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Looking for boat insurance .

I received quotes from progressive , and Geico (boat us )

 

Geico seemed a little cheaper for same coverage , anybody have any suggestions????

 

Thank You in advance .

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Looking for boat insurance .
I received quotes from progressive , and Geico (boat us )
 
Geico seemed a little cheaper for same coverage , anybody have any suggestions????
 
Thank You in advance .

I have had boat US in the past. One thing to consider. Actual cash value or replacement cost. If you choose actual cash value. The adjuster will get the book value of your boat and then nickel and dime you for depreciation. You will probably get a settlement but no where near what will replace your baby. Been there. Replacement cost is way more expensive. But maybe worth it in the long run


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I use Gallagher Charter lakes insurance. I am not a charter. I have never needed to submit a claim but I did get recommendations before I went with them. I have an agreed value so I hope I know what I would get if it was a total loss. 

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Cash value or replacement?

Check prices with your agent or company. If you chose replacement value , they will replace your boat if total loss. Actual cash value is the market value of your boat , minus any depreciation. You will never be able to replace your boat for what they will settle for


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I also use Gallagher,,,,,, Charter Lakes Marine Insurance , They have there own sub forum on   thehultruth.com    Never a claim and rates have remained the same for the last 4 years.

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I use BoatUS, which is through Geico. Besides replacement and cash value they also have "agreed upon" amount. So I bought a used boat, a 92 two years ago, and what I wanted from my insurance was an amount that would make me whole for what I paid and a few thousand more for the gear I added. Much cheaper than replacement value.

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Charter lakes for me... prices were more than fair for my charter insurance.  I itemized all my gear so I could get the  coverage I wanted.  Rates haven't gone up in 5 yrs.

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I have it through Geico as does my sister and brother-in-law I have never used it. They hit a submerged log 2 years ago damaged one of the two lower units. Geico paid it in full service is very fast and efficient. You have to be very careful another person in our Marina don't know what insurance he had had an issue where his boat was totaled. Then he was told that he could not remove anything from the boat MTG personal equipment Electronics or anything else. They all belong to the insurance company. Had to buy the boat back for $1,000 to get the equipment. Then take care of getting rid of the boat himself. So be very careful and get an explanation from whoever you choose over exactly what is covered and how.

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I’m an attorney and Although I’m not licensed in New York all I do is insurance related to Law. If anyone has questions as to coverages and what it all means feel fee to message me.  I’ll be more than happy to assist or answer questions.  

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 I'd be happy to talk to you about it and message me if you'd like.  Insurance is what I've done for the last 26 years and I write a lot of boats along with homes, cars, atv,s etc...  

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