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  #11  
Old 04-30-2013
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Re: NE Insurance Rates - Reasonable?

In the US, you're out of your head not to have liability insurance. Whether you care about the value of your boat, is your business.

Not for profit insurance companies have been done many times. They are no more or less successful than the others. Regardless of profit, which is a very small fraction of premium, they still raise premiums when loss experience exceeds expectations.

I don't want to rub salt in the would, but my premium actually went down by 50 bucks or so this year. However, I had a weather claim about three years ago and I'll bet that bump ran off, while the Sandy but came on and they netted the difference.
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  #12  
Old 04-30-2013
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Re: NE Insurance Rates - Reasonable?

Oh well- it was a thought
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  #13  
Old 04-30-2013
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Re: NE Insurance Rates - Reasonable?

Thanks for all the feedback and ideas. I left a message for Admiralty (I called after closing) and hope to hear from them tomorrow. $950 for a $185K boat sounds reasonable to me. $2K for a $40K boat seems way high. Maybe it is an old boat thing. I have no losses and 10+ years of ownership with boats this size. Maybe it is because I'm away from it (although we have it maintained at a full service Brewer yard and it gets put in when we arrive, and pulled out of the water when we leave.)

If I can't get it much lower than $2K/yr, then it's liability only and I'll put the $2K/year into savings. Count me in on the "Non-Profit Self-Insurance Pool!" (I know experienced insurance experts that could probably help us set it up).

I'll post my Admiralty quote figures once I get them.
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Old 04-30-2013
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Re: NE Insurance Rates - Reasonable?

Quick update: Just got off the phone with Progressive. Their quote, for slightly better coverage, was $681/year. What a difference! I guess they have a bigger pool of money to play with and don't take as bad a beating during a hurricane.
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  #15  
Old 05-01-2013
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Re: NE Insurance Rates - Reasonable?

Quote:
Originally Posted by katsailor View Post
'Your boat was burned up before mine caught fire and burned down the marina' - not my problem man

self-insured for loss? thats the owners choice
no liability = poor neighbor
this made me laugh.
Sorry, no insurance here. Im willing to bet you have uninsured boaters insurance for folks like me who refuse to throw money away.
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Old 05-01-2013
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Re: NE Insurance Rates - Reasonable?

btw I tried t get insurance. They are unreasonable. I pay 800 annual for my car I commute 75 miles in daily.
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Old 05-01-2013
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Re: NE Insurance Rates - Reasonable?

Quote:
Originally Posted by HardTAC View Post
Quick update: Just got off the phone with Progressive. Their quote, for slightly better coverage, was $681/year. What a difference! I guess they have a bigger pool of money to play with and don't take as bad a beating during a hurricane.
FWIW I've had my boat insurance with them for the last 4 years. I've had two claims - one Sandy related and the other from being hit on its mooring during a squall. Both claims were handled quickly and professionally. I pay about $600 for my 1985 Cal 33.
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Old 05-01-2013
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Re: NE Insurance Rates - Reasonable?

Quote:
Originally Posted by Harborless View Post
this made me laugh.
Sorry, no insurance here. Im willing to bet you have uninsured boaters insurance for folks like me who refuse to throw money away.
Translation: We pay more because you and your deadbeat friends pay nothing.
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Old 05-01-2013
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Re: NE Insurance Rates - Reasonable?

Quote:
Originally Posted by HardTAC View Post
Quick update: Just got off the phone with Progressive. Their quote, for slightly better coverage, was $681/year. What a difference! I guess they have a bigger pool of money to play with and don't take as bad a beating during a hurricane.
I use Progressive and have been very happy with their rates and service. I also heard from a contact of mine at BoatUS that their insurance rates (and towing!) are set to go up due to Sandy and "other factors". Maybe they've already gone up based on your quote.

You might save a bit with some of these tips: Boat Insurance Tips
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Re: NE Insurance Rates - Reasonable?

Quote:
Originally Posted by TakeFive View Post
Translation: We pay more because you and your deadbeat friends pay nothing.
So what is your fix sir? Do you offer a solution? Or do I just have to sit at the dock?
Far from a dead beat sir, I just cannot afford it.
Either I have insurance for a boat that I cannot afford to cruise
Or I don't have insurance for a boat that I can afford to cruise
Or someone stops charging out the yang for 30+ yr old boats worth less than 10 k seeking only liability.
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