Off Topic Boat Insurance

Duck Soup

Duck Soup

Well-Known Member
R.O.C. (Radio Operator's Certificate)
Looking for some advice or a recommendation. Just received by Boat Insurance Renewal and my premium has been increased by 25%. I've never ever had a claim and am not impressed. The risk of ever making a claim is low but I'm still not comfortable not having insurance.
 
That's ridiculous 25% increase, I got the same treatment from State Farm so started looking around and ended up with PC Insurance. I saved a ton not only on the boat but the auto and house as well. In total I saved $560 and got better coverage to boot. I was with State Farm for like 45 years and they said we can't match PC so I said "see you later." It pays to shop around these days regardless of what it is you need. Good luck with whoever you end up signing with. (y)
 
My 18' Starcraft super fisherman is $300/yr valued at $8000
My 28' chaparral twin engine cruiser is quoted at $480/year valued at $26,000
Both with State Farm who was just purchased by dejardin
 
Wow guys that's crazy. I'm 23 years old. My boat I have insured for $10,000 and I pay $150/year through my house insurance. I can't believe the price you pay Springer Hill
 
Wave Runner said:
That's ridiculous 25% increase, I got the same treatment from State Farm so started looking around and ended up with PC Insurance. I saved a ton not only on the boat but the auto and house as well. In total I saved $560 and got better coverage to boot. I was with State Farm for like 45 years and they said we can't match PC so I said "see you later." It pays to shop around these days regardless of what it is you need. Good luck with whoever you end up signing with. (y)
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Yeah Bob,
Just annoying to do. I'd rather be fishing! Being responsible is too much like work.
Cheers, Arnie
 
Arnold I use Nauti Max Watercraft Insurance thru Aviva Elite Insurance Co. ( Used to be McMichael - Davis out of Oakville)
Works out to about $70 per month including tax on 34' steel boat.
 
I also use nauti max 55o a year for a 2016 16 ft smokercraft they claim even if in 5 years it gets stolen i get original full price of boat
 
I pay around $600 for my 2011 Lund 1775. It is a separate policy on it's own and not through my house policy. I had originally tried to go under my house policy but the broker rep I have when I had bought the boat was having too much trouble finding out how to classify the boat. She was asking me questions I would not know yet like "how fast will the boat go" and I tried to tell her I did not own it yet so I could not answer that and other odd questions like "what colour of shirt are you going to wear when you catch your first fish?"- it was not that bad but I could not deal with her so I went online and bought it through Cowan without having to talk to a human and it has a decent policy and coverage. Insurance is something you likely do not claim for but if a claim comes up, you want it handled professionally and fairly, I have heard some horror stories about people making claims and then the weasel clauses come up and claims are denied. A bit more for quality is worth it but a 25% jump is highway robbery. The problem is when you never have a claim they tell you that you are due to have one and that is why they justify it. I would shop around and allow you to have the time and peace of mind on the water :)
 
...I'm with NautiMax (Aviva) as well...Because the boat was old when I bought it, I had to have a marine survey but now pay about $450. on a $9000 valuation. My house insurance wouldn't insure it because they said it was too big..(24').
 
Also with NautiMax, Have the boat valued at 80k, has a 20yr from new replacement price of 80k. 5k replacement for any fishing gear on the boat, $7500 for electronics on the boat. Costs me $750/yr. I also have the option of using it during dec-mar which most companies do not even allow. Costs me an extra $30/month for the months I choose which is just Dec as that's when we head to Quintee for the big girls!
 
Hi Arnie- I am currently with Portside Marine Insurance Brokers Inc. out of Ottawa On. The Insurance Co. they deal with is with Travellers Ins. which was The Dominion Insurance Co. of Can. Ltd. I have complete coverage on my Tyee\ Trailer\ Tackle Ect.... If you would like me to P.M. you info. or call me on my Cell # I can help you! Thanks Walleyeman. P.S.- If you would like my Cell# I will P.M. you!
 
walleyeman said:
Hi Arnie- I am currently with Portside Marine Insurance Brokers Inc. out of Ottawa On. The Insurance Co. they deal with is with Travellers Ins. which was The Dominion Insurance Co. of Can. Ltd. I have complete coverage on my Tyee\ Trailer\ Tackle Ect.... If you would like me to P.M. you info. or call me on my Cell # I can help you! Thanks Walleyeman. P.S.- If you would like my Cell# I will P.M. you!
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Hi Gary,
Thanks. Can't believe the response and support I'm getting on this subject. I guess it's near and dear to all of us. I hope to have it sorted out by tomorrow. Learning a lot while I'm into this stuff as well. Never realized Marine Insurance could get so complicated.
 
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just make sure you read the policy. Many have exclusions such as between November and April limited or no coverage; winterisation clauses (do it yourself and some claims (such as ice caused damage to lines, motors etc) may not be covered), and rapid depreciation schedules. That's why there are so many pages You can't compare just price. I use Pacific Marine as the underwriter through a broker, who happens to own a boat.
 
If you belong to a credit union, you can call CUMIS for a quote. I pay $550 a year with a 35k valuation including kicker and electronics. There is no layup period, I can fish all winter. My home policy will cover up to 20k for "sporting equipment" and they specify that fishing tackle is included. Home and auto policy are also with CUMIS. I had to deal with them on a claim last fall when some dummy rear ended me at a stop light and wrote off my SUV. They where excellent to deal with, payed out quickly, and they value my vehicle so reasonably that I didn't even bargain with them. Something to consider.
 
I am insured with Chubb Insurance for my 2018 Lund. They offer a valued coverage so whatever I insure the boat for they pay that amount in the event of a total loss. Most insurance companies including Aviva Nautimax will apply depreciation on the insured boat value. Also check your layup conditions on the policy. Most policies won’t offer coverage from November till April. My two cents
 
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