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-   -   What are you paying for boat insurance? (http://www.sailnet.com/forums/general-discussion-sailing-related/33221-what-you-paying-boat-insurance.html)

sailboatcnc 06-04-2007 02:02 PM

What are you paying for boat insurance?
 
How much are you paying for boat insurance?

My criteria is seasonal use in coastal New England for a sailboat valued at $30K with no claims.

Last year I paid about $365 and this year the best quote is around $800.

Thank you in advance.

sailingdog 06-04-2007 02:19 PM

There are a lot more factors that go into it than that. Are you looking at an agreed value yatch policy or a ACV policy? How much liability coverage are you looking for? Do you want marine pollution remediation coverage? Do you want salvage coverage? How old is the boat and when was it last surveyed??

NCountry 06-04-2007 04:23 PM

I am (unfortunately) one of those mean ole' insurance agents. Over the last couple of years I've been really paying attention to boat insurance and particularly coverage for S/V's. The thing I've noticed most is that, unlike insurance for your auto or home, you should shop your boat insurance around at each renewal. Sometimes changing carriers is not all that easy but you might be suprised how things change. (With your auto or home every 2 to 5 years may be sufficient for comparing rates.)
One example is that Progressive now covers offshore up to 75 miles and you can extend that to the Bahamas. This is a new thing for them but is a great illustration of how things can change. I know a lot of people don't like the progressive boat program but a friend of mine had a boat sink when a thru hull failed and Progressive was on site within 24 hours and did a great job for him. On the down side Progressive quit insuring older boats for more than $20,000.00 a few years ago but again this illustrates how things change.
I've noticed that BoatUS seems to be getting a lot more aggressive in marketing. This "usually" translates into better rates.
In the meantime Markel seems to be getting harder and harder to place coverage with due to more stringent underwriting guidelines. I've attempted several times to place some really nice vessels with them only to have them turned down for what I would call "stupid excuses".
These are just a few examples of some of the changes in market conditions. They all pretty much point to the same thing. With your vessel you should take the time to shop around on every renewal. Check back with companies that weren't competitive the year before or that you couldn't meet their criteria to obtain coverage.
Also take the time to educate your self about the coverage you really need. Most insurance agents spend a lot of time trying to sell you coverage you don't want or need and they'll also try to tell you why you don't need some of the coverages you might want. What really turns out to be the "real deal" is that the company or companies the agent has access to may not offer what you're looking for. Just don't be discouraged by all the BS in the insurance business. There are as many different companies out there as there are different kinds of people. With a little persistance you'll find the company that's right for you. With that in mind also remember that all companies are different and cheaper shouldn't be your only consideration when shopping around.

FrankLanger 06-04-2007 05:42 PM

NCountry,
Thanks for your comments on boat insurance--very helpful from an "insider". It would also be helpful if you could list some of the key considerations that we should think about in obtaining boat insurance.

I'm thinking of things like:
1) replacement value versus depreciated value for equipment, electronics, etc. 2) amount of liability insurance; 3) whether towing is included; 4) environmental cleanup costs; 5) amount of deductible; 6) exclusions from the policy; 7) coverage for dinghy/motor.

I can't think of any others at the moment, but I'm sure there are many more--a list would be a useful reminder for all of us.

Thanks,
Frank.

uspirate 06-04-2007 06:47 PM

I have $300k through progressive= $100 annually:)

sailingdog 06-04-2007 08:07 PM

USPirate-

Your policy is probably a liability only policy.

uspirate 06-04-2007 08:12 PM

Quote:

Originally Posted by sailingdog
USPirate-

Your policy is probably a liability only policy.

it is SD, I dont give a shlt if it goes down as long as were not in it:)

sailboatcnc 06-04-2007 11:04 PM

Thanks USPirate for answering. I am also interested in hull insurance.

Anyone else with how much you are paying?

sailingdog 06-05-2007 07:20 AM

Mine is about $1250 for an $110,000 agreed value policy, covering the Eastern Seaboard from the NC/VA border up to Maine. Full coverage of the dinghy, outboard motor and replacement cost coverage of electronics/equipment.

islandzephyr 06-05-2007 07:45 AM

My wife and I recently bought a Morgan OI and have found it almost impossible to get liability, and being that our marina requires it we are getting very frustrated with the whole insurance thing.

We have a survey from 2004, and although a little old is very professional and in all digital form but no one will give us liability without a new one? We are not talking hull coverage here, just liability. Not only can we not really afford a new survey right now, but our marina does not have a haul out and our Perkins needs a new head gasket before we can move it, so that comes first.

In the mean time, all we really want is to get some basic liability coverage so the marina is happy.


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