FL Insurance Cost

[Patman941]

I know insurance cost has been covered in some other threads, however, curious about FL boaters and what we are paying.

I have been calling around and trying to get quotes for an AR240 and they seem to be higher than expected ($1500 average). I realize there are many factors that come into play for boaters and where you boat.

Just curious what us Floridians are paying for full coverage insurance. Thanks in advance al.

 

[\\\Wolverine///]

I know insurance cost has been covered in some other threads, however, curious about FL boaters and what we are paying.

I have been calling around and trying to get quotes for an AR240 and they seem to be higher than expected ($1500 average). I realize there are many factors that come into play for boaters and where you boat.

Just curious what us Floridians are paying for full coverage insurance. Thanks in advance al.

@Patman941
I have Boat US / GEICO and, yeah, that is similar to what I have for a 2016 242 LSE full coverage in Key West. I wouldn't have guessed it was that expensive either, but wanted full coverage with the boat being financed.

 

[VitaminSea]

In Central FL, both stored on trailers.
2012 SX210 & 2016 VX Cruiser HO
~$820 annually, Allstate (who I do not have any other policies with).
Discounts include Boater Safety Cert & BoatUS member. I believe replacement limits are $25k & $10k respectively.
Previously had Progressive, I believe last year my renewal was ~ $1k, so I shopped around.

 

[Jon Burns]

St. Augustine, 2015 SX240, 919/yr.
Went through United Marine Underwriters.
Agreed value 51k, trailer 2k, Liability 500k, Uninsured/under-insured 500k, personal property 7500, family med 25k, non-family med 10k, towing 1k
Backed by 1MM from Amica.

 

[dshscarab]

Ft Lauderdale. - 2019 AR195 purchased new. Progressive (No other policy with them) $1106.14 including towing.

Bodily Injury Liability:

$10,000 each person $20,000 each accident

Property Damage Liability:	$10,000 each accident
Uninsured Boater:	$10,000 each person $20,000 each accident
Medical Payments:	$5,000 each person
Comprehensive:	$375 deductible
Named Storm Deductible:	$1,900 deductible
Collision:	$375 deductible

 

[Dean P]

$1500 is to high. I'm just below $1k. This seems to be inline with others here.

 

[ZGhost]

Most if not all boat insurance cost is primarily driven by boat/trailer replacement value. one would need to know this in order to compare prices. Thats not the only driver, there are others like deductables and other provisions but the replacement value the biggest factor and as such varies significantly due to year and model.

 

[FLBulldogger]

That seems excessive but my current policy with Progressive is twice the price for the same coverage on a 2013 19 ft Yamaha just 6 months ago and we live in SW FLA...Insurance is such a crap shoot, none of it makes sense, I have a perfect FICO score (what my agent told me the quote is 90 percent based on) and I still pay twice what I paid before. Here my coverages and cost...Nothing like what you (@Patman941) is paying...
Coverages and Rate

Summary of Coverages and Rate
Policy Coverage	Limits	Rate
Fishing Equipment:	No Coverage	$0.00
Watercraft		Rate
2018 Yamaha SX195	$311.00
Total policy rate:		$311.00

2018 Yamaha SX195
Physical damage option:	Agreed Value
Disappearing Deductibles:	Selected
Coverages	Limits	Rate
Bodily Injury Liability:	$100,000 each person $300,000 each accident	$37.00
Property Damage Liability:	$50,000 each accident	$24.00
Uninsured Boater:	$100,000 each person $300,000 each accident	$23.00
Medical Payments:	$2,500 each person	$4.00
Comprehensive:	$500 deductible	$113.00
Named Storm Deductible:	$1,300 deductible
Collision:	$500 deductible	$55.00
Included with Comprehensive and (if purchased) Collision:	Disappearing Deductibles Wreckage Removal Marine Electronics - $500 deductible Trailer - $250 deductible	Included
Propulsion Plus®:	No Coverage	$0.00
Sign & Glide®:	Selected	$50.00
Coastal Navigation:	75 Nautical Miles (included)	$0.00
Replacement Cost Personal Effects:	$1,000 $250 deductible	$5.00
Roadside Assistance:	Selected	Included
Total rate for this watercraft:		$311.00

 

[VitaminSea]

That seems excessive but my current policy with Progressive is twice the price for the same coverage on a 2013 19 ft Yamaha just 6 months ago and we live in SW FLA...Insurance is such a crap shoot, none of it makes sense, I have a perfect FICO score (what my agent told me the quote is 90 percent based on) and I still pay twice what I paid before. Here my coverages and cost...Nothing like what you (@Patman941) is paying...
Coverages and Rate

Summary of Coverages and Rate
Policy Coverage	Limits	Rate
Fishing Equipment:	No Coverage	$0.00
Watercraft		Rate
2018 Yamaha SX195	$311.00
Total policy rate:		$311.00

2018 Yamaha SX195
Physical damage option:	Agreed Value
Disappearing Deductibles:	Selected
Coverages	Limits	Rate
Bodily Injury Liability:	$100,000 each person $300,000 each accident	$37.00
Property Damage Liability:	$50,000 each accident	$24.00
Uninsured Boater:	$100,000 each person $300,000 each accident	$23.00
Medical Payments:	$2,500 each person	$4.00
Comprehensive:	$500 deductible	$113.00
Named Storm Deductible:	$1,300 deductible
Collision:	$500 deductible	$55.00
Included with Comprehensive and (if purchased) Collision:	Disappearing Deductibles Wreckage Removal Marine Electronics - $500 deductible Trailer - $250 deductible	Included
Propulsion Plus®:	No Coverage	$0.00
Sign & Glide®:	Selected	$50.00
Coastal Navigation:	75 Nautical Miles (included)	$0.00
Replacement Cost Personal Effects:	$1,000 $250 deductible	$5.00
Roadside Assistance:	Selected	Included
Total rate for this watercraft:		$311.00

Just to clarify, is that $311 annually, or for 6 months? And your staying on your prior boat is was 50% less?

 

[FLBulldogger]

Just to clarify, is that $311 annually, or for 6 months? And your staying on your prior boat is was 50% less?

The rate is from 11/19 through 11/20. Yes my insurance for the 13 190 was $167 a year.

 

[dshscarab]

Wow. Question, Is it better to have selected actual value or agreed value? Mine is actual value. Just wondering if I should change it?

 

[Dean P]

Wow. Question, Is it better to have selected actual value or agreed value? Mine is actual value. Just wondering if I should change it?

Different websites calculate and provide a quote on the spot. Did you try that?

 

[FLBulldogger]

Wow. Question, Is it better to have selected actual value or agreed value? Mine is actual value. Just wondering if I should change it?

I would ask your agent...here is a good idea of the difference for boat insurance:
What Is Agreed Value Boat Insurance?
Agreed Value boat insurance is a type of coverage that has an agreed upon amount that the owner will receive should something happen to their boat. Not all accidents and repairs are covered, so it is important to verify with your insurance carrier first before filing a claim. Agreed Value is a highly sought after type of boat insurance because you know exactly what you will be getting back if your claim is approved. There are many perks to this type of insurance. These include:

• Pre-arranged boat value
• Consumer can receive the total value of the boat back when their claim is approved
• Easy application and appraisal process
• More costly, but covers more

What Is Actual Cash Value Boat Insurance?
An Actual Cash Value boat insurance policy is a little bit different than an Agreed Value boat insurance policy. Actual Cash Value policies only pay up to the value of the boat at the time the boat was lost or damaged. Depreciation, damage, and wear and tear are factored into the actual cash value, and you can receive considerably less in your award than you would if you had chosen an Agreed Value boat insurance policy. Actual Cash Value boat insurance is not without its own sets of advantages, though. Some of the advantages include:

• More affordable than Agreed Value boat insurance
• Painless application and appraisal process
• Easier claim process

The Bottom Line
It is important to compare the two policy types before signing on the dotted line. There are many differences, and only you can decide which is the right fit for you. If upfront cost is an issue for you, you may want to opt for the Actual Cash Value boat insurance, but keep in mind that you will probably not get as much back when you file your claim. Also, consider that the return can be vastly different, especially if you are filing a claim on a badly depreciated boat.

 

[dshscarab]

At the time, Progressive was the cheapest. I have my vehicles with Geico but they could touch the rate Progressive gave me. Go figure. Anyways, I don't want to hijack the OP's thread. lol Hopefully, @Patman941 finds a lot cheaper then $1500.00.

 

[Patman941]

No, this is all good information. Love to see all these numbers pouring in, gives me a better idea as to what people are paying.

I’d like to be paying $800 or so for the year at an agreed upon value. Not sure that is doable here in FL, but I’m keeping my fingers crossed and will continue to shop around.

 

[veedubtek]

$750/annually here with 50K agreed and towing. Use an agent, I couldn't find anything sub $1000/yr when I was shopping myself.

 

[Patman941]

$750/annually here with 50K agreed and towing. Use an agent, I couldn't find anything sub $1000/yr when I was shopping myself.

Great price and great suggestion with using an agent.

 

[Lowstar]

Here’s mine for north East Fl with progressive , its just above 1k a year but with agreed value of 82k and really high liability limits. Boating accidents are costly and bodily injuries will bankrupt you, and this is with my agent of 32 years

 

[FLJetBoater]

St. Augustine, 2015 SX240, 919/yr.
Went through United Marine Underwriters.
Agreed value 51k, trailer 2k, Liability 500k, Uninsured/under-insured 500k, personal property 7500, family med 25k, non-family med 10k, towing 1k
Backed by 1MM from Amica.

I am buying a 2014 242 limited s.

My lender has a max $1,000 deductible. The problem was the named storm deductible. UMU was the only one under 1000. Most were 2000. Geico was 1490.
However, they only cover US waters 50 miles offshore - specifically, not Bahamas waters. Since I plan on making a trip over there I'm still looking around.