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Insuring your Egret

91tiger91tiger Posts: 555 Officer
edited June 3 in Boating #1
I just paid my renewal for my insurance on my Egret through State Farm. I asked for replacement value when I bought the boat. But honestly I never felt completely comfortable that if I had a major claim that they wouldn't pull out some blue book and try to pay me a depreciated value even though they are happily charging me for the declared value at purchase. I haven't gotten an answer from my agent that made me think they weren't just telling me what I wanted to hear. I have everything with State Farm and usually prefer to have all my coverages through one company for simplicity. However, if something happened to my bird nothing would work for me except having Frank build me another one to my exact specs. If some thing happened to my Toyota Tundra, I could easily replace with the same vehicle of the same condition...the Egret, not so much.

Just wondering if anyone could recommend another company for me to shop rates and compare coverage details. I'm looking for Full Replacement coverage, I want to be able to replace new even if the boat is ten years old. I realize I would occasionally need to increase the coverage levels as new boat prices increase. I hear good things about Progressive for this but not to start a political debate but their politics do not align with mine at all.

Any recommendations based on cost/claims experience?

Replies

  • Egrets LandingEgrets Landing Posts: 953 Officer
    I'm with you. I dropped Progressive as well due to their politics. Mine was via USAA but still, I had to loose Progressive. The name itself says all you need to know. I dropped Comcast for the same reason.
    However they did provide for an agreed amount policy. In the event of a total loss, it was a firm set amount. I think you should negotiate for agreed value amount in the event of theft or total loss.
  • 91tiger91tiger Posts: 555 Officer
    Who did you go with when you dropped Progressive?
  • Renagade69Renagade69 Posts: 1,234 Officer
    NBOE is a good company I have used but Boat US beat them on the 2011 I have. I do not trust any of them. They are for prophet corporations that look out for the bottom line. Read your policy no matter what company you use.
    Hells Bay Estero Bay Boat and Hells Bay Marquesas
  • FlatsBoyFlatsBoy Posts: 1,394 Officer
    I had progressive on my last two boats with total coat replacement. I believe progressive is the only company that offers this. You can only get that policy if the boat is new first owner and not a used vessel. The total cost replacement is only for the first five years of the policy. Then it goes to a agreed value.So you will need to adjust your policy accordingly. I will tell you this first hand I was in a accident with my first boat before i bought my Egret 189 The boat motor and trailer was a total loss and progressive paid the claim for what it was to replace the boat new several years later within the five year total cost replacement. Which turned out to be greater than when i purchased the boat.You will not find a policy that will give you total cost replacement for that long of a term it will go to a agreed value. Hope this helps!
  • Carolina FlyCarolina Fly Posts: 72 Deckhand
    I had Progressive on my old boat. When I got the Egret I insured it through Travelers. The package includes agreed value, liability, uninsured boaters, and I had the personal property upgraded to cover my expensive fly gear. Look for a PM.
  • Larry418Larry418 Posts: 82 Deckhand
    I may have to stop visiting this forum.

    I am insured with Progressive and had a minor claim on my previous boat that was handled promptly and to my satisfaction. Now I discover that they don't align with the ideals instilled in me with the help of Ayn Rand.....no she is not a boat builder.
    I have used State Farm for my autos as well as my home. I am talking about lots of years. I applied to State Farm for boat insurance , but was denied. The reason (sit down) , I live in a coastal area. Pissed me off I almost dropped them but it would have been 'cut off my nose to spite my face' move because they have been great otherwise.
    Now the the splash well hatch I was quite content with seems less than ideal!.......****, you guy's can [email protected]&k up a wet dream......
    All jesting aside , this is a great forum and enjoy your boats ....they are great...not perfect, not much is.
  • 91tiger91tiger Posts: 555 Officer
    As much as it pains me, I may have to go with Progressive for the boat after all. I got a quote and it was half the cost of State Farm for much better coverage. There is a similar thread on the Maverick/Hughes/Pathfinder forum and there are quite a few good reviews about how they handle their claims. But man it pains me to support them in any way, I guess it looks like I can be bought though so I know what that makes me. :grin
  • rbtbryanrbtbryan Posts: 99 Deckhand
    For what it is worth, I have a '95 Egret, that has been totally rebuilt and upgraded from stem to stern. When I contacted Progressive to insure for total replacement they initially laughed it off. When they were told to come and view the boat personally in the garage, where it is always kept, and we opened the garage door, the rep basically said, " well that one looks great, lets go look at the '95".
    WHen they realized it was the '95, and verified with the hull numbers that it was in fact that vintage, I had no problem getting full coverage for boat, electronics and gear.
    I think every insurer has its quirks, as I have had plenty of bull.... experiences, but at least Progressive was the only one that would insure for the value of the boat. For what it's worth.
  • Amurleopard1967Amurleopard1967 Posts: 267 Deckhand
    I dropped progressive and got boat us, it was cheaper and better
    Coverage. I had State Farm for my auto and when I inquired
    About my egret they were way too high.
  • Last-CastLast-Cast Posts: 233 Deckhand
    Being in the insurance business is fun reading these threads. I have a 97 bird that has been insured for the same amount since I bought it (in 1999) and it's with Progressive. FlatsBoy is correct. After five years the carriers go to agreed value. You want to make sure if you are going with agreed value that the boat w/ engine are combined, then the trailer then your electronics. If you replace your engine make sure you go back to the carrier so you can get your value raised if it can be justified. One item in the fine print they don't discuss is depending on the carrier if you have a large claim they might lower the agreed value by the amount of that claim.

    Every carrier has a sweet spot that the underwriters feel comfortable with. That's why Larry418 was denied by SF. That underwriter didn't feel good about where he was at, based on his zip code probably. At the same time there are plenty of other carriers that are OK with it. One thing that is not discussed by the carrier is market share based on a zip code area. The Big carriers learned that the hard way in Miami after Hurricane Andrew. There were neighborhoods where State Farm and Allstate had insured over 75% of a particular neighborhood and they had their heads handed to them. Ever since then they follow insurance 101 "spread your risk".

    I have been with Progressive for a lot of years and have been happy with them. Whichever carrier you get with just make sure the values you want and how it is based should be easily found, typically on the declaration page. The declaration page should also tell you if it's ACV (the worst - actual cash value), replacement cost or agreed value.

    On a different note, if you have a major accident and as part of the settlement you want to buy back your boat and rebuild it understand you will have a hard time getting an agreed value out of it from that day forward. The carriers don't like to insure a boat that has been totaled and rebuilt. It's not to say it can't be done just takes a lot more work.

    Hope that helps.
    Egret 189
    Maverick 17T sold
  • HeartNShoalHeartNShoal Posts: 937 Officer
    FlatsBoy wrote: »
    I had progressive on my last two boats with total coat replacement. I believe progressive is the only company that offers this. You can only get that policy if the boat is new first owner and not a used vessel. The total cost replacement is only for the first five years of the policy. Then it goes to a agreed value.So you will need to adjust your policy accordingly. I will tell you this first hand I was in a accident with my first boat before i bought my Egret 189 The boat motor and trailer was a total loss and progressive paid the claim for what it was to replace the boat new several years later within the five year total cost replacement. Which turned out to be greater than when i purchased the boat.You will not find a policy that will give you total cost replacement for that long of a term it will go to a agreed value. Hope this helps!

    I have the same deal with Progressive on my current boat. They actually asked me the dollar value I wanted to ensure for under total replacement. I think. I am sticking with Progressive on my new Egret.
  • Amurleopard1967Amurleopard1967 Posts: 267 Deckhand
  • Bad behaviorBad behavior Posts: 1,162 Officer
    I've got SafeCo. No problems here. Told them the make and model, vin, and replacement value. Broke it down into boat, trailer, motor, accessories. About 900 per year at a 78,000.00 value. Didn't think that was too bad.
    Need a little time off...For Bad Behavior....

    2014 Egret 2011 /Yamaha 250 SHO - sold
    2019 Pathfinder 2500 hybrid 350 Verado
  • Egrets LandingEgrets Landing Posts: 953 Officer
    I've got SafeCo. No problems here. Told them the make and model, vin, and replacement value. Broke it down into boat, trailer, motor, accessories. About 900 per year at a 78,000.00 value. Didn't think that was too bad.

    Not sure about the quality of that company in terms of claims process etc. compared to some others but that rate is great for that coverage. I had progressive with an agreed value of $35k and the rate was about $600 but then they raised it up closer to $750 a couple of years ago and I walked from them. A year or two before that, I also had to sue progressive on an engine damage claim and won about $3k. Now if I would consider progressive again, I would only get it via USAA's agency.
  • Renagade69Renagade69 Posts: 1,234 Officer
    I have used BoatUS for my 2011 and it was a little more than BB pays but I am in south FL and Insurance companies know people steel boats in my area. My current boat is covered for 65k , 300k Bodily Injury, Liability, & Uninsured boater. 10k fishing equipment, 1k personal items,roadside assist on the trailer and 300 dollars water towing for $584.99 I also keep a 1 million personal balloon policy for anything that supersedes my insurance.
    Hells Bay Estero Bay Boat and Hells Bay Marquesas
  • HeartNShoalHeartNShoal Posts: 937 Officer
    Renagade69 wrote: »
    I have used BoatUS for my 2011 and it was a little more than BB pays but I am in south FL and Insurance companies know people steel boats in my area. My current boat is covered for 65k , 300k Bodily Injury, Liability, & Uninsured boater. 10k fishing equipment, 1k personal items,roadside assist on the trailer and 300 dollars water towing for $584.99 I also keep a 1 million personal balloon policy for anything that supersedes my insurance.

    That sounds like a good deal. This boat is 3X as expensive as my current boat, which I pay $60 monthly for $20K of insurance and I don't remember the bodily injury, etc.

    Renegade, do you mean umbrella policy? How much is that bad boy runnin ya?
  • Renagade69Renagade69 Posts: 1,234 Officer
    That sounds like a good deal. This boat is 3X as expensive as my current boat, which I pay $60 monthly for $20K of insurance and I don't remember the bodily injury, etc.

    Renegade, do you mean umbrella policy? How much is that bad boy runnin ya?

    The Umbrella policy runs $250 dollars. I own a business and keep a million dollar liability policy so it covers me for anything that goes over that along with any other personal insurance that a claim goes over coverage. All my kids drive cars in my name, wife, boat, business. With crooked attorneys out there advertising to sue everyone I thought it was dirt cheap to buy and foolish not to.
    Hells Bay Estero Bay Boat and Hells Bay Marquesas
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