Insurance for a DONZI

[this is it]

Why is it a nessessary step to insure a boat based on horsepower? Does it trigger a flag that it is a "speed boat". I've found Progressive Insurance through the Overton's catalog. Any bargains out there?

[HyperDonzi]

maybe boat us or if you have a company for your cars, have them insure your boat, be sure to get a depth finder, vhf radio and take a boaters course.

[Tidbart]

I've been using Progressive for years now. First in NH and now in Fla. Great rates. They use your good credit and driving records, etc as a rate determiner. No complaints.

Bob

[gjohns6896]

I have everything insured through Farm Bur. I went to them BEFORE I even bought my boat asking about prices. I got quoted $230, basically, for full coverage.

THEN when I bought the boat, using all the same info as before, they could not insure an 18 foot boat with any MORE than 200 horsepower <mine having 260>. So, I could not get it through F.B. Next step was for my agent to find someone who would insure it...he found American Boaters Underwriting <or something to that affect> but they wanted over $300 per year, mainly b/c of my age, only 25, NOT 26, which is where they go down in premiums.

So, I got a call back from my agent, and he said he complained and got me covered through Farm B., and at the price they first quoted me...like $230 annually. <all this took over a month before it got all straightened out, from when I first bought the boat that is>

I also sent in all my info to US Boats, and they sent back saying it would cost me $155 INCLUDING the membership fee to US Boats, but that would be for the little policy where they depreciate your stuff.

Hope this helps.

George

[this is it]

Thanks for the info. I like Progessive Insurance so far but need to limit my boat to NH. They don't write policies in MA. I've had a 78 jet ski in 1978 and had the same problem w/insurance. BoatUS was higher, is this the same as US Boat? Any 1-800 #'s for quotes.

[harbormaster]

My 95 18 is covered by Boat US for 15K for 550.00 a year.

[Tidbart]

My 96 18 for $18000 in Fla is only $311 with Progressive.
What a difference a state makes.
Bob

[gjohns6896]

Sorry about that...yes, BoatUS is what I MEANT to say, not US Boat...but to me they are one in the same. wink :rolleyes:

BoatUS stand for "Boat Owners Association of The United States."

Hope that eliminates SOME of the confusion.

George

[KMLFAMILY]

MA. is tough to find ins. for performance boats.I wound up finding WWW.skisafe.com (http://WWW.skisafe.com) on my own after my agent gave up.Give it a try and compare apples to apples with deductibles, liabilty"s etc.They didn"t require a survey to be done either.

[Rootsy]

progressive was the most economical and most willing i found here in michigan...

390 / year for full coverage insured for 20K

[harbormaster]

"They use your good credit as a rate determiner"

Yeah there is an accurate gauge of someones seamanship....

[HyperDonzi]

not only credit, i have called on a few boats trying to get insurance rates and they always turn me down. does anyone else think a 400hp (dynoed!!) 18 has to much power for a 15 year old? so be sure to not exadgerate the horse power on it.

[Rootsy]

i don't quite understand the theory behind the "good credit" thing in determining your insurance rate... what does that have to do with how safe an operator you are...

[harbormaster]

The credit this is Just another way they can legally rip off people for more money.

[Dino]

While asking about coverage for my boat that will be in Florida and Vermont, my insurance man explained that many policies don't cover the boat out of its home area.
If this is true, are many members buying extra coverage for the road trips they are taking?

[rong]

While talking to Boat/US and answering insurance questions over the phone, like have you ever driven a speed boat and how do you know how to drive a fast boat. Experience does count and the magic speed for upping the anty on insurance seems to be 55 mph. Through the guy I bought it from, and asking the right questions, this can be deciphered. Horsepower to weight is another way to calculate or history of the boat which there is a data base for. It's funny my insurance is $550.00 for a year for about the same value as Harbormaster. I think you fast guys either lie or pay a big price? Am I wrong?

[Ranman]

Jamie, If you're shopping around, try National Marine Underwriters. My 1997 18 Classic is with them. The premium is $323/yr. I've got $25000 on the vessel, $2500 on the trailer and $100K liability. A few conditions I've learned about NMI.

1) The boat must be 10 years old or less.

2) Must not be able to exceed 70MPH

3) They don't care much about HP, only the top speed.

Chech them out at www.nmu.com (http://www.nmu.com)

[Tidbart]

Jamie,
the good credit thing has to do with your ability to pay. Obviously, the better the credit rating, the more likely you are to pay on time. This keeps their cost down.
It also tells them, through statistics, that people with higher credit ratings are more responsible than those with lower ones and thus would be less likely have accidents. They want responsible people to insure.
Anyway, you get my drift.
I don't know how much of a difference it makes, but I am in for anything that will save me money on my rates.
Bob

[harbormaster]

Tidbit,
Before I go on, I respect your opinion, buuuuut,

I think that reason is horse****.
Next they will say that your eyeglasses make you a worse driver. Oh wait. You have a heart condition? You have a red racing stripe on your boat?
Yeah uh huh. that is the justification they give.

So Tid bit, how many refund checks do you think the insurance companie mailed out this year when they instituted the credit check thing?

But what about the money they will save?

I personally think it is just another way to fleece the masses. They give the reason you stated and all the sheep jump in line and follow. It will not save you or I any money. It just adds to the insurance company's profit.
Until we stop acting like sheep, we will continue to get screwed.

My neighbor had foundation problems and did not know if it was covered. He called out an adjuster to see. The adjuster determined that it was not covered. The insurance put a black mark on his record just like they had written a fat check. Now when he wants to change homeowners insurance companies, no one will cover him. Is that fair? No. Will it save you money? I doubt it.
Insurance is the only service in the world where:
You pay $1000 a year in premiums for 10 years, file a $1800 claim 1 time
and they jack your premiums up to $2600 a year! The only reason I have it because the mortgage companies require it. I could do a better, less expensive job putting the money in the bank.

[Tidbart]

Hahbamaster,
Looks like you and your neighbor have some issues.
My last reply was just an explanation of the use of credit in the determination of rates, as I understand it to be.
I don't necessarily agree with the way insurance companies do their business nor do I condone behavior like what happened to your neighbor.
I look at insurance as a gamble and in some cases a necessary evil. For some, it is the necessary evil, for example, those that have it thrust upon them by their financier. For others it a gamble, for example, those that own their boats outright and not required by law to have it. I am not required, as far as I know, to have insurance, therefore I ask myself do I want to gamble. The answer is no. So I look around for and insurance company that will give me the best rate with adequate coverage. If the insurance company uses my credit to give me the best rate over another company, well good for them. They get my business. It is not a matter how they get to that rate is a matter of what the rate is.
Maybe I am missing your point, but I fail to see how the use of credit to determine rates "rip(s) off people for more money" and "adds to the insurance company's profit". If I don't like their rate I will find another company! If I find another company, how can they rip me off or profit from me?

In closing, I am not a "sheep". I did my homework and payed the lowest rate I could get.

Respectfully,
Baahb

[Last Tango]

Let's see...2001 Classic 18, loaded incl MX6.2MPI and Bravo 1 plus trailer (nearly $50k replacement value) vs $575 per year and full replacement. Hmmmmmm
I think I will just stick with Allstate on this one.
Mark
FL

Might be my credit rating, might be my clean driving record, might be 37 continuous years with Allstate, might be the fact that I took the Coast Guard Boating Skills and Seamanship course (16 week version) less than three years ago.

[harbormaster]

What about if they say that people with heart problems are high risk and are charged more?

All I am saying is you should be judged on your past insurance history. That is the fair way to do it.

ISSUES? i HAVE ISSUES? BOB, I ONLY DO WHAT THE LITTLE VOICES IN MY HEAD SAY TO DO.

[CaptWK]

I just got a quote on insurance from American Modern Insurance Co. for a 1990 Z33 with a trailer. They would only insure it for the purchased price. For a $500.00 ded. and $100k liability it was $1047 a year. The only snag is they will not cover the boat while its on the trailer due to being 9 foot wide. So if I tow it I have no coverage. I am going to tow this boat from Michigan to Texas. Trying to think what to do. Any one got any Ideas? Maybe I can get some insurance from another company that does not care and cancel it when I get to Texas.

[clayman]

Ah, insurance. lets see, three cars, motorcycle, boat, two houses, two health ,two disabilty, med mal-practice, business ins, and probably a few more I am forgetting about. I would hate to add it all up. Allstate and State Farm would not cover my boat. I have been with allstate since for 14 years with no claims or accidents, and they wouldn't cover the Donzi, he said it was to fast, and to much HP. I went with boat US, had to get a marine survey because of the age of the boat. My dam motorcycle policy just doubled this period. went from $176 to $327(six months) with no explination.
Sucks, then like Harbor master said, you are always afraid to make a claim in fear of rates being Jacked.
James

[nasty habit]

where does it end.....try getting a policy on a 74' 20 Cig almost impossible....finally National Marine Underwriters wrote it..and it was close to twice the price of the quotes listed here for 18's , I just wanted liability coverage...wasn't all that concerned with replacement value...it is outrageous but what do you do ...not a bad gig i suppose...TAKE -TAKE -TAKE -TAKE-TAKE-TAKE-TAKE -------give

[rong]

I love the fact that we are quoting numbers and I'm sure any insurance company is cringing at the info posted. Keep it up as this subject is far from over.
Boats insurance has wide variance in coverage and some companies shy away but boost insurance for what-ever your needs. Be vigilant at finding the best deal. Also, question these coverall companies about there boat policies and watch the dance especially if the boat is a classic.

[Rootsy]

I have to hand off a big thanks to Ranman for turning me onto NMU... called last week and i am now with them. $252.00 a year for 100,000 coverage, 250 deductible, 20000 replacement value, 2000 trailer, towing, no prorating, etc etc on a SE Michigan based 97 16 classic listed as capable of 65 mph.

one thing i did run into, the online quote was cheaper than when i called them. I faxed the quote to them and they made good on it... Tim took good care of my account, the customer service was excellent.

so long progressive...

[this is it]

Since I started this topic and see the response from the members, let's take it one step further. How about the idea of asking an insurance company to quote all of the DONZI boats.

[Darrell]

I know this is kinda a old post, but lets continue: You guys need to check-out your local Farmers Ins. Group agent, They have some great rates for boats, 500yr on 55K coverage on a 2001 26zx, 300K liabilty, my next quote was light years from this cool! . And they were much cheaper on my last Scarab also. I was told to call them by a friend who is a finance man a big marine store. Give them a call and I hope they can save you some money.

Darrell