Insurance Premium Time, Again

[Briankinley2004]

You can get a liability only policy on a boat much easier than full coverage. I thought I was going to have to go that route but found a broker that was able to get me on with Geico for just under 3 grand for 88K coverage and 5K deduct. Still wonder if its worth it

[riverrandy]

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.

I went through that same process back in December, and got that response from numerous insurers. Interesting all the forms I had t fill out to try. Boat US (which is Geico) gave me an instant quote with out care of age of vessel or captain, any survey, or any other factors. When the quote came back for a $150,000 value for $1,200. I was so excited! Turns out that was per month over a 12 month period!!!

Went with Voyager Marine Insurance out of Texas [800-342-4444]. I had to supply recent survey, operators experience, and home port, but turned out very reasonable. about $4500 total for the year.

On my other boat, I had an electrolysis claim with Geico when the water heater shorted out after I moved off the boat. they fought tooth and nail but were very accommodating over the phone. Their surveyor made a bigger deal of it then it was, and some how pushed us to a yard that was run by her friend!?! anyway claim was denied but insurance did pay for the haul and block! Big Insurance is a scam.

[krush]

Big Insurance is a scam.

Insurance used to be a service, often provided by clubs that limited the participants. But then it became a profit center for the money changers. I'm sure the ZIRP (zero interest rate policy) has caused more fund managers to turn to insurance industry to get returns for their clients. Every dollar they don't pay out is a dollar in their pocket!

[chuckbullett@gmail.com]

Here in SF, Geico/Boat US is about $2500 annually at the moment on our 1978. Given the new 80/20 things I am reading about for vessels 20-Plus years-old, perhaps we’ll start shopping around. Renewal is in August for our 53MY! Soon to be a 42-year old boat!Chuck B

[Scarlett]

Wow listening to what you guys are paying for insurance is amazing. Seems like everything in California is more expensive except for boat insurance. Our policy is for $200,000 value full coverage for just under $2000.00 a year in San Diego. I guess when you remove weather from the equation the price comes down pretty fast. John

[krush]

United Marine Underwriters

http://www.unitedmarine.net/

325k agreed value,2% deductible, $1750, US inland and coastal waters.

They replied to me no market because of age of the boat. Nothing for lower agreed value, not even liability only.


ALSO: what the heck is up with insurance companies only wanting to insure for the PAID value of the boat, even with agreed value policies and a survey showing the true value of the boat?

[Boatsb]

Fall atlas in cocoa. Ask for Jim or Rusty. They're pretty good at finding solutions.

[Boatsb]

Call atlas in cocoa. Ask for Jim or Rusty. They're pretty good at finding solutions.

[Jammin']

Boat US/Geico on our 46 year old 43DC was $900/year, but they would only insure the vessel for $41K. That was selecting the highest liability limits. Home port in Virginia.

[Avenger]

ALSO: what the heck is up with insurance companies only wanting to insure for the PAID value of the boat, even with agreed value policies and a survey showing the true value of the boat?

Probably something to do with that old "It's only worth what someone is willing to pay for it." thing.

At least when it's in the insurance company's favor.