Boat Insurance

mikef

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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?
i use nodak mandan/center office. Always been happy with DJ
 


LBrandt

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Mine is tacked on to my homeowners policy for what the boat is worth. Cost me about 120 per year on a boat that might be worth 12000. LB
 

Rowdie

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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???

Yes, I hit a sandbar, breaking off my bow mount while pushing with my kicker. No Problems. Got an estimate for Jeff's in Biz, turned it in and they gave the replacement cost of a new, with labor, and of course $500 deductible. They gave me $1800!!! Now it took a while for them to send the check for some reason, but I got it eventually.

PS I just ordered a new Minkota for $2100
 

Slappy

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State Farm
$379/year premium
$250 deductible

$34k boat/motor
$3k trailer
$300k liability
 

Rowdie

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Holy, someone drug this out from the past. Not sure why? Insurance companies have saved so much with this pandemic that they seem not to even blink to pay out now.
 


johnr

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Insurance is regulated more than banks and any other financial intuitions, there is an 800 number right to the insurance commissioners office if you need assistance.
I have never had issues with any policy when submitting a claim, I have carried insurance from 20+ different carriers, never an issue.

Guessing anyone having issues didn't verify their coverage prior to, or during the insurance period.
No agent, company, or adjuster is out to get you, the purpose of selling anything is to sell you more down the road, the boogie man is not your agent.
It like saying its the banks fault when you bounce a bunch of checks around town and get hundreds in over draft fees, the boogie man is in fact yourself.
 

sweeney

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Insurance is regulated more than banks and any other financial intuitions, there is an 800 number right to the insurance commissioners office if you need assistance.
I have never had issues with any policy when submitting a claim, I have carried insurance from 20+ different carriers, never an issue.

Guessing anyone having issues didn't verify their coverage prior to, or during the insurance period.
No agent, company, or adjuster is out to get you, the purpose of selling anything is to sell you more down the road, the boogie man is not your agent.
It like saying its the banks fault when you bounce a bunch of checks around town and get hundreds in over draft fees, the boogie man is in fact yourself.
I disagree the adjuster is the “boogieman” my neighbor had adjuster come over our roofs are 40 feet apart his adjuster replaced shingles gutters etc. mine only did gutters, my shingles were hailed out just as bad as his. Different adjuster came to look at my camper from same storm and hailed it out, he looked at my shingles and said they we’re ruined by the storm as well he put a call in and I had a check within 2 weeks for my shingles. Also I had an insurance claim on a boat had to fight for 4 months to get an acceptable payment on the boat, even though I showed similar boats and replacement costs according to my policy my agent agreed with me the adjuster didn’t. I requested another adjuster after the 4 month wait expressed my concerns to him he agreed and we came to an acceptable agreement. I have had multiple contractors tell me certain adjusters don’t want to pay anything and other ones will pay out on everything.
 

Rowdie

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Wanna bet?

All I know is my Ins. Co. sent me money BACK...TWICE during the shut down. IDK but that tells me they are making BANK. Just think of all the traffic accidents that didn't happen.

I was a little shocked that they covered my trolling motor. I was thinking they would say it was added on to the boat, or come up with some excuse. I didn't even report it for a few weeks, didn't really occur to me at first. Can't complain at all how it turned out.
 

rodcontrol

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Pay the extra $$$s to get a stated value type policy or replacement cost. ACV is on a boat is truly a hard number to agree upon.
 


Allen

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Pay the extra $$$s to get a stated value type policy or replacement cost. ACV is on a boat is truly a hard number to agree upon.


I am learning that there's some "interpretation" under some insurance companies' definition of "actual replacement with like materials" policies.
 

Captain Ahab

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Pay the extra $$$s to get a stated value type policy or replacement cost. ACV is on a boat is truly a hard number to agree upon.

This is solid advice. I have a “stated value” policy on my Ranger. If she gets totaled there is no argument on pay out.
 

johnr

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I disagree the adjuster is the “boogieman” my neighbor had adjuster come over our roofs are 40 feet apart his adjuster replaced shingles gutters etc. mine only did gutters, my shingles were hailed out just as bad as his. Different adjuster came to look at my camper from same storm and hailed it out, he looked at my shingles and said they we’re ruined by the storm as well he put a call in and I had a check within 2 weeks for my shingles. Also I had an insurance claim on a boat had to fight for 4 months to get an acceptable payment on the boat, even though I showed similar boats and replacement costs according to my policy my agent agreed with me the adjuster didn’t. I requested another adjuster after the 4 month wait expressed my concerns to him he agreed and we came to an acceptable agreement. I have had multiple contractors tell me certain adjusters don’t want to pay anything and other ones will pay out on everything.
There is always a bad apple in all industries, that does not make it the norm. If an adjuster is missing, skipping, or intentionally disregarding valid claims, its that bad apple. He/she/it gets no kick back for sticking it to the consumer, its the "boogieman" as you stated. But that would not be standard operating procedure.

If anything I personally have had stuff covered, thinking "well this is a long shot, but" and its been covered.

I have also found in this life if you ask nicely and sincerely things usually work for the better, its when you go in hot headed and ready for a fight that you get one. I personally will treat the hot heads in my business way different then the good guys. Not saying this is what you did at all, just making a statement in general.
 

Wall-eyes

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Stated value is good to a certain point, agreed value is better. I just went through this with my State Farm guy. In talking to several friends most insurance companies are all different in how they sell policies or they don't really know the rules. Do your research unless you have a great rep to deal with. Read all of the policy and insure all accessories they add up fast in event you need that.
 


NodakBob

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My only experience with Progressive was enough to never want them as my insurance carrier. I had a new car hit by a progressive customer. I told the body shop I wanted only parts from the auto manufacturer...called at the end of the week to see if its done and they said didn't start on it cause the other guy's insurance agent called them and put a hold on the repair. I had to remind that insurance agent that he had no authority over MY car and I didn't give a damn what he had to say...as far as I was concerned his CLIENT was responsible for paying to restore my car, not the insurance agent. I had to remind the agent several times that I have NO business relationship with him and I didn't care if anything was covered or not, the guy that hit our car was gonna pay for the repair. The progressive agent could not get it thru his thick skull that I wasn't his customer to push around, but he kept trying.
 

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