quick insurance question

[AndrewH]

I just received my notice to renew for the year, 20% increase from last year...

I am using Intact insurance, anyone have a better option?

 

[Trophy21]

Put your insurance money in an investment account. They won’t cover you anyway.

 

[bryce]

Most boat insurances places are a joke get liability and hopefully you can afford to replace your boat I’ll get the clause and the company I usto use in the morning

 

[Matthew S.]

I use Coast Capital. Have the full meal deal insurance worth up to 30k. Pay $36 a month. They used nada for a guide. Is this good?

 

[nicnat]

unfortunately all insurance policies for everything are going up to pay for all the huge claims for things nothing related to what yours and our insurance is for, just a massive hose job imho.

 

[Bent-Tip]

Mine went up 20% butt well. Think I'm gonna give it a pass....

 

[Fox]

Mine went up maybe $10 for the year. I’ll have to find which company I am with.

 

[brutus]

850$ a year for me, had one claim no question ask replaced all that was stolen. A friend runs the inlet and as had multiple claims worth thousands of $ and insurance always covered the claims, we are talking replaced yammy 250, hull repairs worth 15k 2 x , well worth it. On top a lot of moorage docks wont let you at the marina without proof of insurance

 

[AndrewH]

850$ a year for me, had one claim no question ask replaced all that was stolen. A friend runs the inlet and as had multiple claims worth thousands of $ and insurance always covered the claims, we are talking replaced yammy 250, hull repairs worth 15k 2 x , well worth it. On top a lot of moorage docks wont let you at the marina without proof of insurance

What does that cover in terms of replacement value?

 

[brutus]

What does that cover in terms of replacement value?

With a recent survey, insurance cover replacement value of the amount on the survey, then i added all electronics and fishing equipment for an additional fee. The value show up on the policie as to what is worth what. Not sure of my buddy format, but they replace his power head and full rebuild on his 250 yammy when he ran over a fishing net, motor was done lol from lower gear all the way up to the power head, his other claims are for hitting logs multiple times

 

[daddystoy]

Mine was 564.00 last year. This year it went up to 714.00 That's a 27% increase.
That's for a 15,000.00 total limit.
It's gone up from 510.00 for 2018-2019
I got another quote from Dolphin who I was with in 2018-19 and they said insurance rates are going up whether you have had claims or not! They said it would be around 900.00 for my boat or 510.00 for a liability policy only.
Not sure how some guys insurance rates seem to be so good (low)??

 

[ab1752]

$70,000 declared value, excludes trailer, no requirement for a survey, $1284 a year bit only $2M liability which I need to look at as my home policy may provide additional liability. It's gone up 2 years ago but steady this year.

 

[ReelSlim]

Mine stayed exactly the same as last year on a brand new boat. For the insured value and liability it seems a way better deal than my previous boat based on cost versed value. I think it’s like vehicles where they look at the biggest groups of users and possibly claims and charge more for those clients. No doubt they have done their research and will never loose out.

 

[Rain City]

$2k per year for $130k value and $2m liability. Seems cheap compared to my truck.

 

[calmsea]

If you want to know why insurance costs only go up, read brutus' posts above. Nuff said.

 

[ab1752]

If you want to know why insurance costs only go up, read brutus' posts above. Nuff said.

I wonder when those losses his buddy incurred happened? The marine insurance industry took a massive hit after the hurricanes a few years back in the Caribbean and Florida. I'm hearing that larger vessels over 50' and 20 years older are having a hell of a time obtaining insurance at all, even with a complete survey, particularly with claims history.

 

[zurk]

i had intact last yr. kicker motor got stolen at dealership along with 4 other boat kickers (all sitting in locked fenced yard with cameras and lights). got police file number and intact paid out fully for the motor.
Replaced it with a 6HP tohatsu sailpro with remote steering and throttle/shift. v happy with intact. prices have gone up since lloyds exited the market.
insurance is mainly for if you run your boat over someone and kill them then the insurance at least will defend you in court. for anything else its a bonus. still cheaper than cars so im not complaining yet.

 

[brutus]

If you want to know why insurance costs only go up, read brutus' posts above. Nuff said.

Lol, yup my buddy is 75years old, been running the inlet for 25 plus years, but as of late he can seem to see as good as he use too, them logs are hard to see sometimes

 

[brutus]

I wonder when those losses his buddy incurred happened? The marine insurance industry took a massive hit after the hurricanes a few years back in the Caribbean and Florida. I'm hearing that larger vessels over 50' and 20 years older are having a hell of a time obtaining insurance at all, even with a complete survey, particularly with claims history.

One was 10 years ago, one 5 and the other last year

 

[brutus]

i had intact last yr. kicker motor got stolen at dealership along with 4 other boat kickers (all sitting in locked fenced yard with cameras and lights). got police file number and intact paid out fully for the motor.
Replaced it with a 6HP tohatsu sailpro with remote steering and throttle/shift. v happy with intact. prices have gone up since lloyds exited the market.
insurance is mainly for if you run your boat over someone and kill them then the insurance at least will defend you in court. for anything else its a bonus. still cheaper than cars so im not complaining yet.

Yes and they are easier to deal with then ICBC by miles