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NE Insurance Rates - Reasonable?

5K views 43 replies 16 participants last post by  pyewackette 
#1 ·
Just got a $2,000/yr quote on a 1979 Morgan 38-footer from Boat US. We're in Rhode Island. We got the boat for free (but that doesn't mean we haven't sunk some money into it), and we're on it only five weeks a year. I'm thinking about a liability only policy after seeing this quote. Any thoughts or suggestions for more competitive rates in New England?
 
#3 ·
Age of the hull, condition, loss experience, Skipper's sailing resume, etc, etc, all affect premium. That said, we are insured through Traveler's and just got my bill for $2,800 to cover a $500k hull, liability and hurricane haul out coverage in RI.

I recall that Boat US was not at all competitive when I got a quote several years ago. That can vary state to state.

It seems that you live in CA, but vacation in RI? I wonder if the insurance companies are concerned about an unattended boat. Most losses happen right at the dock.
 
#5 ·
Owning a 1970 boat just became much harder in the NE after Sandy

I have had insurance pretty much forever claim free and the last carrier just dropped me cold and boat US found a new one

In going out and looking so far even with a CLEAN 2011 survey they seem to have issue with boats older than 25 years as apparently something magical happens at that age that makes the boat a bad risk :rolleyes:
 
#6 ·
gotten brutal as you go from seasonal to year round, coastal to offshore, US to international. May go to liability and otherwise self insure in future if this keeps going on. Suggested on another thread we as a SN community think about setting up a non profit to insure ourselves.
 
#7 ·
Thats such BS man. For my boat I bought for 2 grand thats 30+ yr old they wanted 1800 and an out of water survey.
I told them to kick rocks.
I live by the mantra of the Buddah anyway regarding material posession:
It was lost before you ever found it. I.E. it was broken before it was made, ie.e. all things come and go.
when my boat sinks, she sinks. The 2000 annual will go on my new boat. Robbers.
 
#11 ·
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.
 
#13 ·
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.
 
#17 ·
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.
 
#24 ·
I own a 1979 AMF Paceship PY26 and I live in Jacksonville, FL. I just received a quote from my Geico lady who shopped around my policy to a bunch of marine affiliates and received a quote of 168.93 for the entire year.
However, I got this quote on a Friday this past. There was a stipulation regarding the policy that stated I needed an 'out-of-water survey' to be completed before I could get it. Well, I only spent $2900 on the boat and never got a survey done but since I had practically rebuilt the thing and documented it on photobucket and with marina invoices the Geico lady thought I had a good shot at them allowing me to complete a 'self-seurvey form.' Anyway, since it was Friday early afternoon when I called I did not get a reply back from the marine insurance people regarding the survey hindered so I am waiting right now for a call back today to find out the results-- So just expect the policy to be relatively cheap for a bare minimum liability and pollution and uninsured boaters whatnot but also expect any insurance agent to want a survey to be done on your boat or that HAD BEEN DONE IN THE PAST 30 DAYS***
So, I would think you would be looking at under $200.00 plus the cost of survey unless you can get them to let you do a self-survey instead. I will let you know my results.
How did this work out for you? Seems $170.00 for liability is much more reasonable than my policy.
 
#25 ·
They wanted the survey done out of water by a professional surveyor, no deal.
BoatUS no survey but 1800 annual
and that's the point im trying to make. people are trying to make it impossible for people to have freedom without wealth.
My boat is 27 ft and over 30 yrs old, its just ridiculous im treated like a freighter or something.
Is it so wrong to want to sail exotic and remote places to find peace and happiness? FFS im sorry im not waiting around twenty years to have the cash you type-minded people want me to have.
I am sorry the law have become what they are, the world is become an over regulated mad house bur with an exploding global population and increasing competition between nations for resources what is one to expect? Yet I will not willingly comply by abiding the norm and sacrificing MY LIFE to toil for enough wealth to afford every safety net or insurance most of yu refuse to leave the dock without.
Also I totally get where your coming frm. If I DID stay around have a career save up and get a 50 100 or more thousand dollar boat I would be very apprehensive about someone like me. But im not waiting, I apologize for going against the grain.
Im leaving while I still can. Ill try my very best not to hit anyone on the way out.
 
#26 ·
The problem people seem to miss is liabilityis what really puts the insurance company on the hook ;)

I been there and done that with Seafever as when i bought it anybody that put liabilityon it would have been out of there freaking mind

I was very friendly with the PO and had he not kept the boat in his name and insurance until after it was hauled and blocked in my driveway it would have been imposable to have bought the boat

He was and older fellow the boat had gone to hell and none of the yards in the Whitestone area even wanted to haul the boat so i had to to do the temporary outboard and move it to glen cove to be placed on a truck

At which point i had to take the personal risk on the good bit of money i spent on refit until the boat would pass a legit hauled out survey

After the survey it was not much problem until sandy this year as it destroyed my sailing area and there gun-shy right now
 
#36 ·
The problem people seem to miss is liabilityis what really puts the insurance company on the hook ;)

I been there and done that with Seafever as when i bought it anybody that put liabilityon it would have been out of there freaking mind
Very true...

In high school a friends older brother, 18 at the time, was involved in a car accident where a single mother lost both an arm and a leg and was in a coma for about three weeks..

His parents each assumed the other one had added the son to the insurance policy. They had not.

The woman's "uninsured motorist" insurance net very quickly evaporated. Her family and their lawyer then came after Rich and his family, what else it's America....

After five years of legal battle, and HUGE legal expenses, his family was found not liable, because he was 18 at the time. Unfortunately Rich was held liable for 50% of the damages. This even though anyone in their right mind, including the officers who responded, agrees it was 100% not his fault. Didn't matter to the courts... This award for damages included loss of income, medical bills etc. etc...

Rich is now in his late 40's, nearly 31 years later, and still paying, it's not a small garnish either..... Suffice it to say that having had no insurance costs Rich forever. There is no way he will ever be able to pay off the awarded damages unless he's making 500k per year, which he's not....

Insurance companies and lawyers don't care if you don't have insurance especially if you are able bodied and earning a paycheck any little bit helps and they can go after it.....
 
#28 ·
I just paid my premium and couldn't help but think of how much was related to the fact that others don't pay for insurance. Thanks for that. I suppose I should help myself to something of yours, next time I see you. :rolleyes:

I will need to ask, but I've never heard of uninsured boater coverage. Ironic that someone without insurance is explaining how insurance works.

If one does not insure damage to their own hull and another boater damages it, I do not believe the injured party can make some uninsured boater claim. The offending boater is liable. If they don't have insurance, you'll have to sue for a judgement, which you would get with minimal effort. One can rightfully decide if they do not want to be insured against damaging their own boat, but its both reckless and irresponsible to ignore your liability to others.
 
#34 ·
My boat was never on a freighter. I believe i asked about paying a freighter to take you through the canal as cargo but no a day that is seemingly pointless.

Here is my reason for not paying 170you per year, which is totally reasonable mind you. If i paid for the haul out and survey then policy right now i would have to put off leaving for yet another year. For two years i have been posting here periodically since mmy boat was a floaring piece o crap. Ive poured all my money into her, my classes, and maintaining my car and paying rent and other bills plus feeding myself. Im sick of it i saved enough money to finally go and because some insurance douche says my personal survey or marina invoices or documented picutre evidence is worthless. I spend what man? 1500 for the haulout survey and policy? When my annual income is 15kthe and the past two years over 10kthere plus the cost of the boat. So ill go without insurance. When i get another job, and im living somewhere im happy, guess what? Ill get insurance. Hell ill get a bigger better boat and a lot of other things to make living self reliant easier..
i could get an outboard for my inflateable for 500you right now too but im going to wait. 500 is more than a month in paradise.
Whether you boil it down to impetuousness or impatience is of no regard as it will add no coin to my cofffer thus no incentive to behave differently in regards to this matter at this time present. My oppinion remains that if someone would offer me a decent rate i would take it. As of yet thats has not occuered
 
#37 · (Edited)
...1500 for the haulout survey and policy?...
$1500 - $170 = $1330.

I cannot believe that haulout and insurance survey of a 27' boat would cost you $1330. My 25 footer was $300 for the pre-purchase survey ($12/foot is the going rate here), and insurance surveys are less thorough and less costly than pre-purchase surveys.

A "personal survey" of a boat is about as worthless as a "self appraisal" of one's own house. There is a reason insurance and mortgage companies hire trained, impartial professionals to do this stuff.

This is all academic anyway, because a $170 liability policy probably would not cover you outside US coastal waters, so heading out of US waters is probably the most responsible thing any uninsured boater can do.
 
#38 ·
Doesnt that upset you? Your friends life has been forever indebted to someone else for insurance. This is lunacy people. Lunacy. And every timr ive had something happen with my car insurance they Aalways find a clause to get them out of paying. So basically im being robbed monthly and when i need help it doesnt come. The system is screwed not my thinking. You people are too indocrinated to attempt any further discussion in this matter. I feel sorry for you. Harborless out.
Ps ur right it only coers us waters. What a crock o crap rip off. No thanks.
 
#40 ·
No my friends brother in indebted because he had no insurance, not because he had insurance.. He is not paying the insurance company his payments go straight to the "victim" because he lost a court case on who was liable and who was at fault. He was only found 50% at fault but 50% of millions is still LOTS of money. If he had insurance he may not have been indebted or a lot less "indebted"..
 
#43 ·
Believe that if you are insured the insurance company has "skin in the game". In our screwed up system that increases odds you will get the best lawyer and every trick or nuance will be made use of to decrease their ( and your ) exposure.
 
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