Insurance Prices Jump

[Screen Saver]

HI,
Im not sure what everyone else is experiencing but my insurance has just jumped nearly 60% I have full comprehensive cover including named storms and some solo cover and liveaboard. I was paying just under 1% through Topsails whom I have been with for many years… but this is very hard to swallow.

Its now running at about just over 1.5%, and represents a significant dent in my cursing budget.

So you guys all seen big jumps and what sort of percentages are you paying for full comprehensive including named storms ?

Anyone come up with any creative options ?

I know this will bring me some flakt but Im not worried about running into a super yacht either. I am really only concerned about a total loss ?

But sticks in my throat to consider taking third party only, ie insuring the other boat, WTF.

Alan

 

[stuartsw]

What is your boat’s primary location and cruising area coverage?

 

[Peggie Hall HeadMistress]

HI,
I know this will bring me some flakt but Im not worried about running into a super yacht either. I am really only concerned about a total loss ?But sticks in my throat to consider taking third party only, ie insuring the other boat, WTF. Alan

Liability coverage doesn't insure the other boat, it protects YOU in the event the owner of the other boat sues you for most of your net worth claiming you caused him"pain, suffering and mental anguish" when he ran into you.

 

[Rich Stidger]

My 21 year old h405. is located in Bristol, RI. Middle of Narragansett Bay. My insurance renewal for 2018 to 2019 increased from $1116 to $1179. I am insured through the United States Power Squadron insurance program and they have written me with Progressive Boat. I have been with them for 3 years with no significant change in premium. I also have my cars and home insured with Progressive so I do get a bundled discount. I have $500K of liability and an agreed hull value of $150K, plus all the usual other coverage medical, towing, replacement of personal effects, etc. Had one claim for towing- snagged a buried lobster pot and needed a diver 2 years ago. No change in premium as a result.
As an aside, another sailor in my location has a 13 year old 2005 Hunter 44 that must be valued similar to mine and he is paying about $500 less than me through the same USPS insurance program. I presume that difference is do to the age of his boat vs mine.

 

[dakno]

My coverage is thru GEICO and went down a bit this year. 150k on the hull with lots of coverage for about $860. Mississippi Gulf Coast

 

[Peggie Hall HeadMistress]

When shopping for cheaper insurance be sure to take depreciation into account. A friend loved to brag about how he had the best insurance deal on the planet...till his 6 yr old houseboat sank in its slip in about 5' of water. The only thing his insurance would pay for was raising the boat and drying out the engines and generator. Everything ON and IN the boat--electronics, furniture, appliances, etc etc etc--even carpet and laminate flooring--was considered fully depreciated after 5 years. (Ralph never bragged about his "great" insurance coverage again!)
So read the fine print and know how the coverage treats EVERYTHING before you buy bargain insurance!
Peggie

 

[Screen Saver]

Hi Guys, ok thanks very much I clearly need to do some research, and change companies.
I am cruising in Aisa, os yes there is named storm risk, but it has got out of control in the South Pascific and Asia.
Perhaps you could also advise if you have storm cover. My current one @ 0.9% ie $3825 on $425K includes named storm cover the new one is over $6k and around 1.5%

All you guys are under 1%

Many thanks.

Alan.

 

[rfrye1]

Good Points Peggy. I'm in the Business. Everyone complains about premiums until there's a claim. Understand your policy, read it or have your agent explain it in detail. You don't want to find out after the fact you something isn't covered, or you don't have full replacement. Also, don't cheap out on Liability. The diff in $300k-$500k-$1M is minimal. If you have a fuel spill you'll be glad you spent the extra $75/year. ALso make sure your Personal Umbrella extends to your boat (assuming you carry one).
Bob. F.

 

[Screen Saver]

HI Guys, Yep I do understand the Policy, have read it many times. I am aware of people who have made claims and not had any isssues. On one occasiosn they were asked to pay out in the first instance before the Inusrance company piad them. As I understand it this was more a timing issue. In any event at these prices my alegence is significantly deminished. The other thing they are telling me is that this part of the world (Asia) is more costly to service claims (than Ozy), this its totaly wrong unless they being ripped off more than usual.

and yes for $75 I wont be dropping that cover I agree 100%.
Trouble is in the part of the world you need $5m, and in Ozy ( I nick name land of cannot) you need $10m or cant get into a marina.

People in this part of the world often used to say "Only in the US" to some of these silly things.
Now its Only in Ozy, they blindly carry this stupididty.
It has got so silly that many people and even business are taking there insurance (just one example) out of the country. I have medical insurance in Ozy that will fly me to Thialand Royal Bankok Hospital for any ay operation that I can still travel for. That decision was not mine or based in price. The Ozy insure did this. Having been there, it would now be my first choice.