learning experience for others. A buddy of mine went through something similar not long ago which prompted a conversation with my agent. Low cost vs. good coverage. First time in a while I feel better about paying more for something than I was a month or two prior. Peace of mind is worth a lot. This goes for vehicles as well. Good to know you are covered for more than 25k-50k in case of an accident that is deemed your fault. Lots of expensive vehicles on the road and hospital bills aren't cheap.
 

JayKay

Founding Member
Founding Member
Joined
Apr 20, 2015
Posts
6,726
Likes
436
Points
348
Location
Southeast Bismarck
THX. Short.

My lower unit with Yamaha parts would be $4100 however the adjuster found (in Addis Ababa) from Henry Mudflap a "re-manufactured" lower unit for $2900. And the agent says I have to use it according to the policy, which you have to print yourself on line. So I elected to pay the deductable plus about $700 more so I could have the Yamaha replacement parts.

Having been to Addis, I will tell your insurance adjustor two things:

1) Shipping so much as a candybar out of Addis is unbelievably expensive and highly likely to incur damage, if it gets out at all. Ethiopia is a landlocked country now, with no ports. Shipping, and export fees are honkin' ridiculous. We knew some people who lived there when we went there, and I carried, in my luggage, a 10 pack of D batteries, because they're stupid expensive over there, because of freight. Same goes with freight going out.

2) If anything on that shipment isn't right, you are S.O.L.. Freight damage? Too bad. Lost freight? Tough $hit my friend? Wrong parts? Sorry dude.
 


KiYi

Founding Member
Founding Member
Joined
May 15, 2015
Posts
96
Likes
0
Points
91
I have Progressive. BIL opened middle windshield right as I was going under my lift, caught lift, exploded window and passenger console. They totaled the boat due to not being able to get parts but want to give me trade in value, even after sending the agent NADA low value and many classifieds on what the boat is going for. Not impressed. This was almost a month ago now too.
 

guywhofishes

Founding Member
Founding Member
Joined
Apr 21, 2015
Posts
28,636
Likes
3,844
Points
948
Location
Faaargo, ND
Having been to Addis, I will tell your insurance adjustor two things:

1) Shipping so much as a candybar out of Addis is unbelievably expensive and highly likely to incur damage, if it gets out at all. Ethiopia is a landlocked country now, with no ports. Shipping, and export fees are honkin' ridiculous. We knew some people who lived there when we went there, and I carried, in my luggage, a 10 pack of D batteries, because they're stupid expensive over there, because of freight. Same goes with freight going out.

2) If anything on that shipment isn't right, you are S.O.L.. Freight damage? Too bad. Lost freight? Tough $hit my friend? Wrong parts? Sorry dude.


ha ha ha

a ship arrives in Addis Ababa full of edible beans

buyer now offers only half of what had been agreed prior to shipment

"how many beans can you eat?" says buyer to seller
 

EZZIE

Founding Member
Founding Member
Joined
Jun 12, 2015
Posts
62
Likes
131
Points
132
I'm in the boat bis and I can tell you first hand from my customers experience: If you gave me progressive insurance for free for life, I would say no....There's a reason they are the cheapest.

Bob at World Wide Marine Insurance does a great job...
 

Captain Ahab

Founding Member
Founding Member
Joined
Apr 22, 2015
Posts
10,528
Likes
442
Points
418
Location
Timbuktu
I'm in the boat bis and I can tell you first hand from my customers experience: If you gave me progressive insurance for free for life, I would say no....There's a reason they are the cheapest.

Bob at World Wide Marine Insurance does a great job...


Bob sold me a Progressive policy because WWM doesn’t insure 17 foot tin tiller boats. What’s nuts is the damn progressive premium on my 20 year old Lund Angler is a little more than 1/2 the 621 Ranger. I could buy about 5 of my Lunds for for the price of the Ranger. Didn’t make a lot of sense. Progressive coverage on the Ranger was WAY higher than WWM.
 

DirtyMike

Founding Member
Founding Member
Joined
Apr 13, 2015
Posts
12,063
Likes
360
Points
418
Location
Bismarck, ND
I had a progressive plan through Bob as well. I’m thinking he’d be the one going to bat for you though.
 


1850reata

Founding Member
Founding Member
Joined
Sep 7, 2015
Posts
258
Likes
68
Points
147
Location
Bismarck
Progressive is competitive but again which policy options you choose make a huge difference in what will be paid out on a claim thats why Bob’s policy may have seemed spendy. He didnt cut corners. Also any of you that have an agent that tells you just add your boat to your homeowners because its cheaper DONT DO IT. You have a claim on the boat, guess what your homeowners goes through the roof!
 

eliminator

Honored Member
Joined
Jul 23, 2016
Posts
284
Likes
1
Points
115
Location
Pick City, North Dakota
I will agree with some of the above in that your agent makes all the difference in the world when it comes to claims. I have taken out lower units and my agent handled pretty much everything for me and no issues at all. I have American Family on the boat and had Daryl Wahl as my agent and was a great guy to deal with. He has since retired and the new agent is more like a non agent. I have yet to have any claims recentlty but have also never heard from them other than to say they are my agent. You never know what kind of insurance coverage you have until you have a claim which is sad.
 

Platinum

Founding Member
Founding Member
Joined
May 1, 2015
Posts
313
Likes
20
Points
130
Location
Devils Lake
I've had my boats with World Wide Marine for about 8 years. Keep in mind WWM is an insurance agent/broker and they find companies to underwrite the policy. The current policy has been with American Modern Insurance. I just got the renewal and the premium has gone up a little over 30% or in dollars approximately $330 for the same coverage. OUCH! I called WWM to get the scoop and was told they have found coverage thru Geico now and was told its a better policy and will cost what I had been paying. We will see as I have not yet seen the Declarations information. But yes, as stated above, read the fine print. You certainly don't want to find out the loopholes when you need to use it.
 

Migrator Man

★★★★★ Legendary Member
Joined
Feb 3, 2016
Posts
3,961
Likes
22
Points
226
What insurance companies you guys using? Any recommendations on companies? How much should my premium be for full coverage on a $20000 boat? Do you add extra for your gear?
Tips?
 


Recent Posts

Friends of NDA

Top Posters of the Month

  • This month: 159
  • This month: 136
  • This month: 120
  • This month: 110
  • This month: 105
  • This month: 87
  • This month: 84
  • This month: 79
  • This month: 76
  • This month: 76
Top Bottom