Insurance Premium Time, Again

[SKYCHENEY]

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?

Sorry about that. I've been with them for probably 8 years; agreed value and a good rate but my boat is a 1985.

 

[Briankinley2004]

This may be off topic but was curious why insurers are more hesitant to cover live aboard situations. I know when I am on my boat I tend to find potential issues and fix them prior to their becoming a problem at sea. If I were to just get on my boat and go offshore I would probably have more near miss situations. I just spent 4 nights on the boat and found myself fixing little things that I normally wouldn't have time to do. I know the more a boat is used in many instances is better for it.

 

[Walter P]

This may be off topic but was curious why insurers are more hesitant to cover live aboard situations. I know when I am on my boat I tend to find potential issues and fix them prior to their becoming a problem at sea. If I were to just get on my boat and go offshore I would probably have more near miss situations. I just spent 4 nights on the boat and found myself fixing little things that I normally wouldn't have time to do. I know the more a boat is used in many instances is better for it.

Although I was not a live aboard, I always felt that the various places that I stayed with my boat had
some real advantages. Live aboard folks generally know the boats and the people that own them so
if a stranger appears it raises a flag. I never understood why some insurance companies shy away from
live aboards. Probably most of the bean counters who make decisions are not familiar with boat life.

Walt

 

[krush]

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

They were really helpful (I dealt with KC, she's sharp). But the quotes they got back were about $1000 and $1500 more (30-60% higher).

Garrison at http://maritimeinsuranceinternational.com/ was able to get a competitive quote using geico, go figure. I think going through a broker instead of BoatUS direct may have more negotiating power.

 

[racclarkson@gmail.com]

They were really helpful (I dealt with KC, she's sharp). But the quotes they got back were about $1000 and $1500 more (30-60% higher).

Garrison at http://maritimeinsuranceinternational.com/ was able to get a competitive quote using geico, go figure. I think going through a broker instead of BoatUS direct may have more negotiating power.

Starting 3rd year with Garrison at above link. He's a good guy.

 

[Rich60175]

Slightly off topic. What are premiums on 1500000 1.5million dollar boat? You would have to have full coverage and an agreed on value?

 

[racclarkson@gmail.com]

Slightly off topic. What are premiums on 1500000 1.5million dollar boat? You would have to have full coverage and an agreed on value?

Just guessing here, but shouldn't you be asking an insurance broker? I mean there are just a few variables that go into a quote?

 

[racclarkson@gmail.com]

Slightly off topic. What are premiums on 1500000 1.5million dollar boat? You would have to have full coverage and an agreed on value?

$2,375.

 

[Rich60175]

I was just looking at a rough figure from looking at what others are paying for 150k boat. One company would not give a quote. Don't remember the company as it was 6mos ago. Just getting a figue if I were to get another boat been bout less for 8 yrs now. Agree with you on so many variables.

 

[krush]

Considering I have a 51 year old boat, I only have hull insurance for total loss (which I would likely buy back). Of course I could be wrong, but I have a feeling if I made a "small" claim, I may have trouble getting insurance again (or the premiums would be excessive).