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Who likes insurance?

addman66

Chris Addington
Just a quick survey of folks with insurance on their boat. Who do you have and do you like them? It's getting time to renew for me and just looking to see if there might be anybody else I want to go with.

Thanks very much...

Chris
 

bharney

Bill Harney
I've had Boatus for 19 years, had a damage claim the first year, they let me choose the surveyor and repair facility, at the final inspection an additional problem was found and it too was repaired, excellent service. My premium has less than doubled while my homeowners has more than trippled, go figure
 

addman66

Chris Addington
Thanks for the replies. I've got boat us working up a quote for me to see how comparable it is to who I have currently.
 

jimcleary

James M. Cleary
Chris
We've insured Dana with Boat US for the 27 years we've owned her. They have been excellent so far. Including riders for coverage when we went South. The couple of minor claims we had were handled quickly and professionally. A couple of years ago we had some storm damage just prior to a 6 week trip to the Chesapeake and Washington DC. Boat US made sure we had a temporary repair done so we didn't miss our schedule. The permanent work was done when we arrived back home.

Jim
 

addman66

Chris Addington
Thank you all for your input. As this is a place to share, I feel that I should share my findings with you as you took the time to give me input.

Currently, I have coverage by concept, through IMIS.

Called Pantaneius for a quote. They would not even bother with it.

Next on the list was BoatUS. They entertained the idea, however, they came back with a premium $1000.00 more per year than my IMIS coverage.

Lastly came Hagerty through an underwriter. Their reply was due to age (they insure classic vessels!) they could not offer anything.

Some things that might have an effect on this quote....living in Florida, Bahamas coverage, etc.

I'll be staying with IMIS. If anybody needs further details, feel free to write.

Thanks,

Chris
 

mpearson

Mark Pearson
Staff member
Hi Chris - wow, I'm a little surprised about BoatUS - I think you're right, it must have something to do with Florida/Bahamas.

I use BoatUS on our Morgan up here in Oregon and it's someplace around $950/year. I recently realized I'd never told them I hold a USCG Masters License ... last month I told them about that and they knocked another 15% off so it's in the low $800s/year.

I've got a totally clean record, which might be a factor?

Most likely it's because we don't have those crazy hurricanes.
 

addman66

Chris Addington
Yeah, clean record here as well. I know Florida is a bit higher than most places but sheesh. BoatUS wanted $2600.00 per year. Oh well. Thank you all for your suggestions on insurance.
 

Parallax

Member
I've got $300k liability on a 1971 Morgan 38 through Progressive for $210 per year (paid annually). Washington state. My umbrella kicks in above $300k all the way up to $2,000,000 with no additional cost for adding this boat. Great deal. Went liability only. Would pay more if I carried collision.
 
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Lantzalot

Member
I’ve got a 100,000 $ coverage for a 38 Morgan I put 10 , 000 On it and told them I would increase after I did bottom paint and compound the hull for a month then they called me and said the underwriter said the boat retails for 40,900 and they had to increase to low retail of 40,900 my monthly payment was 38$ a month for 10,000 $ and it went up to 61$ for 40,900 and I said ok no problem and thank you ! This boat just keeps getting better with time !
 

Parallax

Member
I’ve got a 100,000 $ coverage for a 38 Morgan I put 10 , 000 On it and told them I would increase after I did bottom paint and compound the hull for a month then they called me and said the underwriter said the boat retails for 40,900 and they had to increase to low retail of 40,900 my monthly payment was 38$ a month for 10,000 $ and it went up to 61$ for 40,900 and I said ok no problem and thank you ! This boat just keeps getting better with time !
That's awesome. Your liability coverage is too low in my opinion. If you or I hit another boat, would be easy to do damage of a million or more. I went with $300k because my umbrella kicks in above that up to $2,000,000, which feels relatively safe. In truth, no number is totally safe because if one injures or kills a high earner (as so my boat owners are), the liability could be nearly unlimited. Ideally, one's coverage dwarfs one's total assets so they don't come after you personally. Given that I'm worth significantly more than my umbrella limits, I ought to have more too. Your message is valuable because it's inspired me to call my agent and ask what it would cost to go to $5,000,000.

I'm less concerned about coverage of my boat. Paid $10,000, which was a great deal. We'll put money into it and hopefully it will in time be worth more. I don't think $40,000 is out of reach (assuming we fix it up real nice). So it may make sense to add collision at some point too.
 
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