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Its time to shop insurance and I was wondering what others are paying and who they recommend as agent and carrier.

I'm quoted $950 with a $2k deductable for my 1991 Catalina 36 at a higher than reasonable agreed hull value. A quote from Boat US came in slightly less, but they'll only insure for a less than reasonable hull value, so I don't think that's a good option given the minimal cost difference.

Does every one that owns their boat out right pay for both hull and liability or just liability and risk it with the value of the boat?

I'd love to hear what others are paying so PM if you don't care to post.

Thanks for your feedback.
 

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Its time to shop insurance and I was wondering what others are paying and who they recommend as agent and carrier.

I'm quoted $950 with a $2k deductable for my 1991 Catalina 36 at a higher than reasonable agreed hull value. A quote from Boat US came in slightly less, but they'll only insure for a less than reasonable hull value, so I don't think that's a good option given the minimal cost difference.

Does every one that owns their boat out right pay for both hull and liability or just liability and risk it with the value of the boat?

I'd love to hear what others are paying so PM if you don't care to post.

Thanks for your feedback.
We carry boith comprehensive as well as liability. Make sure when you add items to your boat you include them on an adendum to them and keep pitcure records.

We actually had ttwo insurance clains ib the last 4 years with Boat US. One was a lightening strike whilke visiting sailnetters moored in Back Creek Annapolis to the une of $15,000 of mainly elctronics and electrical equipemnt

The second aas $7500 and it involved a yard who had forgotten to torqu the engine mounts adequately after they replaced cutlass, shaft, drippless and engine mounts causing the nuts to back off gradually, but wasnt noiticied as the ngine didnt move. We had a grounding and the engine jumped causing the shaft to hit the shaft lock putting a 4" crack in oit allowing gallons of water per hour to enter the boat causing us to haul out immediatley. The problem was fixed by another yard close to us and the coast was covered by the insurance less a $700 deductable including the haul out/ launch and winter storage ( it took them a while to work on it as this winter sucked as we know). The insurenace company paid for it and subbragates I think the term is and goes after the first yard to recover the costs.

Both instances dealing with Boat US and the local surveyor was easy...and seemless. No pushback at all.

I contend that it isnt just the small cost difference but the customer service aspect of it also. Boat US both times was an A+

My insurance costs appear to be similar to yours BTW

Dave
 

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Discussion Starter · #3 ·
We carry boith comprehensive as well as liability. Make sure when you add items to your boat you include them on an adendum to them and keep pitcure records.

We actually had ttwo insurance clains ib the last 4 years with Boat US. One was a lightening strike whilke visiting sailnetters moored in Back Creek Annapolis to the une of $15,000 of mainly elctronics and electrical equipemnt

The second aas $7500 and it involved a yard who had forgotten to torqu the engine mounts adequately after they replaced cutlass, shaft, drippless and engine mounts causing the nuts to back off gradually, but wasnt noiticied as the ngine didnt move. We had a grounding and the engine jumped causing the shaft to hit the shaft lock putting a 4" crack in oit allowing gallons of water per hour to enter the boat causing us to haul out immediatley. The problem was fixed by another yard close to us and the coast was covered by the insurance less a $700 deductable including the haul out/ launch and winter storage ( it took them a while to work on it as this winter sucked as we know). The insurenace company paid for it and subbragates I think the term is and goes after the first yard to recover the costs.

Both instances dealing with Boat US and the local surveyor was easy...and seemless. No pushback at all.

I contend that it isnt just the small cost difference but the customer service aspect of it also. Boat US both times was an A+

My insurance costs appear to be similar to yours BTW

Dave
Thanks Dave,

Unless I get some more feed back I'm leaning towards staying with my current agent/carrier. I currently have an agreed value of $70k which is more than the boat is worth in this market. Boat US's quote is a bit less expensive than my current carrier but they say the boat is worth less than $40k which I'm certain is less than the replacement cost.

The relatively high deductible is a bummer as the only time I've been tempted to file a claim the total just barely exceeded the $2k deductible.
 

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I believe the best approach is to find a good independent broker/agent that can offer and compare several insurance companies. It's not just about price, it's about claims experience and the amount of coverage per price. Everyone understands hull values and deductibles. But most have no understanding of the subtleties beneath the surface. This year, I looked at a policy that cost hundreds less per year, but the agent explained that hull scratching was not covered. With a $20k paint job and experience with a bad storm scratching it once, I could have accidentally excluded that coverage if they weren't involved. Further, if you shop around constantly, the insurance companies will eventually charge you more, as they learn they are taking a bigger risk of having only one year of premiums to cover whatever loss you may have.

A good agent/broker knows this proper balance.
 

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Insurance is based on a contract. You should actually read the contract and not rely on the agent's representations, unless he or she is willing to put those representations in writing.

I have 2 policies: a Boat/US comprehensive policy for the Bay and a Progressive liability-only policy for my coastal hops.
 

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James, while you are correct, there is a practical side to this.

An agent does have the legal authority to bind a carrier (a broker does not, as I know you know). If an agent makes a representation that is not contained in the contract, technically the contract rules. However, from a practical standpoint, you have much more leverage in the agent relationship. If the verbal representation contradicts the contract, you hope to have an honest agent and you'll get somewhere. If the agent claimed there was coverage and it wasn't included, you really have a claim. Where possible, use an agent.

Further a good agent is highly valuable to the carrier. If the carrier is trying to take advantage of the insured, the agent can be very helpful. If the agent is also upset at how their client is being treated, they may not send more business to the carrier. That gets a lot of claims paid that may have otherwise been disputed.
 

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Geico is famous for reducing or limiting coverage to keep rates down. Do most boat owners know the difference between market and replacement value? Do they read for all coverages or just look at the hull, liability and deductibles? None matter, if the event is excluded entirely. How old do your thru hulls and hoses have to be before they won't provide coverage for a failure that sinks your boat? There is a lot to this. Stay fully informed. I've recommended using a knowledgeable agent/broker, others recommend reading and studying up yourself. Either way, beware.
 
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I compared the policy line by line with one I had on a Beneteau 41 with United Marine insurance . The coverage is similar, my previous rate was over twice as much. Geico provides boat insurance through Seaworthy Insurance a Berkshire Hathaway which I believe is quite reputable.
 

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I've never seen two policies that were similar line by line. But, if you found a deal, I'm happy for you.

By the way, Berkshire Hathaway owns Gieco and there is no reason to consider them reputable.
 

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I have liability to protect people around me, but I'd sure like more coverage for me and my boat.

When I bought it, I only paid $4K and I was willing to swallow a total loss if it happened.
I've put a lot of sweat and money into the boat, plus emotional attachment. It would now be a very bitter pill to swallow, if I lost the boat.

So far, I've heard some good experiences with BoatUS so I think I'll look into them again.
I'm not living aboard right now, so getting insurance should be easier.
 

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We changed our insurer from Markel to Seaworthy Insurance--a highly rated Berkshire Hathaway company--for an the same agreed value hull coverage policy (upards of $100,000) together with matching liability coverage and saved about 1/3rd of the premium costs. We are also saving money as the repetitive insurance survey requirements are far less onerous. You might find it worth you looking into the company.

FWIW...
 
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