Boat Insurance?

todwod

New Member
Dec 8, 2013
67
Lake Erie
Boat Info
1987 Sea Ray Sundancer300
Engines
twin 260s
Just talked with my Homeowners/Auto agent about insurance for our boat. 1987 Sea Ray 300 Sundancer. They claim they can't insure the boat without a survey due to it's age. Does this sound correct to classic boat owners? Should we go directly to an agent that specializes in boat insurance? Plus what are your annual premiums running. We have friends that pay half of what we were quoted?
 
They claim they can't insure the boat without a survey due to it's age. Does this sound correct to classic boat owners?

Yes, that sound correct. I think anything over 10 years and most companies want a survey done.

Should we go directly to an agent that specializes in boat insurance?

I would say yes to that as well but your mileage may vary depending on your area and type of coverage you want/need.

Plus what are your annual premiums running. We have friends that pay half of what we were quoted?

Obviously this has many variable and since our boats are different, I have an entirely different boating season and area (Bahamas and offshore fishing), I don't think my payment is going to help you in anyway.
 
Geico does not require a survey, all they ask for are pictures to be emailed to them. They will specify what pics they would like to see and keep on record. No extra fees for coverage on the dinghy also! My 88 valued at 18K is just under $300 a year.


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Just talked with my Homeowners/Auto agent about insurance for our boat. 1987 Sea Ray 300 Sundancer. They claim they can't insure the boat without a survey due to it's age. Does this sound correct to classic boat owners? Should we go directly to an agent that specializes in boat insurance? Plus what are your annual premiums running. We have friends that pay half of what we were quoted?

Great Questions.

I am a big advocate of keeping my hobbies, especially one that has a great likelyhood of claims, separate from my home and means of getting to work. Using an independent marine specialty insurance company is a great idea and should not cost more. We have several old insurance threads with many names listed.

As for cost, there are so many factors that go into a quote it can be hard to compare between individual owners. What level of coverage do you need? What agreed value? Insuring a trailer too? Where will you boat? What months will you use it? Store it? How do you store? What electronics value? These and severa more all go into what it will cost for your personal insurance.

MM
 
Geico does not require a survey, all they ask for are pictures to be emailed to them. They will specify what pics they would like to see and keep on record. No extra fees for coverage on the dinghy also! My 88 valued at 18K is just under $300 a year.


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+1 ON THIS
they were by far the most reasonable we found
no survey
great coverage
and freeze insurance was only 25 bucks a year extra
and my 85 is insured @ 26.5k... near replacement value on a terminal failure
 
Geico does not require a survey, all they ask for are pictures to be emailed to them. They will specify what pics they would like to see and keep on record. No extra fees for coverage on the dinghy also! My 88 valued at 18K is just under $300 a year.


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+1 ON THIS
they were by far the most reasonable we found
no survey
great coverage
and freeze insurance was only 25 bucks a year extra
and my 85 is insured @ 26.5k... near replacement value on a terminal failure

The thing I worry about with these companies is claims payouts, as GFC documented recently, they know nothing about marine claims and payouts. They may even try to pretend it is "just like a car" in the claims process. it is one thing when their insured hits you, you have some leverage, but not so much if you are their insured.

MM
 
I would look into Global Marine Insurance Group. The will requirer a survey since the issue "agreed value" policies. I pay less than I did with State Farm and SF had a depreciated payout for a total loss. GMIG's agreed value pays me the same $$$$ 10 years from now as they do this year. No depreciation.


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Thank you. I will give them a call. I just did an online price request from BoatusQuote. They need one business day to reply. I will try the Geico though, certainly don't want to pay $500.00 plus for a survey just to get insurance.
 
Thank you. I will give them a call. I just did an online price request from BoatusQuote. They need one business day to reply. I will try the Geico though, certainly don't want to pay $500.00 plus for a survey just to get insurance.

Why do you think they require a survey? Just to stick it to you? No, they want to know the true condition of the vessel. I will be willing to bet that any company not requiring a survey will be the first to say and use the dreaded "prexisting condition" to reduce their payout in a claim.

MM
 
Why do you think they require a survey? Just to stick it to you? No, they want to know the true condition of the vessel. I will be willing to bet that any company not requiring a survey will be the first to say and use the dreaded "prexisting condition" to reduce their payout in a claim.

MM
Obama will take care of that next.
 
The survey can work to your advantage. Up here, any boat 25 years and older requires a mandatory survey for insurance purposed. The bare bones rate for a 25+ year old 23 foot boat was $350.00 per year based on year round moorage. I'm sure if these insurance companies offered insurance to older boats without a survey, the number of claims would go up and the rates would be astronomical. We only insure our boats for fire, theft, collision, and liability, and take a chance on the electronics not getting stolen. The rates for our 240 are just under $400.00 per year, with a $500.00 deductible. Trailer insurance is a seperate issue here. I'd say that's not bad considering what the payout would be in the event of a total loss or a mishap where injuries or worse were involved. IMHO $500 per year for a 30 foot boat seems to be in line, at least up here it does.
 
The thing I worry about with these companies is claims payouts, as GFC documented recently, they know nothing about marine claims and payouts. They may even try to pretend it is "just like a car" in the claims process. it is one thing when their insured hits you, you have some leverage, but not so much if you are their insured.

MM

Geico uses a marine insurance company, there are affiliated with Geico. For smaller boats, I believe under 26' it's Ski-Safe, 26 and over is SeaWorthy. Look at the issues some had with the big name insurance companies after Sandy...


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So you would recommend Geico or no? My experience with any insurance company is they are great! As long as you pay your premiums and never have a claim. One claim and your out or your rates go so high you look for another provider.
 
I have boaters choice. They were half boatus. They did ask for a survey but I already had that since I just purchased the boat. They also told me they wanted everything fixed that the surveyor marked including superficial scratches. I said ummmm no. I said I would fix all of the safety related issues and they agreed.
 
Check them out as a comparison to your other quotes. I would recommend them. I have been with Geico since 1994.


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NBOA.

went from around $1000 with boatus to $380 ish with nboa
 
You need to check the policy based on your area. I had Ski-Safe (Geico) and ended up switching to NBOA. The difference between policies was a 25% wind storm deductible, vs no deductible (NBOA). Without a change in premium, it was a no-brainer
 
Any claims with Geico?

MM

Only 2. Car was hit during the night out in front of the house, 2nd was our car was mistaken for the neighbors... All the windows were smashed out. Never received an increase and payments were made direct to the body shop.

Nothing boating related.


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I'm Insured with the Gowire Group in Westbrook,CT they specialize in yacht insurance. I think I pay less than $800 a year.




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