I recently received the bill for my marine insurance for the upcoming year. It has increased by nearly $100!!! I used the boat only about 5 times this past year and had NO accidents, incidents, etc. Does it typically increase by that much each year (I am new to owning a boat)? Can anyone advise as to a good, affordable insurance plan? Meg
- Status
Insurance imbalance
I haven't received my bill yet but it is coming soon. I was given a quote last month which was about the same as last year. That was before Katrina and Rita. I will be curious if it changes. If it does I will be P***** since I am on an inland lake. I really think that those in areas prone to named storms should carry their own load. Sorry about that but having a boat there is your decision. Especially irritating since so many of the boats pictured after storms still have sails and canvas on. While these last two storms may have destroyed any boat , at least a good faith effort on the part of some of these owners would be nice to see.
I haven't received my bill yet but it is coming soon. I was given a quote last month which was about the same as last year. That was before Katrina and Rita. I will be curious if it changes. If it does I will be P***** since I am on an inland lake. I really think that those in areas prone to named storms should carry their own load. Sorry about that but having a boat there is your decision. Especially irritating since so many of the boats pictured after storms still have sails and canvas on. While these last two storms may have destroyed any boat , at least a good faith effort on the part of some of these owners would be nice to see.
Mine went up $400
Will probably change carriers to get a better rate. Jack not all of us live next to our boat. I met one person this summer that lives 6hrs from the dock or they could have been out of range to get to their boat. But then one never knows, people can do some strange stuff. Jim S/V Java
Will probably change carriers to get a better rate. Jack not all of us live next to our boat. I met one person this summer that lives 6hrs from the dock or they could have been out of range to get to their boat. But then one never knows, people can do some strange stuff. Jim S/V Java
progessive
I went from BOAT US to PROGESSIVE and saved almost 40%. I have never filed a claim so I have no idea how good there service is. Hope this saves you a couple of bucks, jack
I went from BOAT US to PROGESSIVE and saved almost 40%. I have never filed a claim so I have no idea how good there service is. Hope this saves you a couple of bucks, jack
For a 28 foot boat,
an increase of $100 is a lot if you ask me but I do not really know from your post. You did not say what you paid before or what kind of insurance you have. Changing from Boat US to Progressive may not be a good idea even if you save a few bucks. You will find out with the first claim. Personally, I do not like car insurance companies for boat coverage. If you decide to change companies, ask them if they cover losses under the Jones Act or if they cover environmental damages. If they do not know what the Jones Act is, keep looking. If you do not know, Google it and read up on it. You might save a little on the insurance if you take a Coast Guard boating course. You might learn something and make a few new friends too. I too saw a few pictures of tattered jibs on TV which were not taken down before the storm and wondered what those people were thinking or if they were thinking at all. Those things should not be covered in my opinion. But then neither should houses and buildings constructed in known flood areas or under sea level. We have some areas in WA state which flood almost every year and there are houses in those areas which file new claims each time. Same thing for houses on cliffs which collapse all the time. The news coverage makes it sound like a new peril every time it rains and one washes downhill into the water. Surprise!!!
an increase of $100 is a lot if you ask me but I do not really know from your post. You did not say what you paid before or what kind of insurance you have. Changing from Boat US to Progressive may not be a good idea even if you save a few bucks. You will find out with the first claim. Personally, I do not like car insurance companies for boat coverage. If you decide to change companies, ask them if they cover losses under the Jones Act or if they cover environmental damages. If they do not know what the Jones Act is, keep looking. If you do not know, Google it and read up on it. You might save a little on the insurance if you take a Coast Guard boating course. You might learn something and make a few new friends too. I too saw a few pictures of tattered jibs on TV which were not taken down before the storm and wondered what those people were thinking or if they were thinking at all. Those things should not be covered in my opinion. But then neither should houses and buildings constructed in known flood areas or under sea level. We have some areas in WA state which flood almost every year and there are houses in those areas which file new claims each time. Same thing for houses on cliffs which collapse all the time. The news coverage makes it sound like a new peril every time it rains and one washes downhill into the water. Surprise!!!
All insurance will go up this year
Meg, every type of insurance you have will go up this year because of what happened in the Gulf; it won't matter whether you live inland or in Alaska. It won't matter whether it's boat insurance, car insurance, health insurance, or school insurance, the losses to the insurance companies will be staggering and they are all interlocked. I insure a 28-foot boat with BoatUS for about $690 per year. That's almost exactly the amount of my car insurance, if that helps for perspective. Insuring with BoatUS is a good idea because their adjusters are trained to deal with boat problems, especially towing and salvage issues. Their "Seaworthy" magazine shows that they have a handle on the issues in their specialized corner of the insurance world.
Meg, every type of insurance you have will go up this year because of what happened in the Gulf; it won't matter whether you live inland or in Alaska. It won't matter whether it's boat insurance, car insurance, health insurance, or school insurance, the losses to the insurance companies will be staggering and they are all interlocked. I insure a 28-foot boat with BoatUS for about $690 per year. That's almost exactly the amount of my car insurance, if that helps for perspective. Insuring with BoatUS is a good idea because their adjusters are trained to deal with boat problems, especially towing and salvage issues. Their "Seaworthy" magazine shows that they have a handle on the issues in their specialized corner of the insurance world.
You only used your boat only 5 times?
WOW! And I feel paranoid for only using my boat once per week on average.
WOW! And I feel paranoid for only using my boat once per week on average.
Progressive has no idea what a salvage claim is (I have asked them), and does not insure for salvage. I switched from Progressive to Boatus this year because of that fact. I saved nearly a hundred dollars and got salvage insurance (to the full agreed value of the boat) in addition to all the rest. Read the Boat us web site article on the need for salvage insurance. You don't want to be without it.
Very Interesting
Patrick, I have to agree with you, I was amazed at the number of boats that left their sails on the boats even some biminis. However, when I went down to my boat on Sunday morning to put it back together, the owner of the boat 3 slips down from me was commenting on how well his boat had faired considering he was not able to get to the boat before the storm as he was out of the conutry. All his canvas was up and still intact! I told him if I had know I would have helped out. I think I will put together a list of the owners and contact information for our pier, we should work together to help each other in emergencies. I have contact information for the boat deside me but that's all. When we bought our boat this year the broker we used insured it with Progressive for a nice rate. Just as Rita was approaching I started reading the policy(yea I know not too smart) and had a question about salvage. Called my agent and it took about 30 minutes for him to come up with an answer which I don't think is correct. My question was if my boat is a total loss and sitting at the bottom of the marina how much do I receive and who is responsible for the cost of removing the boat? He said it depended on who retained salvage rights. I get the agreed value and give up salvage rights or get the agreed value less salvage value if I want salvage rights. This implies that if I were to take the agreed value and give up salvage rights I'm clear of any additional expense. But if there is little salvage value who is going to pay for the removal of the hull from the marina? Certainly not a salvage company. This doesn't seem right. Anyone know how this works? I'm sure some of you in Katrina's wake are finding out the hard way. Sorry guys, I really feel for you.
Patrick, I have to agree with you, I was amazed at the number of boats that left their sails on the boats even some biminis. However, when I went down to my boat on Sunday morning to put it back together, the owner of the boat 3 slips down from me was commenting on how well his boat had faired considering he was not able to get to the boat before the storm as he was out of the conutry. All his canvas was up and still intact! I told him if I had know I would have helped out. I think I will put together a list of the owners and contact information for our pier, we should work together to help each other in emergencies. I have contact information for the boat deside me but that's all. When we bought our boat this year the broker we used insured it with Progressive for a nice rate. Just as Rita was approaching I started reading the policy(yea I know not too smart) and had a question about salvage. Called my agent and it took about 30 minutes for him to come up with an answer which I don't think is correct. My question was if my boat is a total loss and sitting at the bottom of the marina how much do I receive and who is responsible for the cost of removing the boat? He said it depended on who retained salvage rights. I get the agreed value and give up salvage rights or get the agreed value less salvage value if I want salvage rights. This implies that if I were to take the agreed value and give up salvage rights I'm clear of any additional expense. But if there is little salvage value who is going to pay for the removal of the hull from the marina? Certainly not a salvage company. This doesn't seem right. Anyone know how this works? I'm sure some of you in Katrina's wake are finding out the hard way. Sorry guys, I really feel for you.
Insurance
I have coverage with Seahorse (part of St. Paul). My insurance is less than $500 for my 84 Cat 30. Like Texastom, I reread my policy after Katrina and again during Rita. There is envioronmental coverage as well as towing. Exclusions under named storms are 1) sails, 2) canvass such as biminies and 3) cushions. I did see one boat with a shredded furled jib, he was moored at the Hilton on Clear Lake and not in a marina. I did not read about salvage rights, think I will do that tonight.
I have coverage with Seahorse (part of St. Paul). My insurance is less than $500 for my 84 Cat 30. Like Texastom, I reread my policy after Katrina and again during Rita. There is envioronmental coverage as well as towing. Exclusions under named storms are 1) sails, 2) canvass such as biminies and 3) cushions. I did see one boat with a shredded furled jib, he was moored at the Hilton on Clear Lake and not in a marina. I did not read about salvage rights, think I will do that tonight.
TexasTom: A salvage claim can occur when a boat is hard grounded and it takes two tow boats, or one boat and air bags to get yours off. You may have absolutely no damage at all, but the fact that it took two tow boats to get you off the grounding leaves you open to a salvage claim. In other words, you may have a claim against your boat for up to the full value of the boat even though it was undamaged. This is why you must read about salvage claims and understand salvage claim liability. A salvage claim under the grounding conditions set forth above would be covered by the insurance co, and you would still have a boat, provided the company covers salvage claims against your boat to the full agreed value of the boat. There is no better short tutorial on this subject than the BoatUS web site. Boat US yacht insurance also includes wreck removal (which appears to be what you are addressing by your reference to salvage claims), and environmental (fuel spill) liability. I agree with you that progressive doesn't know much about salvage claims and their policy does not cover salvage claims like BoatUS does.
Survey
When I bought my boat three years ago I contacted BoatUS (as well as some other companies) about purchasing insurance. To my surprise they did not require a survey (not a very big boat), but asked me to send photos showing my boat and the motor. I did so, they sent me the required for forms to fill out, and that was it. I am impressed by their efforts: 1. to make boating safer; 2. to keep boaters up to date on current relevent issues; and 3. to lobby lawmakers to consider boaters' interests in pending legislation.
When I bought my boat three years ago I contacted BoatUS (as well as some other companies) about purchasing insurance. To my surprise they did not require a survey (not a very big boat), but asked me to send photos showing my boat and the motor. I did so, they sent me the required for forms to fill out, and that was it. I am impressed by their efforts: 1. to make boating safer; 2. to keep boaters up to date on current relevent issues; and 3. to lobby lawmakers to consider boaters' interests in pending legislation.
Daryl: The whole point is that compared to Progressive, I got more insurance for less (almost $100) money with BoatUS, and I didn't have to get a survey!!!
- Status