My insurance doubled within 2 years and is now abt $4000/year for a 41' boat. Takes a big bite out of the cruising kitty.
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Change
My boat was covered by my home owner policy. The Company I was insured with pulled out of the state of Missouri and I couldn't find any body to write the new policy with the boat attached. The new homwowner policy up $300./ yr.with the new boat policy being $300./yr.(Boat U.S.) Total increase $600./yr.
My boat was covered by my home owner policy. The Company I was insured with pulled out of the state of Missouri and I couldn't find any body to write the new policy with the boat attached. The new homwowner policy up $300./ yr.with the new boat policy being $300./yr.(Boat U.S.) Total increase $600./yr.
increase
Our rates almost doubled when we went from a 31 to a 40 ft boat and have been going up every year.... but then again so has the house, car, and medical insurance rates so go figure.
Our rates almost doubled when we went from a 31 to a 40 ft boat and have been going up every year.... but then again so has the house, car, and medical insurance rates so go figure.
Hurricane Isabel insurance claim
My insurance claim for Isabel was minor, but it was treated promptly and equitably by my US POWER SQUADRON Insrance. I am anxiously awaiting my new premium which is due in June.
My insurance claim for Isabel was minor, but it was treated promptly and equitably by my US POWER SQUADRON Insrance. I am anxiously awaiting my new premium which is due in June.
boat US to the rescue
34 days after purchasing our most recent sailboat , a 1976 pearson 365 in very good condition, it was struck by lightning behind our house in key largo. The next day i noticed the damage at the masthead and called boat Us. Their responce was where is the boat , where is the nearest boatyard and why am i not moving it there. I informed them that all electronics were dead and I could not start the engine. They arranged two toboats to come and tow me to the boatyard that they had arrainged for the lift to be waiting for the delivery when the towboats got my boat there. I informed them that i could only exit my canal at high tide , no problem.so anyhow the towboats came and towed me the half mile to the boatyard and yes the lift was waiting for my boat and immediatly pulled the boat ( unreal at a boatyard ) well to make a long story short boat US expidited the checks to the boat yard and the surveyors and had the boatyard also do all the work needed to get my boat back in the water. so i moved my boat back to my house and contacted all the other rigging surveyors , electricians ( ac and dc ) mechanics ect . they replaced all the electronics , wiring harnesses , alternator, refrigeration compressors, gages switches with no problem covered all costs with basically no problem ( including one mechanic that only ripped out the bad stuff and walked from the job , but not before way over charging me ) as for that contractor their responce was " you always have one bad contractor " overall they put @ 30,000 dollars in my boat without a whimper. They were also very flexible with me trading apples for oranges in the replacement of the electronics ( the boat had alot of electronics )So what i am trying to say i this , I haven't been through the bluewater premium issues or extend area premiums for this boat but Boat US insurance company made a very bad experiance as smooth as they could for me and i wound up with a boat with top shelf electronics, new refrigeration and much more. Overall it was a blessing getting hit by lightning. and yes they renewed my policy and the premium wasen't significantly raised. ( I did lose my no claim discount, duh ) This responce is just my experiance and no i don't work for boat US. Ken
34 days after purchasing our most recent sailboat , a 1976 pearson 365 in very good condition, it was struck by lightning behind our house in key largo. The next day i noticed the damage at the masthead and called boat Us. Their responce was where is the boat , where is the nearest boatyard and why am i not moving it there. I informed them that all electronics were dead and I could not start the engine. They arranged two toboats to come and tow me to the boatyard that they had arrainged for the lift to be waiting for the delivery when the towboats got my boat there. I informed them that i could only exit my canal at high tide , no problem.so anyhow the towboats came and towed me the half mile to the boatyard and yes the lift was waiting for my boat and immediatly pulled the boat ( unreal at a boatyard ) well to make a long story short boat US expidited the checks to the boat yard and the surveyors and had the boatyard also do all the work needed to get my boat back in the water. so i moved my boat back to my house and contacted all the other rigging surveyors , electricians ( ac and dc ) mechanics ect . they replaced all the electronics , wiring harnesses , alternator, refrigeration compressors, gages switches with no problem covered all costs with basically no problem ( including one mechanic that only ripped out the bad stuff and walked from the job , but not before way over charging me ) as for that contractor their responce was " you always have one bad contractor " overall they put @ 30,000 dollars in my boat without a whimper. They were also very flexible with me trading apples for oranges in the replacement of the electronics ( the boat had alot of electronics )So what i am trying to say i this , I haven't been through the bluewater premium issues or extend area premiums for this boat but Boat US insurance company made a very bad experiance as smooth as they could for me and i wound up with a boat with top shelf electronics, new refrigeration and much more. Overall it was a blessing getting hit by lightning. and yes they renewed my policy and the premium wasen't significantly raised. ( I did lose my no claim discount, duh ) This responce is just my experiance and no i don't work for boat US. Ken
up & up & up.....
On a '94 40.5 I paid C$1195 in '01, C$1220 in '02, C$1342 in '03 and C$1392 this year. Coverage is Great Lakes only and replacement. No claims in 30 years and CYA certified. Better than most I guess but I'm in Canada and these premiums don't include the 7% GST eh.
On a '94 40.5 I paid C$1195 in '01, C$1220 in '02, C$1342 in '03 and C$1392 this year. Coverage is Great Lakes only and replacement. No claims in 30 years and CYA certified. Better than most I guess but I'm in Canada and these premiums don't include the 7% GST eh.
Satisfied
I have been insured with Boat US for over 12 years. I started with a Ranger 23, moved to a Tartan 26, and now own a Catalina 30. Over the years, I have had no claims and have been receiving at no loss discount. The premium has remained fairly constant over the years. I will have to have a very bad experience to change carriers. I wish my auto insurance premiums were as constant! I have had great luck with them too! They did pay off when my new Ford Ranger was stolen and I had it replaced with a new one.
I have been insured with Boat US for over 12 years. I started with a Ranger 23, moved to a Tartan 26, and now own a Catalina 30. Over the years, I have had no claims and have been receiving at no loss discount. The premium has remained fairly constant over the years. I will have to have a very bad experience to change carriers. I wish my auto insurance premiums were as constant! I have had great luck with them too! They did pay off when my new Ford Ranger was stolen and I had it replaced with a new one.
BoatUS premium increase
Just received my renewal notice from BoatUS and surprise, it included a nice premium increase. I have never had to file a claim with BoatUS so I can't speak to their service but people have spoken highly of them and their publication is excellent. I called them to see if they would match a competitive rate from another major insurance company that has online boat insurance quotes. They would lower my premium a little if I would accept a higher deductible. Would not even try to be competitive with the competing quote when I told them that it included a lower deductible than BoatUS. It's tough to stay loyal in today's economy when you are talking a few hundred dollars. Regards, Gary s/v Duet Catalina 350
Just received my renewal notice from BoatUS and surprise, it included a nice premium increase. I have never had to file a claim with BoatUS so I can't speak to their service but people have spoken highly of them and their publication is excellent. I called them to see if they would match a competitive rate from another major insurance company that has online boat insurance quotes. They would lower my premium a little if I would accept a higher deductible. Would not even try to be competitive with the competing quote when I told them that it included a lower deductible than BoatUS. It's tough to stay loyal in today's economy when you are talking a few hundred dollars. Regards, Gary s/v Duet Catalina 350
Still have coverage
My insurance policy renewed in Jan and I saw a 17% increase over 2003. No claims (not even from Hurricane Isabel), no exotic cruises but we get an increase 10 times the CPI. Then they tell you that at least I still have coverage, not like some others. Its like telling the guy on the gallows he only has to hang for 5 minutes and not 10 laike the last guy. What a relief!!
My insurance policy renewed in Jan and I saw a 17% increase over 2003. No claims (not even from Hurricane Isabel), no exotic cruises but we get an increase 10 times the CPI. Then they tell you that at least I still have coverage, not like some others. Its like telling the guy on the gallows he only has to hang for 5 minutes and not 10 laike the last guy. What a relief!!
Progressive ??
Progressive offers true replacement value for 5 years (On New Boats/1 year or less) + dissapearing deductibles.On a Catalina 350 about $800-$1000 per year depending on deductibles which are eliminated after four years (25% each year).Has anyone had experience with claims and or Progressive itself as far as yacht insurance.
Progressive offers true replacement value for 5 years (On New Boats/1 year or less) + dissapearing deductibles.On a Catalina 350 about $800-$1000 per year depending on deductibles which are eliminated after four years (25% each year).Has anyone had experience with claims and or Progressive itself as far as yacht insurance.
Act of God clarification
I wasn't clear in my previous post regarding BoatUS's coverage for "Acts of God." Acts of God ARE covered. Hurricanes, tornadoes, meteors, tidal waves - all covered. Check with your carrier to see if they have an exclusion for such. What IS excluded in this area, and can be found in the GENERAL CONDITIONS part of your policy booklet, is WAR, SEIZURE, [and} NUCLEAR. But those ARE NOT Acts of God. I apologize for only referring to hurricanes before. Onto premium increases. The insurance companies, in order to stay in business, need to bring in enough premium to pay out on their losses. Not having had a claim in 20 years, for example, doesn't mean that you won't have a biggie next year. And the costs of claims (actual repair costs for more sophisticated equipment, litigation costs, salvage and/or wreck removal costs, etc) have been rising at alarming rates over the past years. Here's an example. Mr. Noclaims has been insured for 20 years on his 1980 40' Beneteau, for a current agreed value of $50,000. He has paid a total of $10,000 in premium. On year 21 with his insurance company, a hurricane hits, and does $40,000 in damage to his boat. Assuming he is with a company like BoatUS, that covers Acts of God, and doesn't have a special storm deductible, he receives $40,000, less his deductible. So in the end, he has STILL received $30,000 more than he has paid. When you multiply that times thousands - or hundreds of thousands - of boaters, the potential payout is huge. And because Florida is considered due for another big hurricane (Andrew-sized), that is why premiums are rising so fast there (plus high theft rates, and a 12-month boating season adding to on-water incidents). Rate increases are a sad, nasty part of life when it comes to insurance. I hate saying it, but it's true. I don't like having to tell people that their rates are going up, even when they've done nothing wrong. But it's the way that insurance has evolved. My best advice is to shop around every year for insurance. You'll know that you're either getting a good deal (assuming the coverages are comparable), paying comparable rates, or that you're getting hosed. Either way, it benefits you to spend the time shopping.
I wasn't clear in my previous post regarding BoatUS's coverage for "Acts of God." Acts of God ARE covered. Hurricanes, tornadoes, meteors, tidal waves - all covered. Check with your carrier to see if they have an exclusion for such. What IS excluded in this area, and can be found in the GENERAL CONDITIONS part of your policy booklet, is WAR, SEIZURE, [and} NUCLEAR. But those ARE NOT Acts of God. I apologize for only referring to hurricanes before. Onto premium increases. The insurance companies, in order to stay in business, need to bring in enough premium to pay out on their losses. Not having had a claim in 20 years, for example, doesn't mean that you won't have a biggie next year. And the costs of claims (actual repair costs for more sophisticated equipment, litigation costs, salvage and/or wreck removal costs, etc) have been rising at alarming rates over the past years. Here's an example. Mr. Noclaims has been insured for 20 years on his 1980 40' Beneteau, for a current agreed value of $50,000. He has paid a total of $10,000 in premium. On year 21 with his insurance company, a hurricane hits, and does $40,000 in damage to his boat. Assuming he is with a company like BoatUS, that covers Acts of God, and doesn't have a special storm deductible, he receives $40,000, less his deductible. So in the end, he has STILL received $30,000 more than he has paid. When you multiply that times thousands - or hundreds of thousands - of boaters, the potential payout is huge. And because Florida is considered due for another big hurricane (Andrew-sized), that is why premiums are rising so fast there (plus high theft rates, and a 12-month boating season adding to on-water incidents). Rate increases are a sad, nasty part of life when it comes to insurance. I hate saying it, but it's true. I don't like having to tell people that their rates are going up, even when they've done nothing wrong. But it's the way that insurance has evolved. My best advice is to shop around every year for insurance. You'll know that you're either getting a good deal (assuming the coverages are comparable), paying comparable rates, or that you're getting hosed. Either way, it benefits you to spend the time shopping.
State Farm treated us fairly
I have to give kudos to State Farm. I lost a 20 foot sailboat to Hurricane Andrew, yet they insured a replacement boat without any problem after giving me the limits of the policy. They now insure my '86 Catalina 30 for a reasonable premium. It had gone up considerably the first of January, but I got a letter two days ago informing me that an error had been made in calculating the premium, and that they were giving me a credit of over $300.00. I can't complain!
I have to give kudos to State Farm. I lost a 20 foot sailboat to Hurricane Andrew, yet they insured a replacement boat without any problem after giving me the limits of the policy. They now insure my '86 Catalina 30 for a reasonable premium. It had gone up considerably the first of January, but I got a letter two days ago informing me that an error had been made in calculating the premium, and that they were giving me a credit of over $300.00. I can't complain!
I like that "Nuclear" disclamer they have
That one and "War" I think I've also seen them on my home and Auto insurance policies. The way I look at it if there was "Nuclear" caused damage to my boat, I think I'd a few more things to worry about. *pop But then again, I'd probably want to try & load up the boat and sail away to the South Pacific to let things cool down for a while.
That one and "War" I think I've also seen them on my home and Auto insurance policies. The way I look at it if there was "Nuclear" caused damage to my boat, I think I'd a few more things to worry about. *pop But then again, I'd probably want to try & load up the boat and sail away to the South Pacific to let things cool down for a while.
Insurance Dropped!!
I was just informed that my carrier since 1984 no longer will insure my CAL 39. 20 years is too old! Boat US wants a survey, but no guarantee of coverage. So how's your day going!
I was just informed that my carrier since 1984 no longer will insure my CAL 39. 20 years is too old! Boat US wants a survey, but no guarantee of coverage. So how's your day going!
John, try IMIS (+)
I'd think they'd want a survey as well, but they're a great insurance brokerage that will work for you--by the way, I'm a customer not an employee ;-). They insured my 67 Alberg, just picked up our new boat without missing a beat. Web site: http://www.imiscorp.net/ or phone (410) 827-3757--ask for June. Fair winds, Bill S/V "Ngemelis"
I'd think they'd want a survey as well, but they're a great insurance brokerage that will work for you--by the way, I'm a customer not an employee ;-). They insured my 67 Alberg, just picked up our new boat without missing a beat. Web site: http://www.imiscorp.net/ or phone (410) 827-3757--ask for June. Fair winds, Bill S/V "Ngemelis"
Marine Insurance good experience
Excellent experience settling claims w/ BoatUS - Lightning strike last summer w/ extensive damage. Recently cancelled BoatUS policy when USAA offered a policy w/ significant reduction in premium for a cruising boat that goes south every fall and returns to the Chesapeake Bay every spring. Overall - We're extremely satisfied
Excellent experience settling claims w/ BoatUS - Lightning strike last summer w/ extensive damage. Recently cancelled BoatUS policy when USAA offered a policy w/ significant reduction in premium for a cruising boat that goes south every fall and returns to the Chesapeake Bay every spring. Overall - We're extremely satisfied
Slight Increase
I've had BOAT/US for the last 6 years now and have "suffered" through the usual and customary "slight" increases each year. No - I don't like it, but as I tell people, If you want to play - you gotta pay. The insurance companies know this. I've never had to file a claim - so I don't know how things would change if I did. Bill on STARGAZER
I've had BOAT/US for the last 6 years now and have "suffered" through the usual and customary "slight" increases each year. No - I don't like it, but as I tell people, If you want to play - you gotta pay. The insurance companies know this. I've never had to file a claim - so I don't know how things would change if I did. Bill on STARGAZER
Boat US prem incr
Gary: I was an insurance agent for 14 years. Be sure to read the new policy carefully and check them out for the handling of claims. Especially check exclusions. The main variables to insurance premiums are operating expense, investment return, and claims. If a company pays more claims, they could cost more. If they pay more claims, it's more likely they have better coverages because insurance works on the basis of odds of probability and adverse selection. The odds of probability, absent adverse selection should be approximately the same for any insurer. I agree that it is hard to be loyal with a few hundred dollars involved, but a few hundred up front can be wiser than a few thousand at the time of claim. You may truely be getting a better deal, I'm just saying do your homework.
Gary: I was an insurance agent for 14 years. Be sure to read the new policy carefully and check them out for the handling of claims. Especially check exclusions. The main variables to insurance premiums are operating expense, investment return, and claims. If a company pays more claims, they could cost more. If they pay more claims, it's more likely they have better coverages because insurance works on the basis of odds of probability and adverse selection. The odds of probability, absent adverse selection should be approximately the same for any insurer. I agree that it is hard to be loyal with a few hundred dollars involved, but a few hundred up front can be wiser than a few thousand at the time of claim. You may truely be getting a better deal, I'm just saying do your homework.
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