Hi guys, I've had a good experience with an insurance company recently (shock horror!). After a lot of struggle, I found the best way to buy yacht insurance is to not speak to anyone in the process. XXXXXXXXXXXXXXXXXXXXInsurance.com were splendid. Has anyone else had a good experience with them, any stories to tell?
Link to commercial account removed: Inadequate number post count to permit posting a link to commercial site. Jeff_H SailNet Moderator
Re: Yacht Insurance
Iím highly suspicious of buying insurance online. The average consumer has no ability to understand the actual coverages being offered. They usually see the hull value, liability and deductibles and thatís it.
I just asked my agent a question about how a marina liability situation would work, given a waiver of subrogation in the lease. My policy allows for the waiver, but itís a knotty one that I wonít delve into here. Suffice it to say that my policy would not pay certain claims, if this isnít done right. Heís been doing this for years and had to research it. Not likely most clients would think to ask, let alone understand what they bought.
Not saying these folks are bad, only that self service requires self awareness. There is a little lizard in the US (that website looks European) that sells lower premiums on TV, but says nothing about the subtle differences in events that are actually covered, or not covered, by the reported policy limit.
Indeed most consumers by on price alone. They just donít know they bought less coverage.
Re: Yacht Insurance
Ha! Good points!
I have the good fortune on not really needing to depend on the insurance. That is to say total loss of the boat would be tragic and emotionally painful, I never considered it an investment that I could dare hope to break even on. The marina requires insurance, so I have it, and it's nice to have someone to point the state at if they have to clean up a wreck.
Also, my slip is at an Air Force base, where rental the agreement is written in crayon. I doubt they could find their copy if they tried.
Obviously, my outlook on the topic will change when I step up to my "sail away" boat.
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