Boat insurance

[Tjames09]

The company I was using the rate when up 50% this year so Im shopping around for another company. Anyone have companies they can recommend?

 

I am currently with Harbour Insurance, but I imagine I will cancel with the recent rate hike. 

[lew]

Call Northstar in Barrie, they specialize in marine insurance.

I was with them for years and although I never made a claim they were excellent to deal with.

https://www.google.ca/aclk?sa=l&ai=DChcSEwi8u6_L6sDhAhVUHH0KHWuwA3YYABAAGgJwdg&sig=AOD64_0VEtHwVuYIGhsPr0tY7KubXhlIJQ&q=&ved=2ahUKEwiK-KbL6sDhAhUK5oMKHcnmBSYQ0Qx6BAgOEAE&adurl=

[DRIFTER_016]

I had very good luck with Dominion of Canada when I lived in Ontario.

[Lape0019]

I am currently with Portside Marine. They were $400-$500 cheaper than any other company I checked with for my boat and they offered monthly payments so it was a no brainer.

I do have to say though, their content coverage was half of what the other companies were. So if you can live with a little less content insurance, they're worth a look. I am currently through a brokerage called Tanner Insurance out of Ottawa. If you want some contact info, PM me and I'll gladly provide it.

 

Adam

[Shloim]

Call my broker he rocks!!! Brian Davidson 416 510 1177 I pay 360/year for a replacement value of 10k, plus the liability coverage....

 

[porkpie]

I have 32k replacement value and liability  on my boat through CUMIS insurance.  It costs me about $600 a year.  I also insure my home and vehicles through them.  I did get rear ended in my SUV in 2017 and they where extremely fair with valuing the vehicle when they wrote it off.  So fair that I didn’t even need to counter their original offer.  I’ve been happy so far and rates are decent for everything.  There is also no layup period, which is important to me as I’ll fish as long as the weather cooperates.

Edited April 8, 2019 by porkpie

[ecmilley]

There was 32 carriers of marine insurance before February. Down to 5 now with lyoyds oof London  being biggest to drop pleasurecraft. All rates going up substantially. My policy renewal for the z21 is $1400 a year now

[KawarthaAngler]

39 minutes ago, ecmilley said:

There was 32 carriers of marine insurance before February. Down to 5 now with lyoyds oof London  being biggest to drop pleasurecraft. All rates going up substantially. My policy renewal for the z21 is $1400 a year now

Damn!  That's more than many cars!

[Lape0019]

Just for Comparison,

 

My replacement value is double than what Porkpie has and my annual insurance cost is around $100 more a year.

 

Kawartha, that seemed to be the average price I was quoted for my Z119 and is why Portside Marine seemed liked such a good deal. But... you have to read and understand what you are getting. The only issue I have with my insurance is the amount of content coverage. It's like, $5,000 for fishing equipment which in some cases, isn't enough. I have more than that rods... But because of how I store the boat and it is only out of storage when I am in it, I figured it would be worth it.

[Old Ironmaker]

I just carry it under my Homeowners Ins. Replacement cost and 1 million liability. But it is an older boat and replacement is pegged at 13K only. Newer more expensive vessels may not be eligible to peg with home insurance. I would ask my broker. I pay about 300 a year extra.

[Old Ironmaker]

20 minutes ago, Lape0019 said:

Just for Comparison,

 

 The only issue I have with my insurance is the amount of content coverage. It's like, $5,000 for fishing equipment which in some cases, isn't enough. I have more than that rods... But because of how I store the boat and it is only out of storage when I am in it, I figured it would be worth it.

I have all my tackle insured under Homeowners as well. Took pics of everything just like I did with jewelry.  Was amazed at home much $$$ I have in tackle. Considering a small Rappala is over 10 bucks it adds up. Just my one box of plugs for Walleye is over $1200.00, then there is the box of spoons at the same price. That's 2 boxes alone at around 2500 bananas. 

[Garnet]

Randy Spencely 1 705 790 04117 out of Barrie writes a lot of insurance for bass club guys.

[Lape0019]

10 minutes ago, Old Ironmaker said:

I have all my tackle insured under Homeowners as well. Took pics of everything just like I did with jewelry.  Was amazed at home much $$$ I have in tackle. Considering a small Rappala is over 10 bucks it adds up. Just my one box of plugs for Walleye is over $1200.00, then there is the box of spoons at the same price. That's 2 boxes alone at around 2500 bananas. 

Yup. It adds up quick. And like you, mine gear is under my homeowners insurance but only if the items are at home. And like you, I shake my head sometimes (not long though) on how much I have spend on jerkbaits. one here and one there doesn't seem like a lot but when you put them together, it adds up.  

[Old Ironmaker]

We are the "jerks" in jerkbaits. I'm a sucker for any new and improved tackle. Then when they don't work I tie on a Black Fury and a black and silver Rappala on the other line!!!

[irishfield]

RSA Yachtworks. $935 + tax, premium hasn't changed since the day I bought the boat. 12 years later almost hope someone steals it! LOL

$88K agreed value replacement on the boat

$4.7K for the "tender" (9.9 Pro kicker)

$4K for my Shorlander Trailer

$2.5k for personal effects 

$2million in Liability.

[Old Ironmaker]

1 hour ago, irishfield said:

almost hope someone steals it! LOL

 

Just bring it down here to Haldimand County. It will be gone in 60 seconds. Someone cut the lock off my trailer sometime this winter. They must have been scared off, unfortunately. 

[Rizzo]

On 4/8/2019 at 10:26 AM, Tjames09 said:

The company I was using the rate when up 50% this year so Im shopping around for another company. Anyone have companies they can recommend?

 

I am currently with Harbour Insurance, but I imagine I will cancel with the recent rate hike. 

I am with Harbour too...plus a year or two after I bought a friend bought a boat and I convinced him to go with Harbour. He got his renewal this year...same thing (huge increase)...he bolted. Forget who we called to get quotes, but literally just googled a few and all of them came up with rates liked we USED to pay with Harbour (approx 375 per year). Harbour went from 375 to 675...thats nearly a 100 percent increase! I have not gotten my renewal yet, but they try to jack it on me I am gone as well.  From the sounds of it I should expect my rates to be inflated too

[Steve]

worldwide insurance industry has seen record losses 3 years in a row.

world wide we have seen record weather related losses 3 years in a row.

3 consecutive years where insurance companies have paid out more per dollar than every dollar brought in.

In some cases, 50% more, paying out $1.30 to $1.50 for every dollar in.

every line of insurance is going up...way up.

finally, for the first time in 15 years, commercial insurance is going WAY UP!

(and unless weather changes for the better, which it is not going to, these increases are only going to continue to go up).

Lloyds of London lost almost $1.85 for every dollar brought in.

They pulled back so much capacity some Insureds cannot obtain insurance - for ANY amount of money.

Be prepared for insurance cost increases....without any sympathy from anyone (government, etc) as the dollars are black and white. Insurance companies globally have lost money 3 years in a row....and not a "little bit" either.

Wayne, we are increasing our premiums (RSA) by minimum 20% to as much as 100%. Be prepared for an increase on your premiums. (sorry about that)

[irishfield]

I'm good for the year... I already have my renewal in hand Steve! If RSA doubles my house premium I'll go uninsured before I pay $8 K a year....

[AKRISONER]

Serious question as I can’t remember the exact age of your boat, but have you ever considered going insuranceless? 

i crunched the numbers when I bought mine, plus looked up the stats on boat “incidents”

i was totally blown away but what I discovered.

1. According to blue book value, my boat was worthless. A close to mint condition 98 skeeter with a Yamaha 130 was valued at $1,500. (If you find one for sale at this price please let me know I’ll Pay triple lol)

2. Unless you are drunk, you basically will never be involved in a boating accident that will result in an injury or fatality. Add alcohol and the entire story changes. It’s actually disturbing. I don’t really drink, so this one was a simple one for me.

 

 

Edited April 10, 2019 by AKRISONER

[KawarthaAngler]

If your boat isn't worth much (which is subjective and a personal decision) I guess insurance would help in other areas such as theft, should someone smash into you (i.e. if you travel the Trent Severn and something happens in the locks), etc.   But for a seasoned boater in a non-congested water system ... it is a valid question to ask yourself should you have the $ to replace your boat if something happened to it.

My Fish & Ski boat has a value of approx $10 - $12K.  We insure it as an extension of our home policy through Co-Operators.  It isn't much (maybe $400/yr .. can't recall at the moment) but we are on the Trent Severn which is heavily populated, has thefts in the night and I do go through the locks from time to time.

[Tjames09]

1 hour ago, AKRISONER said:

Serious question as I can’t remember the exact age of your boat, but have you ever considered going insuranceless? 

i crunched the numbers when I bought mine, plus looked up the stats on boat “incidents”

i was totally blown away but what I discovered.

1. According to blue book value, my boat was worthless. A close to mint condition 98 skeeter with a Yamaha 130 was valued at $1,500. (If you find one for sale at this price please let me know I’ll Pay triple lol)

2. Unless you are drunk, you basically will never be involved in a boating accident that will result in an injury or fatality. Add alcohol and the entire story changes. It’s actually disturbing. I don’t really drink, so this one was a simple one for me.

 

 

I don't know what a bluebook value is, but resale value (kijiji) of my boat is around $20,000. Im not worried about crashing it, more so covering it if it gets stolen or damaged when Im trailering it. Or theft from the boat when its moored. 

Edited April 10, 2019 by Tjames09

[AKRISONER]

See there you go, resale on my boat is probably about $11,000, blue book is $1,500

yet insurance will only give you blue book value. That’s the problem, there’s no way they would give you $20,000 if it’s stolen, even if that’s the reality. I believe your personal belongings in the boat can still be covered by your house insurance as well. If someone hits you, then you can hand them your car insurance because it covers the trailer and your vehicle. The boat damage is on them.

 

Edited April 10, 2019 by AKRISONER

[Lape0019]

2 hours ago, KawarthaAngler said:

My Fish & Ski boat has a value of approx $10 - $12K.  We insure it as an extension of our home policy through Co-Operators.  It isn't much (maybe $400/yr .. can't recall at the moment) but we are on the Trent Severn which is heavily populated, has thefts in the night and I do go through the locks from time to time.

I used to do this as well but after figuring out that if my boat were to be in an accident, my home insurance would go up, I looked for a separate policy.

[DRIFTER_016]

3 hours ago, AKRISONER said:

Serious question as I can’t remember the exact age of your boat, but have you ever considered going insuranceless? 

i crunched the numbers when I bought mine, plus looked up the stats on boat “incidents”

i was totally blown away but what I discovered.

1. According to blue book value, my boat was worthless. A close to mint condition 98 skeeter with a Yamaha 130 was valued at $1,500. (If you find one for sale at this price please let me know I’ll Pay triple lol)

2. Unless you are drunk, you basically will never be involved in a boating accident that will result in an injury or fatality. Add alcohol and the entire story changes. It’s actually disturbing. I don’t really drink, so this one was a simple one for me.

 

 

My boat sank at the dock last summer during a storm.

Luckily I had the ropes tight enough that it didn't go to the bottom and submerge my motor.

Still messed up a bunch of systems that I'm working on fixing. If it had gone to the bottom I would have had to do a claim.

It wasn't an accident or negligence that caused the issue it was just a bit of algae buildup on the bilge pump float switch that caused the switch to get stuck open and kill the battery. Blue book value on my boat is actually quite a bit lower than the actual value due to all the improvements on the boat.