Boat Insurance in NC

[Iain]

I just got a quote from Boat US of $785/yr.
This premium covers 75K hull Value, Liability, Fuel spill's etc...
I am limited to NC waters but can purchase a rider for $39 for 15 day periods to travel outside my area.

Is this a reasonable quote?
Should I be shopping around?
If so, What are some reputable insurance companys to get quotes from?

Boat is a 35' Sloop 25yrs old.

oh and on a side note Boat US quoted me at $1,084, I asked to speak with the underwriiter.they stated they had made a mistake and quoted me 2K. then offered me this different policy at 785.....

[Cotemar]

Iain,

Get a quote from IMIS. They may give you a bigger area. I have them and my premium actually went down this year.

International Marine Ins. Services
110 Channel Marker Way
Suite 200
Grasonville, MD 21638
Fax: 443-926-0580
Voicemail/Skype in: 443-569-3711

[MarkSF]

Have you got a quote from State Farm? Premium was about $400 for roughly the same coverage.

[Iain]

I have not, I will check with them. thanks

[Iain]

Did you get full coverage from State Farm? They stated they would give only liability coverage...

[MarkSF]

Originally Posted by Iain

Did you get full coverage from State Farm? They stated they would give only liability coverage...

Yes, it was full coverage.

[teejayevans]

Originally Posted by MarkSF

Yes, it was full coverage.

Not quite, unless they've changed underwriting in past 2 years, they don't cover spills, and a few other normal marine type coverage items, it's the boat and only the boat. Not really a deal breaker but you should know what you're buying.
Tom

[cheoah]

Try Allstate. That Boat US figure does not sound out of line. Policies I've had cover ME to GA, never even had one offered for just my state. I did buy a rider for FL once, and happened to take a left coming St Marys inlet for fuel. Coming off the dock, I had no steerageway going down current to a big sportfisher --hard reverse-- almost nailed it. Spent less than an hour in FL and almost had to file a claim on the rider

My last policy was with NMU, and was much more expensive than the current one with Allstate AND my new boat is worth 3 times as much. I cannot see a difference in actual coverage, but you hear people say that marine insurance adjusters know their business and that's the impetus to buy a policy from a marine insurance company. At $400 annual savings, thats $2k every 5 years so I have found it hard to resist. Hope I don't get burned.... The bank owns the boat, and while I'm ultimately liable, they'd at least have a dog in the fight.

Good luck-

Chase

[MarkSF]

Originally Posted by teejayevans

Not quite, unless they've changed underwriting in past 2 years, they don't cover spills, and a few other normal marine type coverage items, it's the boat and only the boat. Not really a deal breaker but you should know what you're buying.
Tom

What are the other normal marine coverages they don't include?

[clsailor]

I have BoatUS Insurance. In 2002 I installed a remote oil filter unit on my Westerbeke 4-108. Unknown to me was that the supply and return lines had been reversed. Engine froze up very shortly. BoatUS covered this repair with a long block replacement that they guaranteed as long as I let them purchase it where they wanted to. Price of this replacement was a little over 6,000.00. In 2003 we left to head south. A little north of Charleston, SC our engine started acting really bad. We made it into Isle of Palms Marina. Engine had a broken crankshaft. BoatUS Insurance paid us to be at this marina for 3 months then towed us to Charleston Boatyard for a new engine replacement. This bill was over 14,000. not including the cost of the marina bills or towing. BoatUS may be a little higher in the fees but there service is unparalleled.

[teejayevans]

Originally Posted by MarkSF

What are the other normal marine coverages they don't include?

IIRC, they don't cover longshore workers comp, fuel liability, uninsured boater, investigative services, and possibly personal effects. Also I think Boat US policy won't limit you to NC waters, I think they just write the policy for the entire mid-atlantic region, including offshore up to 75 miles, so you don't need a rider. You won't need a rider to go to Cape Lookout for example, which you should because it's one of the best places in NC to cruise.

Also BoatUS reputation is excellent, as already noted above.
Tom

[cheoah]

clsailor, It never occurred to me that they would pay for engine failure! You got your moneys worth from your policy, for sure. I am surprised and pleased they did not drop you; in the auto insurance industry they often drop you when the amount you claim exceeds the amount you have paid in over time. Have others here had insurance pay for engines, blisters, transmissions, etc??? This is the first I have ever heard of this.

Chase

[witzgall]

The below statement is untrue.

We currently have coverage from BoatUS, for the Pamlico Sound and tributaries only. The demarcation line in Beaufort is the RT 70 bridge. If you go further than that, for example to Beaufort proper, or Point Lookout, you need to add a rider to be covered, if you get this coverage. They offered several areas for us to choose from, so just be sure where you are and where you are covered.

Chris

Originally Posted by teejayevans

Also I think Boat US policy won't limit you to NC waters, I think they just write the policy for the entire mid-atlantic region, including offshore up to 75 miles, so you don't need a rider. ...

Also BoatUS reputation is excellent, as already noted above.
Tom

[teejayevans]

Originally Posted by witzgall

The below statement is untrue.

We currently have coverage from BoatUS, for the Pamlico Sound and tributaries only. The demarcation line in Beaufort is the RT 70 bridge. If you go further than that, for example to Beaufort proper, or Point Lookout, you need to add a rider to be covered, if you get this coverage. They offered several areas for us to choose from, so just be sure where you are and where you are covered.

Chris

I didn't think about an inland waters only policy...gotta know what your buying.
Tom

[cheoah]

Originally Posted by witzgall

The below statement is untrue.

We currently have coverage from BoatUS, for the Pamlico Sound and tributaries only. The demarcation line in Beaufort is the RT 70 bridge. If you go further than that, for example to Beaufort proper, or Point Lookout, you need to add a rider to be covered, if you get this coverage. They offered several areas for us to choose from, so just be sure where you are and where you are covered.

Chris

Really??? I'm very curious how much one saves annually with a policy like this? I mean, if you only sailed to Cape Lookout twice a year, is it significantly more affordable to go with a rider over a more expanded policy? Not trying to pry into you insurance business, just generally speaking. So Little Washington, Swansboro, Manteo, Ocracoke, New Bern, Bay River, and down to Morehead City? That's lots of paradise for sure, but Cape Lookout is where all my adventures usually begin and where I can see my bottom well enough to clean it, change zincs,etc.