Topic: INSURANCE

[Wheelhouse]

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.

[Yachter Yat]

   I'd check with "Flo".

Yat

[mustang65fbk]

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.

[Chief of the Boat]

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.   

[Wheelhouse]

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.

[mustang65fbk]

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.

[Wheelhouse]

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

[First Cabin]

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?

[AP]

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.

[Zarn]

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.

[Croaker Stroker]

I have Progressive. They re-imburse for towing.

I also just bought BoatUS towing. So I am double covered.