Insurance

[ghone]

Hi everyone. My boat policy is just up for renewal and I'm wondering what I really need. I'm covered for theft, total loss, underinsured other owners and liability. I've had many years with never a claim. Since we're aboard most of the time or near, theft of the whole boat isn't likely. Towing down the road is the most likely place to have problems, and covered under truck/trailer coverage. What do some of you actually buy for coverage? Total loss is rare but does happen. Cover it for a new cd or used price. Currently I have replacement coverage. Likely if I lost the boat thru accident or theft I'd buy used off the site so insure for 50k not 75k? 75 K is new in Canada. Any thoughts team? George

[dotnmarty]

I don't know the answer but have often thought of this. I had a vehicle that was only used to tow the boat. For half the year I took it off insurance (still paid $15 in case the house fell on it, I guess). Since the boat sits on a trailer next to the garage most of the winter, can I, and/or should I, leave it uninsured or minimally insured during that time? Huh?

[Will-C]

I use Progressive. I have never had a claim yet so I have no idea how they are in that respect. They came in at less than Boat US. They have a been dropping my premium down each year as a result of no claims. I still have full replacement value for I think 5 years based on $70,000 for boat motor and trailer started with them in 2009. I insure my dinghy and it's motor and I have 75 mile coastal coverage. For us it's $263 dollars a year. They covered us while we traveled in Canada. Bodily injury 100k per person and 300k per incident, under of no insurance coverage is the same as above, and we have collision and comprehensive with 500 dollar deductible. I probably should have higher coverage on bodily harm and per incident. But so far so good. I have Boat US unlimited towing insurance and trailer assist. In twenty years used boat towing once, bad gas situation.
That's all folks.
D.D.

[ghone]

Great info DD. $263. I wanna show that to my guy $822 here. Been with them a couple years Next quote $745. See why I ask! George

[hardee]

George, this is really timely as mine is up for renew also. I have had it with Farmers since I got the boat in 2006. They are spinning it off to Foremost and it is going to go up so time for a change.

I have been considering both Boat US and Progressive, (O, I like Flo

Thanks,

Harvey
SleepyC

[srbaum]

I have insurance for everything that I own through USAA. About 8 years ago or so, they passed all of their boat policy's through Progressive (except for existing policy's). I have 6 boats and checked pricing through Boat US several years ago and though it was a few dollars cheaper, the overall coverage was less (though Boat US had the towing clause at a discount).
I have never filed a claim though Progressive, but business with them has been straight forward so far.
Steve

[Foggy]

ghone, you won't know what you'll pay for boat insurance until you get some quotes. If you have points on your automobile driver's license, you may pay a penalty for that on top of the premium.

The insurance game is a gamble. The insurance company is betting they can pocket your premium without paying you for a claim and you're betting, by paying their premium, that you'll need their coverage. Why do you think all those insurance company buildings look so well done and so are large and shiney? Those buildings, and their CEO bank accounts, represent our premiums that were not paid out to losses.

Aye.

[DuckDogTitus]

$800 sounds high, your boat is worth about three times as much as mine though so maybe its proportionate... but it still seems too high. my insurance is less than $30/month so I 'over' insure it because I figure its cheap. if it sinks I want everything replaced. if the trailer is stolen, replace it. motors, etc. also have I believe $5k in 'personal affects' in case people rob us while at a marina or something. our insurance also provides tow insurance, not just on the road, but also while on the water. that's a good insurance to have. I've not needed vessel assist yet, but my understanding is that its pricey.

[bridma]

Hi George,

I'm insured with Premier Marine. Covers a whole load of stuff, to much to mention here. My premium is $520.

Martin.

[Spike]

Harvey
I had Farmers/ Foremost also, since I bought the boat in 07, till last year, no claims yet they were raising my rates seems like every year. Switched to Progessive, better coverage at almost half the rate. Will see what happens if I have to make a claim. But am confident they will stand behind their service. Had Farmers on the home also, dropped them. Only wish I had thought of it a lot sooner.

[Wefings]

We have done a number of repairs for Progressive insured customers. They seem to be good at paying and covering their insured folks .
Living in Florida means expensive insurance . Where you live makes a huge difference .
Marc

[ghone]

Thanks everyone this was an interesting experience. When I first got Kerri On I was a West Marine manager so just went thru BC's Boat Us affiliate. I have now shopped about 6 places. As I am very clear with how I use and am planning to use my boat I describe my needs. In person, you can watch the eyes glaze when I mention long distance towing both in Canada and US. Next up is my real estate is being sold, more glazing slight unfocused , next up we cruise full time ie liveaboard..... Pretty unfocused now or if on the phone one can hear pages and keys being flipped or pressed. One gal said , but we can't insure a boat if you don't own real estate. "Own as in free title or have a mortgage on?, most folks homes are still bank owned. I said and what difference does that make when I'm insuring the boat?" She couldn't say why to either ......bye now thanks for trying out

I suspect it has to do if one has a mortgage on a house, you're a little easier to locate. You likely also need a job etc etc.
one wanted a whole bunch of serial numbers and info just to quote. When I told them they don't need those numbers till they win the business. "Oh I guess, umm I can try to get a quote". I said they hadn't won my business so they don't need all that info at this point. I can easily forward that when they get the go ahead. They won't however their price was goofy. Very scaredy cats.
Seeing as we'd be even more footloose than we already are with no real estate, these folks were having a hard time slotting us into a category. One said "where are you moored?" I told her our normal marina when we're in Nanaimo. She had a challenge with the long distance tow thing. She thought most folks stored little boats in winter. "We're different?" I told her.

What I finally found was a gal where I have my contents and landlord coverage, gave me the best coverage and the most generous distance terms. As long as it's inland or coastal within 1000 miles of home port Nananimo po box ( not house address) I'm covered. If I want to go across the country or to Florida just let them know. As long as it isn't offshore miles I'm covered. Coastal and lakes and rivers ok Southeast Alaska ok Mexico is out without a big extra premium. That's ok Mexico doesn't interest me. The year is $650. I got 10%discount for professional boating education (Canadian Yachting Association advanced instructor rating) a further 5% for no claims ever. And a further 5% for being over 50. I was gonna ask about the discount for being good looking and a heck of a guy as well as being fun on a date but thought best not push it. How much trouble do I want huh?
One outfit called back saying they couldn't quote as my quote was already on someone's desk at the insurer. Apparently BC has few insurers for cruiser/liveaboard. The feeling I got was in their mind a boat was less likely to have a claim if it was stored somewhere all alone under a big tree next to a fireworks manufacturer instead of having a loving owner nearby looking after his home!! What!? Doesn't make sense.
I wonder how many of us are actually insured for how we use our boats? There is really a lot of loopholes in some policies. Been interesting Thanks for all the ideas. George

[thataway]

George, I know the "not having a home/address issue well. We established a "address" with one of the forwarding agencies. This seemed to take care of some of the issues.

We have had most of our insurance thru USAA since 1967. (US Military affiliated). Even when we were long distance sailing for 8 years, USAA continued to give us "storage", personal property and liability umbrella coverage. We self insured the boat--could not afford the premiums (10% of our yearly living budget)--and there were crew number and place/date restrictions--thus the self insure. Coming back to reality, we found an insurance agent who handles a number of marine insurance companies, and Progressive has consistently given us the best price/service. (As Marc says--you have to have some very specific plans in Florida, with the hurricanes.)

We did have a claim with Progressive--the mechanic's idea--not ours. We had hit some floating debris at idle, and the dual counter rotating props of a B III outdrive scrambled the gears in the lower unit. Progressive paid, less the deductible, and no increase in premium. Sure we would have been better if we had self insured over the last 20 years--but the liability is always a concern, especially with a motor boat.

[Barry Rietz]

George, For the past six years I've had two different CD-22's insured with State Farm Insurance Company. The "agreed loss value" has been $40K for each boat and annual premiums have remained constant at $400. over the six years. Good company to do business with.

[ghone]

Thanks Bob and Barry. Insurance is quite a game. Canada's smaller population means the risks don't get spread as far so higher premiums I'm assuming. When I talked with Boat US a few years back the boat would need to be Home Ported in the US for a Canadian to get coverage. That looked like opening up some issues. So I didn't go further. I think I'll be covered well with the company I found in town. Thanks all! George