insurance quote need help

[out-n-aboat]

I let my insurance lapse last year and now I am renewing it and they want a survey done. The quote for the insurance was good 516.00 (St. Paul) but the survey is what is bothering me. ($250-$500) I called around and there are companies that dont require a survey but the lowest price I got was 900.00. Any ideas?

 

[comsnark]

Gotta check. . I think St. Paul is who I have as well.

I think it is a simple economic decision: $500/yr + $500 survey or $900/yr. Or you can gamble. . Personally, I would not run a power boat today without liability insurance, even with a hull value of "zero".

What companies have you been talking to that offer insurance without survey? I personally never came across any. I think Rod (Rcknect) once said he had insurance without survey.

 

[Groucho]

Survey is normal for that age boat to get new coverage. This is why thier rates may be lower than another company who would take boats that may have "issues" and therfore pay more claims because of it.

 

[Capt Bob F]

Try this one. United Marine Underwriters at http://www.unitedmarine.net/quote.asp

They use ACE American Ins.

 

[compensation]

If you can get a survey that is acceptable to the insurer for $250, you are ahead of the game in year one (assuming there are no issues). Don'f forget that the $900 policy is $900 or more per year - every year. The cost of the survey and required repairs is a one-time deal.

Of course, you should assess the condition of the boat in making this descision. If you have the survey, you may be required to make costly repairs.

 

[Daniel P Thomas]

As Capt Bob F. said.
Check with Ace American Insurance
They did not require a new survey from me this year.

Went through
Global Marine Insurance Agency
Pam Stanley
Traverse City, MI
800-748-0224
pam.stanley@globalmarineinsurance.com

Great People to deal with.
Everything over the phone and e-mail.

Dan

 

[skibum]

Get the $900 policy now and in 3 months call the company with the better rate back and tell them that you are interested in switching carriers on your currently insured boat. Once you switch policies, the first company will refund the unused portion of any premiums paid.

 

[comsnark]

Oh hey. . . I did the switch carrier trick in my first year. The second (lower priced) carrier still required a survey. . but because the purchase survey on my boat was less than 12 monthes old, they accepted that survey for the policy.

 

[out-n-aboat]

As Capt Bob F. said.
Check with Ace American Insurance
They did not require a new survey from me this year.

Went through
Global Marine Insurance Agency
Pam Stanley
Traverse City, MI
800-748-0224
pam.stanley@globalmarineinsurance.com

Great People to deal with.
Everything over the phone and e-mail.

Dan

I called them on your advice and was pleased. They have an aggresive quote, compareable to St. Paul. They do want a survey. I found a surveyeur who wants 12.00 per foot. Does not seem so bad. My boat is sound, so I am not concerned about costly repairs. If he does find something I rather now no that on the water.

 

[out-n-aboat]

Gotta check. . I think St. Paul is who I have as well.

I think it is a simple economic decision: $500/yr + $500 survey or $900/yr. Or you can gamble. . Personally, I would not run a power boat today without liability insurance, even with a hull value of "zero".

What companies have you been talking to that offer insurance without survey? I personally never came across any. I think Rod (Rcknect) once said he had insurance without survey.

Its the age of the boat. Yours is 5 years younger than mine. Just wait!

 

[tobnpr]

Get the $900 policy now and in 3 months call the company with the better rate back and tell them that you are interested in switching carriers on your currently insured boat. Once you switch policies, the first company will refund the unused portion of any premiums paid.

How's that going to eliminate the need for a survey?

They don't care about having current insurance in force with another carrier. Most likely, you're still going to need the survey, unless you've had one done recently- most require a survey no more than 3 years old.

 

[out-n-aboat]

How's that going to eliminate the need for a survey?

They don't care about having current insurance in force with another carrier. Most likely, you're still going to need the survey, unless you've had one done recently- most require a survey no more than 3 years old.

I checked your yacht world add. You have some nice upgrades, and one clean boat.

 

[RichG]

I agree with Daniel P. I just purchased a 240 Sundancer last week and insured through Global Marine - underwritten by ACE. No survey required, competitive rate and easy to work with over the phone. Good Luck!

 

[tobnpr]

I agree with Daniel P. I just purchased a 240 Sundancer last week and insured through Global Marine - underwritten by ACE. No survey required, competitive rate and easy to work with over the phone. Good Luck!

You were not required to have a survey because you have a four year old boat.

The industry "standard" is any boat 10 years old, or older, requires a "current" survey- meaning no more than two or three years old. Even staying with the same carrier, most will require a new survey every few years to retain your coverage.

 

[tobnpr]

I checked your yacht world add. You have some nice upgrades, and one clean boat.

Thanks very much.
Be sure to check the coverage forms before you decide. Ask the agents to fax you the respective coverage forms from their carriers so that you can review them. Read first- unlike typical auto and homeowner's policies, there is no "standard". The different quotes may be apples and oranges. Pay particular attention to "causes of loss" and "exclusions" in each form.

Good luck.