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17-05-2017, 07:29
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#1
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Boat insurance survey
Boat insurance questions come up often here. But the industry seems like such a black box of information. In an effort to shine some light on things I’ve set up a simple survey to find out what people are actually paying, based on location and type of coverage.
It’s simple (very short) survey via Survey Monkey on boat insurance. The data is completely anonymous (not even I can see who the respondents are). The aim is to find out what general types of insurance people have, what people are paying, and whether you are happy with your current provider/broker.
I will report the results back here so we can all benefit.
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17-05-2017, 07:43
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#2
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Registered User
Join Date: Feb 2015
Location: Poulsbo
Boat: Chris White Voyager 48
Posts: 665
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Re: Boat insurance survey
OK, Mike, I'm done. It will be interesting to see how this shakes out.
Cheers,
__________________
Joe & Sue
S/V Presto
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17-05-2017, 08:24
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#3
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Re: Boat insurance survey
Great. Thanks jdazey. I’ll let it run for a few days before compiling the results. The numbers are rising well so far. Keep them coming folks!
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17-05-2017, 09:32
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#4
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Senior Cruiser
Join Date: Oct 2007
Location: 29° 49.16’ N 82° 25.82’ W
Boat: Pearson 422
Posts: 16,306
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Re: Boat insurance survey
Hi Mike,
Very interested in the results. I recently switched to liability only when Boat US rates increase in the last nine years from $1700 to $2500 to $5700/year for hull insurance. That is with never a claim and with major upgrades to all boat systems, rigging, bilge pumps, etc. I make the boat safer and my rates went up.
The big jump came last year after they were acquired by Geico if I recall. Stupid lizard.
Hope for some good information as I'm in the market for a new insurance company.
__________________
The water is always bluer on the other side of the ocean.
Sometimes it's necessary to state the obvious for the benefit of the oblivious.
Rust is the poor man's Loctite.
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17-05-2017, 10:16
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#5
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Registered User
Join Date: Sep 2015
Location: Out of Norfolk Va
Boat: Tartan 37
Posts: 687
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Re: Boat insurance survey
Done interested in results.
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17-05-2017, 10:30
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#6
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Registered User
Join Date: Apr 2017
Location: Maryland - USA
Boat: Cutter-Rigged Pearson 39
Posts: 52
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Re: Boat insurance survey
Also interested in results--done.
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17-05-2017, 12:15
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#7
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Re: Boat insurance survey
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17-05-2017, 12:52
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#8
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Registered User
Join Date: Apr 2016
Location: Nola
Boat: 97 Hunter 430 43 ft.
Posts: 369
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Re: Boat insurance survey
Quote:
Originally Posted by skipmac
Hi Mike,
Very interested in the results. I recently switched to liability only when Boat US rates increase in the last nine years from $1700 to $2500 to $5700/year for hull insurance. That is with never a claim and with major upgrades to all boat systems, rigging, bilge pumps, etc. I make the boat safer and my rates went up.
The big jump came last year after they were acquired by Geico if I recall. Stupid lizard.
Hope for some good information as I'm in the market for a new insurance company.
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I was shopping and noticed a huge increase as well. I had to go to an international policy as a liveabord and had a quote last year for $1200, but liveaboard voided it, so I bought a policy for 1800 from Lloyds (actually has better coverage), and so I had to move off the boat, went back to the previous quote and they upped it to $3800 (amica) which btw was the exact same as geico, boatus, and one other. I am assuming they are starting to work form the same system as they all had exactly the same amount.
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17-05-2017, 17:38
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#9
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Registered User
Join Date: Sep 2015
Location: Always travelling
Posts: 272
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Re: Boat insurance survey
I responded, with what is likely an outlier, my premium is so low (liability only).
One suggestion - when it asked for the insured value of my boat, I originally wrote "No hull coverage". It prompted me for a correction, so I put "0" (zero). You may want to make clear what to do, such as "if you entered 'liability only' above under 'type of insurance', just enter zero here'.
P.S. Thanks for doing this. I'll be really interested in the results.
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17-05-2017, 18:11
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#10
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Re: Boat insurance survey
Quote:
Originally Posted by SFS
I responded, with what is likely an outlier, my premium is so low (liability only).
One suggestion - when it asked for the insured value of my boat, I originally wrote "No hull coverage". It prompted me for a correction, so I put "0" (zero). You may want to make clear what to do, such as "if you entered 'liability only' above under 'type of insurance', just enter zero here'.
P.S. Thanks for doing this. I'll be really interested in the results.
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Ah, good point. I didn’t think that one through. Sorry about that, but thanks for sticking with it. I’ll try and massage the responses accordingly to reflect this fact when I compile it all (and make it all available here).
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17-05-2017, 22:09
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#11
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Registered User
Join Date: Mar 2016
Posts: 392
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Re: Boat insurance survey
Done.
I am interested in knowing how often people are forced to resurvey for insurance. And who insures them without a survey. I have friends who buy boats that are smaller and at that price point where a survey may be worth skipping ($5-$20k range) but want full coverage.
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18-05-2017, 03:49
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#12
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Re: Boat insurance survey
Quote:
Originally Posted by sailorcherry
Done.
I am interested in knowing how often people are forced to resurvey for insurance. And who insures them without a survey. I have friends who buy boats that are smaller and at that price point where a survey may be worth skipping ($5-$20k range) but want full coverage.
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I thought about adding that kind of questions SC b/c the whole thing irks me to no end. However, I wanted to keep survey short and simple. Perhaps once this one runs it’s course someone can post your specific question. This could be done in a simple CF poll.
For those who haven’t filled it in yet, please do so soon. I’d like to get as many respondents as possible so the data can be as useful as possible. It’s less than one page long and only take a couple of minutes (if that). It’s also completely anonymous.
I promise to report the full results here so everyone can benefit.
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18-05-2017, 05:24
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#13
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Registered User
Join Date: Jun 2012
Location: Elmvale, Ontario
Boat: Ontario32
Posts: 160
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Re: Boat insurance survey
Done, look forward to the results.
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18-05-2017, 05:43
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#14
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Registered User
Join Date: Nov 2010
Location: Toronto
Boat: Heritage 35
Posts: 420
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Re: Boat insurance survey
Hi Mike. done.
have same coverage in Europe as I had in Canada (Aviva) with about the same cost Don't know about this year though Will find out when back in Ireland in a couple of weeks. Interesting Survey. Will you get to the coast this year?
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18-05-2017, 12:41
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#15
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
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Re: Boat insurance survey
Thanks folks. The numbers are creeping up slowly. I plan to let the survey run for another few days, following which I will compile the results and share everything here.
If you haven’t already done so, please take the few minutes to fill in your info. Even if you can’t answer all the questions, any info is useful.
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