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Old 06-07-2020, 05:55   #16
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Re: Unethical financial question

I got liability for my 39 year old boat from Progressive five minutes after I bought it using their website on my phone. $120.
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Old 06-07-2020, 06:17   #17
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Re: Unethical financial question

Is this possibly a wood boat?

Really, for a $10k boat, the risk to the insurance company isn't much different between full coverage and liability only...t-bone a $500k boat and send her to the bottom...$510k vs $500k is a rounding error. Add in that old cheap boats are often more prone to problems that could result in claims, you can see why they might encourage you not to buy from them.
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Old 06-07-2020, 06:38   #18
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Re: Unethical financial question

Quote:
Originally Posted by ttex View Post
I got liability for my 39 year old boat from Progressive five minutes after I bought it using their website on my phone. $120.
out of curiosity - is the boat in a hurricane area? and does the policy cover wreck removal?
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Old 06-07-2020, 07:14   #19
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Re: Unethical financial question

Talk to an actual marine insurance broker. Ask about what is known as 'harbor risk' coverage, whixh is a full policy, for when the boat is laid up in harbor or ashore.

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Old 06-07-2020, 07:22   #20
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Re: Unethical financial question

Geico did the same to me. Required full coverage, told me I wouldn’t qualify for liability only. Cost is somewhat more than 1% of insured value.

I’m ok with the cost for now, but will probably shop around soonish.
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Old 06-07-2020, 07:37   #21
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Re: Unethical financial question

Liabilities expense compared to full coverage for a boat worth say $2,000 ought to not to be much different in price.
Reason is exposure, the Insurence Co has a Million dollars of exposure or whatever the limit is if you go on the rocks in an Estuary or other sensitive area, but only have a $2,000 exposure on the boat.
So what your saying is illogical.

I raised my Insurence last year by about 50% based on an evaluation survey on the work I had done to the boat. I expected a 50% increase in Insurence premiums of course, but the increase was almost insignificant, I couldn’t understand that and it was explained to me that what I pay for more than anything and what the Insurence company worries about is that 1 Mil environmental clean up fee, not paying me for the value of the boat.
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Old 06-07-2020, 08:22   #22
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Re: Unethical financial question

The last boat show I attended, Feb 2020, of about a dozen or so insurance reps there, only one was even remotely interested in liability only for a 40 year old 36' boat. And his ball park quote was well over $500, the limit I expected based on all the claims here of having such policy "for a few hundred dollars a year".

So much for "who is scamming who" argument.
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Old 06-07-2020, 09:13   #23
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Re: Unethical financial question

AFAIK, for my ~100k USD boat from the mid 80s, the only insurance I could get was a full coverage policy costing north of a grand/year. It looked like it was that or nothing. Didn’t shop extensively, just with the well knowns.
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Old 06-07-2020, 09:29   #24
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Re: Unethical financial question

To add to my earlier statement of Insurence not going up much when I increased it, I also when I got the new dinghy a few years ago insured it for $10,000. I called and asked if they would and how much would it cost. The answer really surprised me, the bill went down, the reason why was I now get a multi boat discount.
You can’t use what seems logical with Insurence, you have to call and ask.
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