Boat Insurance

[Brezzin]

I just went received an Online quote from Boat US for a new Hunter 49 I'm taking delivery of in a couple of months. $3,334.00 per year. I am completely blown away by that. I currently own a 2001 40' trawler and I only pay $1,400.00 year.

I called BoatUS and they said the quote is correct. I will grant you that the replacment cost is greater with the sail but still I'm surprised.

Has anyone else seen the insurance premiums jump like this?

For what it's worth my crusing grounds a primarily the Northeast and not the hurricane belt.

Dave

[Cruisingdad]

Give United a call. They are brokers. I used them one year as they were the cheapest. Boat US was the cheapest the next year.

https://secure.unitedmarine.net/bbquote.asp?ad=3d612876


As far as your concern about the cost, that seems high to me too for up there. In Texas, the cost is half that for around 250-300 replace. In Florida, 4200 (Hurrican Central).

How many years have you been boating? Any claims? Number of years on a sailboat? I am NOT putting down Hunter, but is it boat related? Call Tom above.

- CD

PS Someone has to pay for all of our hurricane claims in Florida! Thank you for your support!

[Giulietta]

Can't you make an insurance elsewhere??

Here for a 42' with racing risk included I pay 1.200USD a year, unlimited sailing. With 0% (I don't know the name its a percentage you pay when claiming).

[captjohn360]

try offshore risk management they insure worldwide....jt

[k1vsk]

It may be correct but it's definitely not right!

It would be interesting to hear what other quotes you will obviously request. For fear of stating the obvious, make sure whatever quote you get is for equivalent coverage type and limits and try Amica or Zurick, both of which are arguably the best companies to deal with for claims.

[labatt]

I'd be interested to see. I spoke with several brokers when we were looking for insurance and BoatUS beat them - by large margins.

[k1vsk]

Originally Posted by labatt

I'd be interested to see. I spoke with several brokers when we were looking for insurance and BoatUS beat them - by large margins.

It may well be that BoatUS coverage is in may respects different both in comparison to other underwriters and even within thir own underwriter(s) companies issuing the policies. Consequently, it isn't always apparent from comparing the typical variables, e.g., ACV, hull deductible, endorsements, etc. which policy is actually the best value. This isn't to say you (abatt) haven't done your due diligence; only to point out what you might already know but didn't mention:

coverage limits and endorsements
valuations
dispute clauses
fees, numbers of dropped coverage post claim,
etc...

BoatUS has a pretty good track record of paying out claims but they also have a disproportionate share of complaints on record and available for public review through individual or the national assoc of state insurance commissions

[sailingdog]

I'd highly recommend getting an "Agreed Value" Yatch policy, rather than standard ACV-based policies...

A good insurance agent can't hurt either.

[S/VNirvana]

I would check the Soundings Magazine Insurance section or the posted ads. I dropped Boat/US after they jacked up my premium. I have AARP The Hartford for my cars and house. They have the lowest rates than anyone for them. I decide to check them out for my Pearson 36 (1973) hull value $45000. and they blew away the competition.

My premium is $367/year:

LIABILITY INSURANCE FOR THE FOLLOWING:

Bodily injury $2500,000/500,000
Property Damage $50,000
Medical Payments $10,000
Uninsured Watercraft $500,000
Deductibles $266/$500
Fuel Spill MaX $10,000/Incident Max $25,0000/year
$1000 personal effect
$1500 Custom Equipment

The Boat is dry docked from Nov 15th - April 1st

There is an Ins Company hooked up with the Brewers Marinas and they were reasonable.

[sailingdog]

S/V Nirvana-

But is your policy an ACV policy or a Agreed Value policy. THe difference is quite significant. Also, you don't seem to have liability on your policy... and your fuel spill coverage is pretty low.