Misleading Insurance

[Sabino]

I hear that having proof of sailing experience, in the form of having held title to a boat for a few years, can help get lower insurance rates?

If true, would it be worth it to buy a $2000 wreck two years in advance of my trip to ensure I get a good policy?

[George_SD]

I would rather spend it on good courses and then get a lot of sailing time crewing on boats where you can learn a lot.

[SailingHarmonie]

At least in the USA all insurance is sold under “warranty.” The policy is sold to you on the assumption that EVERYTHING you put down in the application is true, and remains true for the length of the term of coverage. You “warranty” it as a condition of coverage.

In the event of a significant claim you can be 100% sure that somebody will review that data. If any misrepresentations by you are found, the policy is retroactively cancelled and your claim is denied. No matter if they relate to the claim or not. That would be bad if it was a claim for significant hull damage, and REALLY bad if it was a major liability claim.

What you are suggesting is quite simply insurance fraud.

[Statistical]

Insurance companies don't care what you state. Getting a policy just means you get to pay them. They care what you state and if it is truthful when you have a claim.

They best way to get experience is to get experience. Keep a log book. One having more experience means you are less likely to destroy your boat. Two it is less likely the insurance company will deny a claim if you have one. Three it is less likely the insurance company will refer the case to law enforcment for insurance fraud.

Also simply having "a boat" isn't really what insurance companies are looking for. They are looking for ideally a comparable boat or something close to. If you are trying to insure a 60 foot $2M sailing yacht then previously owning and operating a 42 foot sailing yacht for six years would be worth a lot more than owning and operating a 14 foot dinghy for 20 years.

[Mike OReilly]

Originally Posted by Sabino

I hear that having proof of sailing experience, in the form of having held title to a boat for a few years, can help get lower insurance rates?

My past sailing experience has never mattered when it came to my insurance rates. No benefit to having taken formal courses, no benefit for having owned a boat for decades. Nothing. I've never had an insurance broker or underwriter even ask.

I suspect the only time past experience would matter is if I made a claim, in which case the rate would undoubtedly go up.

[boatpoker]

Originally Posted by Mike OReilly

My past sailing experience has never mattered when it came to my insurance rates. No benefit to having taken formal courses, no benefit for having owned a boat for decades. Nothing. I've never had an insurance broker or underwriter even ask.

I suspect the only time past experience would matter is if I made a claim, in which case the rate would undoubtedly go up.

Most underwriters have discounts available for Masters Tickets, Watch Keeping certificates (includes navigation, RADAR ARPA MARPA certificates).

It ain't much but the 5% is better off in my pocket than theirs.

[Mike OReilly]

Originally Posted by boatpoker

Most underwriters have discounts available for Masters Tickets, Watch Keeping certificates (includes navigation, RADAR ARPA MARPA certificates).

It ain't much but the 5% is better off in my pocket than theirs.

The brokers I've specifically asked about this always tell me there is nothing. Maybe I'm dealing with the wrong brokers.

[Tin Tin]

Being a smarty with insurance rarely pays dividends. And there will always be the niggle in your mind that you were not straight with them and that your cover may be worthless.

[MicHughV]

I can assure you that Insurance companies have seen and heard it all. Before they will pay on a claim, they will leave no stone unturned to inspect the validity of the claim.

[GreenWave]

Originally Posted by Mike OReilly

My past sailing experience has never mattered when it came to my insurance rates. No benefit to having taken formal courses, no benefit for having owned a boat for decades. Nothing. I've never had an insurance broker or underwriter even ask.

I suspect the only time past experience would matter is if I made a claim, in which case the rate would undoubtedly go up.

I would say you haven’t talked to the right brokers or carriers.

[Sabino]

Originally Posted by Mike OReilly

My past sailing experience has never mattered when it came to my insurance rates. No benefit to having taken formal courses, no benefit for having owned a boat for decades. Nothing. I've never had an insurance broker or underwriter even ask.

I suspect the only time past experience would matter is if I made a claim, in which case the rate would undoubtedly go up.

The specific request I saw from one provider is to show title to a sailing vessel of similar length for multiple years. This is what that group seems to be using as a verifiable proxy for experience.

Probably a silly trade off to reduce a monthly policy a bit when it might cost you the whole boat if they deny coverage when it is needed.

[Mike OReilly]

Maybe it's the brokers I've dealt with, or perhaps it's a Canadian thing, but whenever I've inquired about whether were any discounts for experience, I have been told there is nothing. I have a number of certifications and course achievements, but no broker or underwriter seemed to care.

Not saying it doesn't happen. Just my experience with Canadian brokers.

[boatpoker]

Originally Posted by Mike OReilly

Maybe it's the brokers I've dealt with, or perhaps it's a Canadian thing, but whenever I've inquired about whether were any discounts for experience, I have been told there is nothing. I have a number of certifications and course achievements, but no broker or underwriter seemed to care.

Not saying it doesn't happen. Just my experience with Canadian brokers.

I've gotten a 5% discount from all 4 (I think I've dealt with 4) brokers I've dealt with over the years, all in Ontario

[Tortuga's Lie]

Originally Posted by Mike OReilly

Maybe it's the brokers I've dealt with, or perhaps it's a Canadian thing, but whenever I've inquired about whether were any discounts for experience, I have been told there is nothing. I have a number of certifications and course achievements, but no broker or underwriter seemed to care.

Not saying it doesn't happen. Just my experience with Canadian brokers.

I've gotten discounts from several insurance companies for my training and experience and it seems that all of the insurance brokers asked specifically about both credentials and experience.
Maybe the rates in Canada are already lower thus negating the need for a discount???

[Mike OReilly]

Originally Posted by boatpoker

I've gotten a 5% discount from all 4 (I think I've dealt with 4) brokers I've dealt with over the years, all in Ontario

Name them please. That would help everyone.

When I dealt with Robertson & Robertson, and then the ones that bought them out (forget their names ... can look it up), I was specifically told no. Same with Fairway Insurance in Nova Scotia. I haven't asked my current broker because I didn't think there was any point. I'll do it at the next renewal.