Insurance?

[waybomb]

Source of the post Just to add to the discussion:

Progressive quoted $3600 today for my 84 36', crazy.
Foremost wouldn't quote because of age and neither would Travelers.

Looks like I'll be going with BoatUS/Geico at $1500 per year, which still seems like double what it should be.

I have a 1987 3697. Insured through Charter with Markel. Less than half price of what you say Geico gets. On the Great Lakes though.

[kamakazerc]

HI. I'm wondering if all of you chiming in with the insurance conversation, if all of your policies required a recent survey. i have been shopping , so when mine comes ready to renew in August, i can find a better rate for my 1988 3607. i paid over $1700 last year. OUCH... Then at one point, when i was shopping for a survey, one of the surveyors told me for older boats surveys are not always necessary for getting insurance. i am kinda proof of that because the policy i have did not require one, but at those rates, to get my policy under $1000 a yr, i'm thinking a $700 survey is well worth it.
Any comments would be helpful...And possibly even for Mike, that started this post... !!!!

[BenTen]

kamakazerc- I am being told that a recent survey is required by Gieco/BoatUS due to length and age of my boat.

I'm hoping others from the southeast my chime in as I'm sure rates differ from region to region, I'm considered "coastal" even though the ocean is 300 miles away and I'm on a freshwater lake.

[waybomb]

Not coastal, but with charter/markel, I had to have a survey performed when first floated the 3697, and a few years later I performed a self survey for markel which included taking pictures of certain areas and answering some questions.
Which makes a lot more sense than a full survey every few years. Pictures vs words and money!

[mjk1040]

Well after reading all your reply's, I'm thinking we are all getting it up the whazo from the insurance companies!

[tomschauer]

It also make a difference where you boat. Those in the southeast pay more due to the likley hood of hurricane damage.
Mike, you may be feeling the effects of Sandy. Did you check with any locals to comapre rates?

[km1125]

Like waybomb, I've done "self surveys".

I think I had to do that when I switched from Progressive to Boat US and I might have had to do one when I first went to Progressive. I think it was a two page form that you had to fill out and then take pictures of a few different things, like the engines and fuel system. When I originally got the boat, I had to have a survey for the loan and used that for the insurance too, but haven't had to do a paid survey ever since (and that's ~27 years ago), but if I recall correctly the survey wasn't required because the boat was "only" 9 years old at the time. If it was 10, then I would have needed a survey.

[mjk1040]

Agent tried several other companies and nothing was any better. Yes I'll bet we are all paying for hurricane damage and destruction since the insurance companies had a big hit the last couple of years. It's a shame we have to pay for other area's losses. Well I guess that's just the nature of the beast. Still waiting for some quotes, tried NBOA that advertises on here and no reply yet? I can get just the Carver covered by SKI/SAFE for $ 586.00/year and that's $6.00 more than I was paying Foremost for both the Carver & the Sea Ray. Guess I'll keep on shopping! Wait NBOA got back to me, $ 1581.00 with get this Thru Progressive, which already quoted me $ 776.00? WT?

[bud37]

Wow....you guys are all over the map with the pricing....it's got to be region specific with that much difference....Up here I have always had to have a current survey for insurance then one every so many years....10 years I think.

All the marinas we have been at required 1,000,000 minimum liability. Looks like what you save on shrink wrap you more than make up for on insurance rates.

[mjk1040]

Only required to have $ 300,000.00 liability here for the marina, however NY does not require a boat owners to have any insurance. Marina requires, yet does not ask for proof of insurance? Go figure?