Insurance

[Pau Hana]

I am looking at my renewal for my 1979 37' North Sea trawler, $59,500 agreed value (what I bought it for) for $979 with Red Shield Insurance company. My broker was alarmed at the increase from $829, and did some shopping.
She can do a same policy with Progressive for $537. I had a bad experience with Progressive on a car insurance claim, and they are rotten to the body shops.

Your broker should understand that older boats will incur higher premiums, and the increase is in line with current market trends. Red Shield properly covers you for agreed hull value, standalone pollution coverage, and more.

 

[Kit_L]

@Wdeertz: good catch (I did the initial maths in my head!). You are, of course, correct. So, with that in hand, most of you folk are paying at least half a per cent less than us. To the OP: I believe that getting clear on "agreed value" in case of a total loss is essential. You don't want to add to the pain of the loss the pain of not being able to replace the most important (or second most important) part of your life.

 

[Rich wilmer]

I'm still with red shield 1982 OA m1 if ya cant get ins. Go bond it. instead of insurance

 

[Cartouche]

Hi Folks,

I am a new owner of a Grand Banks 42 1999 she is beautiful but no one wants to insure a 20 year old boat any more. The quotes are outrageous.$4000.00 plus. I have been with USAA for 30 years no claims. They sent me to Progressive which just cancelled my policy because she is 20 years old.

I imagine this is a issue all of us older boat owners are grappling with.

I will keep you posted. Any feedback is welcome.

Thanks

something wrong 1999 boat is not that old we have had boats a lot older and always been able to get insurance at very reasonable rates.

 

[Jono57766]

Just insured my new to me 1998 36' island gypsy with boat US. They insured for purchase price, no questions asked. I do have a relatively long history of boat experience, not sure if that helped or not. You can get a quote on they're website or call them and do it over the phone. Very easy to deal with.

Goodluck!

 

[kestrel]

Hi Mike
We have a relatively new to us, 1988 36' Grand Banks which is also quite beautiful. We are insured through BoatUS for about $950/yr. We are 11 years older and smaller than you but seems BoatUS could do better than 4k as relative to our boat. Ours is out of the water in our yard from Oct to June so this might make difference too.

Good luck, it's a movin target.

Mike Dana
Third Reef
36' GB Heritage Classic
Potts Harbor Maine
207-833-5080

It must be Maine location. Have a 1989 28’ Cape Dory on Cape Cod. Also out of water in yard from Oct to June. Have capt license, owner much larger boats, and pay 1400 for boat/us. Value of $40,000.

 

[Marco Flamingo]

I am looking at my renewal for my 1979 37' North Sea trawler, $59,500 agreed value (what I bought it for) for $979 with Red Shield Insurance company. My broker was alarmed at the increase from $829, and did some shopping.
She can do a same policy with Progressive for $537. I had a bad experience with Progressive on a car insurance claim, and they are rotten to the body shops.

Similar experience here and the opposite of the OP. My Markel policy increased more than 20% this year so my broker shopped around. Found a Progressive policy that is cheaper than last year's Markel policy. I'll have to call on Monday and get the full details, but the broker didn't say it was a reduction in coverage.

One of the things my broker did (because I asked about it) was to limit the geographical area coverage, which reduced the premium. I first learned about a flexible policy when I had an antique sports car. I would call my broker and say that I was driving to San Francisco on a road trip, and he would change the policy from "sitting in the garage" to "ripping down the highway" and back when I returned. Incredible savings. My boat policy limits me to semi-local waters (okay with Covid) and I'd have to call and change the policy when passing various points north (e.g. Malcolm Island).

My pre-purchase surveyor had some recommendations. By the time I applied for insurance, they had mostly been remedied. By the time the insurance company stated the items that would need to be remedied, they had been, plus some additional safety improvements. And the insurance goes up?

 

[Hoppys GB]

My insurance is with Boat/US or should I say GEICO. My 1980 Grand Banks 36CL only needed a positive survey which it pasted with flying colors. You hear all kinds of problems with insurance companies cancelling insurance, I assume for the sake of profits. Good Luck.

 

[BandB]

Regular reminder as we see things like American Modern and State Farm tossed around and then all sorts of prices. Prices mean nothing if you don't know what is covered and if you haven't seen a policy, you don't know what is covered. Compare full details and policies. Only then can you make an informed decision. I'll insure you cheaper than anyone but won't pay out because the details will all say I don't have to. There are no standards in policies, not like cars.

 

[denniskeith]

Boat Insurance

I have had good luck with American Modern on older boats over 35' long

 

[Comodave]

Don’t forget it isn’t just the boat that insurance companies look at when they quote a premium. They look at your credit score and your driving record. So we can’t really compare what one person pays fo a boat and someone else may pay a lot more or a lot less depending on their individual record.

 

[BandB]

I have had good luck with American Modern on older boats over 35' long

Good luck with claims? Easy to have good luck with premiums if you don't make a claim. And you're ok with the provisions in their policies? Have you read every word of your policy with them?

 

[SteveK]

Good luck with claims? Easy to have good luck with premiums if you don't make a claim. And you're ok with the provisions in their policies? Have you read every word of your policy with them?

Marinas care about your liability insurance, at least they want proof of insurance. Are you saying that part may not be covered, is not standard

 

[Comodave]

Good luck with claims? Easy to have good luck with premiums if you don't make a claim. And you're ok with the provisions in their policies? Have you read every word of your policy with them?

Exactly. Cheap premiums are fine until you get cheap payout of a claim. Insurance companies can draw out claims forever if they want. Finally they beat you down until you accept a crappy payout. Or you can get good companies that actually settle claims promptly and fairly. You usually get what you pay for.

 

[Porgy]

Rufus,

I was a licensed property and casualty insurance agent here in CA and I wanted to mention something called post claim underwriting. The company may let you do your own renewal survey but be aware that at the time of claim, if they find any material deviation from your survey and what they see at claim inspection, they will deny the claim and cancel your policy. Same is true for life insurance. They'll take your word for it that you're a non-tobacco user and give you a reduced no-smoke rate. If the death benefit is high enough, upon your demise they will ask for a blood analysis. If it comes back with a trace of tobacco, they will deny the claim.

Tak

When I first heard about owner self-survey that was my thought. Doubtful the insurance company has some expert grading your homework and giving you a gold star. More likely, unless it’s an egregiously derelict scow, they file it away in case they need to find a reason to deny a future claim.

My wife was a senior life underwriter for forty years and that’s what she did. If a big death benefit, she reviewed the application and medical records and if you weren’t truthful, the claim was denied and the estate would get the paid premiums back and nothing more. At least with life insurance, It’s crazy how many people lie to insurance companies and think they’ll get away with it.

 

[psneeld]

Why do many assume other TFers are all devious, stupid, liars?


If you are truthful what's the problem? Missed something? So do surveyors.


To deny a claim. they have to be able to show where your survey was a part of the problem.... I did my own (they sent a checklist)...Things I wasn't sure about I made notes right on the checklist with representatives name, date time of phone call that I spoke to about the issue that was irrelevant or I just disagreed with.


In my experience there are companies that pay claims with some effort to check what happened and others that try every trick in the book to deny. Seems as long as you a reasonable operator/maintainer and with a good company, your chances of getting screwed or even having to arbitrate isn't all that high.


Now I am also discussing smaller (under 50', under say $150,000) boats...the bigger the payout, the sharper the pencils get.


However, with more costly boats, one may expect to pay higher premiums, mandatory surveyor surveys, etc that aren't such a big piece of a boats value or maintenance costs.

 

[Porgy]

Why do many assume other TFers are all devious, stupid, liars?

In the event that might have been applicable to my last sentence, I’ve appended it so no one else has to infer considerably more than was stated.

 

[BandB]

Marinas care about your liability insurance, at least they want proof of insurance. Are you saying that part may not be covered, is not standard

I'm saying nothing is standard. Marinas ask for proof of a certain level of liability insurance.

Now, my comment on claims was directed at the poster who said he was pleased with American Modern. Low rates are great until you file a claim and find out what isn't covered.

 

[SteveK]

B&B, I am still asking if a liability clause can exclude one or more items that another carrier does not exclude. The loss of the boat can be a lot less expensive than being liable for a million $ for a fuel spill, or a boat fire in a marina.

 

[BandB]

B&B, I am still asking if a liability clause can exclude one or more items that another carrier does not exclude. The loss of the boat can be a lot less expensive than being liable for a million $ for a fuel spill, or a boat fire in a marina.

Nothing is standard. That simple statement sums it up. Exclusions on liability are more likely to come from causes than events. Now, liability policies are on the whole more consistent than other boat coverage. Then there is also the claims processing. I'm simply stating to read every word of the policy and to evaluate the reputation of the company when paying claims. There are some excellent insurers and some horrible ones.

Talk to those in the industry and listen to stories they can tell you about denied claims.

Then there are those situations where people get cheap policies by lying. I knew a guy who lived in NYC but titled and insured his car at his brother's home in Myrtle Beach. His car was stolen from outside his Brooklyn home. Insurer investigated and paid nothing. He threatened to sue them, but shut up when they reminded that they could file charges for insurance fraud.

 

[Pau Hana]

B&B, I am still asking if a liability clause can exclude one or more items that another carrier does not exclude. The loss of the boat can be a lot less expensive than being liable for a million $ for a fuel spill, or a boat fire in a marina.

Sure- as each carrier has a different appetite, each may cover/exclude items as they wish based on their risk tolerance.

There is no boilerplate standard that must be adhered to.

 

[Rufus]

When I first heard about owner self-survey that was my thought. Doubtful the insurance company has some expert grading your homework and giving you a gold star. More likely, unless it’s an egregiously derelict scow, they file it away in case they need to find a reason to deny a future claim.

My wife was a senior life underwriter for forty years and that’s what she did. If a big death benefit, she reviewed the application and medical records and if you weren’t truthful, the claim was denied and the estate would get the paid premiums back and nothing more. At least with life insurance, It’s crazy how many people lie to insurance companies and think they’ll get away with it.

Markel does indeed have experienced technical staff reviewing submittals. I spoke with them. In fact, I prodded them to take this approach in the first place. Reviews by experienced staff and a plethora of photos are what make it work. Markel is USAA's designated hitter. Not once in 50 years have I had so much as a question regarding auto or home claims (although there haven't been very many). Markel knows boats. USAA knows its customers and takes care of them.

 

[chivyw]

Insurance costs

A good organization to belong to is MTOA.net. Lots of benefits but have a great insurance program director. Jon Horton can quote several companies. Dues are $60/yr. We just purchased a boat. The difference between his quote and Boat US was $800. But then they discovered I had a claim last year and the difference changed to $400. I submitted a claim--the first one ever in over 50 yrs of owning boats. After depreciation,deductible,etc the payment was $2000. I would have been better just absorbing the loss Now I'll pay that $2000 in the next 5 yrs at $400/yr. If you decide to join use by member number 1019. I get a turtle for that. You'll find out about that with the newsletter that comes out quarterly.
Thanks
Chivy Weland
Share'n Time
39 Silverton

 

[Ron Stevenson]

I agree. I only posted for comparison sake

 

[Omikeoreilly]

I want to send a shout out to Peter Rick's@ Novamar. I spoke with at least 10 insurance brokers before booking a policy. I highly recommend Peter for his extensive knowledge.

Keep him in your rolodex.

 

[slowgoesit]

I want to send a shout out to Peter Rick's@ Novamar. I spoke with at least 10 insurance brokers before booking a policy. I highly recommend Peter for his extensive knowledge.
Keep him in your rolodex.

I too recommend Peter. He found us a fair rate on a GOOD policy.
Plus I'm gonna pick his brain on the electrical facelift he recently gave his boat!

 

[Pau Hana]

I too recommend Peter. He found us a fair rate on a GOOD policy.
Plus I'm gonna pick his brain on the electrical facelift he recently gave his boat!

There’s not much brain to pick from...

Appreciate the kind words!