Insurance Cost Comparison

Phil Herring

Alien
Mar 25, 1997
4,918
- - Bainbridge Island
With the weather getting crazier and insurance costs doing the same, it's time we do an I'll show you mine if you'll show me yours cost comparison.

Please post the following:
1. Where you're moored and how (marina slip, buoy, trailer, etc.)
2. Boat year - brand- model
3. Insurance carrier
4. Annual cost
5. Any notes about special coverage, either high or low

Yes, there are many more variables but this could help fire up a discussion of who's paying what and which insurers are more benevolent.

allstate.jpg
 
Jul 7, 2004
8,402
Hunter 30T Cheney, KS
Need to add whether the boat insurance is part of the home/auto policy or standalone. Makes a different on rates. We have the boat insured with BoatUS. Our home and auto is with USAA but I wasn't too keen on the company they were outsourcing watercraft to at the time. It was Progressive. Maybe I need to see if it's different now or it's a regional thing. Never heard of "Markel America (via USAA)".
Our club requires a certain amount of insurance to store in the yard or have a slip. We went by value of the boat and appropriate liability. I'll have to dig up the rates.
 
Aug 22, 2017
1,609
Hunter 26.5 West Palm Beach
My Allstate rates are not as friendly as they once were. It now costs me more to insure a 17' motor boat & a H212 than it used to cost me to insure the same 17' motor boat, & a 23' motor boat & a 14' skiff. I'm leaving my H170 uninsured at this time, as the cost was just too high. The 212 is the only boat that sometimes stays in the water when not in use. The rest live on trailers in a garage when not in use. The 212 is kept in the garage 3/4 of the time. I have homeowners & car insurance with the same agent. I don't remember the actual numbers for the boat insurance off the top of my head. I'll look them up when I get time.
 
Last edited:

RoyS

.
Jun 3, 2012
1,739
Hunter 33 Steamboat Wharf, Hull, MA
I think that the "Agreed Value" of the boat is the most important item to consider. I had trouble getting a fair insurance quote until I was advised by my Insurance Agent that I needed to get a survey to establish the boat's actual value and condition. Once that was done my agent circulated the survey in the insurance market and came up with a fair quote on the "Agreed Value." The result was a lower cost for a higher value insurance policy. If my boat is totally lost I will receive the "Agreed Value" from the insurer. To me that is the most important item to consider.
 
Jul 7, 2004
8,402
Hunter 30T Cheney, KS
I'm leaving my H170 uninsured at this time, as the cost was just too high.
What would happen if your trailered boat caused damage to others while you were towing it? Will your auto insurance pay off? Liability is a real thing these days. On the road or in the water.
 
Aug 22, 2017
1,609
Hunter 26.5 West Palm Beach
What would happen if your trailered boat caused damage to others while you were towing it? Will your auto insurance pay off? Liability is a real thing these days. On the road or in the water.
Yes, my auto insurance covers trailer cargo.

I am taking the risk of being out of pocket if I hit something while sailing my H170. If I hit one of the local super yachts, I will likely be screwed. That is the risk that I am choosing to take. The cost to benefit ratio did not work out for me on the slow moving, 600ish pound, H170.

Since I sometimes leave the 212 on club premises, that one is required to have insurance. Since the motorboat is heavy enough & moves fast enough to do serious damage to something else, that one gets insurance.

I was surprised to learn that it was less expensive to insure a 23' Chaparral motor boat than a H170 day sailor.
 
Nov 8, 2010
11,386
Beneteau First 36.7 & 260 Minneapolis MN & Bayfield WI
Might as well post your credit rating as well. Just like car insurance, they factor that in heavily when quoting rates.
 
Sep 14, 2014
1,251
Catalina 22 Pensacola, Florida
Jackdaw, yeah I was amazed that in florida they are allowed to use credit rating to set premiums along with driving record for autos, while not being able to discriminate anymore on gender and age as much. I assume since boat insurers use the same underwriters that it is true on boat insurance and maybe home too. Anyway for info sake, In marina, Pensacola, 83 Catalina 22, 180 per year. With boatUS (aka Geico).
 
Jun 4, 2004
88
- -First 310 -
I was surprised that the boats location had so much to do with the cost. We have a Flying Scot that I used to race on a small lake near Kansas City. The Flying Scot that I kept at the cottage on Skaneateles Lake in NY was in need of repair so I decided to move the KC boat to NY.
Since the boat was full time in NY our KC State Farm agent advised I needed to get an agent in NY to handle the that full coverage policy. Simply transferring the policy to NY would have caused the premium to double from around $120 to $240.
 
Sep 25, 2008
7,075
Alden 50 Sarasota, Florida
Some things to keep in mind:

1. Agreed value often isn't. It's kind of like using the word "affordable" when describing health insurance. There are distinctions between different definitions of "agreed" value so look carefully.

2. Underwriters like State Farm, Farmers, Geico, etc... are not single cmpanies but rather vary between states. They do this to minimize their liability so if your rate changes, it's likely because you have a different company with a similar logo.

3. Financial stability ratings have a big influence on your premium. If you shop insurance simply based on coverage, you can often end up with an underwriter which doesn't have sufficient reserves in case of area-wide damage. Just because you have a big name underwriter doesn't assure you of having an underwriter capable of paying you. See # 2 above.

4. If you choose an underwriter simply based on price, you just made your first mistake.
 
Oct 3, 2014
261
Marlow-Hunter MH37 Lake City, MN
1. Lake Pepin (Mississippi River), marina slip
2. 1992 Hunter 33.5
3. Geico
4. $529 with $1000 deductible
5. No special coverages.

Insured value is $39,500.
 
Last edited:
Jul 29, 2004
406
Hunter 340 Lake Lanier, GA
1. Where you're moored and how (marina slip, buoy, trailer, etc.)
Inland lake (L. Lanier, an hour north of Atlanta) in a marina slip
2. Boat year - brand- model
1999 Hunter 340
3. Insurance carrier
BoatUS - GEICO
4. Annual cost
Yacht policy agreed value $60K, including discounts for ASA instructor and USCG license - $343
5. Any notes about special coverage, either high or low
No deductible in the current policy except in a named storm, then 5% of insured value. Depreciation applied to partial losses starting 20 years after manufacture.
 
Jul 7, 2004
8,402
Hunter 30T Cheney, KS
No deductible in the current policy except in a named storm, then 5% of insured value. Depreciation applied to partial losses starting 20 years after manufacture.
That's excellent. One of our members lost a boat in the BVI's during the hurricane. I think he said the deductible went up to 20-25% for a named storm. I thought that % was pretty common.
 
Dec 31, 2016
319
Beneteau Oceanis 351 Charlottetown
#1 Marina slip
#2 Beneteau 351
#3 Fairway
#4 $560.00 Can.
#5 Coverage also for trailer/ road transport for winter months.
 

Rick D

.
Jun 14, 2008
7,131
Hunter Legend 40.5 Shoreline Marina Long Beach CA
Long Beach, California.
1994 Hunter Legend 40.5.
Floating docks.
Geico Marine via BUS
$1085, just renewed; up from $905 last term.
Replacement cost; all premium discounts applied.
 
Dec 14, 2011
316
Navicula 430 Hunter Toronto
1995 hunter 430
in florida with coverage for Bahamas...Turks and Cuba
2100 Canadian ....
its up 40 percent.....not happy
 
  • Like
Likes: JimInPB
Mar 20, 2016
594
Beneteau 351 WYC Whitby
#1 yacht club
#2 1994 Beneteau 351
#3 690.00 Cdn
#4 75,000 agreed Value
#5 1% deductible ,after 3 years no claims 0 deductable
 
Feb 21, 2010
330
Beneteau 31 016 St-Lawrence river
1- Mooring, no security
2- 2009 Beneteau 31
3- 1,367$CDN
4- 155,000$CDN Agreed value (from new, not depreciated) 2M PLPD
5- Canadian & US waters north of the George Washington bridge & south of 52ºN