My experience was that they negotiated. Didn't take long. They figured out a way not to increase the price.
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Thread: Insurance Premium Time, Again
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Re: Insurance Premium Time, Again
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Re: Insurance Premium Time, Again
I just got a quote from Boatus (GEICO). $225,000 agreed hull value, $500,000 liability, $937,000 fuel spills, etc for $5,900 in South Florida. Thoughts?
Tomrealest@aol.com
Needs, Wants & Desires
1978 58 Hatteras Yachtfish
SEA 21
1974 46C #313 Hatteras Convertible
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08-05-2018 08:42 PM #13Senior Member
- Join Date
- Apr 2005
- Posts
- 1,162
Re: Insurance Premium Time, Again
Tom, I have never insured a boat that had a home port in south Florida, so I can not offer any comments of value. I am up the Neuse River about 5 miles before you get to New Bern, NC. But perhaps others with similar locations and boats can help. Also read my response to Jim just below.
Jim, I did spend about an hour on the phone with an Geico underwriter, I think, that figured out a way to get me from a $700 increase down to a $300 increase, when added to last years $500 nets to 40% increase for no good reason, plus I had to drop back to 2% deductible versus 1% to get there. Without this one give back, my 2 year increase works out to 55%. During this same period I took the time to read my policy.
My bottom line is I am experiencing a sectoral (not religious) epiphany about boat insurance. We all know that coverages on boat insurance vary. But I must admit that this is my first real focus on what I have. On a Total Loss the $ are clear. But what about a partial loss? Take a read of the "Depreciation" clause in my policy:
“We” will pay the reasonable cost of
repairs or replacements, in accordance
with quality marine repair practice, less
depreciation. Depreciation shall be
calculated at 10% for each year
beginning with the 20th year from
manufacture. In all cases, there shall
remain no less than 20% residual value
regardless of age.
Translation, when your boat is 28 years old and beyond, you hold the bag for 80% of the partial loss repair costs. I am told that if you have renewed some equipment, from engine repower to new navigation lights they individually are considered for depreciation. But, as an example, you take a lightning strike that requires a rewiring, 80% is on you; how about hurricane damage less than a total loss, after the 5% deductible for a named storm you'll get 20% for the broken windows, bent window frames, interior wood damage, etc. And how about that submerged log that takes out your prop/shaft/strut. You get to pay 80% of that repair also.
Thus my epiphany, do I really have insurance beyond a total loss scenario. I am also a long term member of MTOA (Marine Trawlers Owners Association) that has a Marine Insurance Policy member benefit, with a couple of insurance companies, including Geico. The difference is some added amendments that appear to provide better partial loss coverage. So, I am investigating this option.Pete
1976 Hatteras 48 LRC
Blue Chip
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08-05-2018 09:51 PM #14Senior Member
- Join Date
- Mar 2008
- Posts
- 487
Re: Insurance Premium Time, Again
I sold in April but my coverage for $150,000 hull and 2 million liability etc with coverage in Canada, the US and Caribbean was $2200. Cdn. I had full replacement cost to maximum hull value. My boat was based in Florida.
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08-06-2018 09:10 PM #15
Re: Insurance Premium Time, Again
Well apparently they dont like rednecks or the Gulf of Mexico. This is their reply
Thank you very much for your inquiry off the website.
I have reviewed the information provided in your submission & unfortunately we do not have any available markets that would be in a position to assist with this. Sorry we will be unable to help out.
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Re: Insurance Premium Time, Again
United Marine Underwriters
http://www.unitedmarine.net/
325k agreed value,2% deductible, $1750, US inland and coastal waters.Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
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08-06-2018 10:00 PM #17
Re: Insurance Premium Time, Again
10 + years ago when we were recovering from Charlie I was quoted
$13k deductable for named storms
10% normal deductible
Agreed value ( their number not mine) of $50k.
Hull and liability insurance with oil spill for only.
Ready
Ready
$5700.00
I was told even though I paid more they would not cover over 50 on a boat that old and that I had no choice because the bank would require it.
I went elsewhere for liability only and told them to screw off. No loan ment no bank demand.
I've never had a claim yet they figured I'd be willing to pay that. It's a big game for them.Scott
41C117 "Hattatude"
Port Canaveral Florida.
Marine Electronics and Electrical Products Distributor.
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08-07-2018 07:24 AM #18Senior Member
- Join Date
- Apr 2005
- Posts
- 1,162
Re: Insurance Premium Time, Again
I have become convinced that "depreciation" is the major exposure you face with yacht policies. Because of this belief I'd like to inquire of those with pre 1990 Hatteras boats the following scenario
Your pre 1990 Hatteras is tied to a dock, you are not present, and the boat takes a lightening strike that obliterates the electrical system. The boat needs a total redo of the electric system. The surveyor estimates $50K to renew the electrical system. You and the insurance company agree to proceed.
Just one question: Given your current insurance policy "what is your share of the $50K?" My answer both for my current and proposed renewal with BoatUS/Geico is $40K.
ThanksPete
1976 Hatteras 48 LRC
Blue Chip
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08-07-2018 10:42 AM #19
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08-07-2018 10:45 AM #20
Re: Insurance Premium Time, Again
They quoted me at 3800 as well last fall. The deductible was a lot less but were going to require a new survey. I may get one on next haul out and go with them if I don't self insure. I wont really save anything on premiums but will if I have a claim as their deductible was 2K. Im sure the survey will be 1500 or more