I think a little sharing would be good when it comes to insurance rates for boats. A friend has a boat in a similar value category and has similar equipment but his policy is $400 with State Farm and mine is $1000 with Allstate. I got a quote from the same State Farm agent at $641 and Boat US at $550. Anyone have any tips for saving money? I did notice that most policies specify an area of cruising which could be limited to Puget Sound..thus eliminating off WEstport, Neah Bay and the Columbia River.

Try Progressive.

Interesting numbers, Grandpa2...

I did some insurance shopping this spring, as well. I have a policy with Boat US that's about $450 per year. I opted for coverage outside of just Puget Sound, since I frequently use my boat at Westport, Lake Washington, etc. If I remember correctly, this option was about an extra $100. For similar coverage with Progressive, it would cost $860. State Farm was closer, $600.

I was really surprised to see such a large difference in the premiums. It's even more surprising to see that different boats get better rates from other companies... I figured Boat US would be cheapest for everyone - looks like that is not the case.

Insurance is what I do for a living, I can offer a little advice.

First: Someone pays for the marketing expenses of huge companies (insurance and otherwise). Just because you may recoginze the name, it may not be the best deal.

Second: Call an independent agent and ask for some quotes, discuss the uses of your boat and the values, have your serial numbers (boat and engine), values and Horsepower and length ready to discuss.

Third: Liability is of the utmost importance, especially on the water, make sure you are buying enough liability to protect your assets.

Fourth: Each company does things a little differently. Keep this in mind and possible claims senarios when you setup your policy.

Example: Company A may offer coverage for hull, engines and liability for $500/year with a 500 Deductible. Company B: may offer the same hull, engine, and liability coverage PLUS coverage for equipment including electronics and gear. (yes this can include fishing gear), for $600.

Possible Claim Senarios: Someone steals your tackle box $400, rods and reels $350 and damages your boat in the process $1000.

Company A: Boat and hull repair $1000 minus $500 Deductible. For coverage for your gear go to your Homeowners policy. Your homeowner insurance for $750 (gear) less probable $500 deductible. Total loss of $1750, your total coverage after deductibles $750.

Company B: Boat and Hull Repair $1000 minus $500 Deductible, your gear loss $750- deductible already applied because part of same policy. Total reclaimed $1250. This may be worth the difference in the policy premium.

Lastly: Go with a company that can endorse the coverage territory to your needs. The one size fits all approach never works very well, especially with boat insurance.

Parting Thoughts: The company you choose should be AM Best rated A- or better, you should have an agent to help you understand the decisions you make. You may think having an agent involved costs you more money, the studies show this in not the case. Educated buyers make better decisions.

Post up with additional questions or concerns. If you want, I can refer you to someone in my office who is an absolute pro in this niche.

Mine is cheap through State Farm, because we have everything there, homeowners, two cars and the boat. I think the boat ended up being around $400 a year or so, but I can't remember. I couldn't find any cheaper plus State Farm has always been good to me.

A big plus was that it is trailered and not moored. If moored I had to have records of each haul-out and maintenance.

For what it is worth. I have a 88 17.5 Searay, with 130hp. I have 10K worth of insurance for boat,trailer, accessories etc. I got this ins for $290.00 a year through Progressive at Sea Mountain Ins. in Lynnwood. Most other places quoted $100.00 + or more for same coverage.
Good Luck.

Thanks to all the advise so far....I spoke with the State Farm guy and feel comfortable with the $600 policy....My 16' Lund with trailer and 25hp outboard is only $80 per year....$200 now with Allstate. Trouble with the multiple policy deal is that separating the boats is ok but the cars and houses aren't so easy to switch as you "start over" with the new company. Possibly with State Farm having everything insured is the way to go. The agent I spoke to told me that signing up new customers is very restrictive these days due to claims losses and the faltering economy. My conclusion is that either State Farm at $600 or Boat US at $550 makes sense....better than the $1000 for Allstate.