random question regarding boat insurance

[daddystoy]

I'm in the process of getting a couple of quotes for my upcoming boat insurance. I feel I am paying too much with my current place for the value of the boat.
That's another story for another time.

My question is: On one of the applications (Hub Insurance) they ask for the Previous Insurer, The Policy Number, and The Expiry Date

I'm not going to give this information because it just feels offside to me, maybe I'm wrong.

The questionnaire does go on to ask if there have been any claims in the past 5 years, which the answer is No,

Am I wrong thinking that question asking for the policy number and insurer is okay?

 

[Bryan Allen]

Ask them why they need that info.....

 

[Foxsea]

I'm in the process of getting a couple of quotes for my upcoming boat insurance. I feel I am paying too much with my current place for the value of the boat.
That's another story for another time.

My question is: On one of the applications (Hub Insurance) they ask for the Previous Insurer, The Policy Number, and The Expiry Date

I'm not going to give this information because it just feels offside to me, maybe I'm wrong.

The questionnaire does go on to ask if there have been any claims in the past 5 years, which the answer is No,

Am I wrong thinking that question asking for the policy number and insurer is okay?

Trust but verify. You said no but they need confirmation. You can refuse but so can they. If you are being truthful, why do you care? Today, even getting insurance is more difficult - you must apply and the vetting process is quite thorough. Find a good provider, not necessarily the cheapest and stick with them. You may even get a loyalty discount.

 

[daddystoy]

I got a quote back from Hub. So far they are the cheapest but they aren't providing the same amount of coverage as I currently have.
It's looking like the usual case of "you get what you pay for".

 

[-Jim-]

We went with Hub at the Cabin for the last 9 years. Initially they were the least cost but have steadily increased it by leaps and bounds in recent years. After I sent the renewal they sent me a letter advising they were not going to cover it for replacement cost anymore as the thought the Fire risk was too high. We've never had a claim in 9 years for anything either.

 

[MikePA]

Trust but verify. You said no but they need confirmation. You can refuse but so can they. If you are being truthful, why do you care? Today, even getting insurance is more difficult - you must apply and the vetting process is quite thorough. Find a good provider, not necessarily the cheapest and stick with them. You may even get a loyalty discount.

Interesting, I find the opposite.. Any company I stick with for both home and boat insurance seems to do a yearly increase in fees.. only start seeing numbers go back down if I shop around at other places.

 

[pescador]

I just changed underwriters. They asked me for the old underwriter and policy number. I gave it to them. Who cares. No claims no worries. I shopped around save $200+ a year, increased value and reduced deductible. I was with the old underwriter 15 years. Sometimes you gotta shop around. Companies could give a **** about long term clients.

 

[Foxsea]

I just changed underwriters. They asked me for the old underwriter and policy number. I gave it to them. Who cares. No claims no worries. I shopped around save $200+ a year, increased value and reduced deductible. I was with the old underwriter 15 years. Sometimes you gotta shop around. Companies could give a **** about long term clients.

Last year I had a $38,000 claim. It was managed quickly and without any aggravation. My renewal premium increase was nada. That was worth 'way more than the $200.00 that I may have "saved". ( I have checked other quotes. The cheaper quote is not worth my time to make the change. But I also refuse to shop at Wal Mart.) My Marina recently asked for an increase to $3 million liability. That change cost me $14.00 ! Yes, confirmed: $14.00.
Signed: happy, long-term client.

 

[Foxsea]

Interesting, I find the opposite.. Any company I stick with for both home and boat insurance seems to do a yearly increase in fees.. only start seeing numbers go back down if I shop around at other places.

Mike, of course the saving could be worthwhile. As when we travel, I pay much more attention to the reviews than the prices. For insurance, especially the experiences after placing claims.

 

[Kiwi Canuck]

I used Portside Insurance (recommended by my boat dealer) and they were excellent, had a quote back to me in a few hours, where-as my long term insurance broker took 3 days and when his price came in it was quite a bit higher, plus he didn't include the trailer insurance coverage, that was part of the ICBC policy which added another few hundred per year.

I don't usually shop around but glad I did with the boat and trailer.

This is who I dealt with.
Shelley Schnell
Regional Manager – Western Canada
P: 844-491-0963

E: Shelley@portsideinsurance.ca

 

[pescador]

Last year I had a $38,000 claim. It was managed quickly and without any aggravation. My renewal premium increase was nada. That was worth 'way more than the $200.00 that I may have "saved". ( I have checked other quotes. The cheaper quote is not worth my time to make the change. But I also refuse to shop at Wal Mart.) My Marina recently asked for an increase to $3 million liability. That change cost me $14.00 ! Yes, confirmed: $14.00.
Signed: happy, long-term client.

Good for you.

I used Portside Insurance (recommended by my boat dealer) and they were excellent, had a quote back to me in a few hours, where-as my long term insurance broker took 3 days and when his price came in it was quite a bit higher, plus he didn't include the trailer insurance coverage, that was part of the ICBC policy which added another few hundred per year.

I don't usually shop around but glad I did with the boat and trailer.

This is who I dealt with.
Shelley Schnell
Regional Manager – Western Canada
P: 844-491-0963

E: Shelley@portsideinsurance.ca

They are excellent.

 

[Peahead]

I have used Dolphin's Marine Insurance/ Commander Policy for years. Its not been the cheapest choice I have had but upon further checking the cheaper choices have not had as good policy/benefits or rep. The underwriter handled my smallish claim well ( Otters ransacked my boat) and the process of switching from rec to commercial policy and back again was seamless. They provide discounts for various marine training/education as well.

I have a separate policy for condo/home. Trying to secure a house policy this past summer for a house purchase was a bit of an eye opener. Due to the wildfire situation last summer it became a challenge to find an insurer to accept taking me on, much less to be seeking multiple quotes to find a cheaper company. 2 companies bailed on giving a quote with the excuse that the Cameron Lake fire was within 50 kilometers of the property. Another company never returned my multiple requests for quote. I found a company that had a '25 kilometer from wildfire' policy and grabbed them before another wildfire popped up!! My point here is that Insurance companies can tell you "no" even if you have no claims!

IMO it is not the best to plan to choose the cheapest UNLESS you have done your homework and the policies are otherwise providing exactly the same level of services ( and the same good rep on handling claims).

 

[daddystoy]

I hear you Peahead. Getting multiple quotes for insurance is a pain in the butt. Just trying to understand the coverage and legal mumbo jumbo between each policy is difficult.
My problem is I have an old boat that's been rebuilt. Some companies don't even want to touch it I.e Portside insurance.
I've felt I pay too much for a 16,500 insurance policy. It was 858.00 last year. I do think it is good coverage though but I've never put a claim in to see what the actual claim process might be.(Not that I want to have a claim!!)
I do wonder about all the other members quotes about their policies in regards to how much they pay for the amount of coverage they get. One thing that is hard to compare is what sort of coverage they actually get with their policies.

 

[Peahead]

As I recall I am right around $1,000 a year for my Dolphin Insurance Commander policy on my 2000 Grady ( 2015 main and kicker) based on a 55K value plus gear but I can't recall the liability amount. I've got some discount for marine courses as well. Its pretty tough to compare with other people and their boat because there are so many variables. Getting different quotes for your own situation is best and good, its just all I am saying is make sure when you comparing the price quotes that you are also comparing what you are getting for each quote. Its a grind but if you bother to get a few quotes then what's the point in getting the quotes if you don't know how each quote compares to what you are actually getting ?

 

[Saxe Point]

I used Portside Insurance (recommended by my boat dealer) and they were excellent, had a quote back to me in a few hours, where-as my long term insurance broker took 3 days and when his price came in it was quite a bit higher, plus he didn't include the trailer insurance coverage, that was part of the ICBC policy which added another few hundred per year.

I don't usually shop around but glad I did with the boat and trailer.

This is who I dealt with.
Shelley Schnell
Regional Manager – Western Canada
P: 844-491-0963

E: Shelley@portsideinsurance.ca

I'm getting insurance for my new boat. I'm awaiting some quotes from other agencies, but the one that has come in from Portside is pretty impressive.

 

[Jegermiester]

I'm getting insurance for my new boat. I'm awaiting some quotes from other agencies, but the one that has come in from Portside is pretty impressive.

I also dealt with Shelley when renewing insurance coverage for my 2003 21' Trophy Pro last year.
She saved me ~ $225 when compared to my previous provider, included PAC-2 and coverage was comparable with slightly higher deductabiles for a couple of items.

 

[Bill 310]

We just renewed our insurance.

I thought the renewal rate increase from the broker we were using was simply a lot of money on a premium that I already thought was excessive.

When our build was finished my lack of recent boat ownership was no doubt a factor that the underwriter looked at and added some extra rate loading.

I went back this year and asked for a discount when we got our renewal and was immediately given a 10% reduction. (this is a often a sign that you are still paying too much)

I then went to the broker who does our cars, motorcycles, house etc. and got a marine quote from Chubb. We have 20 some year's claim free on our Chubb homeowners policy

The marine quote from Chubb was half the cost of our prior policy (after the 10% reduction) and the underwriter was given the same information that I had provided to the current underwriter.

Chubb certainly asked a lot more questions about the boat's equipment, was provided a copy of the marine survey, wanted to know where we use the boat and asked for a list of things that we had done to our boat. Again the current underwriter had had this information in their files.

They wanted more information on my having had our compass swung so I sent them the Card prepared by the gentleman we hired to swing the compass.

I was surprised at this but then it makes sense from an underwriter's mindset. If an owner of a recreational boat with a full electronics package goes to the effort of making sure that they have an accurate compass it likely gives them a better insight into your psyche with regards to risk management.

Our new premium was less than half of the cost of the renewal on our exiting policy (after the 10% discount)

I did a policy provision comparison (I have some experience in comparing contracts) of both contracts and am comfortable with the new policy wording.

 

[trophywife]

I hear you Peahead. Getting multiple quotes for insurance is a pain in the butt. Just trying to understand the coverage and legal mumbo jumbo between each policy is difficult.
My problem is I have an old boat that's been rebuilt. Some companies don't even want to touch it I.e Portside insurance.
I've felt I pay too much for a 16,500 insurance policy. It was 858.00 last year. I do think it is good coverage though but I've never put a claim in to see what the actual claim process might be.(Not that I want to have a claim!!)
I do wonder about all the other members quotes about their policies in regards to how much they pay for the amount of coverage they get. One thing that is hard to compare is what sort of coverage they actually get with their policies.

if your boat is ship shape? get it surveyed, take pics of systems and submit. i did this and proved to be reduced risk, i sent copies of my svop, years of experience and approximate days on the water per year without them asking for it.