Boat Insurance Problems

[Ducati]

There are not enough words to describe my distain for insurance companies and their
behavior. Between auto, home, life, disability and boat insurance we pay almost $12,000 per year (ouch) and God help us if we make a claim as my rates would skyrocket the following year.

I am now hearing more and more stories of insurance companies finding loopholes and walking out on claims on boats.

Would like to hear your stories of your boat insurance issues so I can educate myself for the time when I might (God forbid) have to make a claim.

Thanks

 

[tommays]

A sailboat with International Marine Underwriters punched a hole in the Cal 29 cabintop while it was on its mooring 5 weeks after the refit and while it was a PITA getting them all the papers they did pay with no deductible or claim on my insurance

We hit a rock on my firends C&C 35 to a big number and i have to find out but it was payed without issue

Its common to here of people using many forms of low cost insurance so i am not at all supprised when the weasel out of a claim

On the other hand i found nobody wanted to insure Seafever during the refit without a survey and all things found fixed in 30 days which cant really happen and as it was in my driveway there risk was about as low as it gets

 

[Don S/V ILLusion]

If you think insurance is expensive, try not having it.

Most of the horror stories I've heard about claims usually are the result of someone choosing a cheap insurance policy without actually understanding why it is so cheap. Kind of like the Geico choose the premium you want to pay TV commercial.

 

[Ed Schenck]

When we bent the rudder in the ICW we didn't even know it. Then I hauled out months later for bottom work in Oriental, NC. We discovered the bent rudder, told State Farm, they said have it fixed. No one came to check nor questioned how it happened. Yard sent them the work order and State Farm sent them a check. My rate has not changed, less than $400. annually.

 

[noprob2]

Insurance

In April had major wind storm damage to boat.
Jib torn out
Furler damaged
Gelcoat on both sides damaged
Odds and ends
Totalled 12k+

had boat hauled, insurance co had surveyor on site in days
reviewed estimates with yard
had all repairs done and paid less 250 deductible with no problem
Erie insurance

 

[jackhararis]

Re: Insurance

I have had State Farm for over 30 years. I took my S2 out of the marina at Grapevine Lake and put it on Craigs list for 6 weeks. It did not sell so I decided to take it to Possum Kingdom Lake near our ranch and keep it on a trailer. On May 6 I took out a new policy for $7,500 coverage, premium $130 yr. On June 19 a tornado hit my boat and totaled it. State Farm paid me $7,750 (more than the face of the policy) and told me I could keep the boat, motor, and trailer. I have since sold many parts from the boat, made the boat a clubhouse for our grandchildren at the ranch, and I have a great trailer to haul stuff. Thank you State Farm.

 

[rfrye1]

Most problems with insurance companies are either or and combination of: miscommunication; you dont understand what your policy covers; wrong type of coverage; insurance carrier with poor claim ratings. Do your homework, and dont always shop price. Sometimes you get what you pay for..........
Bob.

 

[Freedom77]

Like Jackhararis I have had State Farm for 45 years.Auto,home, boat and umbrella policy. Some years ago my rudder and outboard and dive gear were stolen from inside the boat out of the dry storage yard. They promptly paid the claim and then went after the supposedly secure dry storage. You insurance is only as good as your agent. Fair Winds and Full Sails....

 

[Ray Bowles]

We have always had Grange ins on the farm, house, cars and my 23' trailered sailboat. The truck and attached sailboat and trailer were in a wreck and all were totalled. No one hurt. They paid all of the damages and gave me the boat and trailer. I rebuilt both the trailer and boat and reinsured both. They were insured for the replacement value so they paid that value and did not classify either as a total.
Thank you Grange.

 

[Maine Sail]

We have had Acadia, Boat US, inamar and Amica. Boat US was the biggest pita but all were good.

We have had three claims in 20+ years, which is three to many.

Lost the dinghy outboard when the teak motor bracket split and failed in rough seas. check was in the Mail box when we got home from the cruise. = Acadia

A boat broke free in the mooring field and did 25k in damage to our boat. my only complaint is they would not subrogate to get my deductible back from the guy that hit us. Other company claimed "act of god" which was pure bs, it was lack of following local mooring ordinances, but for my 3k deductible Inamar simply did not care. They paid their portion with no problems. I dumped them out of principal..

We were hit by lightning while covered by Amica to the tune of lots of $$$$$. Excellent company no issues..


On the other hand I have had to perform quite a bit of work for customers who's boats did not pass an insurance survey. Boat US seems to be the biggest stickler for "noted" survey items...

 

[Sailm8]

Ive had BoatUS for years with only one claim. That was from hurricane Charlie. They were the first on the scene, 48 hours after the storm. They wrote up a claim with open ended items like a rigging inspection and mast inspection. A check came very quickly. Months later when I could finally get my rig inspected the mast was found to have a crack that needed a sleeve to repair and it was suggested the lifelines and standing rig be replaced. Called BoatUS and all was covered and approved over the phone. Sent rig and mast to JSI where it came back better than new. No complaints from me.

However when I tried to insure a second boat the price was unreasonable and I went with Progressive. No claims yet but about 1/2 the price. I still have BoatUS towing.

 

[Raftco]

I use Foremost Insurance and just found out I have a bent rudder post after having my steering inspected. Called the insurance company last Friday, got the check in the mail for the full amount of repairs today. Very responsive, great service. Paid for the new rudder, shipping, & labor to install it. Was a huge relief.

 

[Ray Bowles]

After reading all these posts, and with my experences included on this issue, it's easy to see that a good company has a good product. When we had a boat worth as much or more than my home it was to much of a loss to risk on a cheap company.
Ray

 

[John]

A year and a half ago I had my standing rigging replaced. One shroud came out. It wasn't clear if it was due to the building of the rigging or the installation. The mast bent. They sent out a surveyor who looked at it, said it wasn't anybody's fault but the mast had to be replaced. Boat US paid with no question.

 

[Witzend]

I have International Marine, they are requiring me to get a survey by April because the boat will now be over 10yrs old. Is this to be expected for an existing customer not purchasing a boat? I have had them for 3 years, no claims.
In the 25yr of boating I have had only one claim, head sail shredded, came out in a blow because furlowing line failed. I had Boat US at the time, paid, no questions.

 

[Morgan30]

My experience as an Adjuster then Agent is the companies pay for stuff I would never think that they would.