Insurance

[Boyd]

Hi All:

Has anyone else gotten their renewal from Boat U.S. I see its now being underwritten by the lizard company. My premium went up, the cruising limits were reduced to "the Coastal and Inland waters of the U.S. and Canada". I havent read thru all the Endorsements yet but at this point I am not happy.

What other companies do people use? Are you happy with them?

After 20 years with Boat U.S. I am seriously considering leaving.

Boyd
s/v Cat-A-Tonic
Prout 34
Fort Lauderdale,Fla.

[mgphl52]

I checked with BOAT/US when I bought my second Typhoon back in 1997... since they wanted 1/10th of what I paid for boat & trailer, I passed. When I bought my second CD25 in 1999, I went with Progressive and have stayed with them ever since.
Must admit that I have no personal experience with their claims department (knock on wood), but I have seen them be very responsive with other boaters in the area. They also are more apt to insure older boats than most other companies.

[Bill Goldsmith]

I also noticed the change to a different company. It's not uncommon for program insurance to change underwriting companies periodically.

I had a very different experience: 1) My premium stayed the same; 2) my crusinng grounds were UPGRADED to "the Coastal and Inland waters of the U.S. and Canada" at no apparent increase in cost. With the prior insurer, I opted for "Hudson River north of the GW Bridge" and could extend the cruising grounds for only $25 for 14 days for my annual vacation cruise. The premium was much higher for full time "East Coast US except Florida" which was the prior insurer's upgrade. That made sense for me since I am still a full time working stiff. The new deal is actually better for me.

I have no connection to BOAT US but I have to say this--with insurance you really get what you pay for. I had a few small claims over the years and I found the BOAT US adjusters to be knowledgeable, professional and thorough--and my premium hasn't increased in 18 years despite a couple of small claims. Although the other company mentioned above, Progressive, is also one that I have had very positive experiences with, in the non-boat area (auto).

You might want to give them a call and ask them to review your policy underwriting. Your policy could have been rated by a computer when the switchover happened--and Florida is always an expensive area to insure a boat. Tell them you're a long time customer and want to keep the same premium and tell them what cruising grounds you want. Tell them you are aware of "other policyholders" that did not have a premium increase and got a better cruising ground. A human underwriter might agree with your request. And if they don't you can still switch. That's what I would do, anyhow.

[Dick Kobayashi]

I seem to have had reasonable luck with Travelers - reasonable premiums. One claim when I scratched another boat was well handled. I think size and value of the boat are big factors as well as cruising area.

[Sea Hunt Video]

I have been with BoatUS for several years. This weekend I got my renewal notice. Premium went up 20% No other change in policy other than underwriter is now GEICO ("the lizard" co. as Boyd mentioned).

I called BoatUS this morning. They had no explanation for a 20% increase (no claims by me, nothing). I was then put on hold and 6 min. later the rep said they could reduce my premium by about $40. Yeah I then told the rep I had GEICO for my truck insurance. Put on hold again. Premium now reduced a total of $77.

They say they are sending me new paperwork, declarations, etc.

I am still going to look around for another insurance co. I must admit I liked BoatUS because whenever I called to upgrade my "agreed value" amount, or had a question, etc. they always seemed to be "on the ball" and knew what they were doing.

I'm not so sure about GEICO. I guess time will tell.

[Boyd]

Hi All:

I have solicited proposals all over the map. So far the best is from "London" a British company. I am going to call the agent today and fine tune the application. Their quote was for $1595 and I need a new survey that will cost me about $1000 between surveyor and haulout. I am thinking of pulling the boat and doing the bottom at the same time. It doesnt really need it but since I am paying to get out of the water anyway.... ??

This beats the quote from Boat U.S. of $3900 and increases my navigation limits vastly. I think the Lizard is done.

Will post the results as this progresses.

Boyd
s/v Cat-A-Tonic
Prout 3400 Esprit
Fort Lauderdale

[Zeida]

Boyd, I had the same sticker shock from BoatUS, when they sent me the yearly renewal form for Bandolera, and their letter explaining they now partnered with Geico for the insurance. Last year I paid them $1,120.00 and this time they were up to $1,459. I also called them back immediately. I have been with them since 1980 and after a while on the phone they finally reduced their quote to $1,359. apologizing for same. i told them I would be looking for another company and they replied that they hoped that in a year's time I would come back after they could offer more competitive prices. I have since received their revised quote, and am almost forced to pay it since I am having no time to do a proper search and with storm season coming fast and furious, I don't dare to be without insurance. I am so pissed.

Zeida
s/v Bandolera II - CD-33 sloop, 1982

[mgphl52]

Zelda,

It won't hurt to give Progressive a call...

[Capt Hook]

I have been a USAA member since 1970 and have all of my insurance with them.

They don't directly insure boats but they have partnered with Progressive.

I got quotes from Progressive (USAA), US Boat and Aircraft & Marine (who I have my airplane insured with).

Progressive gave me the best rate and I have just renewed with them.

The underwriter for Aircraft & Marine wanted a copy of the survey and wanted me to guarantee that all items would be corrected within 21 day. Most of the items were things that had nothing to do with seaworthiness, e.g. refinish all the teak. That was a non-starter, something I hope to do but not within the first 21 days of ownership.

[Zeida]

Thanks! I will be calling Progressive for sure!
Zeida
Key Biscayne, FL
s/v Bandolera II -

[Bill Goldsmith]

Wow, seems like BOAT US doesn't really want to keep its Florida business. I bought Loonsong from a seller in Florida in 2002 and had to insure it for the winter season before transporting it to NY in spring 2003. At that time the Florida rate was $800 a year and NY was $550. I am still paying about $550 in NY, but you guys are getting much higher relative quotes in Florida. BTW, I have a vehicle policy with Progressive and find them to be fantastic.

[Warren Kaplan]

I had my boat insured on the same policy that insures my house and my cars. I use MetLife PAK II policy.

If MetLife does it I'd wager other companies do it too. So ask you primary insurance company.

[Tom Keevil]

We had Boat US for years, and had a good experience when we had a claim. When we went to Alaska three years ago, they wouldn't cover us up there. We then insured it with State Farm, with whom we have our house and car insurance. The price was very reasonable.

[John Stone]

This is a very timely post/thread. I had BoatUS for years. But, they would not cover me on the voyage to the West Indies--not even liability only. So, I dropped them and sailed with liability insurance from IMS, a very respected company and well regarded by Practical Sailor. And let me tell you, just liability was the same as full coverage in NC. Comprehensive was a ridiculous amount--three times what I was paying for NC. Now that I have returned to NC, I tried to restart BoatUS. I experienced the same thing as others have reported--a big increase, less coverage, and a required rig survey since, as they told me, I had sailed offshore this year.

I am now going with Markel because it was recommended by a friend with a CD 36 who has been using them for the last 10-15 years. Much better rates than BoatUS and no requirement for the rig survey. Also, very flexible on storm plans and requirements. "Call me and talk to me about your plan." A very reasonable approach to me.

[Jim Walsh]

When I talked to BoatUS about offshore coverage they wanted a crew list. When I told them the crew was me they balked. I'd have liked liability coverage but didn't have any luck ferreting out a company willing to deal with a singlehander.