State Farm for Insurance

[CapnR]

I am working through my insurance options and from the several quotes I have received. Start Farm seems to be about 1/3 of the price of Geico Boat USA for the same coverage.

Policy is for a 2011 leopard 38 @ 230K hull value

State Farm $1357 a year

Geico $4867 a year.

State Farm allows travel on east coast without 100 miles from shore, plus Bahamas. Geico seems to be a similar policy.

Looking through the policies, there is really no difference, so I am wondering what I am missing.

[Pandor]

I just had to switch my insurance due to a huge premium increase on my Travelers policy. It seems it was a bad year for insurance company profits, so premiums were adjusted.

I ended up with a Geico policy with the cruising limits stipulated as coastal and inland waters of US and Canada. My understanding is there is no defined milage limit on how far offshore is still considered coastal. But the policy would need to be changed to cover foreign waters other than Canada.

The other thing you need to be aware of is what is the basis of boat value in the policy. Generally, it will either be actual cost value or agreed value. Since ACV is totally defined by the insurance company based on depreciation, I would always recommend an agreed value policy. But I’m not an expert.