Author Topic: INSURANCE  (Read 413 times)

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INSURANCE
« on: January 26, 2018, 12:26:47 PM »
I just got an unwelcome surprise by my insurance company today.

Im a long time Arima owner and have been on the old forum in the past.

I switched to Pemco for my boat years ago. They were always a good company for Homeowners and Car. I insured my 2005 SR HT 19 with them in 2006. I was insured at an "agreed value" which has stayed the same until today. They said it wouldnt change in the past but now Im told Im only insured for a value of $ 14,000.00. Based on what Ive seen on the market with comparables I could most like sell the boat for $ 30 - $ 40K as its low hours Honda 90 and Honda 7.5, new steering, full custom camperback, like new EZ Loader with folding tongue. I just saw a 2003 SR Rag top with similar setup for $ 29K.

Pemco says to insure for 30-40k I need a marine survey. Several years ago I tried to get one done but no marine surveyor would survey small boats. Pemco wont budge on this. I went to Pemco because my previous Insurer did the same thing to me. Its a scam and they know it.

Im in the Bellingham area. Does anyone know of a marine surveyor that would survey small boats?? $ 14K is a ridiculous appraisal by Pemco.

Offline Yachter Yat

Re: INSURANCE
« Reply #1 on: January 26, 2018, 02:25:39 PM »
   I'd check with "Flo".

Yat
Dear Arima:  Stretch the Hunter platform by 5. Next, stretch the Explorer by 9 and steal 2 or 3 from the cabin.  Please hurry, I'm getting old.

16 SC/Honda 60

Offline mustang65fbk

Re: INSURANCE
« Reply #2 on: January 26, 2018, 02:26:32 PM »
Why not just change insurance companies?  You'd likely spend $400-500 or more on having a surveyor/appraiser come out and look at the boat.  I have Travelers insurance and while I haven't had to file any claims with them for my house, cars, boat and so on (knock on wood)... they've been pretty good so far and their rates are quite fair.  I've got my boat valued at around the same price you listed as well.
2003 21' Sea Ranger Skip Top
2004 Honda 130hp 4 Stroke

Online Chief of the Boat

Re: INSURANCE
« Reply #3 on: January 26, 2018, 02:27:42 PM »
I have USAA and they punt you to Progressive for boats.  I am insured for a set value of $27.5k for my 94 1511 Sea Explorer that has everything but the kitchen sink.  Seven years no claims, that  being said if my boat was stolen tonight, I am sure I would have to fight for that price.   :twocents:
1994 Sea Explorer 1511 loves whitecaps 2010 Yamaha F-70 2012 Yamaha F-8 with a  Fixed SaltBoss Bracket Lowrance HDS-5 & 7 Gen 2 Standard Horizon Fixed VHF 2150 with AIS

Re: INSURANCE
« Reply #4 on: January 26, 2018, 03:33:00 PM »
My first Arima was a Sea Explorer. Great boat! I sold it for more than I paid for it and thats why Im so peeved at PEMCO. When I looked into this years ago most Insurers were pretty bad and PEMCO was the best I will look into Travelers and Progressive.

Offline mustang65fbk

Re: INSURANCE
« Reply #5 on: January 26, 2018, 03:50:33 PM »
Who do you have your home and auto insurance through?  Pemco?  If not, I'd try your home/auto insurer first to see if you can get a better rate or package deal.  I have all of my toys and house insured through Travelers and can give my agents number to you if needed.
2003 21' Sea Ranger Skip Top
2004 Honda 130hp 4 Stroke

Re: INSURANCE
« Reply #6 on: February 01, 2018, 06:06:02 PM »
I have now resolved my insurance issue. PEMCO is my insurance company for Auto, Homeowners and Boat. Ive had nothing but good experiences with them over the many years Ive been insured by them.

I h

Offline First Cabin

Re: INSURANCE
« Reply #7 on: February 01, 2018, 07:45:57 PM »
I have now resolved my insurance issue. PEMCO is my insurance company for Auto, Homeowners and Boat. Ive had nothing but good experiences with them over the many years Ive been insured by them.

I h

So what changed?
First:  1982 15' SeaHunter, Yamaha 70 2-stroke, Yamaha F6
Second:  1987 17' SeaRanger, Merc 90 2-stroke, Yamaha F8
Current:  2002 17' SeaChaser, Yamaha F100, Yamaha T8

Offline AP

Re: INSURANCE
« Reply #8 on: February 02, 2018, 03:10:00 PM »
Are they willing to insure for the previously agreed upon value and just up your rate?  Or is that not an option?  If not, are they significantly lowering your rate when they significantly lower your coverage?

If you look hard enough, I’d be surprised if you can’t find a surveyor willing to do the work but keep in mind that he might find things that your insurer will then require you to change/fix before they are willing to insure you at all. 

Good luck and please keenus updated with your experience.


Offline Zarn

Re: INSURANCE
« Reply #9 on: February 02, 2018, 04:07:22 PM »
IMHO... Progressive has  very reasonable rates and one of the better towing plan options available. Been with them for 7 years with my 17'SR and they have me well covered (to 75 miles offshore) with towing for a lot less than two Franklins per year.
87'SR, Blue Stripe/Top & ETEC 90, Honda 8, Arima owner... 11 years.

Their illegitimate action will neither scare nor distract one single member from our mission to stand and defend the individual freedoms that have always made America the greatest nation in the world.

Offline Croaker Stroker

Re: INSURANCE
« Reply #10 on: February 02, 2018, 04:38:49 PM »


I have Progressive. They re-imburse for towing.

I also just bought BoatUS towing. So I am double covered.  :shrug9:
1987 - 17' Sea Pacer - 2004 Evinrude 90 E-tec
15' Sea Sprinter - **SOLD**

"If a fish will, he will… if he won't, he won't… and that's about it… except… he may take this when he won't take that."