Boat insurance

[fisher]

I got similar price quotes from ogilvy insurance and north star insurance for marine insurance but I was wondering if they are equally as good when/if it's time to make a claim or is one insurer more preferable than the other. Anyone have any advice/experience they care to share?

 

Getting standard 15 year no depreciation, $2million liability, towing coverage, etc. on a new boat/policy.

 

Thanks.

[captpierre]

I bundle mine with the cottage

 

Before the cottage, bundled with the house

Edited March 24, 2014 by captpierre

[fisher]

I checked with my home insurance and it was more than twice the cost. Plus been told that you want a separate policy in case you have a claim on one as it will affect the others premium.

[lew]

If you fish in the off-season, alot of boat policies won't cover you through the winter months.

[spincast]

Try pacific marine. No layup term and quick approval for values under 30k, (300 bucks, comparable coverage) over 30k, just pay a pro rata premium for the extra. Got this through my broker, who runs a 50 footer on Lake Huron, so she probably knows the market pretty well. If you want the contact info, just pm me.

[grt1]

i just spent 1/2 hour with the insurance agents that I got my boat coverage from in Winnipeg and when I left I was vowing to find a different insurance company . my boat is now 13 years old, the cost of the coverage has gone from 650 a year when originally bought to 802 this year. that includes Ontario sales tax that i'm told started to be charged 2 years ago. on top of that, they gave me a form to have my boat appraised by September and returned along with pictures of the boat in order to get insurance next year.

 

when I bought the insurance I was told I had replacement value insurance, now they are telling me that was never the case . what I have is insurance that will pay up to what I paid for the boat 13 years ago. that was 35k but to replace it now i'm looking at 50k.

 

needless to say, when I left the insurance office I was not a happy boater. i'm going to watch this thread closely to see if anyone else has better agents and companies that I can talk to.

[Old Man]

I've got my policy with Aviva Nauti Max purchase via Northstar Marine as the broker. My boats is a 2008 16 foot Crestliner Fishhawk SC with a 60hp Merc. I've had one claim with them opening day a couple of years ago (motor bottom end and rock) , and it was handled quickly with no problem. They increased my premium by $30 the next year because of the claim, but you could expect that after making any claim with an insurance company. I have replacement cost coverage with $500 deductible boat and motor, $250 deductible on electric trolling motor and navigational equipment and $100 deductible on the trailer and personal effects as well as one million 3rd party liability. Last year, this coverage cost $420 plus tax of $33.60 for a total of $453.60. Checked around a bit online last renewal time and didn't find anything better for the same coverage.

Edited March 28, 2014 by Old Man

[captpierre]

I'm about $800 for a $30K value boat. Lund/Yammy

 

Had a $4500 claim year 3 after smashing lower end good on 3 Sisters Shoal on Pigeon Lake

 

with $500 deductable

[spincast]

The Aviva quote for the quote above - 528.00

deductible - 250 (hint - your deductible should actually be a the amount you can comfortably afford - be it 250 or 2500 - it makes a difference to the insurance company - so ASK, because it makes a difference to your premium - I will actually be raising this)

coverage on boat - 14k

protection and indemnity - 2 m

under insured / uninsured boater 1 m

water skiing sub-limit - 1 m

medical payments - 5 k

reimbursement of emergency expenses - 1 k

personal effect - 2k

electronics - included in the 14 k

.

premium is the same for a value of up to 30 k. After that a pro rata charge will apply

 

With the exception of very new boat where you can purchase a waiver on the depreciation policy for a short period of time, every policy is going to limit the coverage to current day value. What you want to see is coverage that includes "replace with similar" wording, and then you document the boat, your add-ons and take pictures Send them in to the insurance company, Then if something does happen, establishing like / similar is easy and the company has to provide something equal to the documentation.

 

You buy insurance direct, you are in a shark tank. The insurance companies are not in the business to provide you coverage and pay your claims. They are in it to make money. They are publicly traded for profit companies. If they reduce your payout in a claim, they positively impact profits. In the event of of claim, who is going to have more influence on what your microscopic premium will produce in the form a payment perspective - you, the individual who paid them less than a 1000 bucks, or a major brokerage who places several million dollars worth of insurance with them a year?

Edited March 29, 2014 by spincast

[Old Ironmaker]

I have mine bundled with my home. $200.00 per year for loss of what I paid. Based on what I read I think I need to delve into it with more detail.