Insurance Survey

[SV Sedna]

I just received my premium renewal from Boat US, $1400. Normally I just bite the bullet and cut a check. The boat is in great shape and insured value $110K and is less than I feel its worth $150k. These values are certainly less than replacement costs would be. After I pay the deductible and swallow any other losses in a payout it makes me wonder if its worth it.

Boat was built in 1978 and i have looked for other providers, denied by all due to age. I have never filed a claim in 20yrs or ownership.

I am interested in how many of you have dropped your coverage to liability only. Required by my marina and is responsible to have in my personal opinion.

Interested in your responses.

Thanks
Chris

[nightowle]

It would be helpful to get an idea of what boat make, its length, and where it is located. From professional experience, I can tell you that older boats will not sell easily because of both insurance and financing issues.

[grantmc]

We call it third party but yes that's my cover.

Too expensive and restrictive for comprehensive policy, especially for older boats when insurance firms will require a periodic surveys.

By restrictive I am especially referring to cruising/storage locality.

And as well as premium increases, considerably more exclusion conditions are getting added, especially with covid issues.

[chrisr]

we are fully insured for two reasons

firstly you cannot use any marina or boatyard in australia unless you are fully insured

secondly whilst i will not insure something i can afford to lose, but we simply cannot afford to lose our boat-home, so it's insured

cheers,

[Sailmonkey]

Liability only for us. The cost of hull insurance makes no sense on a boat the age/value of ours.