Boat Insurance

[Steve Sayian]

I know that this is a very personal topic, however, my insurance keeps going up without any claims.

I currently have Traveler's and have looked into Progressive, Boat US (which are about the same cost as Traveler's, all in the $1300-$1500 range) and GEICO (which is $871).  I used the same coverage information for each quote, with the only exception being the dedutable which was between $500 and $1000.  I can't fathom why there is such a big difference between the policies.

Can anyone offer a reason why this might be?

Thanks,

Steve

[Bobg]

I go through boat us, $384.00 year.  I am in Lake Superior

[Bill Asbury]

Hi Steve,

My current net rate with BoatUS is $774 after no-loss credit of $193.50.
C34 rates vary based on the company, the coverages, age/value of the boat,
your loss experience, the company's loss experience in your area, to name a few variables.
The primary purpose of insurance is to cover large losses.
Good luck in finding the best coverage for the lowest cost!

Bill   

[Mert Gollaher]

Steve,

I have Travelers as well, and I had a similar issue when my renewal came up this past August.  I spent some time talking to my agent and found that due to Irene and Sandy and the associated losses (from our slip I can still see a few boats abandoned across the salt marsh at the edge of the tree line), Travelers and other insurers were paying significant attention to boats with an agreed hull value significantly higher than the BUC Used Price Guide.  At that time, my agreed hull value remained where I had set it years ago when I bought her, such that the agreed value was now 25% above the high end of the BUC range.  I had looked at Boat US previously but never moved since the savings would have been minimal given their requirement for a new survey.  I checked with Boat US again this year and found that they now quoted a premium higher than Travelers!  The agent checked a few other insurers, but we did not find a huge bargain.  I ended up reducing the agreed hull value to only 10% above the top end of BUC guide and ended up in what I consider a pretty good place - $700/yr with a $1000 deductible.

I hope that's helpful.

Mert

[Kevin Henderson]

$537.00 with BoatUS here in San Diego.  At least the Insurance isn't too bad for this area because the Slip Fees and other services certainly are not.   

[mregan]

I'm about $700 with Amica in RI but I usually get a 10-15% dividend check each year from them so more in the $600 range.  I may get a deal because I have my car & house through them also. 

[Stu Jackson]

$450 BoatUS.

Shop wisely.

It's called "capitalism" - supply, demand and location.

[yonar]

$254 Long Beach, CA

[Steve Sayian]

Thanks all for the help.  I spoke to GEICO yesterday and got a quote for about half of what I was paying.  They told me that I was a bit high on the value so reducing it to the high end of the BUC value, while keeping my same deductable.  I wasn't aware of the Sandy/Irene issue but it makes sense when I thought about it.

Again, thanks to everyone for their help.

Steve

[Ron Hill]

Guys : On boat insurance it isn't just price, but also consider who gives the least hassle and timely pay offs!!

A few thoughts.