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Boat Insurance -- Who do you have?

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    Boat Insurance -- Who do you have?

    We have Premier for our coverage, apparently they are seriously increasing coverage rates for older boats over 10 years, and 74% for boats older than 20 yrs of age. We are considering changing insurance companies ….. Who are you using for your boat insurance?
    1994 4788 Bayliner ONNA MISSION

    Anacortes, Washington

    I have Geico marine.

    Just renewed bit they have a depreciation schedule for boats over 20 years old.

    if i cannot get that waived ill be shopping next year


    where are we right now?


      Yes, that is what I am doing now … shopping. Thanks!
      1994 4788 Bayliner ONNA MISSION

      Anacortes, Washington


        I got notice the other day that my rates were going up as well. I have the Boat Insurance Company. They seem to be lower than most due to little overhead.

        US Army (Retired), Federal Way, WA

        1990 Bayliner 3288 - the "Janna Lea"
        MMSI: 338181912


          State Farm. While they likely not going to be the cheapest option, a friend got treated very well when his Meridian 490 was flooded (and almost sank) due to an exhaust hose coming off underway. Accordingly, we will be staying with State Farm (unless of course they decide to dramatically raise rates, then shopping may be necessary).
          2008 Meridian 490
          2010 ArrowCat Express 30 (sold)


            I am insured by Merkel through Anchor Insurance Brokers in Seattle. My premium did go up about 10% this year. Reminder to all there is a very significant difference between yacht and boat insurance. If you want stated value hull coverage Yacht insurance is what you want.
            Jim Gandee
            1989 3888
            Hino 175's
            Fire Escape
            [email protected]
            Alamitos Bay, SoCal


              Merkel is the underwriter for mine, sold through Boat Insurance Agency.

              US Army (Retired), Federal Way, WA

              1990 Bayliner 3288 - the "Janna Lea"
              MMSI: 338181912


                I'm also with State Farm for my Boat and trailer.
                2016 Bayliner 215 Deck Boat
                Mercruiser 4.3 220 HP MPI Alpha 1 Gen II

                Sold 2003 SeaRay 176 SRX Bowrider
                Mercruiser 3.0 135 HP Alpha 1 Gen II

                Sold 1988 Sunbird 170 Bowrider
                Evinrude 88 Special

                Restoring 1970 Salem Skiff 13.5 foot
                1992 Johnson 40HP

                40°55'22.9"N 74°39'11.9"W


                  Geico. Same situation as Kevin. If they raise my rates I may go with Boat US as I have my tow service with them. Or shopping. ...
                  2004 Monterey 282 Cruiser
                  Twin Volvo Penta 5.0GXi-E
                  SX-M 1.6gr Outdrives
                  Docks @ Punta Gorda, Florida


                  • Kwood
                    Kwood commented
                    Editing a comment
                    BoatUS yacht insurance is Geico.......

                  It seems that the insurance industry has decided older boats are more risk. Lots of older boats out there. More old than new. Too bad they can't publish a list of the top 5 or 10 things that cause claims from older boats and if we can show proof that we have replaced/upgraded/serviced those things we could get a discount.

                  US Army (Retired), Federal Way, WA

                  1990 Bayliner 3288 - the "Janna Lea"
                  MMSI: 338181912


                    BoatUS / Geico went up 20% at renewal. I just signed with American Reliable Insurance for less with higher limits.

                    In addition to how depreciation is handled make sure you understand how salvage is handled. Some policies with pay salvage costs from agreed value line item. You get what's left over. Be careful!
                    1989 Bayliner 4588 - EH700TI
                    Portsmouth, NH


                    • pgiconch
                      pgiconch commented
                      Editing a comment
                      K - when we started insuring our boats (while living in the Keys) I called Geico who we had auto policies with. They stated (then) they didn't insure boats directly but did write a policy via Ski Safe. So my GEICO account shows I have boat insurance but it is underwritten by Ski Safe. If GEICO is underwriting BoatUS then I may need to call GEICO and see what the difference is.

                    I am in Canada so my comparison may not be very useful to most, but I have Yacht Insurance through Western Financial Group. I pay $987 CDN/year right now for an agreed upon replacement value of $56000 CDN on the boat. I'm hoping to increase the agreed upon value as I have future surveys done but my boat is a bit of a fixer upper right now and I just have the value from my pre-purchase survey that I can use. I have insurance because my marina demands it. Western Financial is good about naming marinas as additional insureds so it keeps all the desk jockeys happy. I have no faith in insurance companies and I'm sure they would find some way to avoid paying any claim I might make. I just look at it as an additional moorage expense that I cannot avoid.


                      I use Progressive, but I merely carry 1/2 million in liability and self insure my own boat.
                      Johnson Point, Olympia, WA
                      1989 2855
                      Horizon 6.2 and Bravo II


                        Hi, all,

                        Lots going on in the marine insurance world- both good and bad. I've had a ringside seat for almost 2 decades on both the agency side and the company (underwriting) side.

                        There are insuring companies that continue to 'do it right'- offer great coverage at competitive premiums....and there are others that harm the vessel owners by massively discounting premiums, then shutting down and leaving owners with zero coverage. just last week, a major insurer announced they are getting out of insuring vessels, and non renewing all existing business...and a 2nd is non-renewing all vessels over 27 years of age...

                        It's not all doom and gloom! The trick is not to buy into the fear and instead get the facts.

                        First rule- coverage first, premium (pricing) 2nd. You should always look fo ensuring the coverage you assume the policy is actually there and available should a claim occur. Also, understand that your coverage and premium is unique to your situation and your situation only- it is wholly unrealistic to assume that you will have the exact same coverage or premium as someone with the same vessel, as there are are a host of factors involved:
                        • owner experience
                        • owner's credit history
                        • owner's insurance claim history
                        • owner's age
                        • and more.
                        Second rule- ensure your policy covers what we do- boating. This means the policy must cover salvage, wreck removal, pollution, Jones Act, and other situations unique to marine insurance.

                        I am happy to review any coverages on your current policy to ensure that you are properly covered.

                        Peter Ricks
                        Northwest Regional Manager, Novamar Yacht Insurance
                        [email protected]
                        Marine Insurance Guru
                        1989 PT52 Cockpit Yachtfisher


                          We’ve used Red Shield a PAC NW or West coast company based in Portland. Reasonable premiums and one towing related claim. Easy to deal with and great customer service. They understand boats and boating in the PAC NW. Highly recommended.
                          Patti & Gordon Lewandowski
                          Sammamish WA
                          1998 4788 (April 2018)
                          ”Knot Home”
                          MMSI 368040470