Umbrella Policies

**Seafordguy** · 11-04-2008 06:05 PM

The F&I section is off to a slow start so I'll throw one out there that has been weighing on me

Who here has an umbrella policy that covers the Boat?

I have been increasingly concerned about what happens if I were to cause a major accident while towing. Whether my fault or not I am sure the idiot pulling the "cigar" boat would end up catching some blame and a couple hundred K in insurance won't go far.

USAA was willing to write but was quick to exclude the boat. Although they did require that I have 500k in motorcycle insurance which I thought was astronomical.

Any thoughts or recommendations?

Never had a claim or moving violation, no liens on boat, own house, etc....

**Chris** · 11-04-2008 06:15 PM

From what I've been hearing, over the last couple years every umbrella insurer has been excluding them. The only one I believe still doing it is AIG Private Client. Most likely not available to the average boater.

**BGIII** · 11-04-2008 09:13 PM

Try Home-Owners Insurance if they do business in your state.

**phragle** · 11-04-2008 09:42 PM

usaa is usually pretty good on things, except boats.. they handled all the details for me but the actual company is not usaa and thats on a nova 250 with 376 hp .. so I used usaa but it was underwritten, still a decent rate though.

**Seafordguy** · 11-04-2008 10:35 PM

Originally Posted by phragle

usaa is usually pretty good on things, except boats.. they handled all the details for me but the actual company is not usaa and thats on a nova 250 with 376 hp .. so I used usaa but it was underwritten, still a decent rate though.

Yeah - USAA wasn't interested in insuring the boat the first time so I wasn't surprised when the blew the boat out of the policy....

**Hot for Teacher** · 11-04-2008 11:40 PM

We have one through State Farm and it includes the boat....so it says...
I'll call my agent tomorrow......

**cigracing1** · 11-05-2008 10:30 AM

I do not work direct with public we support Indendent Agents so if you guys like utilizing your agent just have them call me and i can help with the placement of your boat, motorcycle and commercial insurance. We work Nation wide.

The only state i do not provide marine coverage is FL.

Colin Caldwell
Cigracing1
1986 24 Firefox
918-588-2000
ccaldwell@midman.com

**Griff** · 11-06-2008 10:45 PM

I have State Farm for my home, cars and boat and also have an umbrella with them that has an extra rider attached for the boat. I had a hard time getting them to insure the boat and I doubt they will insure a cig.

If you are only concerned with the aspect of towing of the boat, that should be covered under your automotive insurance and an umbrella that covers your automobiles should cover that.

**Playn** · 11-06-2008 10:59 PM

Originally Posted by BGIII

Try Home-Owners Insurance if they do business in your state.

I have Home Owners for the homes, vehicles, and toys with an umbrella which includes the boats.

**Hot for Teacher** · 11-07-2008 01:14 AM

Correct Griff, State Farm doesn't insure the Cig with their boat insurance,
we have a separate policy for it... But the umbrella policy covers the boat after the original boat policy is used....

**Macklin** · 11-08-2008 03:11 PM

State Farm umbrella covers my boat. But they won't insure it...nor will they insure my house now given I'm two blocks from the oceanfront.

It's cheap insurance if you have the assets to warrant it.

**BBB725** · 11-09-2008 09:23 AM

Originally Posted by Macklin

It's cheap insurance if you have the assets to warrant it.

Make sure you or your agent review all your coverages, a bunch of years ago my snowmoblie insurance covered up to $750,000 and my umbrella started at $1,000,000. If I would have had a large claim that $250,000 gap would have been payed out of pocket if it hadn't been caught

**Macklin** · 11-09-2008 05:32 PM

Originally Posted by BBB725

Make sure you or your agent review all your coverages, a bunch of years ago my snowmoblie insurance covered up to $750,000 and my umbrella started at $1,000,000. If I would have had a large claim that $250,000 gap would have been payed out of pocket if it hadn't been caught

What? My umbrella policy tells me what I am required to carry on my general polices. Car is $500K. House is $500K. Boat is $300K. Am I missing something here?

**Offshoredrillin** · 11-09-2008 05:35 PM

I have one with state farm as well...1 mill..181 bucks a year...having it is priceless.

**BDiggity** · 11-10-2008 02:37 PM

Our State Farm rep said we should get one to help cover us in an accident. They wouldnt insure the boat, but the unbrella covers against liability or along those lines with the boat.

**Sydwayz** · 11-11-2008 11:50 AM

I have one through State Farm. I had my boat insured under a different company, and once they validated that the boat's policy met their minimums, they would write the policy. I now have the boat with State Farm too, and its also all covered.

ONLY way to go. $300-ish a year for $2M in coverage I think.

**Seafordguy** · 11-11-2008 12:03 PM

Originally Posted by Macklin

It's cheap insurance if you have the assets to warrant it.

I don't have the assets to warrant it but like to hope I will in the future....

I just don't want a large judgement against me on the off chance something happened that would jeopardize anything in the future. Especially not if there is protection available relatively cheap.

Damn it - I swore to god that I would never contact State Farm again. Looks like I will go back to them with my tail between my legs.

**BDiggity** · 11-11-2008 08:51 PM

Originally Posted by Seafordguy

I don't have the assets to warrant it but like to hope I will in the future....

I just don't want a large judgement against me on the off chance something happened that would jeopardize anything in the future. Especially not if there is protection available relatively cheap.

Damn it - I swore to god that I would never contact State Farm again. Looks like I will go back to them with my tail between my legs.

We really dont have the assets either. But as our rep put it, if something happens, letigious people see the house, the truck, the boat & automatically try & get more out of you. Like others said, i think we only pay like $150 yr, so i guess its worth having & hope its never needed.

**Spicy** · 11-12-2008 03:27 PM

Same here, I have Allstate for the car, truck, houses and boat, have a 2 million umbrella for around 300 a year(?)..... My lawyer strongly urged me to get one since I have rental property...

Pat

**Macklin** · 11-15-2008 12:36 PM

Originally Posted by Sydwayz

I have one through State Farm. I had my boat insured under a different company, and once they validated that the boat's policy met their minimums, they would write the policy. I now have the boat with State Farm too, and its also all covered.

How the h*ll did you get SF to write your AT?! It's just baffles me how indiscriminate their underwriters are about which HP boats they will write.

Even with HO's, it's still a big fast cigar boat. They don't like fast cigar boats...or so I'm told by MY SF agent...

But, I'm paying 9 bucks less than you for my umbrella policy.

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