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Went through this with Pantaenius back in the spring.

FYI there's some good info in the thread about the finer points of some of the other providers.  We ended up going with Chubb because I didn't want to worry about being depreciated out of coverage for a non-total loss, and on the recommendation of my yard from having worked with various insurers; I had to get a new survey, but apart from that the quote was reasonable and the agent (Mark Gargula at Gowrie in Newport) was a pleasure to work with.  Geico's quote, interestingly, was actually higher than Chubb's, even though I got a lot of please-don't-use-Geicos from friends who've dealt with them on the claims side.

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On 8/11/2020 at 1:40 PM, ChrisJD said:

Went through this with Pantaenius back in the spring.

FYI there's some good info in the thread about the finer points of some of the other providers.  We ended up going with Chubb because I didn't want to worry about being depreciated out of coverage for a non-total loss, and on the recommendation of my yard from having worked with various insurers; I had to get a new survey, but apart from that the quote was reasonable and the agent (Mark Gargula at Gowrie in Newport) was a pleasure to work with.  Geico's quote, interestingly, was actually higher than Chubb's, even though I got a lot of please-don't-use-Geicos from friends who've dealt with them on the claims side.

I have to follow up on a quote from Mark about my cutter,  he’s a good guy to work with from a recommendation from WoodenBoat. Gowrie is a good choice for cruisers and one design sailors

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On 8/10/2020 at 11:41 PM, SurleySailor said:

Just found out that Pantaneus is exiting the US market and we need to find another insurer for our boat. Does anyone have any recommendations, we cruise LIS and race regularly. 

Do you go offshore? Bermuda?  If not Allstate, Progressive,  Geico are fine. 

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On 8/11/2020 at 1:22 PM, Commercial Boater said:

I got my insurance in MA through Geico, which does it with BoatUS. I got a good discount because I already use Geico for car insurance.

I dropped Boat/US and Geico because of depreciated claims.  Read the fine print.  20% of replacement costs on older boats does not work for me.  And they did the carrier change without notice.  Read the fine print.

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1 hour ago, sail69 said:

I dropped Boat/US and Geico because of depreciated claims.  Read the fine print.  20% of replacement costs on older boats does not work for me.  And they did the carrier change without notice.  Read the fine print.

I did read the fine print :) I only carry liability insurance as my boat is so small & cheap, and I am so young, that annual hull loss or replacement premiums are more than 25% of the boat's total value. Geico gave competitive coverage for the price (although it's always a question if they'll pay out, but I think all insurers try to shaft you this way) and they had already made the BoatUS switch by the time I got my policy. Reading the fine print is always good advice though!

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It seems that insuring a vessel in the US is different than elsewhere? It sound more like you are insuring a car. In Canada the constructive total loss value of the policy is based on the survey and valuation provided by an accredited marine surveyor...if he/she determines your boat is worth $XXXXX, then that's the hull and machinery value in your policy is and the premium is based on that sum. If damage is less than that, the amount is determined by an adjusting surveyor and repair quotes. Not sure how the liability premium is calculated but I'm pretty sure that its also some % rate of the total liability coverage. WTF is with the depreciation on older hulls? Surely the surveyor takes age under consideration in his valuation...

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54 minutes ago, Jim in Halifax said:

It seems that insuring a vessel in the US is different than elsewhere? It sound more like you are insuring a car. In Canada the constructive total loss value of the policy is based on the survey and valuation provided by an accredited marine surveyor...if he/she determines your boat is worth $XXXXX, then that's the hull and machinery value in your policy is and the premium is based on that sum. If damage is less than that, the amount is determined by an adjusting surveyor and repair quotes. Not sure how the liability premium is calculated but I'm pretty sure that its also some % rate of the total liability coverage. WTF is with the depreciation on older hulls? Surely the surveyor takes age under consideration in his valuation...

I'm far from an expert on insurance, much less the international insurance market, but I do know some things from recent experience and have several adjuster friends.

 

My understanding is that, unlike car insurance where the massive market and high rate of owning insurance (200+ million cars in the US) means companies can make good profits on small margins, there are far fewer private boats than cars in the US and a much lower proportion carry insurance. As a result many boat companies don't care about old, relatively inexpensive boats (particularly sailboats which are generally cheaper than powerboats) because they make most of their money on insuring new or nearly new boats, or on commercial policies for working vessels. Companies' valuation algorithms are built to minimize losses insuring old, highly depreciated boats through providing tiny "actual cash value" (what a euphemism!) estimates which can differ hugely from purchase price or surveyed values. If you'd rather provide your own survey and name an "agreed-upon value", they're more than happy to triple your premium as a result. See the recent Pantaenius move to drop coverage of old boats, and Geico cutting its maritime insurance for BoatUS instead, as examples of how these economics play out.

 

Specific to my case, since I'm an unmarried 24 y.o. man, my premiums are based more on my demographic risk of fucking up than the actual value of my Catalina 22. I was quoted $1,200 a year for replacement coverage based on "actual cash value" and refused coverage on an "agreed-upon value" basis. My liability policy premium is about one tenth of my quoted replacement policy premiums. This is despite my owning 2 boats, having more than 4000 hours at sea, having every credential short of a Captain's license, and having verifiably worked on boats for at least 1 decade!

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  • 10 months later...

Many boats are insured.  I think that there are also places where you can even sail on it without insurance. The insurance of a boat is not so expensive how people imagine it. Before buying my first boat, I thought that I would need t pay a huge amount of money just for the insurance, but I was ready for this because I always wanted to have my own boat. I read on moneyexpert.com about boat insurance and was shocked by how cheap it is. In my opinion, three thousand dollars a year for a boat's insurance is an excellent price.

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10 hours ago, Jobowerman said:

 In my opinion, three thousand dollars a year for a boat's insurance is an excellent price.

!!!!!!!!!!!
 

What model boat & how old sailed where by whom?

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