Boat Insurance

[LTD.330]

Just received my annual boat insurance bill over the weekend and it is over 25% more than last year. My credit is outstanding and nobody in the fam has had any moving violations in over three years.

Any recommendations for boat insurers?

 

[Chris-380]

I use Chubb, 1/2 most other quotes

 

[Soulshine]

I’m guessing you’re using Geico/BoatUS like me.

Chris...does Chubb require a survey?

 

[Blueone]

NBOA on Great lakes

 

[Chris-380]

I’m guessing you’re using Geico/BoatUS like me.

Chris...does Chubb require a survey?

i had one because I had just bought the boat. If I got a survey every year, I would save money including that in the cost of most of my estimates

 

[firecadet613]

Call Charter Lakes out of Michigan. They are a broker of many companies and NBOA and Boat US aren't in the ballpark.

 

[bbwhitejr]

NBOA +1

Bennett

 

[J.Wilt]

Call Global Marine Insurance in Traverse City, MI

 

[JimT]

NBOA

 

[RBB]

NBOA

 

[northern]

Ours went up 20%
This is explanation I got. I have no idea if it is correct.
Insurance carriers are like a 55 gallon barrel charging to put in your used oil. When the barrel is empty, they charge you 1 cent to put in a gallon. When the Barrel is 85% full, they charge you $1. That is every yacht carrier’s current dilemma, and thus premiums for everyone are going up.

 

[bobeast]

I'm thinking insurance prices are very region specific. I've had Geico out here on the left coast for a few years, and mine actually went down last year.

 

[Groucho]

I'm thinking insurance prices are very region specific. I've had Geico out here on the left coast for a few years, and mine actually went down last year.

That is true. Especially if you are in a coastal area. Insurers go by zip code and proximity to tidal/ocean areas.

 

[Three Seasons]

NBOA -12 Years - one claim for lightning strike in marina - Awesome service

 

[LTD.330]

All of the responses are appreciated, here is where I'm at.

Still waiting on Chubb and Charter Lakes to provide quotes.

Global Marine rejected me flat out because the boat is over 20 years old. I'm wondering if the boat's age is part of the problem?

NBOA quoted a decent price with Progressive as the underwriter, that is no go.

BoatUS/Geico is comparable to my existing policy.

 

[All's Well]

Same issue here - mine is set to renew soon with a 30% hike. I'm going to shop as well. I've never had a claim

 

[Soulshine]

Geico has told me for two years running that my premium keeps going up due to high claim activity in my area.

WTF this has to do with me is a mystery. I’ve never filled a claim.

 

[JimT]

My premium has gone up 2-3% each year over the past 7 years with NBOA. Inland lake limitation. When I take the boat to the coast the endorsement is around $100. A few years ago I was following the transporter to Charleston when I realized I hadn't added the offshore endorsement. I called my lady at NBOA and she added the coverage before we splashed.

 

[Chip S]

NBOA quoted a decent price with Progressive as the underwriter, that is no go.

Why is this a no go? My last boat was a 1971 and Progressive was the only insurance company that was willing to insure it because of its age. Eight years later a submerged tree that was in the river totaled it when it was at the dock. Progressive paid the agreed value on the policy with very little hassle. I'm very happy with Progressive and still use them.

 

[LTD.330]

Why is this a no go? My last boat was a 1971 and Progressive was the only insurance company that was willing to insure it because of its age. Eight years later a submerged tree that was in the river totaled it when it was at the dock. Progressive paid the agreed value on the policy with very little hassle. I'm very happy with Progressive and still use them.

I have two friends who filed auto claims with Progressive and they both said they were a PITA to deal with. The most recent claim was in 2015 so who knows.