Insurance

[Solarken]

Hello all,

I’m dealing with an insurance issue. My boat is a 1975 32-2 in good shape. I sail all the time.

Last year I was hit by another boat and had a significant claim in my insurance. Totally not my fault. Theft of tender the prior year and some issues from Hilary the hurricane.

Anyway. My insurance is not going to renew and the boat age is preventing me from finding any new coverage.

Any ideas where to turn out there? Must be something, you don’t just scrap a good boat because you can not fined insurance!!!!

 

[David Vaughn]

It might be different for those on the coast, but for us, on an inland lake, State Farm has been good.
We have other policies with them so that might matter. But they were fine with us taking the boat on a planned retirement cruise to the Florida Keys and even the Bahamas. The only limitation was no more than 100 miles offshore, or within Bahamian territorial waters. If you can work with that limitation, might be worth a call. Our boat is a 1980. They never balked at that either. Of course we haven’t had any claims yet, so there’s that.

 

[Loren Beach]

When Geico (aka BoatUS) would not properly revalue our boat after the full re-fit, I contacted this insurance agent that specialized in boats. Our surveyor actually recommended them. I forwarded a new survey to them and shortly had a new agreed-value policy from a national company (Travelers). It's really nice to have educated/ expert advice by email or phone call, also.

Boat Insurance | Seattle

Matter of fact I just had to change the address for the "additional insured" when our Club had a member duty change for monitoring insurance coverage proof. This took two emails and about five days to receive a new policy revision with the information requested. So easy.

(Years ago.... I used to get decent service from BoatUS, before they were bought out by Geico, and after that it was very difficult to get an intelligent answer to any question. )

 

[Pete the Cat]

I would consider Progressive. I have two boats with them and no requirement for survey. You could save a lot if you are willing to buy liability only insurance. Think about the actual cash value of your boat and amortize it. That is all the insurance company is going to give you with a total loss and probably would give you some proportional value of that if you had a claim. For many aging boats I think liability insurance might be the way to go. Geico and Boat US are trying to make up for massive losses in the storms of Florida and Texas. If you want to help them out, insure with them. I find their sales folks and underwriters obnoxious and poorly trained. This used to be the "go to" insurer. No more.

 

[Loren Beach]

One quibble with the perceived way the insurance company would pay out in case of a loss: you do not have to have an "actual cash value" policy, where the insurance company dictates the boat's value. There is another choice.

My policy has an "agreed value" amount that reflects my current $ investment in the boat (as tho we had purchased it new). I hope to never have a total loss, but at least the insurer would pay me that value so that I could reinvest it in a similar-value vessel.
And, speaking of vessels, like Ray's two boats, I also have a type and class of boat that is both rare and expensive to replace in today's sailboat market.

All that said, it is indeed cheaper to buy a policy where the insurer sets an arbitrary and usually low value on your boat. Lots of folks do this, and many end up under-insured. Some understand the compromise they chose, and some have no clue.

 

[HerbertFriedman]

I just received a quote for my Geico insurance renewal for my 87 E34, $784 up $150 from last year. That's a 23% rise.

 

[Prairie Schooner]

There's a thread on this that might have some helpful leads. If I copied the link right this should go to some specific contacts from last year's Newport (RI) Boat Show. FWIW

Stunned by insurance increase!

Speaking of boats at or near 50 years in age, the huge surge in sailboat sales happened as a result of the oil embargo and fuel shortages in 1973-74. Seems like there's gotta be an agent that can shop around for a policy for your boat. (and a lot of others, as well.) My experiences are likely...

ericsonyachts.org

Some other relatively recent recommendations here:

Insurance on older models

Hey y’all, I recent became the owner of a 1978 ericson 27. Is there an insurance company that covers sailboats that are over 40 years old? Geico will not give a policy to a boat that old. Any suggestions would be appreciated. Thank you. Peter

ericsonyachts.org

We're with Progressive now, but are thinking of changing. Our surveyor told us they are really stingy if you need to make a claim.
Good luck!
Jeff

 

[gabriel]

There's a thread on this that might have some helpful leads. If I copied the link right this should go to some specific contacts from last year's Newport (RI) Boat Show. FWIW

Stunned by insurance increase!

Speaking of boats at or near 50 years in age, the huge surge in sailboat sales happened as a result of the oil embargo and fuel shortages in 1973-74. Seems like there's gotta be an agent that can shop around for a policy for your boat. (and a lot of others, as well.) My experiences are likely...

ericsonyachts.org

Some other relatively recent recommendations here:

Insurance on older models

Hey y’all, I recent became the owner of a 1978 ericson 27. Is there an insurance company that covers sailboats that are over 40 years old? Geico will not give a policy to a boat that old. Any suggestions would be appreciated. Thank you. Peter

ericsonyachts.org

We're with Progressive now, but are thinking of changing. Our surveyor told us they are really stingy if you need to make a claim.
Good luck!
Jeff

thanks for the link. I also got a letter from my insurance company that they would not renew.

 

[Loren Beach]

I wonder, in idle contemplation, if I am the only owner who is/was hesitant about buying boat insurance (or vehicle or home insurance ) through a "broker." Until this recent boat insurance hassle with Geico that led me to ask our surveyor for guidance, I kind of thought that insurance brokers were sort of a business that catered to more wealthy persons. It's been a wake-up call.

(I used to know a pilot that was an agent for a while for an aircraft insurer, and it seemed very appropriate for the highly individual customer and plane types that he dealt with.)
For our house, vehicles, and also our sailboat it had always been taken-for-granted that I would just make a few calls or even visit an insurance rep for the major company I wanted to do business with.
Heck, when we bought our first Ranger 20, I knew a local sailor (Islander 28) that was a long time insurance agent for a major company. Easy and credible transaction; and when I needed to find a surveyor in SF, for buying our used Olson 34, in 1994, he personally recommended a surveyor there that he had known for decades.

It appears that the boat insurance industry has quietly been changing, over the last 20 years.
Like the frog in the pot with the slow-increase in water temperature, us sailors have now reached the point of discomfort, approaching danger. We have not been a significant part of the whole marine insurance business since the boom in sailboat sales during the gas shortages in the 70's brought a lot of new customers into the market. That market % appears to be shrinking.

We are perforce adapting to a changed reality. For me, so far so good. Best not to assume too much about next year or the year after, tho.....

 

[frick]

the 71 E29 has been insured with Adirondack for more than 22 years. when I gave the boat to my daughter she was able to renew it and got a price cut too, as she is on lake Ontario

 

[bigd14]

I renewed my Geico insurance this month and just got an email from Geico saying that next year I would be required to have a survey and to send them a plan to correct any deficiencies. Of course there will be no deficiencies but it seems they are continuing to lower their risk tolerance.

Looks like I’ll be contacting the Seattle insurance brokers next year, but will need to spring for a survey regardless.

 

[Solarken]

I'm still in a bad situation. 20+ brokers that shopped many lines. Now they can't shop for me on many because all they get is blocked as previously declined. 3 weeks and I'm relegated to the open ocean do die. No place will let me moor with no insurance.

 

[Solarken]

I'd rather die at sea than on some shore...

 

[Kenneth K]

I renewed my Geico insurance this month and just got an email from Geico saying that next year I would be required to have a survey and to send them a plan to correct any deficiencies.

I just got the same letter from Geico last month. Plus, they have been lowering my "agreed value" every year. I was going to wait until I get all my rigging and lifelines replaced, then argue for an increase in value. Maybe I can do that with a surveyors help next year.

 

[Solarken]

Geico was going to raise my value. I just had to send the paid invoices for the new equipment like Radar and some photos. That was easy. The fact that they now will not renew and I have found NO COVERAGE means my boat must go to sea to die. all the new gear with it.. Nobody will let us moor without insurance. I know others have issues, yes. FYI, I spent almost an hour on the phone with a long time broker. He said the boat insurance biz has changed so much the last 2 years that he may have to change his line of work because he gets paid writing policy's.. But now most times he cannot write for a boat over 10 years old and all must have an out of water survey.

 

[Solarken]

to top it off, I have medical issues and can not just sail away to another country at this point.