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Insurance - Am I doing it wrong?

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NautiC25
Admiral

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USA
957 Posts

Initially Posted - 04/05/2011 : 06:12:51

I got a quick quote from Progressive. Either I didn't know insurance would cost this much, or I'm doing something wrong. I just can't believe it costs this much to insure a cheap sailboat on a lake. I've never had boating insurance before. Does everything look right? Should I be paying this much?

1989 C-25 TR/WK #5894
Miss Behavin'
Sittin' in LCYC on Canyon Lake, Texas

Edited by - NautiC25 on 04/05/2011 06:18:25

calden
Navigator

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USA
194 Posts

Response Posted - 04/05/2011 : 07:17:03

That does seem high. Try Boat US. I just signed on with them and am paying ~ $240 for $9k on my 1983 C25 boat, on an inland lake, and I believe I have a bunch of other stuff as well (uninsured boater, etc.) but am just running off to work right now so can't check it. I just left State Farm (for a few reasons...) and there I only paid about $200.

Carlos

Edited by - on

britinusa
Web Editor

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USA
5404 Posts

Response Posted - 04/05/2011 : 07:19:37

Jonathon, we could afford to retire if we moved to your lake!

Ours is close to $1,200 per year (including unlimited towing package and sailing to Bimini)

Paul

Edited by - on

Don B
Captain

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USA
317 Posts

Response Posted - 04/05/2011 : 07:20:00

I've been with Progressive several years...

Bodily Injury Liability: $100,000/$300,000
Property Damage Liability: $50,000 each incident
Uninsured Boater: $10,000 each person/ $20,000 each accident
Medical Payments: $2,500 each person
Comprehensive: The lesser of cash value less deductible or $6,000 ($500 deductible)
Emergency towing: $300 each incident
12 month premium: $511.04
Premium if paid in full $455.05

And I did have a claim approximately 4 years ago. Their agent was immediately on the situation which was resolved in just a few days.

I am not connected with Progressive in any way and was very happy with the service.

I probably should point out that I am also located in Florida.

I hope this helps.

Edited by - Don B on 04/05/2011 07:25:00

Joe Diver
Master Marine Consultant

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USA
1218 Posts

Response Posted - 04/05/2011 : 07:35:52

Progressive was over $100 higher than BoatUS for the same coverage for me. I went with BoatUS.

I got the same basic coverage, except $300k per accident level; $231.00 per year.

I don't know what your agreed value level is; that could change the insurance premium in a significant way.

What is the 75 miles coastal navigation? I don't have that on mine...it's strictly inland lakes.

BoatUS also has towing included, $250 per incident; $500 annual.

Pop over to BoatUS and get a free quote from them....

Edited by - on

delliottg
Former Mainsheet C250 Tech Editor

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USA
4479 Posts

Response Posted - 04/05/2011 : 09:08:30

We use Progressive (through USAA), I think we pay about $320/year for $500,000 (required by our marina), not sure on the rest of the particulars. I'm pretty sure I've got the towing rider on there. Dunno if this was helpful or not.

Edited by - on

Prospector
Master Marine Consultant

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Canada
3159 Posts

Response Posted - 04/05/2011 : 09:08:59

Ours is cheaper, however...

How long is your season?
How Busy is that lake?
Is it in an urban area?
What size is your engine?
Did you get any extra riders put on for equipment?
etc.

Insurance can be variable between locations. You are likely best to compare with others who are in your area, or in your marina.

A similar topic that comes up here is "my slip fees are outrageous" again, you can't compare NYC slip fees to those on the far end of Lake Superior, and even then, the amenities and packages vary widely. You really need local info sometimes.

Edited by - on

dmpilc
Master Marine Consultant

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USA
4593 Posts

Response Posted - 04/05/2011 : 09:37:17

Get inland lakes coverage only, then call for a temporary rider it you take it to the coast. My insurance is with Travelers who carries my auto also. Check with your auto/homeowner agent, and get a quote from Boat US to compare.

Edited by - on

NautiC25
Admiral

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USA
957 Posts

Response Posted - 04/05/2011 : 10:02:10

Unfortunately, GEICO screwed me royally on a claim recently, so I'm not going to call them. I need to get my auto away from them, but have been too busy to do so.

I suppose Canyon Lake could be considered busy, but I tend to stay away during the hot summer, and normally only see my boat once a month anyways. I put zero for equipment, 8hp for motor, and $8k for value. Although I may bump it up to $9k and add for additional equipment.
I would also say that my boat is probably the most expensive boat in the marina, so it's not like I could take out a $100k yacht next to me. lol

I got a quote from BoatUS:

SUMMARY OF COVERAGES
Boat and Boating Equipment (Agreed Hull Value) : $8,000.00
Boat and Boating Equipment Deductible : $500.00
Storm Deductible : $1,000.00
Boating Liability : $100,000.00
Fuel and Other Spill Liability : $854,400.00
Medical Payments : $1,000.00
Boat Trailer : $.00
Trailer Deductible : $.00
Personal Effects : $.00
Personal Effects Deductible : $.00
Uninsured Boater Protection-Limit each Accident : $100,000.00
Commercial Towing Assistance - Each incident/Annual limit : $250/500
TOTAL ANNUAL PREMIUM : $229.00

Woohoo, $19/mo. Anything you think I should add or increase?

Edited by - on

TakeFive
Master Marine Consultant

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2272 Posts

Response Posted - 04/05/2011 : 10:51:22

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by NautiC25
 I got a quick quote from Progressive. Either I didn't know insurance would cost this much, or I'm doing something wrong. I just can't believe it costs this much to insure a cheap sailboat on a lake. I've never had boating insurance before. Does everything look right? Should I be paying this much?

<hr height="1" noshade id="quote"></blockquote id="quote">
Check carefully into Progressive's coverage for salvage removal. It may vary from state to state based on local regulations. In my area, salvage removal was limited to 5% of the value of the boat. So if a storm blows your boat free and it's totaled on the shore, and the local laws require you to remove the wreck, you have almost no coverage to remove it. Because of this, I changed my coverage from State Farm to BoatUS.

Details here:

http://www.sailnet.com/forums/707443-post25.html

Edited by - on

Joe Diver
Master Marine Consultant

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USA
1218 Posts

Response Posted - 04/05/2011 : 12:56:41

Looks like BoatUS quoted you a more reasonable rate.

BoatUS will cover all salvage costs up to the declared value agreed upon for the insurance.

Make sure that's their "Yacht" policy and not the "Boat Saver" one....the Yacht policy covers you fully up to the agreed vale. The Boat Saver one depreciates the value.

Edited by - on

GaryB
Master Marine Consultant

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USA
4304 Posts

Response Posted - 04/05/2011 : 18:21:41

<hr height="1" noshade id="quote"></blockquote id="quote">
Jonathan,

Part of the reason your quote from Progressive was high is because you selected Coastal Navigation up to 75 miles out. Select Inland Lakes and it should be somewhat more reasonable. Your not located in the hurricane zone so the rate should be lower.

The Boat U.S. quote does not list Coastal Navigation and your deductible is higher.

Edited by - on

Dave5041
Former Mainsheet Editor

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USA
3758 Posts

Response Posted - 04/05/2011 : 18:56:01

My Boat/US is a little under $200/yr. Inland lakes includes Great Lakes and coastal waters. I have unlimited towing through Boat/US and roadside assistance through Boat/US trailering.

Edited by - on

Voyager
Master Marine Consultant

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USA
5379 Posts

Response Posted - 04/05/2011 : 19:47:38

I have $250K damage, $100K each for personal injury, $9900 for boat and $6K for contents. Don't know about salvage coverage, but will check. Premium on the "gold coast" of CT is $400/year through the United States Power Squadron. One of the benefits of membership.

Edited by - on

dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 04/06/2011 : 05:56:32

I just carry mainly liability insurance on my 30 year old boat which I bought for relatively little money. I figure with all the money I save on a lifetime of premiums, I could afford to buy a couple of boats in the event my boat was damaged, wrecked, or stolen. I do the same with my vehicles when they reach a certain age/value.

Edited by - on

TakeFive
Master Marine Consultant

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2272 Posts

Response Posted - 04/06/2011 : 06:13:23

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by dlucier
 I just carry mainly liability insurance on my 30 year old boat which I bought for relatively little money. I figure with all the money I save on a lifetime of premiums, I could afford to buy a couple of boats in the event my boat was damaged, wrecked, or stolen. I do the same with my vehicles when they reach a certain age/value.
<hr height="1" noshade id="quote"></blockquote id="quote">
Like you, I remove collision coverage on any car once it reaches ~100,000 miles. I'll probably remove the analogous coverage on Take Five when it gets to ~20 years old. But it's important to make sure that removing that coverage does not eliminate coverage for salvage expenses. It costs just as much to haul away a 30 year old wreck as it does a 3 year old wreck.

Since I'm much more likely to do DIY fixes for little stuff (on home, car, and boat), I also always opt for $1000 deductible. I really only want coverage for catastrophic losses. It takes less time to fix the little stuff myself than it does to meet with an insurance adjuster, and the premium savings generally pay for any needed materials.

Plus, BoatUS has this new diminishing deductible policy, so after a few claim-free years I'll have $0 deductible with the reduced premium of a $1000 deductible policy.

Edited by - on

booyacht
1st Mate

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53 Posts

Response Posted - 04/07/2011 : 12:06:56

I pay $305 every year through progressive. I asked for an inland lakes category but they said the coastal 75 mile was the lowest option they have. This is for 100/300.

Edited by - booyacht on 04/07/2011 12:08:13

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