BoatUS Insurance

Stodge

Just let BoatUS that I went with a local insurance company who quoted me a premium that was half of my renewal.  The BoatUS premium went up about 30%.  I wonder if there will be a mass exodus and if they will get the message.

LaRea

That's why I left them five years ago.  Hurricane Sandy didn't cause much damage in my area, but they sure jacked up our insurance rates in the aftermath.  

They probably assume that most customers will stay because they just aren't paying attention.  

Black_Diamond

Stodge: go with Freemont Insurance?  Great rates. Only cover the upper mid-west so zero hurricane rate exposure. Mich based too!

Cableguy Greg

I have BoatUS and my premium didn't go up at all. Maybe it's because I am a river boater.

JoeStang

My policy renews in July, if they go up again I'm jumping ship to someone else. Too many increases, and I've never cost them a dime. 

Stodge

Black_Diamond said:

Stodge: go with Freemont Insurance?  Great rates. Only cover the upper mid-west so zero hurricane rate exposure. Mich based too!

Friend of mine had a bad experience with Freemont.  Big problem getting a claim paid.  I went a local broker who uses International Marine Underwriters.  The premium is about 25% less than my old BoatUS premium, or half of what my renewal quote was.

JoeStang

Stodge who's your local contact? 

Stodge

PM sent

Liberty44140

I Am with Chubb, formerly ace marine. No increase this year. Pay $500 a year on my 342

LaRea

I might switch to Chubb.  State Farm wrote me a policy, but I have to wonder how much experience they have with big boats.  

Liberty44140

If you need a Chubb contact let me know, believe my rep does National 

Ian

I have Allstate and they have treated me very well in other insurance matter but not had a marine claim. BoatUS were twice the price.

Dream_Inn

Yes, BUS has definitely gone up in price over the years.  I had left them 5 years ago and every now and then get a quote from them.  They are about twice what I pay now with Global Marine and Global covers me on the entire east coast and Bahamas (for ~$800).

gack

I switched from Boat US to SeaInsure this year after my rates went up.  SeaInsure was at least 30% less.

craigswardmtb

Skisafe through Geico almost doubled my rates last season.  I went to International Marine Underwriters after lots of research.  Great coverage, great reviews, and fantastic rates.  I pay about $800 on my 360, located in CT on the ocean.  Being youre a lake boater not in a hurricane zone i bet the rates would be quite a bit better.

dropout

Are you guys looking at depreciation on parts and equipment? Boat US (Geico) does not depreciate until after the 20th year from date of manufacturing. No other insurance can compare from what I have researched. To me that's one of the most important factors of insurance. Anyways I called Boat US and we went through my policy, made some changes and got it down to $700.

dropout

shawnmjr said:

@dropout most insurance companies you can insure your boat for an agreed value, so if there is a total loss they have to pay you the agreed value and not what it’s worth. I have my boat for $68,000 agreed value and this will be my 4th year with a different insurance carrier. I have switched every year because they raise the rates on you once your in. 

I have an agreed value for a total loss, I was referring to parts and equipment claims.

Dream_Inn

dropout said:

Are you guys looking at depreciation on parts and equipment? Boat US (Geico) does not depreciate until after the 20th year from date of manufacturing. No other insurance can compare from what I have researched. To me that's one of the most important factors of insurance. Anyways I called Boat US and we went through my policy, made some changes and got it down to $700.

Well, I've used mine twice with Global Insurance and both times they replaced everything new, nothing depreciated.

Stodge

dropout said:

Are you guys looking at depreciation on parts and equipment? Boat US (Geico) does not depreciate until after the 20th year from date of manufacturing. No other insurance can compare from what I have researched. To me that's one of the most important factors of insurance. Anyways I called Boat US and we went through my policy, made some changes and got it down to $700.

I beg to differ.  I had a claim with them in 2016 and they paid 40% of value for total loss of 2 outdrives.  They were 15 years old.

dropout

Interesting...I'm curious to see how that policy read to partial losses. I had a Boat US policy in 2013 and the policy depreciation then was calculated after the 10th year.

The following paragraphs explain payment information in the event of a loss as explained in my current Boat US policy.

• Total or Constructive Total Loss

  We will pay you the agreed hull value as defined by the policy if the boat is lost absolutely, or if the reasonable cost of repair exceeds the agreed value. We reserve the right to declare the boat a constructive total loss and pay you the agreed value if in our judgment costs of salvage and/or repair exceed such value. We are not obligated to accept or pay for the boat or any boating equipment which you abandon. If we pay you the insured value, we have the right to the insured property. If we exercise our right to acquire the insured property, you must provide all documents needed to transfer title to us. You agree to allow us to withhold an amount not to exceed 10% of the insured value until we have received these documents.

• Repairs for Partial Losses

  We will pay the reasonable cost of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age. In the event of damage to plywood, plastic, fiberglass, metal, cement, or other molded material, we are obligated to pay only the reasonable cost of repairing the damaged area, in accordance with quality marine repair practice. If there is a covered loss requiring repainting of an insured boat, we will pay the cost of repainting or resurfacing the damaged area in accordance with customary marine repair practices so that the area repaired will match, as closely as practical, the original color. We have the option to make or reimburse you for repairs or replacements, or to pay you directly based on an agreed estimate of loss. Repairs and replacements will be made with like kind and quality.

  In the event of damage to a dinghy with cost of repair exceeding the actual cash value of the dinghy the most we will pay is the actual cash value as determined by industry reference materials including, but not limited to, the N.A.D.A. book, the BUC Used Price Guide, and ABOS Marine Blue Book.
  

Stodge

Sorry I should have been more clear.  Total loss was a poor choice of words. 

The drives were damaged to the point that they had to be replaced.  I got 40% of the replacement cost based on deprecation.  They were less than 20 years old.

Spyderweb

Just checked my Boat US/Geico policy on my 2008 Rinker written last Fall and it states depreciation beginning the 20th year.  

Had a dockmate destroy an outdrive on his Sea Ray a few of years ago and his less than 20 year old outdrive was depreciated by Boat US.  Maybe this is a (good) change made in Boat US policies since Geico bought them out.