Boat Insurance Woes

Paul D. · Post by **Paul D.** » Feb 18th, '07, 13:46

Greetings,

So I just got my policy for the year and am very displeased at the double digit percentage increases going on each year. To shift to another outfit requires a survey (Which, by the way will most likely not tell me anything I do not know about my sailboat, having said that, I do know the value of another set of eyes looking at her.) and will drive the price up.

This is our sixth, wonderful year with our 33. Since then the insurance (Heritage Marine/Zurich) has gone from $450 to $940. This is including lowering the amount I have her insured for! Is this in line with what you guys are seeing or is this abnormal?

Do any of you have a good recommendation for an agency with resonable rates for a resonable and conservative (USCG Captain) sailor on the Great Lakes?

Thanks in advance, I guess this gives me boat stuff to do in late winter but it is not my joy. Much rather work on the exhaust pipe and shift cable, maybe solve a little rigging problems etc.!

All the best,
Paul

Jim Evans · Post by **Jim Evans** » Feb 18th, '07, 14:43

Paul,

I've insured my '81 CD33 with Boat US. My annual premium is $617 when confined to the Ches Bay - minus a 10% no-loss credit, my net cost is $555. I think that's reasonable. I'm insuring a hull value of $48K. Perhaps insurance costs for the Lakes are higher than the Bay??

mgphl52 · Post by **mgphl52** » Feb 18th, '07, 16:13

Years ago, I had all of my auto & home insurance with Metropolitan. When I bought Brigitta (1979 CD25), they would not insure her but referred me to Progressive. After checking with local agents and BoatUS, I found progressive to be the best deal (for me...). Since then I have also witnessed a transient cruiser suffer some severe damage just outside Destin harbor and saw a Progressive agent on site quickly. The owner was extremely pleased with their settlement and the speed his boat was repaired. When I bought KAYLA (1982 CD28), they were very easy to deal with and I had her insured before I finalized the purchase! Had to do that since someone else was sailing her from FL east coast to Destin as soon as the deal was done.

Hope this helps.

Paul D. · Post by **Paul D.** » Feb 19th, '07, 11:05

Thanks Heaps. I will be checking them both out for sure. The Lakes may be higher but why I cannot tell you. The water is less corrisive, the season so much shorter and the traffic, at least in most areas is less. Plus you have no tides to speak of.

All the best,
Paul

Ed Haley · Post by **Ed Haley** » Feb 19th, '07, 11:39

Paul:
I insure with Boat/US and my premium actually went down for the 2007 season from $402 to $379. This includes insurance for freeze protection during layup, extra liability for fuel spills and normal insurace coverage for my CD330. Coverage is for all of the Great Lakes, St. Lawrence to Quebec and the Hudson to the GW Bridge. Super people towork with!

Bob Maguire · Post by **Bob Maguire** » Feb 19th, '07, 13:07

Paul

If you ever were a member of the armed forces or your family, USAA is a good way to go and no survey required.

Bob Maguire

Sea Hunt · Post by **Sea Hunt** » Feb 19th, '07, 15:02

I just spent two days at the Miami Boat Show and Strictly Sail. I spent one day at Strictly Sail Bayside and one day at the Miami Beach Convention Center. I tried to walk every aisle at each location.

Although I saw several (many) booths offering boat loans, I did not see one booth (except Boat US) offering boat insurance. While I may have somehow missed them (there were a lot of pretty girls that caused me to be easily distracted

), I was earnestly looking because I will need insurance for my to-be-purchased CD.

Having attended the Miami Boat Show and Strictly Sail for many years (partly as an excuse to play hooky from work), it is my recollection that up until a few years ago boat insurance booths were very common at the Boat Show. I suspect that the past two "eventful" hurricane seasons (2004 and 2005) have dissuaded insurance companies from exhibiting at the boat shows. They do not want to write boat insurance anymore so why exhibit.

I will check with USAA. I had not considered them. Dummy me.

As a brief aside, I bought a Mustang PFD from Defender at the Boat Show. When I showed them that another reputable exhibitor had a lower price for the exact same item, they promptly said "we will match it."

I have always heard good things about Defender. This just adds to the list.

Fair Winds,

Clay Stalker · Post by **Clay Stalker** » Feb 19th, '07, 16:47

Defender has been hard to beat for customer service and prices. I buy from them whenever I can.

Clay Stalker

bill2 · Post by **bill2** » Feb 20th, '07, 15:17

FWIW

Last summer BoatUS quoted ~ 450 for a cd28 in the sound between mainland NC and the Outerbanks using a low hull value while Allstate quoted ~ 225 ( they want to get homeowners and auto soon as they can ) for the same coverage. I've been unhappy with BoatUS' "attitude" lately as I've used them for multiple boats for 15+ years while never having a claim so I can't say whether one is better than the other when you need them.

Bob L · Post by **Bob L** » Feb 20th, '07, 23:28

I used to use USAA for my CD27. I insure my cars and home with them. When I moved up to the CD32 in 99 I talked to USAA and BoatUS. BoatUS was significantly less expensive with a better deductible to boot. I mentioned BoatUS to the USAA agent who advised me to go with BoatUS..USAA used a different underwriter for boats than homes and cars and had no real say in the costs.

I've had no claims and have no complaints with BoatUS.

Mike · Post by **Mike** » Feb 21st, '07, 08:28

While the premium you pay is important It's really all about the response you get if, God forbid, you have a claim.

In over 30 years of sailing and 8 sailboats I've never had a claim but it would only take one to recoup all those premiums.

IMHO go with a company that does boats first not houses, cars, etc. What you really want is a company that's going to get your boat off the beach first and fill out the paperwork second.

I've had BOAT/US, Hinkley Insurance in Maine and now have a Jack Line policy with IMTS in Maryland. I moved from company to company as my coverage needs changed along with my sailing ambitions.

In making your insurance decision consider the type of sailing you do, what cruising limits you want, claims reputation of insurer and finally premium in making your decision.

I'll get off my soap box now...

Neil Gordon · Post by **Neil Gordon** » Feb 21st, '07, 09:55

Paul D. wrote:Do any of you have a good recommendation for an agency with resonable rates for a resonable and conservative (USCG Captain) sailor on the Great Lakes?

I recommend finding a good broker for your insurance needs overall and letting them do the best they can for you. If you ever have a claim, having a broker that knows how to work the system on your behalf far outweighs any short term premium savings.

chase · Post by **chase** » Feb 21st, '07, 12:40

Paul et al,

I have a policy with NMU. Premium is $1000 for CD30 valued at 35k and includes dink and motor.

I arrived at this policy after my broker, who insures other boaters in the family, presented me with this only option. Most companies did not want to insure a 1980 model boat.

Last year before renewing, I looked again, tried US Power Squadron (St. Paul?) since I have AP level cert and they would not even insure me because of "age of boat". NMU will not insure me past the GA line, so not sure what to do after next year when I plan to head farther south.

Good luck on your search. Having no tropical storms and only part of the year in the water, seems like you would pay less than us east coasters. We do what we must to keep sailing and protect our investments, but $900 is about what I pay for top-shelf insurance for the house!

Chase

Sea Hunt · Post by **Sea Hunt** » Feb 21st, '07, 12:59

[quote="farmerchase"]
$900 is about what I pay for top-shelf insurance for the house!

Just to add some geographical perspective. I live in Miami, many miles west of Biscayne Bay. We have a modest home, with a pool and a garage. We have very high quality hurricane shutters and a flat tile roof (best against wind storm damage). We receive a rate reduction because of the shutters and roof.

Our homeowner's insurance this past year was $5,263, not including flood insurance for which we pay extra.

$900 for homeowner's insurance is a steal

chase · Post by **chase** » Feb 21st, '07, 14:12

Robert,

I just ordered a new starter for one of my John Deere tractors. After my alternator/starter rebuild guy quoted my $300 for a new one, I called Deere to get a quote of $500. I got the quote just to feel better about the $300.

Thanks for making me feel better about my home owners premium! $400+/month added on to a mortgage is a lot. I bet the taxes are through the roof. Of course it's 80° down there today, gotta pay for that I guess.

cheers,

Chase

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