Re: 2020 Insurance Renewal
When BoatUS went with Geico we got out. I often wonder about rates in other states like Texas, Alabama and Louisiana. I know up North it gets much better. But Florida with a Bahamas endorsement was killer. Granted a Bahamas endorsement is crazy if you want to hit the Abacos (post Dorian) but a couple of month trip to the Exumas must be costly these days.
Re: 2020 Insurance Renewal
My approved cruising grounds is Florida & Bahamas. My premium is 3% of hull value.
I asked my broker if there was a real advantage to going north during hurricane season to save on insurance. There really isn't. You will likely see a 20% savings in premium which is far less than the cost of moving a boat 500 miles north.
Re: 2020 Insurance Renewal
My carrier in California quit insuring yachts, Old Reliable Insurance. I"m now with some outfit called New Hampshire
my premium went from $2800 to $5000 a year for same coverage, same deductible. Less competition sucks
Re: 2020 Insurance Renewal
Insurance makes no sense. 3% of value on older boats but on bigger newer boats Like the 84 footer I run it s 0.5% of the boat value... incl occasional charters.
Re: 2020 Insurance Renewal
My renewal with Markel jumped 20% for the third year in a row. My agent sent me to New Hampshire at a premium where i was back 3 years ago. Geico BoatUS advises that they no longer write boats over 50 years old.
Re: 2020 Insurance Renewal
If that's the case it looks like this will be my last year with them.
Re: 2020 Insurance Renewal
I’ve been with NH for three years. It’s been a good value viz others. Last year I claimed the max $500 hurricane relocation provision. No surprise my premium this year increased ... wait for it...$500.
Re: 2020 Insurance Renewal
Quote:
Originally Posted by
Avenger
If that's the case it looks like this will be my last year with them.
Hopefully it is just issuing new policies, and keeping existing renewals. And apparently it is impossible to get liability only coverage on older/"bigger" boats?!?
Re: 2020 Insurance Renewal
Given the cost of fuel to relocate North for H season it did not make sense for us. But the Florida and Bahamas endorsements were pricey.