I have just purchased a 1996 Hunter 40.5 and I am new to your forum. I would really appreciated some information as to which is the least expensive Insurance companies to look at for a quote?
Boat Insurance
- Thread starter davidpackwood
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least expensive on the front side, may well cost you on the backside - WHEN you need to file a claim...
boats are not motorcycles or RVs or cars or houses or ....
stay away from progressive, not only is their ex-CEO a bundle, they will delay paying at your expense. But between them and other internet based companies, you can name your price...You will get what you pay for. Unlike progressive, Boat US includes spill coverage, which can cost $100K or more if you have a problem. Unlike progressive, Boat US will require a survey and has true marine underwriters who know quite a bit about boats, especially the size you want to insure. Unlike progressive, Boat US will price your policy based on your experience, their experience. Progressive may not care that you have ever been aboard a boat, until you have a claim. And if the claim is made in a state different than the one that the policy was written in, or where the boat is slipped, they will use the jurisdiction most favorable to them, regardless of where it leaves you or the boat.
I have been very happy with Boat US as well as the old Marsh company.
YMMV
boats are not motorcycles or RVs or cars or houses or ....
stay away from progressive, not only is their ex-CEO a bundle, they will delay paying at your expense. But between them and other internet based companies, you can name your price...You will get what you pay for. Unlike progressive, Boat US includes spill coverage, which can cost $100K or more if you have a problem. Unlike progressive, Boat US will require a survey and has true marine underwriters who know quite a bit about boats, especially the size you want to insure. Unlike progressive, Boat US will price your policy based on your experience, their experience. Progressive may not care that you have ever been aboard a boat, until you have a claim. And if the claim is made in a state different than the one that the policy was written in, or where the boat is slipped, they will use the jurisdiction most favorable to them, regardless of where it leaves you or the boat.
I have been very happy with Boat US as well as the old Marsh company.
YMMV
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This is a sticky-wicket question with multiple answers. I've had ten new boats in my life and almost as many insurance companies. One of my boats was burned by a near by fire and I was burned by the insurance company.
Some questions you need to ask yourself. What sort of protection do you want? Will you take a depreciated price to replace your boat if destroyed? Or do you want a replacement price. Will you be having many guests on board? And if you do have a major damage problem how easy will it be to get in contact with your insurance company? How fast will the insurance company send you a check for damages?
When my boat was damaged by fire a few years ago, (a boat two down from me caught fire and the flames damaged my boat, and burned the dodger), I had to have the boat surveyed, and the insurance company took over two years to settle with me saying that they didn't cover the dodger as it had a life of less then three years. They finally paid but it was several years later.
In this era of large storms, hurricanes, tidal waves, and yes, even riots, one wants an insurance company that pays attention to its customers. At the moment I am quite satisfied with BoatUS insurance. I could get it slightly cheaper from someone else but they seem to be the first one on the scene. When my boat was burned it was a BoatUS Owner who called me to tell me my boat was damaged. Not the port. The owner was already making plans to have his boat removed (totally destroyed) and had a check in hand. That impressed me. It took me until the next Monday to get in touch with my insurance.
So, the question is, What type of insurance cover do you want? The lowest cost? Or the most helpful?
I wish you well.
Some questions you need to ask yourself. What sort of protection do you want? Will you take a depreciated price to replace your boat if destroyed? Or do you want a replacement price. Will you be having many guests on board? And if you do have a major damage problem how easy will it be to get in contact with your insurance company? How fast will the insurance company send you a check for damages?
When my boat was damaged by fire a few years ago, (a boat two down from me caught fire and the flames damaged my boat, and burned the dodger), I had to have the boat surveyed, and the insurance company took over two years to settle with me saying that they didn't cover the dodger as it had a life of less then three years. They finally paid but it was several years later.
In this era of large storms, hurricanes, tidal waves, and yes, even riots, one wants an insurance company that pays attention to its customers. At the moment I am quite satisfied with BoatUS insurance. I could get it slightly cheaper from someone else but they seem to be the first one on the scene. When my boat was burned it was a BoatUS Owner who called me to tell me my boat was damaged. Not the port. The owner was already making plans to have his boat removed (totally destroyed) and had a check in hand. That impressed me. It took me until the next Monday to get in touch with my insurance.
So, the question is, What type of insurance cover do you want? The lowest cost? Or the most helpful?
I wish you well.
Another Marine Insurance source to consider is US Power Squadron boat insurance program. I have been with them for 14 years and still am. You have to be a member of the US Power Squadron to get insurance thru them, but the cost of annual membership and the insurance with them is lower than insurance thur Boat/US. I did contact Boat/US insurance for a quote. At that time I had completed ALL 14 courses thru US Power Squadron and had sailed with friends on their boats, and had completed 3 in water sailing courses thru Boston Sailing Center. All of that was conveyed to Boat/US at their request. Boat/US told me that "due to lack of OWNERSHIP of a boat of that size (33.5), that they would not issue insurance to me then, but that I should go away and get insurance elsewhere for 3 years and then come back and re-apply. Well, I went away, got insurance thru US Power Squadron and NEVER went back to Boat/US, nor will I EVER go back to them. I have never had a claim in the 14 years of the boat ownership and insurance coverage. The rates thru Power Squadron are less that wit Boat/US. I am also covered for up to 150 NM offshore.
My brother is an insurance adjuster, and he suggested I send my BoatUS policy to him to see if his company was cheaper. He returned the policy and said that his company didn't offer half what was in the BoatUS policy, and if they did, it would cost more than what BoatUS charged. I'm staying with BoatUS.
Thank you all very much for your timely quotes. I am looking at quotes from Boat US and Hargerty Markel.
I've been looking at comparing insurance company's myself and I was outright floored when the BoatUS quote came in a couple of days ago. It was better than double what I'm paying now with Markel. I got a quote from Catlin as well which is even lower than than Markel. I've contacted a couple of others and are waiting for their quotes to come in. Now comparing apples to apples I find the only thing that BoatUS pays for that others won't is 100% of the cost of a salvage claim. The other's pay after the deductible, With a deductible being 1% of the Agreed Hull Value, that can be a significant amount.
I'm starting to see words like "Wind Storm exclusions" (Lawyer speak for wind and not just named storms) and other small print stuff so reading the actual policy and not just the quote pages is real important when comparing policy's.
I called BoatUS to see if I'm reading the quote right and they said yes. They have had "Significant Losses" over the last two years and have had to increase the premiums as a result. Go figure.
I'm starting to see words like "Wind Storm exclusions" (Lawyer speak for wind and not just named storms) and other small print stuff so reading the actual policy and not just the quote pages is real important when comparing policy's.
I called BoatUS to see if I'm reading the quote right and they said yes. They have had "Significant Losses" over the last two years and have had to increase the premiums as a result. Go figure.
I took up sailing only last year, but have owned and fished offshore boats for over 20 years. I've had Boat/US for as long as I can remember and they've paid 2 claims in the past 5 years without any hassle. I'm very satisfied with them.
One only has to read these forums to see what they are talking about and then some.
People have bragged about hitting the same pilings twice in the same year and "just called insurance to pay for it". Similarly some have hit bottom with such substantial damage as to require towing and simply call their insurance with a claim, some several times a year. One only has to talk to towboat to see what people do, knowing full well that insurance will pay for their inattention, apathy or stupidity.
In my marina alone, many leave 3 or 4 year old sails and canvas aboard all year long with no regard to wind storms....they know, and brag about just calling insurance for new sails and canvas after the storm passes. They get vocal when a slipmate trys to help by re-wrapping or tying things off.
Until people quit abusing the insurance, those of us who do the right things to protect our own interests, will continue to pay for those who don't or won't
Well one thing is for sure. Minimum deductibles are going up. It used to be that you could insure with a deductible in the hundreds of dollars, now its thousands or in big boat cases a % of the agreed value which would make those "repeat offenders" as you mentioned have a bit more skin in the game.
Look at marine insurance compamies, not the run of the mill automotive compamies. Consider the deductables, named storm issues, geographic coverage, etc. It can be confusing. Bost US seems to be a good choice, definately join the Boat US foundation whether you buy their policy or not. I have a Markel policy and have been very satisfied. There are others as well. Sounds like you already own the boat, so, get some kind of insurance on it asap. If nothing else, get coverage for storage, either on the hard on in a slip, until you find what you want. You just can't take the boat out sailing until you get full coverage. As was said before, "Good luck."
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