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post #1 of 34 Old 1 Week Ago Thread Starter
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Boat insurance survey

Boat insurance questions come up often here. But the industry seems like such a black box of information. In an effort to shine some light on things Iíve set up a simple survey to find out what people are actually paying, based on location and type of coverage.

Itís simple (very short) survey via Survey Monkey on boat insurance. The data is completely anonymous (not even I can see who the respondents are). The aim is to find out what general types of insurance people have, what people are paying, and whether you are happy with your current provider/broker.

I will report the results back here so we can all benefit.


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post #2 of 34 Old 1 Week Ago
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Re: Boat insurance survey

Mike, you asked if we were satisfied with our service after a claim, but didn't ask if we had ever had a claim. My thoughts are, folks who have never made a claim likely experience lower insurance premiums.

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Re: Boat insurance survey

One comment about how satisfied we are: it might be good to have a tick-box for "never filed a claim with them".
Also, the boxes required $ amounts refuse to accept a number with a decimal; took me a while to figure out what was "wrong".
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Re: Boat insurance survey

Good points you guys. Iíve added the ďno claimĒ option now. And I thought the decimal thing might throw people. Canít use the ď$Ē sign either or the system has kanipfits. I think this is how they get you to use the paid version (Iím just using the free one).

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Re: Boat insurance survey

Keep the surveys coming folks. The more responds there are the better the info will be for everyone:

https://www.surveymonkey.com/r/C82SBJP

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Re: Boat insurance survey

I've looked over the survey and am not comfortable putting some of the personal information it requires on the internet, even if it presumably can't be traced to me. I will share openly that my premium is a bit under 1% of the value of my boat, for hull, liability, environmental and hurricane haul. I don't recall the liability coverage, but it was a dictated level, well higher than the minimum marine policy amount, that my umbrella insurance policy required, before they would step in.

Looking over the survey itself, I think you'll need a very large 'n' to draw any statistical conclusion, especially to parse it by region. I'm also certain that the average consumer has no good idea what coverage they really have, beyond a hull number and liability number. There is a huge difference, for example, between replacement hull value and agreed upon hull value for both coverage and premium and I'll bet most never heard of the two. How many have ever heard of consequential damage, know what it means or whether their policy covers it or excludes it? It's a huge difference in whether the insurance company will pay for a loss.


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Re: Boat insurance survey

Thanks Minnewaska. Iíll try and incorporate your data in the compilation if I can. As you say, the survey needs as many respondents as possible.

Lots of limitations with this survey, I know. Given our numbers here on SN (and CF), there is no reason we canít come up with good data on who is paying what. But it will take people to step up with their information.

https://www.surveymonkey.com/r/C82SBJP

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Re: Boat insurance survey

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Originally Posted by MikeOReilly View Post
.... Given our numbers here on SN (and CF), there is no reason we canít come up with good data on who is paying what. But it will take people to step up with their information.
I'm afraid there is reason to doubt the data, as I was trying to explain. You only ask for value of the hull and total premium. You won't know the particulars of what risks are covered or how that value is agreed to be paid (replace, repair or agreed), which can have significant impact on premium. Nor do you ask about liability coverage, limits or how that premium breaks down in the total.

Hull coverage cost will obviously vary with the value of the hull, its condition (which the survey also doesn't parse), its age, its complexity, etc. Liability will start to vary with the experience of the crew, because injuring another person or property or the environment isn't as directly correlated to the size of your own boat. On the other hand, the more people you can carry, the higher the possiblity you hurt someone aboard.

In the end, the rule of thumb I've experienced and heard of (here) is around 1% of hull value as an average for average coverage and average experience for both hull and liability. Maybe a bit more, if it's you're first boat like it, or a bit less if your more experienced. Much less is often much less coverage beneath the surface.

As an anecdote, my policy has stated value, which means if I lost it, they just pay me what we mutually agreed she's worth. It's still what I paid for her about 8 years ago and I know she's declined in value. My premium is a bit less than 1% of what I think she's really worth, but more like 2/3rds of a percent of what they have agreed to pay. Complex data, the survey can't sort out.

Hope that helps.


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Re: Boat insurance survey

I've given you all the details, and appreciate ANY light that you can shine into the dark recesses of the "Insurance Black Hole."


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Re: Boat insurance survey

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I've given you all the details, and appreciate ANY light that you can shine into the dark recesses of the "Insurance Black Hole."
Thanks eherlihy. I realize this survey is far from perfect (as stated right on the survey). Itís as anonymous as I can make it. Despite the limitations I do think it can produce useful information if people are willing to share their info.

So please folks, if you havenít already filled it in, please spend a few minutes to do so.

https://www.surveymonkey.com/r/C82SBJP

I will let it run for another day or so. Following that I will compile the results and provide them back for all to see.
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