Corrected my Boat Insurance Today, Oy Vey!

[Ed]

We put insurance on our new/used boat and trailer via phone near Houston enroute North Georgia and used a credit card for the difference in premium from our old boat for the few months left before renewal.  We've been with Boat US now Geico for over 20 years.  After making it home without needing to file a claim, but coming close, I thought nothing else about it.  I took a look at my policy online a couple of months ago and saw they had listed the manufacturer as Sea Pro versus Marine Concepts and type boat as Runabout versus multihull sailboat, everything else was correct.  I sent them a message on the website pointing out the discrepancies and requesting correction - no reply.  Got the renewal declarations page today and nothing had been changed.  My wife worked in Insurance Defense for 30+ years, so we were concerned since these discrepancies could be reason for denial of a claim.  I got on the phone with Geico and it took a while but I got everything relolved with a new declarations page emailed to me as a PDF for my records prior to my annual renewal.  That was the good news.  The bad news is my $7500 Sea Pearl Trimaran on a $1000 trailer now costs $300 a year versus the old $145 a year.  When I asked him he told me they were no longer issuing policies to new customer on multihulls and to never let my insurance lapse since very few marine insurers are issuing them.  When I asked about the price increase he stated more claims were being filed for multihulls than monohulls. Anyway, just some advice to check your policy for accuracy, just in case.

[Captain Kidd]

My insurance on my Hunter has the wrong length. When I questioned them about that, they said not to worry. Ummm? I'm guessing the serial # is on the policy. Yep, just checked.

[Norm L.]

Ed, I think you got squeezed between the loss cost of a cruising cat and the high speed and possible quite careless use of Hobie types.
It's nice to think that the company collected loss statistics are categorized but I am aware that too many people in marine departments may know a Catalina is an island in the water.
Once marine insurance people had roots in the business. Now personnel are put into positions because they may understand insurance from dealing with cars. Then they are put in homes, then flood or marine. 

It's hard to fight algorithms.

[pgandw]

I agree with the misunderstandings of marine insurance.  We have 2 boats - a 19ft Carolina Skiff center console with 115hp and trailer - bought new for $40K.  The 19ft Mariner sailboat and trailer was bought used for $6,800 (and I probably overpaid due to Covid prices in early 2022).

The sailboat actually costs more to insure with USAA/Progressive than the power boat ($350/year vs $300/year).  The 2 combined go up another $300/year the minute my 30 year old son with no faults on his driving record gets added as a driver on either boat.  Both boats are insured on an agreed value.  Since the power boat has a loan, "collision" is carried at agreed value high enough to cover the loan balance (bank reqmmt).  Besides the bank, the important coverage is liability for pollution and hazard removal should the boat sink or be abandoned.  Interesting since I have an electric outboard for auxiliary on the sailboat, but still removal as a "hazard" is a considerable expense.

Fred W

[Timm R Oday25]

A few years back I bought a 22 foot Ranger to be used for diving . At the time ,I was being insured through Farmers .
I read them the vin and was told there was no such boat as a 22 foot walkaround from Ranger .
I actually had to bring the boat to the agent so he could photograph the boat and the vin.
 He said he would be willing to cut me a great rate if I took him out fishing on Lake Michigan with it !         

[Norm L.]

Does USAA or any other insurance companies have discounts if you provide proof of competent training?

I remember decades ago when I insured my first (after the kids got off the payroll) sailboat. The USAA form asked if I had any training. On top of my career, I also listed some Power Squadron courses. As I changed boats, I never had another question. It probably helped that I didn't have any "events".

[Bud]

I have been with BoatUS for at least 25 years. I think, I sold the boat, my 2001 Potter 19 insurance was just under $200. My 1969 Potter 14 insurance is $163 per year. That does include trailer tow insurance.

[noelH]

Wondering at what point (age and/or % of value new) do most just drop all but liability insurance on their boats?  Seems like most of the owners of larger and older sailboats I've talked with at the marina just maintain liability insurance.

IIRC, Vela a 2018 Sage S15 according to Geico still had an insured hull value of $17,000 this Spring at renewal time.  Trailer insurance value was $3,000.  Premium was less than $200.  1% of value felt like a good deal.  Bit surprised that the insured value of the hull has not dropped much every year. 
 

[pgandw]

To cover environmental/cleanup liability, Progressive requires full coverage, but uses agreed value for the hull.  I used the low end market value for my hull value.  This ensures I have coverage for removing the wreck, and/or any environmental cleanup.  Environmental liability is minimal with the electric outboard, but wreck removal is still far more of a liability than loss of the boat.  Cost of wreck removal will obviously vary greatly from state to state, depending on regulations and laws.

Fred W
Stuart Mariner 19 #4133  Sweet P
Yeopim Creek, Albemarle Sound, NC

[Norm L.]

Yes, it is interesting that in marine it is agreed value. Some commercial operators put low coverage to save on premiums and be partially self-insured.