I worked for Progressive Insurance in their marketing department for about 6 years. During which time I worked on the boat insurance division's marketing. I always pushed for sponsorship of regattas etc. Edgewater Yacht Club in Cleveland had the J22 worlds a couple years ago and other one design events including the J24 Nat's this year. I was invariably shot down because it's just too hard to make money on sailboats.
The reason is we're all TOO GOOD! The lack of claims drives premiums down in the market but on the flip side when we do place a claim, it's usually very costly. The big market is PWC, they're cheap (relatively speaking of course) and dangerous and the operators usually have little experience on the water. Claims go up, premiums go up, safe and cautious boaters lose.
I also have a policy with Boat US and although I haven't filed a claim yet, I'm happy so far.
Marino Curati
Ty #74 Snug
Cleveland
mcurati@earthlink.net
West Marine Insurance Experience (I'm angry)
Moderator: Jim Walsh
-
Walt Bilofsky
Re: Not only am I pleased with Boat/US ...
Not only didn't I get a better deal, I didn't even get paid.
Can you get ME a better deal?
- Walt
bilofsky@toolworks.com
Can you get ME a better deal?
- Walt
Eric wrote: Wow Walt. That's quite an endorsement. Can you get me a better deal?:)
bilofsky@toolworks.com
-
Walt Bilofsky
Agreed Hull Value
An important thing to look for in boat insurance is whether it covers actual cash value or agreed hull value. In the case of a total loss, an agreed value policy will pay the face amount. An actual cash value policy will pay what the insurance company tells you the boat is worth, considering depreciation etc.
My Boat/US policy is agreed hull value. This is the only kind boat owners should buy. It replaced an actual cash value policy from Allstate, and was 40% cheaper too.
In the event of a partial loss, most policies (including Boat/US) will deduct for depreciation - i.e., the added value to you of replacing an old part with a new one. The Boat/US policy spells out exactly when and how much they depreciate what. I really like the way they do business.
- Walt
bilofsky@toolworks.com
My Boat/US policy is agreed hull value. This is the only kind boat owners should buy. It replaced an actual cash value policy from Allstate, and was 40% cheaper too.
In the event of a partial loss, most policies (including Boat/US) will deduct for depreciation - i.e., the added value to you of replacing an old part with a new one. The Boat/US policy spells out exactly when and how much they depreciate what. I really like the way they do business.
- Walt
bilofsky@toolworks.com