Boat Insurance...Prices are up

[Max123]

My broker is Habitat Insurance in Vancouver, and I'm insured with Premier Marine - total premium is $806. Surprisingly 0% change from 2023 to 2024.
I had Johnston Meier provide an alternate quote through a few different underwriters when my policy was up for renewal in June, these are the alternates they provided:

Beacon Underwriting: $1,010
Pacific Marine: $1,140
Special Risk Insurance Managers: $1,083

 

[Corey_lax]

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).

I think that BCWF insurance is only liability insurance, not for the value of the vehicle. And you have to be hunting or fishing, not just out for a boat cruise.

 

[leaseman]

A question....
My boat is stored at my home. Due to different issues, it is not being used. I have tried to find a company that will insure the boat for storage, all I hear is they want full insurance.

Any ideas?

 

[abl]

A question....
My boat is stored at my home. Due to different issues, it is not being used. I have tried to find a company that will insure the boat for storage, all I hear is they want full insurance.

Any ideas?

Put a rider on your house insurance

 

[leaseman]

Put a rider on your house insurance

Checked with several agents and go the same answer from each, cannot do a rider for a boat.

 

[Jonnywwdb]

My broker is Habitat Insurance in Vancouver, and I'm insured with Premier Marine - total premium is $806. Surprisingly 0% change from 2023 to 2024.
I had Johnston Meier provide an alternate quote through a few different underwriters when my policy was up for renewal in June, these are the alternates they provided:

Beacon Underwriting: $1,010
Pacific Marine: $1,140
Special Risk Insurance Managers: $1,083

I just did Portside. 67K of value - 3MM liability, full year usage ( no dry land). Everything insured. $730

 

[Jegermiester]

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?

I switched to Portside in 2024 and was very happy with the $345 quote I recieved from Shelley for my 2003 Trophy Pro.
Just recieved my 2025 renewal notice from a different advisor and the quote is now $487, an increase of over 37%.
Deductabiles have also been increased from $500/boat, $250/outboard, $250/trailer to $1000 for each.
They have switched insurance providers from Forward to Travellers however...
Got a follow up call scheduled for Monday and will update accordingly.

 

[abl]

I switched to Portside in 2024 and was very happy with the $345 quote I recieved from Shelley for my 2003 Trophy Pro.
Just recieved my 2025 renewal notice from a different advisor and the quote is now $487, an increase of over 37%.
Deductabiles have also been increased from $500/boat, $250/outboard, $250/trailer to $1000 for each.
They have switched insurance providers from Forward to Travellers however...
Got a follow up call scheduled for Monday and will update accordingly.

Wow that is cheap money

 

[Max123]

I just renewed my insurance for the year - same price as last year (see above)

 

[Jonnywwdb]

I just did Portside. 67K of value - 3MM liability, full year usage ( no dry land). Everything insured. $730

mine was $750 for the same coverage in 2024. Just renewing now and it is up 10%

 

[Bryan Allen]

Mine is about the same as Jonnywwdb 10%

 

[brands51]

Bringing up an old thread. Looking for advice.

Looking to renew insurance on a 2006 custom built 22.5x8’ Aluminum hard top. Insured last year for cash value of 90k, had full coverage with $500 deductible, including $5000 in towing and $5000 in accessory theft. very generous nav limits, basically coast wide up to 25m offshore.

Paid $1600 last year knowing there was a 20% premium due to my age, just got a quote for over $1800 this year even with the age premium removed. I only use my boat for 10 or so trips a year however most of these trips involve boat camping, tight anchorages and some real remote stuff so the insurance is worth the piece of mind.

This is with portside.

Does anyone perhaps have a direct contact of someone with another company who sells boat insurance they could pass along?

 

[trophywife]

sounds really reasonable at that rate for a 90k boat.

 

[brands51]

sounds really reasonable at that rate for a 90k boat.

Appreciate the response, and agreed however last year i was told premiums would’ve been roughly the same even if the cash value was reduced a chunk

 

[kaelc]

Bringing up an old thread. Looking for advice.

Looking to renew insurance on a 2006 custom built 22.5x8’ Aluminum hard top. Insured last year for cash value of 90k, had full coverage with $500 deductible, including $5000 in towing and $5000 in accessory theft. very generous nav limits, basically coast wide up to 25m offshore.

Paid $1600 last year knowing there was a 20% premium due to my age, just got a quote for over $1800 this year even with the age premium removed. I only use my boat for 10 or so trips a year however most of these trips involve boat camping, tight anchorages and some real remote stuff so the insurance is worth the piece of mind.

This is with portside.

Does anyone perhaps have a direct contact of someone with another company who sells boat insurance they could pass along?

I have 2,500 in towing and 5k in personal effects on a 60k boat but I also have trailer insurance through icbc and towing through GoodSam. I have further navigational limits and March renewal was 1,246. I'm trying to get them to update my policy to cover my repower as I'm closer to a 90k boat now. Insured through HMS in Langford with Intact policy

 

[Tomfoolery]

Bringing up an old thread. Looking for advice.

Looking to renew insurance on a 2006 custom built 22.5x8’ Aluminum hard top. Insured last year for cash value of 90k, had full coverage with $500 deductible, including $5000 in towing and $5000 in accessory theft. very generous nav limits, basically coast wide up to 25m offshore.

Paid $1600 last year knowing there was a 20% premium due to my age, just got a quote for over $1800 this year even with the age premium removed. I only use my boat for 10 or so trips a year however most of these trips involve boat camping, tight anchorages and some real remote stuff so the insurance is worth the piece of mind.

This is with portside.

Does anyone perhaps have a direct contact of someone with another company who sells boat insurance they could pass along?

I use Dolphin Insurance and have their Commander policy that they do direct with Lloyds. Talk to Kaila Wegner 604.261.9200 ext. 3109
I hate to think what my insurance could be going up to next spring though. This year I paid $3500 policy for a total value of $267K which looks reasonable when compared to your new quote. The Commander policy is good though with nav limits all the way up to Alaska and quite a ways off the west coast plus 5 million liability and 2 million uninsured boaters coverage. 5K fishing and 20K personal effects plus towing, trailer and SAR.

I am looking at the liability and underinsured coverage in a different light now after two close calls this summer with what would have been collisions with other boats, both of which would have been their fault (one guy on his phone and oblivious and another just plowing on like he owned the place) despite me being the stand-on vessel in both cases.

 

[brands51]

Bringing up an old thread. Looking for advice.

Looking to renew insurance on a 2006 custom built 22.5x8’ Aluminum hard top. Insured last year for cash value of 90k, had full coverage with $500 deductible, including $5000 in towing and $5000 in accessory theft. very generous nav limits, basically coast wide up to 25m offshore.

Paid $1600 last year knowing there was a 20% premium due to my age, just got a quote for over $1800 this year even with the age premium removed. I only use my boat for 10 or so trips a year however most of these trips involve boat camping, tight anchorages and some real remote stuff so the insurance is worth the piece of mind.

This is with portside.

Does anyone perhaps have a direct contact of someone with another company who sells boat insurance they could pass along?

In case anyone’s interested or for people to have something to reference:

I went back and forth with Portside and changed a few things; added an air tag to the boat for ‘theft proofing’, raised my deductible to $1000 instead of $500, a small loyalty discount and the agent handled the rest with Travellers.
Got premium down to $1250 annually for:
90k declared value (no survey)
2 mil liability
And Portside + which includes:
5k emergency towing
1.5 loss of use
5k personal effects
Coverage includes all inland waters and coastal waters up to Bella Bella approximately, and up to 22miles off shore.
Original quote was $1880 so pretty happy to get it down to $1250.