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03-27-2019, 07:27 PM
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#1
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Insurance
So here’s a conundrum. I am hoping to purchase a small trawler. I am brand-new to boating. I did a boating course through Chapman’s and will be under the watchful eye of a captain for the next 6 months until I am comfortable with the boat and handling it. So I contact BoatsUS/Geiko for an insurance quote as I want to get a clear view of my projected expenses. After talking to customer care I get informed that I do not qualify for any insurance coverage through them because I have never owned a boat and do not have 3 yrs experience.
What to do??? I do not want to risk no insurance? Any advice or suggestions?
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03-27-2019, 08:38 PM
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#2
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Guru
City: Phoenix, AZ
Vessel Name: Enigma
Vessel Model: 1997 Wellcraft Excel 26 SE
Join Date: Mar 2015
Posts: 658
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How small a trawler?
__________________
>>>>>>>>>>>Action
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03-27-2019, 08:47 PM
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#3
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Guru
City: st pete
Vessel Model: 430 Mainship
Join Date: Sep 2016
Posts: 3,502
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Quote:
Originally Posted by KarinH
So here’s a conundrum. I am hoping to purchase a small trawler. I am brand-new to boating. I did a boating course through Chapman’s and will be under the watchful eye of a captain for the next 6 months until I am comfortable with the boat and handling it. So I contact BoatsUS/Geiko for an insurance quote as I want to get a clear view of my projected expenses. After talking to customer care I get informed that I do not qualify for any insurance coverage through them because I have never owned a boat and do not have 3 yrs experience.
What to do??? I do not want to risk no insurance? Any advice or suggestions?
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If you have a captain, let him be in charge for insurance purposes. Perhaps after 6 months, you can get someone to write you.
But, need an opinion from and insurance pro.
__________________
Seevee
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03-27-2019, 08:49 PM
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#4
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Size - 27’ Ranger Tug.
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03-27-2019, 08:51 PM
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#5
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Thanks Seevee, will talk to Captain, he is the original owner and I plan to buy from him...
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03-27-2019, 09:03 PM
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#6
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Moderator Emeritus
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
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Did you ask them what you need to do to qualify for insurance?
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03-27-2019, 09:04 PM
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#7
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Moderator Emeritus
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
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Also might ask your home owners insurance company if they will insure you.
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03-27-2019, 09:05 PM
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#8
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by Comodave
Did you ask them what you need to do to qualify for insurance?
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The gentleman was not very forthcoming, after I asked him what options I have he merely suggested I should see if I can find an insurance company in my “home state”.
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03-27-2019, 09:05 PM
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#9
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Guru
City: Phoenix, AZ
Vessel Name: Enigma
Vessel Model: 1997 Wellcraft Excel 26 SE
Join Date: Mar 2015
Posts: 658
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Boat US didn't have much issue insuring my '24 Express Cruiser with no on the water experience. However that was a couple of decades ago.
Ouch, it was longer than that. Man am I getting old. It was in the late 1990s.
__________________
>>>>>>>>>>>Action
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03-27-2019, 09:08 PM
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#10
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Action, maybe now that they use Geiko this has changed. Sadly this might jeopardize my purchase. Will also look into Home Insurance but I read somewhere it is rather limited in its coverage.
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03-27-2019, 09:09 PM
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#11
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by Comodave
Also might ask your home owners insurance company if they will insure you.
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Thanks will definitely check it out. Appreciate the suggestion.
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03-27-2019, 09:31 PM
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#12
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Veteran Member
City: Lenoir City, TN / Fort Loudon Marina
Vessel Name: Perfect Match
Vessel Model: Mainship 40 Sedan Bridge
Join Date: Mar 2019
Posts: 34
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Call Charter Lakes 800-879-2248. They represent many carriers and should be able to help.
__________________
Greg
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03-27-2019, 09:32 PM
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#13
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by TripleGGG
Call Charter Lakes 800-879-2248. They represent many carriers and should be able to help.
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Many thanks! Will definitely do so tomorrow.
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03-27-2019, 09:34 PM
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#14
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Veteran Member
City: Lenoir City, TN / Fort Loudon Marina
Vessel Name: Perfect Match
Vessel Model: Mainship 40 Sedan Bridge
Join Date: Mar 2019
Posts: 34
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Quote:
Originally Posted by KarinH
Many thanks! Will definitely do so tomorrow.
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Ask for Kyle Dietrich. Great guy.
__________________
Greg
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03-27-2019, 09:35 PM
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#15
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by TripleGGG
Ask for Kyle Dietrich. Great guy.
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Will do so - many thanks again TrippleGGG!
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03-27-2019, 09:55 PM
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#16
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Guru
Join Date: Dec 2018
Posts: 565
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The first boat I ever owned was a 29 Ranger Tug. Absolutely no issues getting insurance! I had and still have Preremier Marine. Look for a specialty insurance company.
If you haven’t talked to them already, call Global Marine Insurance. They specialize in Ranger Tugs - this is from the Ranger Tugs website:
“Global Marine Insurance
Email: HTillotson@globalmarineinsurance.com
globalmarineinsurance.com/rangertugs/
888-992-2975”
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03-27-2019, 10:00 PM
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#17
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by Spinner
The first boat I ever owned was a 29 Ranger Tug. Absolutely no issues getting insurance! I had and still have Preremier Marine. Look for a specialty insurance company.
If you haven’t talked to them already, call Global Marine Insurance. They specialize in Ranger Tugs - this is from the Ranger Tugs website:
“Global Marine Insurance
Email: HTillotson@globalmarineinsurance.com
globalmarineinsurance.com/rangertugs/
888-992-2975”
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Spinner - I started my search for quotes today and was so taken aback by the ‘no quote’ that I called it a day. Hoped for advice from this forum and have not been disappointed. So no I haven’t called Global Marine yet! Will most definitely do so tomorrow, I am feeling more optimistic. Thanks so much for the advice.
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03-27-2019, 10:29 PM
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#18
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Guru
Join Date: Dec 2018
Posts: 565
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You are welcome!
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03-27-2019, 11:50 PM
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#19
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by KarinH
So here’s a conundrum. I am hoping to purchase a small trawler. I am brand-new to boating. I did a boating course through Chapman’s and will be under the watchful eye of a captain for the next 6 months until I am comfortable with the boat and handling it. So I contact BoatsUS/Geiko for an insurance quote as I want to get a clear view of my projected expenses. After talking to customer care I get informed that I do not qualify for any insurance coverage through them because I have never owned a boat and do not have 3 yrs experience.
What to do??? I do not want to risk no insurance? Any advice or suggestions?
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It’s a conundrum, to be sure- but let’s look at it from the insuring company’s standpoint. A new boater with a 150k vessel and zero experience, and an agreed value policy that will pay the $150k to the insured if the vessel is a total loss.
It’s a higher risk factor to consider. A risk that many insurers will not even consider.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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03-28-2019, 07:03 AM
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#20
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Veteran Member
City: Oak Ridge
Join Date: Nov 2017
Posts: 26
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Quote:
Originally Posted by Pau Hana
It’s a conundrum, to be sure- but let’s look at it from the insuring company’s standpoint. A new boater with a 150k vessel and zero experience, and an agreed value policy that will pay the $150k to the insured if the vessel is a total loss.
It’s a higher risk factor to consider. A risk that many insurers will not even consider.
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Thanks for this perspective Pau Hana - I am willing to pay a premium for my lack of experience. Imagine insurance refused to cover 16 yr olds in new cars because they lacked 3 yrs experience and never owned a car before...Anyway maybe I will find an insurer willing to insure us today - otherwise my boat dream is dead in the water. No insurance no boat.
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