Boat Insurance...Prices are up

[Aces]

Last year the fellow who did 2 surveys for me stated that there are only 2 underwriters in Canada, and they talk to each other.
It won't matter much which agency we use, their prices are based on the underwriter's pricing.

Exactly

 

[baddogg]

I use Maxam who use Premier Marine. Last year was $858.00 This year $896.00. Campion 542 with 2 year old main and kicker.

Mine actually went down this year to $810.00

 

[scott craven]

Just a thought for those running older boats that are trailered, do you need insurance ?
With a newer rig it's a must have, but with older boat/power you may want to look at what
you would get on a claim compared to what you're shelling out year after year on premiums.

 

[tubber]

Just a thought for those running older boats that are trailered, do you need insurance ?
With a newer rig it's a must have, but with older boat/power you may want to look at what
you would get on a claim compared to what you're shelling out year after year on premiums.

What about maiming someone else? In the fog, at the dock/ramp, buddy falls overboard doing something dumb. Who pays liabilities and lawsuits?

 

[scott craven]

I have a liability clause linked to my home insurance

 

[Max123]

its almost impossible to get a straight answer out of an insurance broker about overlapping coverage from your boat policy and your house policy. If I had a small car topper with a 9.9, I think your personal liability under your house insurance would be enough - or I could stomach the risk (hell, we don't get bicycle insurance, so we all accept some risk). However, on a $50k+ boat, you can cause/receive serious damage and I'd want coverage.

Anyway, the reason we don't get a straight answer is because when someone gets hurt - the victim's lawyer goes after everyone - so I suspect if you have liability coverage under your house insurance and liability under your boat, they would likely just try to sue for both and see what they got.

I feel like I'm so over insured. Strata policy (im in a duplex), personal contents/liability policy for residence, boat policy, x2 vehicle policies... I hate insurance.

 

[BC Coast Pilot]

Just a thought for those running older boats that are trailered, do you need insurance ?
With a newer rig it's a must have, but with older boat/power you may want to look at what
you would get on a claim compared to what you're shelling out year after year on prpremiums.

I did that for a number of years, just insure the trailer and assume the risk on loss if you can afford the hit. At least with marine incidents the liability and risk is limited under the Marine liability Act

 

[Smogmonster]

I just got a quote from Portside for my 2021 Double Eagle 206. Includes all the standard coverage. Good for up to 22 miles off shore and up to the top of Haida Gwaii. $731 plus tax. Seems very reasonable to me. That does have the boat out of the water for a few months over the winter. Price includes trailer too.

 

[Aces]

I just got a quote from Portside for my 2021 Double Eagle 206. Includes all the standard coverage. Good for up to 22 miles off shore and up to the top of Haida Gwaii. $731 plus tax. Seems very reasonable to me. That does have the boat out of the water for a few months over the winter. Price includes trailer too.

That’s fair. Imo

 

[Sharphooks]

If I got a bill for $ 731 I’d be doing back-flips for joy…..



What is really aggravating —— the navigation limits stipulated in this policy preclude insurance coverage for precisely the waters of BC I go to…. “No coverage north of 51 degrees latitude or west of Hope Island”

If I bring that up, there will be an addendum produced to include those areas, with a $ 300 “add on”….you guys have it made in the shade

 

[Smogmonster]

Well I just found out that is too good to be true. The underwriters, in this case The Travellers, do not offer 3 million in liability, only 2. My marina requires 3 which it seems is the way a lot of BC marinas are going.
So… I just got a new quote from Aviva closer to $1150. Damn. I was told by Portside that The Travellers is close to doing it but not quite yet. Also Aviva needs the boat out of the water for 3 months.

 

[Chuck]

I recently got a survey done at my insurance companies request. They then informed me that my premium is going up from $1,800.00 to $3,400.00. Pretty tough to take. Looking to get another price. Any suggestions?
Need a reputable company that knows sport fishing boats and will give me generous nav limits.

A typical practice when companies are no longer interested in that type of business. I have a funning feeling ill be doing the same.

 

[Chuck]

Recent conversation with Portside and rate up 15% also many are getting an additional increase of 10% due to fires in BC. So, many rates up 25% over 2023. OUCH!!

 

[Damn Ugly]

I don't know how they did it, but Johnston Meier in Poco just processed my renewal with 0% increase with the same coverage as last year.

 

[Capt_Ed]

What percentage of the total value are most people premiums. Looks like my new one will be about 1.75%

 

[pescador]

Mines .8%. Port side Marine Kelowna. My old policy was 1.25%.

 

[Capt_Ed]

Mines .8%. Port side Marine Kelowna. My old policy was 1.25%.

I got 2 quotes from Portside , both were higher ( with less coverage ) than I got from Pacific Mutual. Insurance is a funny game hope I never need it.

 

[Newf]

Copied from current insurance with Western Financial.

Insurance is provided only for coverages for which a specific amount of insurance is stated herein
Deductible Amount of Insurance Premium
Hull & Machinery $ 576 $ 57,600 Included
Main Engine $ 576 $ Included Included
Electronic Navigational Equipment $ 250 Included Included
Trailer $ 250 $ 3,500 Included
Personal Effects Insurance $ 250 $ 5,000 Included
Breakdown Towing/Commercial Assistance $ 50 $ 2,500 Included
Loss of Use and Additional Living Expenses 24 Hours $ 5,000 Included
Protection & Indemnity Insurance
NIL
$ 2,000,000
Included
Uninsured and Underinsured Boater Protection
NIL
$ 2,000,000
Included
Medical Payments Insurance NIL $ 5,000.00 ANY ONE PERSON / $25,000.00 Included ANY ONE ACCIDENT OR OCCURRENCE
Accidental Death Benefit NIL $ 10,000 per Death Included
Pet Companion Benefit NIL $ 1,000 in total Included
TOTAL PREMIUM

This was $721 in 2022.
$745 in 2023
$767 this year.

 

[sam_n_leo]

So in 2023 I switched to Portside and was happy with $686 annual insurance. Same coverage this year went up to $892. They just increased the rate by 30% without explanation. Anybody else see this with Portside?

 

[the force]

I did that for a number of years, just insure the trailer and assume the risk on loss if you can afford the hit. At least with marine incidents the liability and risk is limited under the Marine liability Act

My boat is worth only worth $15k and I’ve accepted the risk of my own errors to date by only doing trailer insurance and the standard BCWF membership insurance (now that I think of it I’m not actually sure if this applies to marine aspects) however haven’t looked that deep into liability risks… has anyone seen a summary/synopsis of the Marine Liability act (admittedly I need to do some reading, or get chat GPT fired up).