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Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

Insurance costs

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Ben
Master Marine Consultant

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USA
1234 Posts

Initially Posted - 12/18/2007 : 15:52:11

Hi all,

I've not posted much recently, been going through some personal issues lately, but I thought I'd ask the Brain Trust about this before I just pay my insurance premium.

My bill for the next year's annual dues on my C25 are $255.00 which covers the boat, the 2005 Nissan 4 stroke, and the trailer.

Limits of liability are $300,000 for each occurance of property damage and bodily injury; Medical Payments to others of $1,000.00 (not sure what that means).

Any thoughts? Should I shop this around.

Ben
Beneteau 361
Viking Kitty
Columbus, Ohio

Edited by - on

JimB517
Past Commodore

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USA
3285 Posts

Response Posted - 12/18/2007 : 16:04:22

That sounds about right, my BOATUS is $120 no trailer.

Edited by - on

Prospector
Master Marine Consultant

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Canada
3159 Posts

Response Posted - 12/18/2007 : 16:05:35

In Canada we are paying about the same with no trailer (but coverage on the cradle) and $1,000,000 liability

Edited to add:
Beware of racing limitations on your policy - we were surprised to find that our deductible is substantially higher if we are involved in a collision while racing - apparently you are supposed to get a different policy for racing.

Edited by - Prospector on 12/18/2007 16:34:59

delliottg
Former Mainsheet C250 Tech Editor

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USA
4479 Posts

Response Posted - 12/18/2007 : 16:13:17

Ben,
We pay about $240/year roughly through Progressive (affiliated through our main insurer, USAA). That includes $500,000 in liability (required by our marina), $1000 towing reimbursement, roadside assistance, and some other stuff that I'd have to look at the policy to remember. We have a declared value on the boat, trailer, engine of $18k, although I want to revisit this amount. When we first bought the boat this is what I told them I wanted it insured for. They balked a bit citing NADA values, but I told them that it had a number of different sails including a spinnaker which seemed to placate them for some reason. There was a long discussion about this some time ago, and I don't have time to search for it right now, but if you search on "insurance", you're bound to find it.

Edited by - on

Downbucket
Navigator

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USA
188 Posts

Response Posted - 12/18/2007 : 17:24:44

Ben:

Some important things I would want to find out:
1. Are you insuring your boat for "fair market value"
or "replacement value?"
2. Does the policy cover contents? Radio, stove, CD player etc.
3. Does the policy stay in effect for one year? Here in Maine,
coverage ends before winter unless you pay an additional fee.
4. What is the individual value established for the trailer, boat
and motor? This is important to know if you have to make a claim
on only one of these.
5. Does your policy offer coverage for hazardous waste clean up
i.e. spilled gas, oil etc.?
6. Does the policy cover damage if the boat falls off the trailer or
is this covered under your auto policy?
7. Does the company offer a discount if you complete a safe boating
course?
8. What is the deductible?

Medical payments cover medical bills for anyone injured on your boat or by your boat.
Depending on your net worth,you may want to consider increasing liability coverage.

Good luck.

Will

Edited by - on

piseas
Former Treasurer

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USA
2017 Posts

Response Posted - 12/18/2007 : 18:08:26

Will, are you an insurance agent? You hit up a lot of good points.
I am an insurance agent in CA and I checked out all the plans. BoatUS had the best rate and coverage. Progressive for me was higher, even after I get my commission back!
Steve A

Edited by - on

Downbucket
Navigator

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USA
188 Posts

Response Posted - 12/18/2007 : 19:55:40

Hi Steve:

I am a lawyer.

I forgot to mention in reply to Ben's inquiry that I would consider having a survey. Surveys for insurance purposes are usually less expensive than surveys for purchases. A survey also provides proof to the insurance company about the value of your boat and its contents. Pictures are also a good idea.

I never buy anything based on price alone. Cheapest is not always the least expensive.

I frequently receive letters from insurance companies boasting that they can save me $50, $100 dollars or more on my insurance coverage. Although it sounds enticing, I'm more interested in how I will be treated when I make a claim.

From time to time Consumer Reports has articles on insurance companies based on their memebers' experiences. These are worth reading.

Will

Edited by - on

Nautiduck
Master Marine Consultant

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USA
3704 Posts

Response Posted - 12/18/2007 : 19:55:45

We use BoatUS. Stated value of boat is $20k and trailer is $5k. Liability of $500k and Uninsured boater coverage of $500k. Annual cost is $378. I would not go under $500k liability in our litigious society.

Edited by - on

Ben
Master Marine Consultant

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USA
1234 Posts

Response Posted - 12/19/2007 : 08:49:49

Thanks everyone! I'm going to ask my agent some questions now.

Edited by - on

albert
Captain

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USA
262 Posts

Response Posted - 12/23/2007 : 02:20:10

Vessel is in Key Largo, FL

Stated value $9999

US$680 per year.

BoatUS.

Very few companies will insure boats. Basically BoatUS has a monopoly in S. Florida...they can charge whatever they want.

Sailing territory does NOT include Bahamas...they charge more for that.

When I bought the boat in 2000, I was paying $150 per year.

Gotta love them hurricanes...

Edited by - albert on 12/23/2007 02:22:04

crcalhoon
Captain

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USA
303 Posts

Response Posted - 12/23/2007 : 19:55:39

At least Boat US is staying with you. In 1989 we were in Puerto Rico when Hurricane Hugo came through. In the aftermath, Boat US dropped all Caribbean coverage. We all had to go out and get new surveys and find another insurance company. Some fun.

Edited by - on

sgoodhue
1st Mate

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USA
28 Posts

Response Posted - 12/26/2007 : 09:57:44

That is a good number. As an agency owner, I would suggest $500,000 liability. Probably another $8 per year. I usually put my customers with a company that covers the sails, boom and mast at replacement cost if they race. Some companies exluded coverage if the loss occurred while racing whether it be for money or silver.

If the boat is over 10 yrs old many companies insure for only comprehensive perils vs "all risk". Know ahead of time what you are insured for and that means either read your policy or insure with an agent that also is a boater/sailer.

Edited by - on

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