insurance

So we have our boat insured with Progressive. *I went with them when i bought the boat b.c they did not require a survey at the time of purchase last year. *I knew I had work to do and saw no point in doing a survey just to be told what I already knew. *Plus, a very good friend of mine who is a surveyor unofficially reviewed the boat with me pre-purchase.

Anyway, progressive worked initially- cost was higher than others, coverage a little lower than others, but worked at the time as no survey needed. *Now that i have refit the boat though I'd like to investigate better options that would insure the boat closer to what the boat is actually worth.

So who are you using and how pleased have you been?*

I for one am not interested in an insurance survey. I take the risk that my boat won't sink.

insurance is basicly an appraisal and that equates to higher tax paid to the city where she is berthed.

If and when I sell I will have an insurance appraisal / Survey done.

I currently carry the minimum required i.e. spill and liability. The appraised value is what I paid for it when purchased.**Not now.

SD*


-- Edited by skipperdude on Thursday 28th of April 2011 12:43:18 PM

We're with travelers.* We had been with State Farm on prior boats and are friends with our SF agent (he has a boat at our marina) but his quote was WAY higher.* We went through the coverage and Travelers seems just as good if not better.* The big difference with SF was the area we can boat in was much larger on their standard policy but we are not going that far with this boat anytime soon so that was not a consideration.* We went through Cox Yacht Ins in Costa Mesa, CA.*

*

I think some of us with inexpensive boats would probably opt to be self insured for boat loss.

The problem is liability insurance, to be covered properly in our litigious society, you can't have to much coverage.* So the best bet is a full coverage marine policy, these mostly include hull insurance and require a survey.

Also the longer a boat is out of the system the harder it is to reinstate coverage at a later date.

If you damage someones property or hurt somebody

*

*you are up its creek!

JohnP


-- Edited by JohnP on Thursday 28th of April 2011 11:28:35 AM

JohnP wrote:
The problem is liability insurance, to be covered properly in our litigious society, you can't have to much coverage.* So the best bet is a full coverage marine policy, these mostly include hull insurance and require a survey.

...

If you damage somones property or hurt someone you are up its creek!

JohnP

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YUP!* We have an umbrella liability policy through State Farm.* After my sister in law was hit by a car we felt like we wanted the liability coverage to take care of someone if they were*hurt on or by our property, not to mention if someone decided to sue us over an accident / injury.*

What kind of insurance to marinas normally require?* Is it just liability?* And if so, wouldn't a blanket liability policy be sufficient instead of insurance for the boat?

markpierce wrote:
What kind of insurance to marinas normally require?* Is it just liability?* And if so, wouldn't a blanket liability policy be sufficient instead of insurance for the boat?

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Our marina requires liability.* Our umbrella liability policy requires that we carry liability on each asset (cars, condo, boat) at a certain dollar level and then the umbrella goes from there to a higher level of liability.

*

markpierce wrote:
What kind of insurance to marinas normally require?* Is it just liability?* And if so, wouldn't a blanket liability policy be sufficient instead of insurance for the boat?

Click to expand...

******** Mark,* Most marinas want you to carry hull insurance so someone gets paid for getting your boat out of there if it sinks.

Also nice is spill coverage,* pollution cleanup costs a lot.

Boat U.S. includes spill coverage in their policies.

JohnP

*


-- Edited by JohnP on Thursday 28th of April 2011 11:34:28 AM

When we bought our 34' CHB last July our marine title guy recommended Markel Insurance and we thought the cost was reasonable and it covered spill coverage and environmental clean up.

Old Stone wrote:
... I have been a member of Boat US since 1973, and they have never given me a competitive insurance quote. ... Use an agent to find the insurance company, if it's a good agent they will shop for you, but if they don't get you a couple different quotes, go to someone else.*

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*I recently got a quote from Boat US (been a member for years) and it was twice my current policy although part of that was an expanded cuising area because people just don't listen! *Using an agent I ended up with 4 quotes for the same coverage and went with RLI.

Dave

*

To give you an idea about insurance costs down here in Oz.

Our IG is insured for $180K, comprehensive policy costs $2,000 per year,with an excess of $1,000. It is the*usual*for boats to be fully insured on most marinas.

We are required to supply a out of water survey($600) every few years due to the age of the boat ,circa 1981.

To date the company has paid out about $80K to us over the last 8 years.(don't ask)

Yes I will follow on from Andy G . I pay about 2800.00 p/a for full comprehensive insurance down here.
I carry larger excesses, $5000.00 for hull and $2500.00 for engine, Insured value is 350k.(timber boat)

I use a Co called Club Marine and have been with them for over 16 years (no problem with my engine insurance when I cooked it to save boat last year)
Havn't had to do another survey since I launched the boat Jan 1995.

Benn

Hi Ben

I'm also with Club Marine,I agree they are a pretty good company to business with. The Out of Water Survey is for pre 90's boats and covers 5 years, so not too bad.

The other good thing is coverage. All round Australia out to 200 Nm

boatK9-
We too insured our trawler via USAA but they routed us to progressive. They won't insure to the level my boat ought to be insured at now that I have done a lot of work to her so perhaps I should call USAA again and see if they can route me through Markel.