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insurance

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cmckitrick
Navigator

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USA
119 Posts

Initially Posted - 03/15/2004 : 07:39:26

Do most people carry insurance and if so, what kind. Boat US sent a promotion. Does anyone know if they are good or know any other reputable companys. Do you need a survey? I'm a new owner and wondering if I should get it before going back in the water. Thanks.

Charlie McKitrick
Norwell, MA
Valiant Lady... for now
'81 C 25 SR/FK

Edited by - on

Steve Milby
Past Commodore

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USA
5908 Posts

Response Posted - 03/15/2004 : 09:12:55

My insurer is Metropolitan. The rate has been $125. per year since I bought the boat in 1981. Met carries my auto and homeowners insurance also, and they might only sell boat insurance at that rate as a service to their existing customers. I made one claim, and they handled it well. You need insurance in case you damage your boat or someone else's boat. It doesn't happen often, but it does happen. You don't need a survey to get boat insurance.

Edited by - on

ClamBeach
Master Marine Consultant

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3072 Posts

Response Posted - 03/15/2004 : 10:03:00

In our lawsuit-happy society I wouldn't go near the water without insurance.

I have insurance with Boat US. On my older hull, it's about $110/yr. (as I recall anyway, spouse does the bill-paying)

They are a reputable company and 'know' boats. For our caliber of vessel you usually don't have to get a professional survey but will have to send in some photos of your boat with appropriate serial numbers etc. I have an 'agreed upon' hull value policy in the event of a total loss. That feature avoids possible contention over the current market value of the boat in the event of a loss.

I think that many Marinas will require some form of insurance nowadays before they will rent you a slip. Whatever policy you get, be sure it includes coverage for pollution cleanup (gas or oil spills) and salvage costs should she ever sink.

Edited by - on

svmoxie
Past Commodore

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USA
331 Posts

Response Posted - 03/15/2004 : 10:04:58

There are lots of variables on this insurance question.

If you have had your boat for longer than about a week without insurance AND you want agreed hull value coverage BoatUS and most other marine insurance companies will want an insurance survey. In the southeast this costs around 12.00 a foot, or 300.00 for a C25/C250.

The quotes that I have gotten for hull value coverage of 9000.00 for my boat run 300 - 400 a year. My car/home insurance wasn't any cheaper. It also depends on your sailing area.

So the moral of the story is call them on the phone and discuss your particulars. Ask them who the actual underwriter is and compare several different companies including your auto/home insurer.

Good luck!

Edited by - on

cmckitrick
Navigator

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USA
119 Posts

Response Posted - 03/15/2004 : 10:07:51

These comments have been really helpful. Thanks to everyone for answering.

Charlie

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 03/15/2004 : 21:34:33

Late again... But I'll add a vote for BoatUS--they're actually underwritten by CNA, but their service has been great for friends of mine, and they do know boats. (Some insurers don't have a clue.) But one way or the other, make sure your covered at least for liability. The boat won't break you, but the collision or the boom upside a passenger's head might!

Edited by - Dave Bristle on 03/15/2004 21:35:29

CB
1st Mate

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54 Posts

Response Posted - 03/15/2004 : 22:38:51

Boat US is reasonable, and they did not require a survey on my '81.
I was actually covered for liability only, under my homeowners policy from Nationwide which somehow covered a sailboat up to 26'.

Edited by - on

Doug
Captain

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USA
457 Posts

Response Posted - 03/16/2004 : 00:10:25

Most homeowner's policies will cover liability for a sailboat less than 26 ft with less than 50 hp. No hull coverage though. Also keep in mind that there is a ton of non boat items in your boat. Many boat policies will only cover boat items in a loss (sails, motor, hard wired GPS) and won't cover non boat items (Magma, handheld GPS, cooking/ sleeping, clothes, radio). Many even specifically exclude fishing items or a second dingy motor. Ask your agent about it. On my policy I pay and few extra $$$ and get $5,000 of coverage for non boat items.
To head off some of the coming questions:
**Your Homeowner's will cover non boating personal property on the boat, but only for named perils. Sinking isn't one of them.
**Homeowner's also usually doesn't provide any coverage for towing or salvage. Most boat policies do. In my job I've paid $8,000+ more than a few times to have a boat pulled off the rocks and hauled away.
The devil is in the details. Make sure your to ask your agent about these things. Then write a check for $100-200 for the coverage, forget all this nasty insurance stuff and go sailing

Edited by - on

Raskal
Navigator

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USA
162 Posts

Response Posted - 03/17/2004 : 21:32:32

If you do go with BoatUS, which I have, and you sail on a body of water large enought to have a TowBoatUS franchise nearby, I highly recommend their optional $97/year of unlimited sea-tow coverage. I had no idea how much I would save until I needed a tow when my #$% Honda outboard conked out before I could pass under the railroad bridge in front of the marina that required passage under engine. The Towboat paperwork shows I would have lost $397 off my credit card for that tow if I hadn't had the coverage! And that was the usual price per call...

Rich Kokoska

Edited by - on

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 03/18/2004 : 14:27:19

Two recommendations one statement:
Statement: Get Insurance
Recommendations: Research the difference between Replacement Cost and Current value policies.
and talk to whomever handles your homeowners stuff.

Edited by - on

Randolph G. Wilson
1st Mate

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USA
64 Posts

Response Posted - 03/19/2004 : 10:07:52

I have all my insurance with USAA. My 83 Cat is insured with USAA: Limit of Liability for loss or damage: Boat - $6450; 10 hp Honda OB - 1150; Legal Liability $300M/$5M - $25; Total annual premium: $74

Edited by - on

Buzz Maring
Master Marine Consultant

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USA
1771 Posts

Response Posted - 03/19/2004 : 10:14:28

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Randolph G. Wilson
 I have all my insurance with USAA. My 83 Cat is insured with USAA: Limit of Liability for loss or damage: Boat - $6450; 10 hp Honda OB - 1150; Legal Liability $300M/$5M - $25; Total annual premium: $74
<hr height="1" noshade id="quote"></blockquote id="quote">

Hi Randolph,

I talked to USAA about insuring my boat, and they told me they would need a survey ... did they require you to get a survey?

Edited by - on

dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 03/19/2004 : 10:19:51

When I went down to the yard to check on my boat after a couple of days of particularly high winds, a few boats down from me was a 28 foot sailboat lying on its side. Apparently his cradle gave way during the high winds and collasped sending the hull crashing to the ground and the still stepped mast acrossed the power boat next to him, which turned it into a pretzel.

I don't know about the extent of the damage, but I hope he has insurance!

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 03/19/2004 : 20:01:02

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Raskal
 ...I highly recommend their optional $97/year of unlimited sea-tow coverage. I had no idea how much I would save until I needed a tow... I would have lost $397 off my credit card for that tow if I hadn't had the coverage!

<hr height="1" noshade id="quote"></blockquote id="quote">
You hit the jackpot, Rich... But just remember that BoatUS doesn't lose money on these plans, just as the appliance and car makers don't lose money on extended warranties. Over a five year period, assuming your new outboard (?) doesn't let you down like you Honda did, you pay it back to BoatUS and then some. Insurance and other similar "protection" should be for losses that would be a real financial problem. If you can handle (with a grimace) the $397 once or twice in a lifetime, you'll be way ahead by foregoing the towing package, the roadside assistance, the extended warranty on the fridge, the one on the microwave, the one on the washer and drier, the one on the dishwasher, the one on the car, the one on the other car,.......

BTW, the towing coverage included with a BoatUS membership, while limited, is a plus. But around here, people can generally get a Good Samaritan to pull them in before a tow operator would likely show up.

Edited by - Dave Bristle on 03/19/2004 21:00:51

lcharlot
Master Marine Consultant

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Antigua and Barbuda
1301 Posts

Response Posted - 03/19/2004 : 23:45:15

I heard the following from a member of our sailing club who was in the Coast Guard Aulilliary: The average fee charged by Vessel Assist in San Francisco Bay, to tow a disabled or grounded boat back to the vessel's home marina, is $1500

! Vessel Assist starts calculating the fee from the moment their tow boat leaves it's base, until they are back at base. The fee is something like $250/hour, so if you are stranded 20 miles away from your home marina, the tow could take 6 or 7 hours total, with the meter running the whole time! As for Salvage and cleanup costs for a sunken boat, I read somewhere, probably in a BoatUS ad, this can often cost $20,000 minimum up to 40% of the total value of the vessel.

Edited by - on

aeckhart
Master Marine Consultant

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USA
1709 Posts

Response Posted - 03/23/2004 : 19:17:52

Buzz,

I've had USAA boat insurance for the 15 years I've owned my boat. I've had rudder damage from a grounding, hull and electrical damage from a lightning strike. My coverages are a tad bit higher, but I was completey and speedily covered, including a new bottom paint job as part of the hull repair, radio replacement, and new electrical panel. Back in 1988 when I purchased GALLIVANT, they didn't require a survey. Still don't as far as I know. I believe you need to specify recreational vessel vs. yacht though. They periodically ask for pictures of the boat and provide a questionaire regrding condition of the boat. By the way, my insurance covers everything in the boat, whether damaged or stolen. Premium is $125 per year. I don't think BoatUS can beat USAA. I'm obvioulsy a very happy customer.

Al
GALLIVANT #5801

Edited by - on

Buzz Maring
Master Marine Consultant

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USA
1771 Posts

Response Posted - 03/24/2004 : 10:10:55

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by aeckhart
 Buzz,

I've had USAA boat insurance for the 15 years I've owned my boat. I've had rudder damage from a grounding, hull and electrical damage from a lightning strike. My coverages are a tad bit higher, but I was completey and speedily covered, including a new bottom paint job as part of the hull repair, radio replacement, and new electrical panel. Back in 1988 when I purchased GALLIVANT, they didn't require a survey. Still don't as far as I know. I believe you need to specify recreational vessel vs. yacht though. They periodically ask for pictures of the boat and provide a questionaire regrding condition of the boat. By the way, my insurance covers everything in the boat, whether damaged or stolen. Premium is $125 per year. I don't think BoatUS can beat USAA. I'm obvioulsy a very happy customer.

Al
GALLIVANT #5801
<hr height="1" noshade id="quote"></blockquote id="quote">

Hi Al,

Thanks for the info. When I talked to USAA (about two years ago), they definitely wanted a survey. I ended up getting insured through BoatUS with some carrier whose name I've forgotten ... the premium is $250 per year.

I've had USAA insurance since 1972 on my vehicles and my home. They have provided great service on all my claims for over 30 years now, so I'm pretty loyal to USAA. Since their premium is half of what I'm used to paying, AND since I know they are good with claims, I'm starting to think that paying for a survey would be worth it in the long run ... the survey would give me a good idea of how my boat is aging anyway.

Thanks again ... I'll likely switch when it comes time to renew, even if I need to get a survey done.

Edited by - on

Randolph G. Wilson
1st Mate

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USA
64 Posts

Response Posted - 03/24/2004 : 12:15:34

Buzz, I, too, have had all my insurance with USAA since I got out of the Navy in 1952. Don't know if it had anything to do with it, but I had a Snipe insured with them prior to buying the Cat 25. They did not ask for a survey but did want pictures of the boat and motor. Their rep that processed my policy was located in Tampa and was very helpful and knowledgeable, for what it's worth.

Edited by - on

seastream
Navigator

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USA
242 Posts

Response Posted - 04/11/2004 : 21:54:21

I have insurance through a local agent recommended by my boatyard and others in it. Cost is about $200/yr, which is for in water at Lake Winnipesaukee from April 1 to November 15, drydock after that. My cost will rise a bit when I move to a marina with ocean access. I insure not against what damage I might cause to me or mine other than catastrophic failure (sinking), since we're talking about a sub $10K boat, but against what damage (real or perceived) the 'other guy' may think I've done to him or his. Insurance is a gamble. The insured is gambling they WILL have an incident requiring insurance, the insurer is gambling they WON'T. Insurance isn't required in this state for boats or autos but only a fool would venture forth without it, regardless of location.

Edited by - on

Tony Dillon
Navigator

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USA
168 Posts

Response Posted - 04/12/2004 : 00:01:42

We carry BoatUS on Mental Floss. The Admiral tells me it cost us about $100 per year. Our marina in Tacoma requires Proof of Insurance each year. With all the strange things we have seen on Puget Sound, I wouldn't be without it anyway.

Edited by - on

rglennchap
Deckhand

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USA
16 Posts

Response Posted - 04/12/2004 : 13:49:32

Some great premiums listed. Just to add to the cross-section, I'm insured with AAA. $121.00 per year. Boat is in Channel Islands Harbor in Oxnard, CA.

Edited by - on

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 04/12/2004 : 15:56:50

Good Point Tony - Many if not most marina's require proof of insurance.

Edited by - on

cathluk
Admiral

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USA
513 Posts

Response Posted - 04/12/2004 : 21:23:54

Although I carry USAA for my auto & homeowners policy I went with BoatUS for "Blown Away". My homeowners policy covered the Force 5 & Prindle 16 we trailer-sailed (up to $1500). I don't remember what they quoted on the C250, but Boat US beat it. We're required to have liability insurance at our marina.

Edited by - on

Randall
Navigator

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123 Posts

Response Posted - 04/12/2004 : 22:30:43

"Kite" is still insured through USAA, even though she's dry-docked in my yard. I was not required to have her surveyed, and I don't think I ever sent them the photos they requested. I need to get the insurance switched over to my Hunter 25, so I'll let you know if their policy now requires a survey.

Edited by - on

rustynbigd
1st Mate

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31 Posts

Response Posted - 04/14/2004 : 16:39:18

I have Progressive for my Cat 25 adn I have to tell it is terrific. I just sustained $3800.00 worth of damage from a storm and not only did they settle in a week with a repair company, they followed up frequently to check progress and provide me with a status report.

Don't go barefoot.

Edited by - on

takokichi
Captain

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USA
321 Posts

Response Posted - 04/16/2004 : 20:47:23

Coming to this conversation late but wanted to toss in my two cents - insurance is well worth the investment. We got run over by another boat in a race last summer. It was comforting the know that even if the other guy didn't make good the boat would be fixed.

For what its worth - we got hit by a new Tartan 3500. His claw style anchor hooked our aft pulpit and tried to take it off. In the meantime, his boat did its damnedest to roll us over. Eventually the fluke on his anchor broke and we were freed. His chain stop ripped out of the deck and his windlass was damaged. Our rail got bent. As the surveyor who looked at the boat - himself a marine architech with Hinkley - put it, Catalina gets flak for last than Bristol finish quality but %&$# if they don't know how to build them.

Justin

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