Anybody have a suggestion as to what insurance company is best for Nimble Nomad? Thanks
I didn't shop around, but rather asked friends what they were paying. State Farm bundles all of my insurance
I posted the rate SF charges me and the value I insure for as information, not to start a discussion on insurance companies. .
Just as important, read the policy language. That's right, don't trust what your agent says or what you read on the Internet. I did a seminar on boat insurance and looked at five different companies' policies. There were significant differences in all of them.
Most auto insurance companies have boat policies designed for boats on trailers. If you have a bigger boat you should look at yacht policies. Companies like Chubb, Ace, and Premiere are some of the big names. One big gotcha is that premiere pays out after an "accident" and I know of two cases where they would not cover engine damage after a part failure. Most yacht policies will pay to repair an engine after a part failure.
YMMV.
Rob
I have Boat US and they've been really good here in the Pacific NW. Rate has stayed stead for about 10 years now at about $1000 per year.
I left my original "Yacht" Insurance company as they gave me a cheap rate, then raised the rate every year and started demanding a new out of water survey every 3 to 4 years at my expense "because of the boats age" they said. Since my original survey, Boat US has not asked for another, but I'm probably due. When they want a survey, I'm told they assign a surveyor at their expense and don't require a haul out.
Sounds like they are not interested in covering boats in Hurricane Alley. I have a friend on the Gulf Coast with the same boat as mine and they quoted him $2500.
Respectfully, having a survey requirement on a regular basis is a good thing. It can serve as an ongoing punch list to make the owner aware of the material condition of the boat. Too many owners their boat deteriorate and still expect to be paid should a claim occur (negligence is specifically excluded in most policies).
And that's why insurance companies require my home, and business building, to be inspected every 3 or 4 years at my expense? Oh wait a minute. . . they don't.
If the insurance company wants an inspection, then it should be at their expense. Just another bad business practice that has gotten out of control and needs to end!! IMHO
And how often do you take your home or business building out on the water? Or even down the road? Do they have engines and other mechanical equipment regularly exposed to rough conditions and salt water? You're talking apples and oranges.
As to saying the insurance company should do it at their expense, they do nothing at their expense as ultimately you pay them a premium. So are you saying up the premium to cover it?
Your home and business building likely appreciate or at worst remain flat in value. Also, as they're occupied on a daily basis they are fairly assured to be kept to a certain minimal standard. Boats depreciate, sometimes rapidly. Also they sit often unused and may be allowed to deteriorate.
That is most of the insurance companies argument. . . . But if one of the largest marine insurance companies, Boat US representing nearly 800,000 insured boaters in North America doesn't demand owner paid haul outs and surveys every couple years, while offering comparable rates and coverage, then it doesn't hold water. (pun unintended!!)
Vote with your feet people!!
The vast majority of Boat US insured boats are smaller boats, typically runabouts and bass and pontoon boats, a few cruisers and a very very small percentage of larger boats cruising larger areas......
And now you're also exaggerating by saying "every couple years" .....
Just a few of the normal Boat US limitations. Limited to US and Canada with availability of coverage to Bahamas. Not insuring the last I knew in certain areas due to too much saturations. Medical payments limited to $10,000 per person. Hope anyone with such a policy also has a nice umbrella policy with someone else. Normally liability limited to $500,000 which is fine if you do have an umbrella policy as well. To the policy's credit it does cover consequential damage. Many policies to require haul outs for winter or staying north of certain areas or limit coverage in named storms. And they do make note on their web site that they'll help you investigate manufacturer defects. The other side of that equation is they will look for possible manufacturer defects and if they find some or believe they have then consider themselves off the hook.
Salvage costs are limited to the value of the boat when salvage and environmental claims can greatly exceed the boat value. Their Boat Saver and PWC policies assume 10% depreciation per year regardless of whether your boat is actually depreciating at that rate. Haul out for named storms is only covered at 50% and limited to $1000. On their Yacht Policies a rather onerous depreciation clause for repairs. On certain equipment at 6 years and other at 11 years depreciation jumps in.
Understand Boat US is not an insurance underwriter and they did switch underwriters on their policy a year or so ago and currently they use three different underwriters depending on your location. .
Boat US and main underwriter NLIFC, A++ rated, are Halliburton companies (Warren Buffett). Their other underwriters are Seaworthy (their parent company) and CNA which has been a long time marine underwriter for Boat US.
Last Word: Sorry if I sound like an advocate for Boat US as other than a customer I have no relationship with them. I just got tired of the insurance company hype and getting the shaft from the "Status Quo. . .That's the way we've always done it??" insurance companies. And I went out and found something better!! But you decide for yourself.
Now as to the owners of Boat US, etc. It's Berkshire Hathaway, which is Buffett, but not Halliburton. Halliburton services oil fields, is controversial often, and Bush and Cheney at various times worked for parts of what is now Halliburton.
...but insurance never really looks at the individual too closely....just some blocks to check.
Once you cross 50' that changes considerably and the larger you get, the more they look at the owner or captain's experience and credentials. But on smaller boats, not. Even on larger it's used simply to decide whether to insure, but not for rate.
Once you cross 50' that changes considerably and the larger you get, the more they look at the owner or captain's experience and credentials. But on smaller boats, not. Even on larger it's used simply to decide whether to insure, but not for rate.
Must not be right at 50..a lot of my friends have/had up to 75 and they didn't have the credentials of a hummingbird...my point exactly...blocks not people....ya know the the people that make the boat go. from lines off, to oil changes to trip planning and execution....etc...
Been on a few "yachts" and it's pretty scary if the "crew" meet the kind of scrutiny I'm talking about for actually avoiding claims...
Must not be right at 50..a lot of my friends have/had up to 75 and they didn't have the credentials of a hummingbird...my point exactly...blocks not people....ya know the the people that make the boat go. from lines off, to oil changes to trip planning and execution....etc...
Been on a few "yachts" and it's pretty scary if the "crew" meet the kind of scrutiny I'm talking about for actually avoiding claims...