An old topic I know. Simple question though. For those with boat insurance OTHER than through your homeowners policy, who do you use?

I'm with USAA. I'm gonna call them Monday to review coverages. I'm just asking in advance in case I need to add a separate policy elsewhere.

Last time I raced a cat was I in 93. I had few assets, an $1800 Supercat, and the expensive boats were probably $8-10k. Now I have a few assets to protect, a not much more expensive Nacra, and the expensive boats are way more. Just trying to be cautious about it if I start up again.

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Tim
Collierville (Memphis), TN
Supercat 15--sold :(
Hobie monocat--given
Vanguard 15--traded for...
Nacra 4.5--sold
Nacra 5.7
Hobie 14–sold to make room for...
Supercat 17–sold
--

i use allstate. here's what i have for annual coverage.
j



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Aquacat 12 (sold)...'87 Nacra 5.8 (sold)...'03 Nacra Inter18 (sold)
Venture 15 (sold)....'89 Nacra 5.8 (sold)...'91 Nacra 5.8NA (sold)
'99 Nacra Inter20 (sold)
--

Arch, thanks, great info

--
Tim
Collierville (Memphis), TN
Supercat 15--sold :(
Hobie monocat--given
Vanguard 15--traded for...
Nacra 4.5--sold
Nacra 5.7
Hobie 14–sold to make room for...
Supercat 17–sold
--

In have all of mine through Boat US and have been happy with them. I've had one claim where a man shaped hole appeared in my F16 main sail during a capsize. They depreciated the sail (3 years old), but it still paid for most of a new one. I've heard non boating based insurance companies don't depreciate the sails. I pay a little less than $250/year each in my A cat and F16, the SC20 is $120/year. All are agreed value policies and include racing.

I need to check with Allstate again, they cover my vehicles, agent told me they didn't cover cats. Arch, does your policy include racing?

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Mac
Midlands South Carolina
AHPC Viper USA 366
A Cat USA 366
Super Cat 17
--

I pay about $90.00 per year...

Keep in mind; when towing your boat it is covered by your auto policy, when stored your homeowners kicks in, when on the water it is the boat policy...

All my insurance is with the same company... let them figure it out if I need to exercise the policy.

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John Schwartz
Ventura, CA
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JohnES

I pay about $90.00 per year...

Keep in mind; when towing your boat it is covered by your auto policy, when stored your homeowners kicks in, when on the water it is the boat policy...

All my insurance is with the same company... let them figure it out if I need to exercise the policy.

Be careful what you say here. When being towed, its covered for liability not first party damage. As at home, you have certain limits on your HO policy which is only $1,000 coverage for named losses of a watercraft. If you have a boat policy it is primary over any other coverage. You might even find an exclusion in your HO's policy if there is other collectible coverage on the boat from another policy. You can pull liability coverage from HO's if you race. There are a couple of policies that exclude for racing but only a few. Read your exclusions on the liability coverage portion. Read it a couple of times as the wording is tricky. It takes away coverage, but at the end gives it back for sail boat racing.

--
Forrest
I-20 USA-645
Hernando, Florida
"There's not enough rum in the drum"
--

Quote

Arch, does your policy include racing?

nope. as i recall, it specifically excluded racing from this policy and the previous company i had. but i race so infrequently, and i'm always 'way' out in front so.......
j

--
Aquacat 12 (sold)...'87 Nacra 5.8 (sold)...'03 Nacra Inter18 (sold)
Venture 15 (sold)....'89 Nacra 5.8 (sold)...'91 Nacra 5.8NA (sold)
'99 Nacra Inter20 (sold)
--

Short answer

Racing is covered with USAA



Edited by tnell on Aug 01, 2016 - 12:22 PM.

--
Tim
Collierville (Memphis), TN
Supercat 15--sold :(
Hobie monocat--given
Vanguard 15--traded for...
Nacra 4.5--sold
Nacra 5.7
Hobie 14–sold to make room for...
Supercat 17–sold
--

tnell

Short answer

Racing EXCLUDED with USAA

USAA Policy HO3

1. Coverage E - Personal Liability and
Coverage F - Medical Payments to
Others do not apply to "bodily injury" or
"property damage":

f. Arising out of:
(1) The ownership, maintenance, use,
loading or unloading of; or
(2) The entrustment by any "insured"
to any person of; or
(3) Vicarious liability, whether or not
statutorily imposed, for the actions
of anyone using:
a "watercraft" or "personal
watercraft".
This exclusion does not apply to any
"watercraft" owned or borrowed by,
or rented to any "insured":
1) With inboard, outboard or
inboard-outdrive motor power of
up to 50 horsepower; or
(2) That is a sailing vessel, with or
without auxiliary power, which is up
to 35 feet in length


Tnell, I'm not sure where your agent is pulling the racing exclusion. This is the policy form I pulled the wording from.

Homeowners 3R(02)
Special Form
(07-08)
HO 2008 Program

--
Forrest
I-20 USA-645
Hernando, Florida
"There's not enough rum in the drum"
--

word of caution here... you can pay for $20,000 worth of insurance on your boat
but if it is destroyed... (I THINK) your gonna get blue book value - not 20k minus your deductible

I had 5k of insurance on my boat @340 year with allstate for 4 years and decided it wasn't worth it in after a while
i NEED to find a cheap liability plan

millcreek

I was talking to an inexperienced rep. 10 minutes later another rep called me back and said I'm covered

Updated post. Thanks good to have backup!



Edited by tnell on Aug 01, 2016 - 01:28 PM.

--
Tim
Collierville (Memphis), TN
Supercat 15--sold :(
Hobie monocat--given
Vanguard 15--traded for...
Nacra 4.5--sold
Nacra 5.7
Hobie 14–sold to make room for...
Supercat 17–sold
--

MN3

word of caution here... you can pay for $20,000 worth of insurance on your boat
but if it is destroyed... (I THINK) your gonna get blue book value - not 20k minus your deductible

I had 5k of insurance on my boat @340 year with allstate for 4 years and decided it wasn't worth it in after a while
i NEED to find a cheap liability plan

MN3

Boat policies are stated value/ acv which means you would receive what the boat is worth if totaled out. On the policy above you see the words Replacement Cost Option. This means basically if you have a partial loss to the boat you will get brand new less deductible with no depreciation. So mast, sails or whatever is damaged stolen or lost, you get brand new less deductible, up to the policy limits. If the cost exceeds the value of the boat then they will total the boat and trailer if covered. If so, then you get paid for the whole package and they get the boat and you get a check for ACV. However, the company really doesn't want the boat and you can buy it back as salvage at a huge discount and then turn around and buy the parts. All legal!



Edited by MillCreek on Aug 01, 2016 - 01:22 PM.

--
Forrest
I-20 USA-645
Hernando, Florida
"There's not enough rum in the drum"
--

MN3

word of caution here... you can pay for $20,000 worth of insurance on your boat
but if it is destroyed... (I THINK) your gonna get blue book value - not 20k minus your deductible

I had 5k of insurance on my boat @340 year with allstate for 4 years and decided it wasn't worth it in after a while
i NEED to find a cheap liability plan

MN3

Same issues with mine as to high cost. I went to Boat US and paying around 200.00 per year

--
Forrest
I-20 USA-645
Hernando, Florida
"There's not enough rum in the drum"
--

tnell

millcreek

I was talking to an inexperienced rep. 10 minutes later another rep called me back and said I'm covered

Updated post. Thanks good to have backup!Edited by tnell on Aug 01, 2016 - 01:28 PM.

Tnell,

Great to hear I could help out.

--
Forrest
I-20 USA-645
Hernando, Florida
"There's not enough rum in the drum"
--

i just remembered (senior moment timing!) that my previous insurance company (before Allstate) was Foremost, which i got thru my Farmers Insurance Group agent. it was reasonably priced and excluded racing also.

story time: (yawn...) one of my previous nacras was flipped into the lake in a freak storm at 2am (not anchored to the beach), bent mast, broke rudders, scratched/gouged one hull. they covered me due to 'an act of God'. they had no idea of the value of my boat so i started showing them the prices of 5-6 that were for sale around that time. the longer i looked, the higher the prices climbed!(odd) i think they got tired of me and just paid what i was asking, which in the end, took care of all the parts and repairs. it was less than the amount i was insured for, but i shot high on the quote anyway just to be sure.

Foremost had to pass the baton a couple of times to find someone with a little 'boat experience' but he turned out to be very reasonable, knowing his company time wasn't worth fighting for $1,000 bucks or so.

moral of the story.........tie down the boat.
j

--
Aquacat 12 (sold)...'87 Nacra 5.8 (sold)...'03 Nacra Inter18 (sold)
Venture 15 (sold)....'89 Nacra 5.8 (sold)...'91 Nacra 5.8NA (sold)
'99 Nacra Inter20 (sold)
--

Quote

This means basically if you have a partial loss to the boat you will get brand new less deductible with no depreciation. So mast, sails or whatever is damaged stolen or lost, you get brand new less deductible, up to the policy limits. If the cost exceeds the value of the boat then they will total the boat and trailer if covered.

Exactly - does anyone know the blue book value of these old boats?
Most people on this site are sailing legacy boats... and were under or around $10k when purchased new, in 10 -20 years ago . They can't be worth more than a few $1000 bluebook (i really have no empirical data here but...)

MN3

Quote

This means basically if you have a partial loss to the boat you will get brand new less deductible with no depreciation. So mast, sails or whatever is damaged stolen or lost, you get brand new less deductible, up to the policy limits. If the cost exceeds the value of the boat then they will total the boat and trailer if covered.

Exactly - does anyone know the blue book value of these old boats?
Most people on this site are sailing legacy boats... and were under or around $10k when purchased new, in 10 -20 years ago . They can't be worth more than a few $1000 bluebook (i really have no empirical data here but...)

No.... but with my insurance I gave them a stated value of $2,500 for the boat and $1,000.00 for the trailer more than double than what I have into it... it cost me an additional $20 per year year to go this route.. I had a few ads to support the stated value... but the agent didn't care. I guess they will start the depreciation from there...

--
John Schwartz
Ventura, CA
--

arch

story time: (yawn...) one of my previous nacras was flipped into the lake in a freak storm at 2am (not a
Foremost had to pass the baton a couple of times to find someone with a little 'boat experience' but he turned out to be very reasonable, knowing his company time wasn't worth fighting for $1,000 bucks or so.

Had the claims adjuster meet me at the factory in Santa Ana when I was getting a claim repair done to my 5.8.... long story.....

I already had a quote of $500 from Performance... the adjuster was late getting there... When she showed up, she took one look at it, asked them how many hours to fix and finish, and then wrote a check for $1000, turned her heals a left... all in the period of 10 minutes..

Needless to say, $500 got me a lot of ding repair and when I picked the boat up the hulls looked like they were brand new with new grey decks, and dagger boards...

--
John Schwartz
Ventura, CA
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