Boat Insurance

[FROGMAN524]

So my year full year renewal for the boat is coming up at the end of March. My StateFarm agents just sent me the invoice and it dropped by about $245 from last year. Does that sound normal or should I shop around for an even lower rate? No claims or tickets or anything.


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[Javajoe]

Can’t hurt to get quotes but I just got with State Farm and they killed everyone and didn’t care if I had a 625 at all. Said it was same price as a 496 would be. I always heard 500hp is the magic number

 

[FROGMAN524]

Can’t hurt to get quotes but I just got with State Farm and they killed everyone and didn’t care if I had a 625 at all. Said it was same price as a 496 would be. I always heard 500hp is the magic number

That’s why I have them. When I bought the boat I looked around and nobody was even in the same zip code much less ball park.


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[River918]

So my year full year renewal for the boat is coming up at the end of March. My StateFarm agents just sent me the invoice and it dropped by about $245 from last year. Does that sound normal or should I shop around for an even lower rate? No claims or tickets or anything.


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When I owned that boat and it had stock 600's it was $1,100 a year through Allstate. I'm surprised State Farm would insure that boat with twin motors and that much horsepower, they wouldn't touch it when we owned it and wouldn't insure our current boat when it was 600hp. We are now with Geico because they allow agreed value and not market value.

 

[shunter2005]

Stand alone or do you have other policies with them?

 

[Singleton]

I have SF, policy has stayed the same price since 2007. Do you have agreed or market value?
My policy is written with agreed value and accounts for upgrades. If they dropped the price of your insurance you most likely don’t have agreed value but market value. And even though boats are selling for records in the last 3 months, market value will not pay what you think.

 

[Javajoe]

Glad I did agreed value. I was surprised they do that

 

[Singleton]

When I owned that boat and it had stock 600's it was $1,100 a year through Allstate. I'm surprised State Farm would insure that boat with twin motors and that much horsepower, they wouldn't touch it when we owned it and wouldn't insure our current boat when it was 600hp.

Yep.
SF usually does not write west coast cats or anything over 500hp. They used to give an exception for Havasu agents to write policies for west coast cat hulls. Now those past policies are grandfathers, but they no longer write any cat type hulls.
My dad used to be neighbors with the EVP of Underwriting for SF. I made sure my policy was 100% legit before I paid and he verified those 2 facts.

 

[River918]

Yep.
SF usually does not write west coast cats or anything over 500hp. They used to give an exception for Havasu agents to write policies for west coast cat hulls. Now those past policies are grandfathers, but they no longer write any cat type hulls.
My dad used to be neighbors with the EVP of Underwriting for SF. I made sure my policy was 100% legit before I paid and he verified those 2 facts.

I was with Debra Miller State Farm in Havasu for years with several different boats. They insured our DCB v-bottom with a Merc600, but once the stage3 was put on they wouldn't touch it. I'm glad to see others are having luck with State Farm now, it's always great for people to have options for insurance.

 

[Singleton]

I was with Debra Miller State Farm in Havasu for year with several different boats. They insured our DCB v-bottom with a Merc600, but once the stage3 was put on they wouldn't touch it. I'm glad to see others are having luck with State Farm now, it's always great for people to have options for insurance.

That is who I am still with. Policy falls under the grandfathering for cat hulls. My CA SF agent would not touch the boat so that is the main reason I called dad and had him verify with his neighbor

 

[FROGMAN524]

Stand alone or do you have other policies with them?

Stand alone. All my other policies are through a local broker in Peoria.

Also, I’ll have to see if I have market or agreed value. I’ll call them next week.


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[Javajoe]

My wife called for boat insurance quotes before I bought my magic because I heard about that 500 thing. SF was easy peasy. At least that’s what the wife said lol

 

[shunter2005]

Stand alone. All my other policies are through a local broker in Peoria.

Also, I’ll have to see if I have market or agreed value. I’ll call them next week.


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I have had Boat US/Geico for the last few years. It took a 25% jump this year, so I am thinking about looking around. I will check them out. Thanks

 

[RichL]

I have had Boat US/Geico for the last few years. It took a 25% jump this year, so I am thinking about looking around. I will check them out. Thanks

That's who I've been with for forever. Don't like hearing that.

 

[shunter2005]

That's who I've been with for forever. Don't like hearing that.

Yep, went from $850 to almost $1100. No reason other than everyone's raising rates.

 

[Shrub Lurker]

When I owned that boat and it had stock 600's it was $1,100 a year through Allstate. I'm surprised State Farm would insure that boat with twin motors and that much horsepower, they wouldn't touch it when we owned it and wouldn't insure our current boat when it was 600hp. We are now with Geico because they allow agreed value and not market value.

SF does agreed value policies also . FYI.

 

[Singleton]

SF does agreed value policies also . FYI.

yes they do, but SF does not write any boat policy if the boat has over 500hp
they used to, but stopped.

 

[Shrub Lurker]

Claims on boats have been going Covid crazy.
Not surprised rates are climbing.