Insurance - Good News!

[ThirdHatt]

Sky, that is precisely what I was referring to. We buy insurance so that if something horrible happens, it will enable us to replace our property with something comparable without coming out of pocket to do so. This is why we come out of pocket annually, for this security. Most all boat transactions are completed under survey value, and I would suggest that if an owner so desires he should be able to insure for survey value to cover his replacement cost completely. Merely insuring for what you bought the boat for does not take into account the time, travel expenses, surveying costs, etc. that are all a part of researching and purchasing a boat. If an accredited surveyor (professional, independent opinion) certifies that a boat is worth a specific amount and an owner is willing to pay the premium, he should be able to insure for that amount.

[Freebird]

I don't know if it is because I show a home port of Kingston, TN, but I'm carrying a $250,000 hull value policy with 1 million liability and a $250 deductible (I'll up that when I get it home, figured it would come in handy until then) and paying $2,500.00 a year with State Farm. This policy covers me while in coastal waters, even the Bahamas and Abacos. Might want to check into this guys.

[ThirdHatt]

Now THAT is interesting...my State Farm agent who has had my home and personal articles policy (with no claims) for over a decade called me back and said that it came to $6,000/yr for only $100,000 coverage, and $250,000 coverage would be somehwere near $15,000/yr! WOW! He even went so far as to say that his personal boat that he keeps in FL is covered by Zurich and he is NOT looking forward to his renewal! So, how much are slips going for in Tennessee??

[Trojan]

I have State Farm for my home ,farm, cars, motorcycles and jet ski. But they would not insure my 1973/43DC It was to old. BUT they would insure my 1973/32 Trojan. What kind of crap is that?


BILL

[Freebird]

Now THAT is interesting...my State Farm agent who has had my home and personal articles policy (with no claims) for over a decade called me back and said that it came to $6,000/yr for only $100,000 coverage, and $250,000 coverage would be somehwere near $15,000/yr! WOW! He even went so far as to say that his personal boat that he keeps in FL is covered by Zurich and he is NOT looking forward to his renewal! So, how much are slips going for in Tennessee??

I'm paying $240 a month for a 50 x 16 for my 41DC, and a 70 x 20 for my 58TC will run about $375.00 (both covered). As for State Farm, must be a Tennessee thing (damn we're lookin' good ain't we?) I have several boat, auto, and home policies with State Farm, but I doubt the discounts make up the difference in what you are being quoted. My suggestion, move up here, get your insurance, and "visit" Louisiana. We're still acceptin' membership applications at BUBBA (see thread #61, NY Bashing by yours truly). Ya'll come see us, ya' hear?

[Freebird]

I have State Farm for my home ,farm, cars, motorcycles and jet ski. But they would not insure my 1973/43DC It was to old. BUT they would insure my 1973/32 Trojan. What kind of crap is that?


BILL

No problems insuring my '65 with them. I'm carrying $75,000 (underinsured) for the hull with a $1,000 deductible, $300k liabilty, and am paying around $700.00. No surveys no b.s. no nuthin'. I used MUA for years, and they were actually a little cheaper than State Farm. However, they required a survey before they would insure. The cost of the survey outweighed the savings. Have used State Farm for over 25 years on everything. No problems. You boys are just geographically challenged!

[Freebird]

One funny note re: State Farm. When I went into my agent's office to get a new policy for my 58TC, the girl who took the info asked if it had a trailer . I told her yes, and to go ahead and figure insurance costs on my Peterbilt and two escort vehicles while she was at it!

[Kathy L]

jcrlaw, Read your thread last nite, and got excited. Just called Sea Safe
to get a quote on my 36 ft with East Coast and Bahamas Coverage.
After giving him details about my experience and the boat, he said that his
quote will exclude windstorm damage - is that a problem? Well, hello, I'm
in South Florida.
John

[ThirdHatt]

Kathy L, You are so right! I sent in my app this morning to Ski-Safe with my survey and just got a call back. They said they need a current survey (mine is dated 8-2-05) so 1yr and 5 days old now, so I told them I consider that current enough. He then went on to tell me that his deductible is 10% ($25,000 on a $250k policy ) and there would be NO windstorm coverage! He is working up the quote and will call me back, but unless it is amazingly inexpensive I can't imagine considering them at all.

[Freebird]

Sounds like with the rates you guys are paying, self-insuring might be the way to go if the boat's free and clear. If there is a lien, I can't imagine a lienholder allowing you to carry insurance that wouldn't cover wind damage. That would be the same as no wind coverage on a double-wide in Alabama!