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 Post subject: BOAT Insurance: Agreed Value Policy
PostPosted: 29 Jan 2020 12:07 
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Tactictian

Joined: 16 Mar 2007 16:10
Posts: 143
Sorry if I have misplaced this topic. Didn't know where best to post...

I was reading my latest issue of Practical Sailor last night and read a good article about boat insurance. The guy had his boat insured, a 49 year old S& S custom design with Boat US and had an Agreed Value Policy. I have the same policy with Geico, same company now. For boats older than 20 years they deduct 10% per year less deductible down to a minimum payment of 20% for repairs.
For example, if you have $20K in storm damage (and all are boats are over 20 years old), Boat US- Geico will reimburse you only $3k ( $20kx0.2- $1.0K deductible = $3k).
I couldn't believe it so I dug out my policy and called. They said that's what everybody does. Really? Are we all basically self insured for repairs??

Does anybody have another Insurance company that is more in line with car insurance or something..

Thanks.
Nick.


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 03 Feb 2020 23:24 
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Rail Meat

Joined: 26 Apr 2017 15:35
Posts: 23
I use State Farm. I lost my C&C 34 in Hurricane Matthew and had a mess dealing with BoatUS.

I had no idea State Farm did boat insurance, but they were pretty good setting it up. I have an agreed value with no survey. Hurricane deductable is reasonable and the cruising limits are essentially Nova Scotia to the FL Keys. BoatUS was the Chesapeake to Jacksonville (I'm in Beaufort SC).

_________________
Chris Duer
Waterborn
Hull 369
Beaufort, SC


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 04 Feb 2020 11:23 
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Tactictian

Joined: 16 Mar 2007 16:10
Posts: 143
Chris,
Thank You!
I'll check out State Farm.

I won't be leaving the Great lakes.

Best,
Nick,
S/V Angela Mia
Hull#336
Lake Superior


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 05 Feb 2020 13:21 
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Skipper

Joined: 09 Aug 2017 15:35
Posts: 725
Location: Maine/USVI
I believe my Progressive policy covers without the "depreciation" factoring. This is what insurers do on older houses (some of them) as well. It's all a profit driven racket. The goal is to receive all the premiums and pay out nothing. I've gone to war for people against surveyors several times in the past. Never accept the first shot on a claim. It's designed to stiff you and make you settle and go away, unless you feel it is fair and equitable, something I haven't seen in the last 30 years.

I talked to Boat U.S. last year about insuring our boat. "Top dollar for a Tartan 37 is $20,000.00." I had two words for the agent, and they weren't "happy birthday."


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 08 Feb 2020 09:21 
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Skipper

Joined: 09 Jul 2008 12:51
Posts: 251
I live on the coast,,, boat is docked in Pensacola. My boat is insured for $45K ,,, total loss. Yes the depreciation aspect sucks if it's not a total loss but living down here that's all I'm worried about. Most things I can repair however if I ever loose the rig I'd be stuck. To get the $45K total loss figure I had to get the boat surveyed; been with BoatUS many years and that's probably why the total loss number is so high compared to the true value of the boat. Yearly premium is around $1300.


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 08 Feb 2020 23:02 
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Skipper

Joined: 13 Feb 2011 21:19
Posts: 337
Location: Canyon Lake, TX
Mike wrote:
I live on the coast,,, boat is docked in Pensacola. My boat is insured for $45K ,,, total loss. Yes the depreciation aspect sucks if it's not a total loss but living down here that's all I'm worried about. Most things I can repair however if I ever loose the rig I'd be stuck. To get the $45K total loss figure I had to get the boat surveyed; been with BoatUS many years and that's probably why the total loss number is so high compared to the true value of the boat. Yearly premium is around $1300.


I'm over in Bayou Chico. Got mine surveyed in 2016 for BoatUS. Premium is around $1600 on $42K. But I haven't had any claims so my partial loss deductible is only $319 this year. But 5% of insured value if the loss is from a named storm.

I just had a horrible thought. Shocked Somebody is naming WINTER storms now. What happens if the NWS starts naming winter storms and your boat gets damaged during the storm? I just looked at weather.gov and did not see where they were naming winter storms yet.

_________________
Wayne
Master and Commander of the Sailing Vessel Impetuous
I'm not a complete idiot, some parts are missing.
Subservient to no man except SWMBO
Any day without dock lines is a GOOD day!


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 09 Feb 2020 11:21 
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Tactictian

Joined: 16 Mar 2007 16:10
Posts: 143
Fyi..

I have been shopping around and have found much better policies and better pricing from State Farm, Progressive, and the best so far
Chubb.

Just saying..
Nick.


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 01 Mar 2020 16:32 
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Skipper

Joined: 29 Dec 2006 09:38
Posts: 656
Not sure what policy you folks have with Boat US, but I had a $25K repair (keel removal, resetting, floor replacement) two years ago after hitting a rock at 7kts. Boat US paid 100% of everything because I had forgotten to up my deductible and had full coverage from having no claims for a few years. I have checked and have the same policy now---though I have a mandatory deductible for a couple of years at the same rate I was paying before.
I was unable to find a better deal when I shopped it many years ago. Maybe things are different because I am based in Maine and am out of the water for 6 months.
Ray Durkee
T37 #373


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 01 Mar 2020 17:10 
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Tactictian

Joined: 16 Mar 2007 16:10
Posts: 143
Ray,
Boat US got bought out by Geico a couple of years ago.
Geico will depreciate reimbursements for repairs 10% per year down to a minimum of 20% less your deductible for all boats over twenty years old.
When i called Geico to confirm and try to get different coverage they told me that they dont offer the type of coverage like yours.

My boat is on the hard on the shores of Lake Superior 7 months a year, similar to Maine without the lobster.
So you may want to double check your policy, call Geico- Boat US to confirm.

I’ve decided to bind with Chubb at the end of the month.
Only a few bucks more and a far far better policy than what is offered by Geico.
Just sharing what was an eye opening experience brought to my attention from reading an email in Practical Sailor Feburay 2020 titled “ Check Your Policy” on page 3.

Yearning for Spring launch..
Nick,
S/V Angela Mia
Hull # 336


 
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 Post subject: Re: BOAT Insurance: Agreed Value Policy
PostPosted: 05 Mar 2020 21:13 
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Skipper

Joined: 29 Dec 2006 09:38
Posts: 656
Thanks, I will check on my policy.


 
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