AllState for boat insurance?

[wmk0002]

I just purchased a new Yamaha F25 and hung it on my 4-5 year old Alumacraft 1648. Taking into account the cost of the motor and ignoring depreciation on the hull/trailer/accessories, the package is probably worth $7500.... so I definitely want to insure it now. We have home and auto bundled through Allstate. At least initially, it would be easiest to just add boat coverage to our existing policy, plus going ahead and making sure I am covered asap. If anyone had an opinions on Allstate and their boat coverage please chime in. I'd like to hear the good and the bad plus maybe some $$ you all are paying and how much is insured.

 

[jasper60103]

I have a similar setup and purchased it new 2 years ago. Its always been garage kept, but a couple weeks ago I got to thinking that I should probably insure it. Like you, I just added it (boat, motor, trailer) to my insurance with State Farm.

The good... Its cheap.
The bad...If there is a loss they will depreciate the value. Its not 100% replacement cost.

 

[DaleH]

Check your policies, as there are generally 3 types of insurance coverages for claims payout:

...1) Replacement cost
....2) Depreciated value
.....3) Agreed upon value

And I recall those are listed by decreasing co$t of the associated policy, where these options were from Boat/US who had insured my big boat. My small boat is covered through my homeowners, also for an agreed-upon value. I also have extra liability covered through a $1 million umbrella policy where all of my insurances policies are bundled, and that umbrella policy only adds $72 per year. Cheap insurance for sure ... !

I've only had 1 claim for cause, where the boat/motor was under an agreed upon value of $25K (to me) where a new rig was easily > $100K. But it was an older hull I had totally refurbished and if in a totaled claim, I could likely grab most of the hardware/items off it, but I recognize that I can do my own boat/motor work. Anyway, I had an engine claim where it was totaled and they paid the claim out for $12K, figuring the newer-than-the-hull motor was ~1/2 the value of the 'agreed upon' total rig. I surely couldn't complain with that, especially since I had only paid $4K for the used OB (from a local Dealer/friend) that I had rigged and mounted myself. Got the check within a week too !

Boat/US insurance is underwritten by GEICO. I would hesitate to use Progressive for any insurance coverage ... low policy prices for sure, but try to file a claim :shock: and collect! Alas I know nothing about Allstate's rep in the marine arena.

 

[fishnsurf]

Have used Progressive for past dozen years. My current boat is insured at $9500, have $2000 in content thefts, 100K medical coverage, and cost $124 a year.
And if a vet, you're losing money if not insuring everything else through USAA, best rates and customer support.

 

[LDUBS]

I've always focused more liability coverages than on damage to or theft of the boat. If I have an ACV policy and the boat is stolen, I will take a hit in the pocketbook for sure. But a bodily injury claim can make me lose my house and wipe me out financially. So when considering where your insurance premium dollars are going, my advice is to consider spending more for the highest liability limits you need to protect your assets.

A lot if not most of the negative claims feedback I hear about is because folks don't understand what is covered, exclusions, etc. Anyway, I had a boat insured with Allstate years ago. So many years ago it may not even be applicable feedback today. I did have a comprehensive claim and they treated me fairly.

My old company used to do work for USAA. They are an excellent company in my experience.

 

[Lockndam25]

Progressive has a agreed value policy it’s a name your coverage amount for your boat and they don’t care if it’s older. And will pay the agreed amount.

 

[wmk0002]

Thanks for the replies. I didn't get any replies for a few days and then totally forgot to check back. Still haven't gotten it insured but have been sticking to the small waters near home and haven't gotten it out too much at that.

I'm definitely going to look for an agreed upon value for coverage and I will take into account the liability portion as well. Thanks guys.

 

[LDUBS]

Thanks Mincabenj. There isn't always a definitive answer, but I find a lot of value in the various viewpoints folks share. Gives me things to consider that I might not have thought of before.