Our policy is through Boat U.S. It is $418/yr for our E33 with a $42 credit for no loss claim = $376 for this year.
$400 deductable and $40k value.
Between the insurance companies & the oil companies, they have us by the......you know what I mean!
I had the best luck going through the same company that has my car and home policies - Liberty Mutual. I haven't had a chance to take a close look at the policy details and compare it to the yacht-specific insurers. I'd think that stuff would be more important on a boat I was going to venture further from home in. This one's not going to be travelling more than a hundred miles from home.
When quoting, please specify whether it is a boat policy or a yacht policy. Big difference between the two in both coverage and cost.
My Amica yacht policy is $996.00 minus an annual dividend(usually about 20%). Deductable is $892.00(unless total loss). Policy includes $52.00 education discount and unlimited towing. Replacement of $44,600.
So I pay 996.00 minus my dividend which was $195.00 last year minus $100 I would have payed BoatUS for their "unlimited" towing, my policy costs me $701.00 last year.
This is from a company that consistently ranks in the top 1 or 2 in customer satisfaction. And the best part is there are no agents to deal with. I talk to the company directly. They also insure my home and autos and I have had some claims and they were absolutely a pleasure to deal with.
Many insurers differentiate between boat and yacht policies based on boat size and value. The primary difference between the two is how they pay out. A boat policy is based on actual cash value while a yacht policy is based on agreed value. A boat policy is more like an auto policy. If you have a total loss they pay you what they think your boat was worth before the loss. A yacht policy has agreed value where in a total loss, you get that amount no matter what your boat's worth may have been before the loss. A boat policy will usually cover you for year round use and have considerations for a trailer. A yacht policy will have specific layup periods and navigation limits. My policy states a layup period of 12/1-5/15 and a navigation area from Eastport, ME to Key West FL.
My last insurance ran $430 per year for $28800 value, with towing, personal effects liability etc. on top.
I got what I paid for: when it came time for a claim, they never once answered the phone, nor responded to a message nor email. I did eventually get a phone call or two from them, but the cheque they promised to send out mysteriously disappeared in the mail, twice... After four months I called in the Florida state watchdog to force them to pay up. The company: Safeco.
Our 1986 E32-3 is currently insured with BoatUS with a 2009 yearly Premium due of $528. A local agent can place us with Lloyds London "Primier Marine" policy for $397 with similar coverages (higher deductible but includes better towing, etc). I have had no claims and Lloyds will accept my latest survey. So all I have to do is say yes to begin saving a few bucks.
Does anyone have any friendly advice on making this swap? I am going to compare their sample policy to the BoatUS policy but I suspect they are similar. Other thoughts?
It is important to know how the insurance company supports and pays a claim.
I had a claim for an electrical fire (engine wire harness) and Boat US not only paid for temporary repairs so we could continue our trip but also paid for full repairs upon our return, less our deductible, of course. Thus, I think Boat US is the greatest and worth whatever extra their premium may be. I am a satisfied customer. Others at our marina have similar positive experiences with them.
Before you switch try the insurance available thru the United States Power Squadron. I was with Boat US insurance until about 7 years ago when I joined the power squadron and switched to their insurance. At that time I saved about 20% on my premimum which more than paid for my membership. About 4 years ago I ran aground here in Lake Erie and had to be towed off. towed about 15 miles to be lifted out with sever damage to my rudder. The USPS insurance paid every thing (minus the Deductible) with only the photos I sent. No adjuster came to see the damage. Their agent was very helpful and made a very stressful time comparative easy.
For the difference in Boat US to Lloyds I think you should make your decision on service with a problem. Oh yes my premium never went up. Spencer
I have heard great things about Boat US insurance. They would not cover my boat as it was 21 years old when I bought it. Therefore I went with Amica which is a little pricey but includes unlimited towing and I insure for ACV. Amica has one of the highest customer service ratings every year. I have had a couple of claims against them for auto and homeowners and they have been great. They even allowed me to increase my ACV this year by $12,000 when I described upgrades I had done.
I agree with the above comments that it is worth considering more than premium alone. A few months back I made a coastal trip with a few other boats, and a singlehander who had more time, stayed in an anchorage after the group of boats left, and ended up wrapping his anchor chain around his drive shaft, bent the shaft, fracturing the shaft log. He was able to get back to port, and then, only at the urging of a a fellow sailor, called Boat US to see if any of this was covered, and it was.
When my last insurance policy with Progressive expired, I moved over to Boat US. The agent said that they are trying to cut premium costs for people who don't have a history of making claims. They also cut 10% off the rate if you have taken a boater safety course. While I'm sure there are big insurance companies that give great service, I kind of like going with a boating-only outfit.
Trielly, did your company want a survey to increase the ACR?