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Old 02-05-2011, 16:58   #1
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Where Can I Find Affordable Insurance ?

Ready to buy the 32' Ericson. Had the survey done last week and seller is repairing all the items that the surveyor said needed repaired.

I called:
1) Company A and emailed them over the survey. Their quote was around $1200 per year with $23k boat coverage $300k liability and towing. Awaiting their underwriter to approve.
2) Company B (Progressive) and the wanted $2300 per year.
3) Company C and I just about fell out of my chair when the girl quoted me $665 per year with the same $23k and $300 k liability. She then called me back and said that their carrier only convers boats up to 32 feet and ours is 32.5 feet. Darn!
4) I went on Boat US' site and gave my info and awaiting their quote.

I am confused. Why the huge difference in price? I am looking for insurance and do not want to keep giving my SS#.

Can anyone here refer me to a company that can do this?
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Old 02-05-2011, 17:07   #2
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Re: Where can I find affordable Insurance?

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Originally Posted by Skabeeb View Post
She then called me back and said that their carrier only convers boats up to 32 feet and ours is 32.5 feet. Darn!
You'd better call her back. That boat is only 31.58' lOA.

ERICSON 32-2 Sailboat details on sailboatdata.com
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Old 02-05-2011, 17:25   #3
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Re: Where can I find affordable Insurance?

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You'd better call her back. That boat is only 31.58' lOA.

ERICSON 32-2 Sailboat details on sailboatdata.com
Thanks bash but this is a 32-200 not the 32-2.
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Old 03-05-2011, 05:31   #4
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Re: Where can I find affordable Insurance?

Have you contacted CF member, TabbyCat?
Cruisers & Sailing Forums - View Profile: TabbyCat
Susan Ratrie
International Marine Insurance Services (IMIS)
If you'd like a quote, send her a PM or e-mail to sailor@tabbycat.us
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Old 03-05-2011, 07:01   #5
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Re: Where can I find affordable Insurance?

Quote:
Originally Posted by GordMay View Post
Have you contacted CF member, TabbyCat?
Cruisers & Sailing Forums - View Profile: TabbyCat
Susan Ratrie
International Marine Insurance Services (IMIS)
If you'd like a quote, send her a PM or e-mail to sailor@tabbycat.us
Thanks GordMay, email sent.
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Old 03-05-2011, 08:14   #6
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Re: Where can I find affordable Insurance?

We are in the Virgin Islands and use Offshore Risk Management. They had the best rates and paid out quickly when Otto took our boat.
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Old 03-05-2011, 09:12   #7
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Re: Where can I find affordable Insurance?

We, and many friends have had a lot of luck with Nationwide. Your local agent should be able to help. We've had a good claims experience with them, as have several of our friends (one was sunk in Ike, another damaged by a marina fire).
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Old 05-05-2011, 15:35   #8
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Re: Where Can I Find Affordable Insurance ?

Quote:
Originally Posted by Skabeeb View Post
Ready to buy the 32' Ericson. Had the survey done last week and seller is repairing all the items that the surveyor said needed repaired.

I called:
1) Company A and emailed them over the survey. Their quote was around $1200 per year with $23k boat coverage $300k liability and towing. Awaiting their underwriter to approve.
2) Company B (Progressive) and the wanted $2300 per year.
3) Company C and I just about fell out of my chair when the girl quoted me $665 per year with the same $23k and $300 k liability. She then called me back and said that their carrier only convers boats up to 32 feet and ours is 32.5 feet. Darn!
4) I went on Boat US' site and gave my info and awaiting their quote.

I am confused. Why the huge difference in price? I am looking for insurance and do not want to keep giving my SS#.

Can anyone here refer me to a company that can do this?

Wow it must have something to do with your cruising area. I paid about $750 per year for my Ericson 38 on the Chesapeake with 300k liability and 80k Agreed Value. When I last shopped it no one could get close to Boat US, but like I said thats for the Chesapeake Bay
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Old 05-05-2011, 15:39   #9
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Named storms and wind damage

Make sure the policies these companies are quoting include named stormed and wind damage. When I was looking, I found some very affordable rates, but with those two big loopholes, which essentially leave you with zero coverage in a hurricane.
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Old 05-05-2011, 17:57   #10
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Re: Where Can I Find Affordable Insurance ?

Do you need to cover the hull? If not get liability only very inexpensive and usually will cover u in case of a fuel spill.
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Old 05-05-2011, 17:58   #11
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Re: Where Can I Find Affordable Insurance ?

skabeeb, one of the things you will find out about IMIS is that they aren't shy about pointing out differences in policies. Sometimes, they can't compete with price. Many other times, they'll be able to show you specific differences and gaps in coverage.

You really want to see an actual policy when comparing insurances, and (surprise!) the insurers never want to send one out until after you've contracted with them.

Policies may vary in terms of replacement value versus depreciated value versus agreed or named value. In terms of environmental damage coverage, wreck removal fees, exclusions, sailing areas...The quote you get up front is pretty much like putting an ad in the paper "Wanted, spouse, age 32, brown hair, brown eyes". You could get three dozen replies that all meet the criteria--but do you think you'd want to marry one with just that information? <G>
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