New Bertram 31 Owner - What Insurance Companies?

[Chuckak]

New owner of a 1970 Bertram 31 Sport Fish and am looking for insurance company options. What do others use? I have quotes from Boat US and Haggerty.
I will have a lot of questions in the near future once I get the boat shipped home.

Thanks,

Charlie

[Amberjack]

Where will the boat be home ported?

[Carl]

Not a fan...but my old insurance guru got me hooked up with Allstate 26 years ago, I've have had them since.
Not sure why, but the policy is good and rates are better.

[Rawleigh]

I have mine through Boat US. Gieco I think.

[Donmystic1]

Boat US

[Tony Meola]

We have been insured with Boat US for years. With no claims, the rate has actually decreased over the years.

[pschauss]

Progressive. I have my homeowner's and car insurance with USAA, but when Suffolk County where I keep my sailboat increased their requirement for liability USAA sent me to Progressive. I have never had a claim with Progressive, but USAA has always been good on claims.

[Yannis]

There are all insurance companies, and then there is Pantaenius.
Pricy, but you sleep well at night.

[Chuckak]

Home port is Anchor Bay - Lake St. Clair Michigan

[Chuckak]

I have Allstate for everything else but they wont insure a boat over 35 years old.

[Craig Mac]

When I was looking for a new carrier----GEICO refused me for the age of the boat----ended up going with New Hampshire-- they must have been bought by GEICO as they are now
my company.

[Mark]

Charlie,

Make sure you get the coverages you are looking for as most agents/companies do not volunteer their exclusions. For example, some of the Fla guys may want to venture over to the Bahamas. Well most policies do not cover the Bahamas unless you get a special endorsement or a different policy. Some policies have cruising range exclusions/restrictions whether it be miles from home port or miles from land. If you think you will head up to the frozen tundra in Canada from time to time, make sure that is covered. If you do a lot of fishing and keep gear on the boat, need an endorsement for that. BoatUS calls it an Angler Endorsement I believe. Each company might have differences based on location so make sure you ask. Insurance is only good if it covers your risks. Oh...and don't forget to question salvage and pollution/fuel cleanup. Should you have a fuel leak or if, God forbid, you sink at the dock or anywhere.....those bills run up quickly. Make sure the limits are something you are comfortable. Of course everything has a cost.

Good Luck and congrats on your new 31. I'm hoping to join the club myself.

Mark

[Mark]

.... once I get the boat shipped home.

Make sure land hauling is covered is covered either by the hauler or your insurance.

Also forgot to mention Agreed Hull value vs Actual Cash Value. Assuming you are looking at Agreed Hull value but you have to ask for it. Otherwise it is ACV.

Mark

[CamB25]

For my 63 B25: Boat US told me that as of Jan 1, 2020 they no longer write boat policies for 50+ year old vessels. Boat US and Giego are the same. I called Progressive and they wrote a policy over the phone with some agreed value $40k limit based on verbal.

[Seapalm]

Progressive with agreed value is really hard to beat!
This is my third year insured with zero claims, and they lowered my rates by 20%. Plus if you pay the annual premium in full, there is a discount for that too (another3-5%). Hagerty is a great company as well. I had my Rybovich insured with them but it was an older 1957 wood and glass vessel...

[Amberjack]

Home port is Anchor Bay - Lake St. Clair Michigan

Out of my area. I use a Portland, OR based company which writes an all risk policy including as far north as SE Alaska in the summer for about 1% of value.

[Tony Meola]

For my 63 B25: Boat US told me that as of Jan 1, 2020 they no longer write boat policies for 50+ year old vessels. Boat US and Giego are the same. I called Progressive and they wrote a policy over the phone with some agreed value $40k limit based on verbal.

Cam

Did they say if they would drop current policy holders once the boat cross's the mid century mark?

[Carl]

I have Allstate for everything else but they wont insure a boat over 35 years old.

They will as mine is 58 years old.

I now have Allstate for nothing but the boat.

[CamB25]

Did they say if they would drop current policy holders once the boat cross's the mid century mark?[/quote]


I don't know, but I would not ask them! the less they know the better. I was scrambling to get liability on the boat so I could use my marina slip.

[Carl]

When I bought my boat 25 years ago it was 33 years old. I called multiple companies jumping through hoops to get insurance. Mostly as my wife worked as a secretary for a big law firm in the city and she invited her 3 bosses out on our boat plus their wives...all lawyers. I'm still not quite sure why they came, they had more money than...

Whatever...boat needed insurance.

Some companies wanted an initial survey, which I thought was completely understandable but then yearly surveys on top which I thought was a bit crazy...but went along to get the quote. They decided to offer a "thanks, but no thanks", the boats too old for us to cover. At the time I had Allstate and my agent told me flat out, don't use us for boats we are expensive and HE gave me other options. Still no good I asked him to get me a quote, he wrote up a letter explaining how I had everything but my boat with Allstate and how I was in the marine business...they came back with a good rate and I jumped on it. Never missed a payment, even when laid up the 3 or 4 years after Sandy I sent payments in...no claims and no need for questions.
Now that it's 58 years old...I don't see it getting easier to insure.

[Amberjack]

Let me ask those familiar with the insurance business: If the boat is insured for ACV at "X" dollars (the survey valuation) is that functionally different from being insured for an Agreed Value of "X" dollars?

[Carl]

With Insurance you have 3 choices the "actual cash value", the "agreed-upon value" and "stated value".

I look at the actual cash value as what Blue Book says it's worth and all you will get if a total loss.

The Agreed Upon Value is what you will get paid if totaled. It could be more or less then what its worth, BUT its the amount you and the insurance company agree to.



The stated value is a value you say you want to pay the premium on...I'll let someone else explain why this is a good idea as I have a tough time figuring it out. Its kind of you pay the premium on an agreed-upon/ stated value but the insurance company may or not pay you that amount????

[Mark]

let me see if I can help...

Insurance companies may use different terms so:

• Guaranteed Value = Agreed Value USUALLY MUST BE REQUESTED at time of initial policy or subsequent endorsement.
  Stated goes with actual cash value
  Replacement Cost = used for both specific items or total loss but USUALLY MUST BE REQUESTED.

Stated Value is what you and the insurance company value the boat (with proper documentation like a survey, blue book, etc) at the inception of your initial policy for that boat.

Actual Cash Value or ACV is what the insurance company will pay you for any claim for any item insured on the boat or total loss based on the initial stated value unless you have replacement cost or agreed value. They could pay you the stated value but essentially they will pay whichever is less. Keep in mind this applies to any claim not just a total loss. So a brand new motor at time policy was written is now 5 years old and it seized due to a coverable peril, you will only get the depreciated valued and not full replacement.

Guaranteed or Agreed Value is the value that you request to be paid in the event of a total loss. Of course the value has to be agreed to by the insurance company. The may or may not be the same amount to replace the boat. This value doesn't change or decrease from year to year unless your insurance company requires you to keep the boat in reasonable stead and request verification of such as in a survey or inspection.

Replacement Cost is just what it is. You'll get paid what it costs to replace that insured item based on the current markets price of that item or the equivalent/better item if the item no longer exists. You could have replacement cost for items covered as part of your boat. Fishing gear, equipment, etc up to the limits on your policy. SO with the motor example above, you would receive the amount for what that mot cost new in todays market. If that motor isn't made any more and its replacement is 30 more hp, requires a different shaft, prop etc and you have twins, you could get both motors replaced and all the goodies as you (or a professional) could argue that the boat can not run with dissimilar motors, gears, etc. Just a hypothetical. You usually don't see full replacement cost for a total loss in the marine world unless it is on a new boat.

Hopefully I have't thoroughly confused everyone yet.

In general if you can afford agreed upon or guaranteed value for a total loss and replacement coverage for items on the boat, that is your least risk and most coverage. But it will definitely be more that ACV.

I won't even get into Uninsured/Underinsured Coverage although it is probably more likely to happen in a boat that in a car.

Hope this helps!
Mark

[Chuckak]

Received quotes from Haggerty, American Modern, Progressive and Geico(Boat US). Went with Geico, agreed value policy under $900 - covers US waters and Great Lakes. (Bahamas is extra)
Thanks for all the input.

[Rawleigh]

My Gieco coverage is limited to the Chesapeake Bay.