Insurance.. How much are you paying?

[snapperbait]

Just had a quote from boat us (their el-cheap-o policy mind you) for my 21 footer... $850 a year.. Plus, they want me to have it surveyed... <br /><br /> I have no record, no past claims, 15+ years of boating experience, nothing that would say "excessive risk", nothing... $850 a year, what gives here?<br /><br />Is boat us smoking crack or what? <br /><br />I have insured boats up to 20 foot with inboard engines used specifically for watersking (a high risk activity) before and never paid more than $350 a year through ski safe... <br /><br />I don't need no fancy insurance with tow coverage or nothing like that, just want some lousey liability for crying out loud... <br /><br />Suggestions please.. <br /><br />p.s. I'm currently waiting for a few more quotes from some insurance co's. found in the iboats directory..

 

[Boatin Bob]

Re: Insurance.. How much are you paying?

Snapper...does sound a little high. I've got 2 boats covered by the same ins co. First one is a 35' express style cruiser that costs me about $950/yr and a 2003 16' bowrider with 115 merc for about $400/yr, keep in mind these are CDN $$.

 

[snapperbait]

Re: Insurance.. How much are you paying?

Here's a quote I just got: <br />"Thank you for the inquiry, however we don't have a market for any boat that<br />hasn't been insured for over 6 months."<br /><br />What does the fact that the boat has'nt been insured for more than 6 months have to do with it? Guess they don't want my $$$.. ok, fine.. <br /><br />Next quote:<br />"1972 21' Tigercraft<br /> Thank you for the opportunity to provide an insurance quotation. Due to underwriting restrictions, we do not currently have a market for vessels located in Palm Beach county that are 10 years of age or older." They don't want my $$$ either.. <br /><br />Ok, fine... Who does want to insure my (1972) old boat?<br /> <br /><br />This insurance shopping is starting to feel like a spanish inquisition..

 

[oneforu2nv]

Re: Insurance.. How much are you paying?

I have my boat insurance through Becon One. They are located in MA i believe. I have a 19' Sea Ray Pachanga with a 4.3L V6 and I only pay 165 a year. This includes collison, and storage and 500,000 PIP and acts of god.... <br />H2O

 

[Fly Rod]

Re: Insurance.. How much are you paying?

It all depends on what you want for coverage and what do you do with your boat. You have to compare apples for apples.<br />I am a charter boat and I pay almost $900.00 for a 26'dusky with a 225hp 2003 Evinrude.<br />liability 1 million<br />ls & hw 1 million<br />Uninsured boat owners 1 million<br />fuel spill 500,000<br />medical payments per person 25000<br />towing and emerency services 500<br />I'm with United Marine Underwriters.<br />www.unitedmarine.ne<br />I as the captain am not covered.

 

[snapperbait]

Re: Insurance.. How much are you paying?

Thanks Fly rod.. If i were chartering my boat thats about what i would expect to pay, given the the amount you have in liabilty, ect., there...<br /><br />I tried united marine.. they gave me one of the boat's too old "quotes" i posted above...<br /><br />here's what boat us wants to offer...<br />Type of Boat : BENGAL 1972 TIGERCRAFT 21<br />Cruising Area : U.S. Atlantic Coastal Waters incl Florida East + West Coast<br /><br />SUMMARY OF COVERAGES<br />Boat and Boating Equipment (Agreed Hull Value) : $10,000.00<br />Boat and Boating Equipment Deductible : $420.00<br />Boating Liability : $100,000.00<br />Fuel and Other Spill Liability : $500,000.00<br />Medical Payments : $1,000.00<br />Boat Trailer : $2,200.00<br />Trailer Deductible : $50.00<br />Personal Effects : $.00<br />Personal Effects Deductible : $.00<br />Uninsured Boater Protection-Limit each Accident : $100,000.00<br /><br />TOTAL ANNUAL PREMIUM : $836.00<br /><br />H2O, i think i put in a quote with Beacon one too.. so many i can't remember now..

 

[RICKRICK1]

Re: Insurance.. How much are you paying?

Snapper--Have it added to your home owners insurance. Mine for liability only (not repair or replacement) up to 50k cost an additional $23.25 per year. They just needed my serial number and registration numbers, and copy of current registration.

 

[snapperbait]

Re: Insurance.. How much are you paying?

I got on the horn with boat us and ask em whats up with the rate... They say that the high amount of boat theft in palm beach and surrounding counties is the reason the rate is so high.. <br /><br />I managed to get them to find a couple other policys that are a little less $$ with similar coverage for $530-580 depending on the deductables, and they'll offer me a liability only policy for $200...<br /><br />Interesting avenue to pursue Rick... hummmmmmmm?

 

[CCrew]

Re: Insurance.. How much are you paying?

I have mine through Geico.. underwritten by SkiSafe(?) $200 a year.<br /><br />-Roger

 

[neumanns]

Re: Insurance.. How much are you paying?

Mine is through state farm and has some limitations but overall seems to be a decent policy at $100 per year.

 

[kd6nem]

Re: Insurance.. How much are you paying?

My liability only policy is maybe $25/year through my homeowner's. Definitely worth a phone call...

 

[jsfinn]

Re: Insurance.. How much are you paying?

Just an FYI to anyone who doesn't know - boats 14 feet and under are usually covered by your home owners policy - no special insurance required.

 

[JasonJ]

Re: Insurance.. How much are you paying?

My boat is covered under my renters insurance, of all things, and mine is a 16.5 footer...

 

[DJ]

Re: Insurance.. How much are you paying?

Ihave always had State Farm-for boats.<br /><br />I've never paid more than $200.00. Some were as low as $100.00, depending on the age and value.<br /><br />I always opt for the maximum liability.<br /><br />Another tip, always put the boat in the name of legal age person in your family, that you trust, that has the least amount of assets.

 

[Fly Rod]

Re: Insurance.. How much are you paying?

I don't think that i would want to jeopardize another family member. A good lawyer would have you both in court. And if I had that much wealth I'd have it protected in a trust.

 

[mikecjn]

Re: Insurance.. How much are you paying?

I also have mine thru State Farm. I pay $315 or so for my 1984 20' cuddy. It would have been around $200 if it was only used in fresh water but is higher for saltwater use.

 

[lilthundr]

Re: Insurance.. How much are you paying?

I think you should keep in mind that most of the replies you have received so far are for much newer boats than yours. That will no doubt have an effect on the insurance premium. <br />But it sure does sound like you are getting taken in a very big way.<br />Keep shopping around and keep us posted please

 

[Mike Langianese]

Re: Insurance.. How much are you paying?

I too am in the market for insurance and appreciate all the input. Many replied that they pay $*** dollars for insurance. Would you please let us know what the agreed to value of your boat is for $*** dollars? It would be a real help.<br /><br />Thanks,

 

[Mike Langianese]

Re: Insurance.. How much are you paying?

bump

 

[BR549]

Re: Insurance.. How much are you paying?

I have always used State Farm for all my insurance - just recently added a restored older boat (1965 Seafair Sedan) and I believe it's around 175 a year with an agreed upon value of 10,000 for the boat & motor and 1,000 for the trailer. I have a good agent and have always felt my premiums are fair - can't speak as to claims on the boats because i have not had any.