Am I paying too much for insurance????? - SailNet Community
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post #1 of 22 Old 06-07-2016 Thread Starter
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Am I paying too much for insurance?????

Looking for advice.... We have owned the boat a year now and our insurance carrier, Progressive, wants $540 for insurance. There must be a cheaper alternative. Only detail, some companies want a current survey, and it doesn't make sense to pay $1000 for a survey to save $100 on insurance. Any suggestions on companies to call, that will insure without a new survey? The boat in question is an 87 Freedom 28.

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post #2 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

Well it might help to list where you are, and what kind of coverage you have. If you are out of the hurricane zone and it is just liability, then it does seem high. But if you are near common hurricane paths then no, as it is all about risk.

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post #3 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

I pay $627/year for liability and $35K in loss coverage through Boat US for a 1987 O'day 35 in Rhode Island. I have never had a claim, and have the credentials in my signature which gets me a discount.


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post #4 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

What's your credit rating? That factors more than you'd imagine.

Also old boats are cheap to buy but expensive to fix. Its a function of length as much as cost. And liability costs the same no matter what the boat.

Insurance companies are world class experts at assessing THEIR exposure and risk. Ask them to cover you without them knowing exactly what they are dealing with? That will cost more.
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Last edited by jackdaw; 06-07-2016 at 10:08 AM.
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post #5 of 22 Old 06-07-2016 Thread Starter
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Re: Am I paying too much for insurance?????

The boat is docked in Charleston SC, so yes to hurricane zone. Liability limits are I believe 100/300/50. We have never had a claim, and our credit rating is very good. Any insurance companies to suggest???? The price I'm paying now doesn't seem way out of line, but if there is a better option I'd like to find it...
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post #6 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

$580 a year in NC Boat US (GEICO) for $38K agreed value plus high liability so you are in the ballpark
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post #7 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

My experience (recent) has been getting all the discounts available from your Homeowners/Auto provider is the way to go. They did by the way require a second negotiated price survey to confirm some things I fixed myself. I was quite ticked at the process but that didn't matter to them no flexibility at all there. I did contact another guy though the process and he could not compete and wanted to get ALL my business in order to even consider it. Boat US and such will be the exception to this but I didn't try them.
I have an excellent rate and a stated value that I could probably buy two Boats with if anything happens, but it wont
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Re: Am I paying too much for insurance?????

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Originally Posted by albrazzi View Post
My experience (recent) has been getting all the discounts available from your Homeowners/Auto provider is the way to go.
Last year my home owners, Trumbull (AARP),wouldn't insure me because my last boat was a 23 and they would only insure if you moved up 3ft or less. This year I called them and they require a survey, and if you pass it would only be $900 or so per year. They really don't want to write boat insurance.......

I guess its time for me to adjust my expectations, and pay the bill. Thanks for the replies, I will at least feel better about writing the check....
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post #9 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

These threads usually always start out with a premium $ amount, which makes sense given that we all are concerned with the actual check we have to write.
The underlying issue is really "cost per thousand" and also your "agreed value". There is a geographic price index too, as others have pointed out regarding weather-related risk.

Ask about an agreed upon value so there is no question about what you would receive in case of a total loss. And, note that it's pretty darned easy for your boat to become a total loss for insurance purposes if there is any significant damage. I know of a 37 footer that lost it's multi-spreader rod rig over the side and the ins. co totaled that boat, for instance.

With the recent sale of BoatUS to Geico, and reports of very unprofessional service already, I will be curious to see if we have to change to a broker next time around.
(I suspected that something was 'rotten' when last year I found that my agreed upon value had been arbitrarily lowered and I called and complained; their representative was argumentative at first, finally admitted that the phrase Agreed Upon means that I had to ... agree... and had never done so nor been asked to.)

I started to suspect a "disturbance in the Force" and months later read about the sale to Geico and it all became clearer.

You need to get some bids, and I would suggest also checking with a marine specialty broker.

Good luck.

Loren

ps: our '88 Olson 34 has been continuously updated for the 20 years that we have owned it and could *not* be completely replicated for the 65K it is valued at.

Last edited by olson34; 06-07-2016 at 04:42 PM.
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post #10 of 22 Old 06-07-2016
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Re: Am I paying too much for insurance?????

I have Progressive and pay $770 for a 1985 Cal 33-2 with an agreed value of $30,000 on Long Island Sound. Have had two claims (hit on mooring, Sandy). Both were handled well by them. My major complaint is the rate goes up every year.
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