Insurance - Please share your experience

[keneasley]

I have been insuring my 1979 (46 year old) Cape Dory Intrepid 9 meter with Geico / Boat US for 5 years now. Liability only.
It has been a good deal, $184 per year for liability and towing insurance was included for no extra cost.

Just recently they sent me a letter saying that in order to renew next year they require me to get a survey.
I have heard that Progressive will insure a boat without a survey.

I think a survey would cost over $1,000 and not provide me with much value except to meet the insurance company's demand.

Interested to hear what others have experienced.

Please let me know If you insure with Geico / Boat US or Progressive or some other and what it costs.

[jfischgrund]

In 2021, Progressive required me to get a survey to renew my policy due to the age of my 1981 27'. An insurance survey is not as extensive as the survey done for a sale. Mine cost about $400. I hope this is helpful.

[keneasley]

Thank you. That does help. I had thought a survey was much more expensive. Who did you use for the survey?

[RichardM]

I recently had a survey as requested by GEICO at a cost of $700. It was well worth the expense as the last survey of the 1979 Cape Dory 28 was done at purchase in 1985. Two issues were found that needed to be corrected and the follow up was well worth the expense to assure the long time worth of the boat and also to have an appraisal of it's current value. I can provide more details with a PM response. The surveyor was local in south MA and I highly recommend him for the survey.

[mathiasben]

Double post whoops!

[mathiasben]

I have had Geico / Boat US marine insurance for my 1981 27 now for 6 years. Yearly premiums have been $77 for a liability only policy with the following coverage.

Summary of Coverage and Limits
Coverage Limit Deductible
Boating Liability (Protection and Indemnity) $500,000
Medical Payments $1,000
Fuel and Other Spill Liability $1,076,000
Uninsured Boater $500,000
Total Annual Premium $77

Earlier in the year a friend in my sailing club notified the racing members that his Geico policy no longer covered club racing, and each of us should check our policies. Sure enough the updated current year policy docs included a sentence excluding any liability resulting from racing. Prepared to have to get new coverage and not at all looking forward to the process I called up Geico Boat US and they added a racing endorsement for me at no change to the yearly premium!

RACING Under SECTION VI – GENERAL EXCLUSIONS, A. Racing Exclusion, is removed and replaced with the following: A. Racing Exclusion Coverage will not apply to powerboats while engaged in any speed race or test. We do cover predicted log cruises or similar competitions and sailboat racing, except multi-hull sailboats and hydrofoils used for racing. Under SECTION IV – Hull and Equipment, D. Limit of Insurance, 4. Deductible, the following is added: c. Racing Deductible In the event of any loss caused directly or indirectly by racing, the deductible subtracted from each loss will be the deductible amount shown on the Declarations Page, $1,000, or 5% of the insured value, whichever is greatest.

I have read these reports of being asked for surveys, or being dropped outright due to vessel age and perhaps that is in store for me next year or the following year when I go to renew, but it hasn't happened yet.

[keneasley]

Thank you for that information.
My policy coverage looks very similar to yours except that I have:
Towing and Assistance, Limit = $3,000 for Each Incidence.
I'll update this post after I get a survey late this year after winter haul-out.