Insurance

[easygoing]

I own a 06 speedster 200 430 hp and feel like I am paying thru the nose for insurance on the boat. My policy pays my purchase price minus dep. The policy is year long and is with progressive. Get ready....... 1300 a year! Any one pay this much? What other good companys are there out there for boat insurance. Maybe it's normal..... but for some reason my back feels sore.

 

[Sikiguya]

Wow! Insurance....

Easygoing...I have 10 years in the insurance and financial service industry. That is a pretty high premium. What you didn't mention in your post was the limits that your policy is covering. Assuming that it is typical coverage, the premium is quite high as many members will confirm.

Your premium is based on a number of factor.
1. Credit...yes, many company are using it as a factor to the probability of a claims. Get a credit report and make sure it is accurate. Correct any mistakes.

2. Liability limits. You need to have enough liability limits to cover for a mulitiple amount of income or your net worth..whichever is highest. A good rule of thumb is 2 1/2 times your income or everything you own-everything you owe. Don't want to lose what you have or will be earning in the future. Garnishment of wages can and will happen.

3. The boat itself. What is being covered and deductible. You may select a higher deductible to offset cost. Also, are you insuring accessories, etc.

4. Your claim experience. How many claims have you filed in the recent years? A history of frequent claim activity will point to you as someone who will more likely file another one soon.

5. Your motor vehicle report. How are you on the road may be used to determine the probability of you having an incident on water. By the way, I have known folks to pay $300-$400/month to have liability coverage on their car...bad driving records.

6. Discount. Do you have multiple policy with a company? You can get better discount if you have many policy with the same company. And some company will give discount if you pass safety courses as well.

7. Where you are located. The body of water you boat on may have an effect as well as the locale you are in. For example, Floridian are going to boat a lot more than the Canadians. Also, bigger body of water is a bigger risk.

If decide to shop, then you need to shop not only the best rate...but the customer service and the attention to detail. Check with Better Business Bureau. Also, check with your state's Department of Insurance website. Lastly, interview the rep and don't go with the cheapest quote. Insurance is like boats...you get what you pay for!:coolgleam:

:cheers::cheers:

 

[Craigmri]

I officially nominate Jim and the official financial planner for the seadoo jetboat forums. :hurray:

Craig

 

[RFoster130]

Wow thats crazy. Mine is only 250 for a year, but my boat is old and only worth 6500. I use BoatUS.com

 

[robertm]

My boat at a value of 17k now (depreciation) plus I think $500 for the trailer is $355 for the year. That is in fresh water only. I got it through Boat US. Maybe give them a call and see what they can do for ya.

 

[hydro_37]

I only pay $134 a year and it covers the boat for up to $4500.
I do ALL my insurance through the same company. Westbend Insurance.

 

[Dr Honda]

That sux!

I pay $100 a year with Progressive. I have two motorcycles with them, my driving record is clean, I'm 37 years old, and my credit is spotless.

Just as an FYI... I only pay $250/yr for both of my motorcycles.

Age, and credit are the two biggest things I've found out. I have a buddy whos credit is just OK... he pays $500/yr for one bike with progressive. (same make/model as one of mine)

 

[easygoing]

Man.....I gettn reemed! Im 31, auto and boat with progressive, credit score 700sh, clean driving record for 7 yrs, 1 auto accident 2 yrs ago(stopped at a red light) That is with 500 ded on my policy also

 

[Sikiguya]

You are getting.."cough!"

Easygoing,

It is time to look around for another all around carrier. Perception is reality. There are a lot of companies that advertise savings and low cost. When I was an advisor(I am a manager now), I competed frequently with these companies and many times, they are so much costier than what people think.:ack:

Like my previous message, do your due diligence...I guarantee that most people spent 10-15 minutes shopping for insurance compared to the hours and days they spent shopping for their boat, car, or homes. Buying insurance is like buying medicine..it's not how much you want to pay..but how much you actually need!:banghead:

 

[Lee]

I don't know about the states but in Alberta it's common to add the boat to the home policy. My boat and trailer incl. liabilty is $275 for $15000 coverage.
But as Sikiguya mentioned we are only on the water 4-6 months a year.

 

[Sikiguya]

More information regarding credit

Insurance credit score is a bit different than your actual credit score. What you are looking for is not simply the total FICA score. Each company will have their proprietory system to calculate their insurance score. What are they looking for? Late or missed payments and other factors. You should get a copy of your credit report and check to see what is listed. You may even call to have some of the company remove any late payment reporting if you have caught up....never know if they will or not.:hurray:

Once they have that score, they will rank you in the different premium tiers. I have even heard of one major insurance carrier that has over 30 premium tier based on your credit!!!:ack: That means you and your neighbor may differ slightly in your score and hence your insurance is different. :reddevil:

I'd better stop before some of the insurance companies send over a 'cleaner' after me!:rofl:

 

[Sara]

I had to change insurance companies. I tried to get the same Company that insures my house - to insure my boat and liability.
But they wouldn't insure a boat with an inboard motor. So when i tried to just find marine insurance - it was pretty high. I had to switch my house insurance to another company and am paying just about 400/year with 2 million liability - 500 deduct.
Not sure if that helps.