Insurance Question

[Jims380DA]

Was thinking about switching insurance companies and received a lower premium quote with better coverage than what I currently have. Only catch to this is that they require a survey. Anybody else have this request before? Thanks

 

[fwebster]

Jim,

This is a common requirement after a boat gets a few years old. About the only way to avoid it is to stay with one company, unless they was frequent surveys. I've been with one company for about 15 years and they have yet to require a survey but they do send me a self survey every 5 years or so.......check the box questions and several photos mailed back to them and I'm done.

I think this is going to boil down to the new company's financial strength and the pay back on the cost of the survey vs. the premium savings.

Good luck with it............

 

[Jims380DA]

Jim,

This is a common requirement after a boat gets a few years old. About the only way to avoid it is to stay with one company, unless they was frequent surveys. I've been with one company for about 15 years and they have yet to require a survey but they do send me a self survey every 5 years or so.......check the box questions and several photos mailed back to them and I'm done.

I think this is going to boil down to the new company's financial strength and the pay back on the cost of the survey vs. the premium savings.

Good luck with it............

Thanks Frank. I was impressed by the coverage by this company. About 250.00 cheaper than what I am paying with additional coverage in the event of an engine or generator loss. May be worth the cost of a survey.

 

[WV 320 Dancer]

Survey is going to run you somewhere between $75.00 and $100.00 per foot. I have just paid for two servey’s over the past 4 months.

 

[sbw1]

Another consideration is the rating of the two companies. Check both A.M. Best ratings. You want an A rated company. Lower rated companies tend to be cheaper.

 

[fwebster]

Survey is going to run you somewhere between $75.00 and $100.00 per foot. I have just paid for two servey’s over the past 4 months.

If you were charged $100/ft for a survey, somebody saw you coming. Typical C&V surveys should be $18-$25 per foot....insurance surveys are typically a bit less.

 

[MonacoMike]

If you were charged $100/ft for a survey, somebody saw you coming. Typical C&V surveys should be $18-$25 per foot....insurance surveys are typically a bit less.

Yes, this is true.

MM

 

[WV 320 Dancer]

Sorry bad math you are correct it was $25.00 per foot LOL!! I paid $850.00 and $1050.00 for the two surveys. That is what I get for doing the math in my head after two Jack Daniels Single Barrel’s.

 

[MonacoMike]

Jim, be certain it is a yacht policy and not a boat policy.

MM