UN-glorious end?

kappykaplan · Monday at 2:00 AM

No specific recommendation on your liability coverage. Check with Markel America to see if they can hook you up.

danstanford · Monday at 2:05 AM

Pretty sure most insurance companies can up the insurance levels as required for your situation. They will not insure for more than the value of an item but other coverages are flexible generally speaking.

sailme88 · Monday at 3:26 AM

Guess I'm missing something.. Who or what has set the $300K? GEICO issued a quote that should satisfy the need..

Project_Mayhem · Monday at 3:32 AM

100k/300k isn't unusual to meet business requirements, especially when it comes to auto. I haven't heard of an insurance company that would say no to more money for the same policy terms.

After dealing with Geico and their harassment to resolve an auto accident, I'm done. Try Progressive. I believe you can enter your own coverage rates when creating a quote. Someone on here had a major claim after a storm. They were quite pleased at how Progressive handled everything.

dlochner · Monday at 5:41 AM

The $100K may be the lowest they offer. Did you talk to them about raising the liability? Hull insurance may be difficult to get because of the boat's low value. Most marinas are asking for liability insurance and $300K is not unusual.

Tally Ho · Monday at 5:41 AM

My marina also requires $300,000 in liability coverage. Talk to your insurance carrier. State Farm has no problem providing the $300k in liability insurance.

Insuring YOUR boat is a different matter. The insurance company won’t “over insure“ the boats value. In my case, we have an agreed upon value of $30k for my 1988 O’Day 322.

If your gold old boat isn’t worth much, it may be better to ONLY carry liability insurance.

Greg

Don S/V ILLusion · Monday at 6:30 AM

jmczzz said:
It seems I have stepped into a pile of insurance poo. The Mariana, the great old classic 1973 Pearson 26 I just bought, requires $300,000. liability. I am discovering my out-of-date knowledge of boat insurance requirements, and limits is going to end my renewed dream of sailing in my golden years before they even start. I got a quote from Geico it only shows $100,000 liability coverage. The sinking feeling I feel i my guts has nothing to do with the water.
I am really unsure of the best way forward. How, where do I even begin to solve this problem? Any liability insurance advice out there from anyone?

What is the problem?
Did you not ask them to increase it?

colemj · Monday at 8:28 AM

If you have a house with insurance, cover the boat liability under an umbrella policy on that insurance. Done all the time with small boats and other recreational things.

Mark

Ralph Johnstone · Monday at 1:14 PM

jmczzz said:
1973 Pearson 26 I just bought, requires $300,000. liability.

300K seems awfully low for liability in a marina packed with 100K and up boats. Liability is meant to cover fire damage which can run to millions even if only a handful of surrounding boats are damaged.

Our required liability went to 3 million laibility two years ago, up from 2 million for many years. The additional 1 million was about $15.00 for a total of $CA770.00 taxes incl.

Paid insurance policy :

Project_Mayhem · Monday at 8:05 PM

I guess my last boat barely made the cutoff at '78. Prices jumped way up when I got a '94. Ironically they went down when I added a 19' motorboat

Project_Mayhem · Monday at 8:22 PM

It is. The motorboat is liability only and is located at yard in a run down town. I guess since I can only use one at a time, and if less of my time is spent on a fully insured, newer boat, then there's less chance that they'd have to pay out? I really wish there was more transparency in how they come to these conclusions

dlochner · Tuesday at 3:20 AM

Project_Mayhem said:
I really wish there was more transparency in how they come to these conclusions

Its all in their actuarial tables and your personal risk factors.

Project_Mayhem · Tuesday at 5:15 AM

dlochner said:
Its all in their actuarial tables and your personal risk factors.

Including the data that your smart car or phone apps collected and was then sold to the insurance company? I don't think they'll admit to this practice nor give you access to how it affected your rates

dlochner · Tuesday at 5:47 AM

Project_Mayhem said:
Including the data that your smart car or phone apps collected and was then sold to the insurance company? I don't think they'll admit to this practice nor give you access to how it affected your rates

Yep, the algorithm(s) rate your risk and that risk determines the rate. I suspect there are at least 2 algorithms in play, one that assess the risk of the boat and one that assess personal risk. Personal risk measures include credit score, age, location, and claims history.

Tally Ho · Tuesday at 6:51 AM

jmczzz said:
Progressive I have my car with them. But they said the boat age is too great, the build date cut off for them is 1975.

Make sure you are talking about liability insurance…age of the boat isn’t generally an issue with liability insurance.

You can go without hull insurance.

Greg