Types of Insurance and Costs

[Dave22q]

Originally Posted by barnakiel

I was requested 5% - on the value as set by the insurer. I rejected their kind offer. I simply do not think one in twenty boats sink a year.

Cheers,
b.

You are absolutely right about sinkings. However, given marine pricing it is not unusual for a minor incident to cost 5 or even 10% of a less expensive hull value. I suspect that is why the higher the hull value the lower the insurance premium measures as a percentage. On any boat it is easy to have a several thousand dollar repair.

[ranger58sb]

FWIW, our full coverage insurance is ~.006% of agreed hull value, with deductible set at 2% of agreed hull value. New Hampshire, through IMIS.

-Chris