RIB Insurance? - having trouble finding INS....?

StrongCo · 07 September 2011, 01:46

Looking for reccomendations on RIB ins. companies... The typical co's I approached do not underwrite inflatables....

Located in Florida USA

Thx.

captnjack · 07 September 2011, 04:35

Are you looking for boat insurance or yacht insurance?

I have full replacement boat insurance through Progressive, never made a claim (yet) but they were cost effective and their policy details seem to be ok to me.

StrongCo · 07 September 2011, 12:50

full repl. boat insurance - I will call them today.

Thx.

ssobol · 07 September 2011, 17:26

I have insurance on my RIB through Progressive. There were no issues getting full coverage.

Last year my 2 month old RIB blew off the trailer while I was towing it because the nose strap broke. I called the insurance company and sent them some pictures. They send an adjuster around and totaled the boat.

Gave me a check for the entire rig including reimbursement for the registration fees paid to the state.

Took about a week to get the check.

captnjack · 07 September 2011, 19:28

Sorry about your boat but good to hear about your positive claims experience SSOBOL. Thanks

jyasaki · 08 September 2011, 16:28

I have mine through BoatUS' underwriters. Agreed hull value (which I should probably adjust, as prices have gone up.) Was cheaper than Progressive, but that was about 6 years ago when I compared. Downside is that you need to be a BoatUS member; upside is that some of the perks are worth having (towing roadside assistance, etc.)

jky

Stoo · 13 September 2011, 01:00

We are with State Farm up here in Canada. $120K full replacement with $5K deductible and the premium is abut $1200 a year. (We insure 3 cars, 2 homes etc and the boat)

jyasaki · 13 September 2011, 17:52

Just reread your message. I doubt you'll find an application which has "RIB" listed as the boat type. I think I used either "Runabout" or "Sport boat" rather than try to explain what a RIB is. That said, "Polaris Inflatable" went down as the manufacturer, so it wasn't as if I was hiding anything.

jky

captnjack · 13 September 2011, 18:30

Quote:

Originally Posted by jyasaki

Just reread your message. I doubt you'll find an application which has "RIB" listed as the boat type. I think I used either "Runabout" or "Sport boat" rather than try to explain what a RIB is. That said, "Polaris Inflatable" went down as the manufacturer, so it wasn't as if I was hiding anything.

jky

I did exactly the same.

macbheath · 21 September 2011, 15:59

Good information.. I just got mine thru BoatUS. As the inflatable collar barely touches the water and the fiberglass hull would float with flat tubes it seems they are closer to hard boats than full inflatables. I finally gave up trying to finance my boat, paid for the hull and financed the motor and accessories thru Yamaha.

ncp · 17 October 2012, 20:55

Reading this thread, I guess I will have to give Progressive a call.

I need to renew ASAP and I was going to go with Boats US. But, they're having trouble insuring the value that I would like. They are saying that a 1993 Willard is worth $20,000. I asked them how they got there number and they said there are data bases out there (buc.com was one that they mentioned...I looked them up, nothing on a Willard 730 or a Zodiac H733). So, obviously, this boat isn't something they really have a lot of knowledge on). Currently, they're researching my "upgrades" that I have done since I purchased it. We'll see what they come back with.

Most Willards that we see sold on rib.net are going for between $27K-$50K depending on specs.

Any suggestions???

ncp · 17 October 2012, 21:23

Ok, Boat US won't insure a Willard for more than $20,000. I'm going to have to try Progressive based on this thread!!!

captnjack · 17 October 2012, 22:55

You want an agreed value yacht policy

Not a depreciating value boat policy.

ncp · 17 October 2012, 23:30

Quote:

Originally Posted by captnjack

You want an agreed value yacht policy

Not a depreciating value boat policy.

Thanks captjack

Boats US offered me both types of policies at $20,000. The Cash Value (depreciating) was $306 while the Agree Hull Value was $346. They claimed that this was the most a 1993 hull could be insured at. I even had them check with the higher ups and call me back. They said that they use a "variety of databases" one of which was buc.com. I went onto buc.com and tried to get a value for either an i/o H733 & Willard 730...both weren't in their database. So, I don't know where Boats US was getting their numbers from. As most of us are aware, most Willards sell on here for $28K-$35 depending on the quality of restoration and accessories. Some rarer models, have gone for much higher.

Progressive gave me a quote for a $30K value and so did Foremost...Foremost was >$200 cheaper.

captnjack · 17 October 2012, 23:59

Cool glad you got its sorted out. Weird that they had no clue what Willards and 733s are going for.