Apparently it’s a non-depreciating life time policy 40 years from now if I keep with them. And the boat sinks Payout is still 70k. I called half a dozen brokers they were the only ones to get back to me and that still a week. I didn’t want to launch the boat without insurance…I felt I had no choice at the time. It was definitely more than I was hoping to spend. Apparently the age of the boat was a big factor in the price. The motor price included controls gauge instal And I added a little for inflation. I really don’t have any thing to compare to I’ve never had insurance on a boat before how did I do do you think
I think it is a bit of a mug's game at present as more and more people are buying Covid boats and then doing stupid claims related things to them.
The underwriters are making underwriting decisions for new boaters that will hopefully stem their expected losses and either way all of us will pay higher premiums. The problem is in comparing contract features and as a layperson defining the value of every contractual provisions .
We got quotes from 3 or 4 companies and based on the Agent's advice we went with Pacific Marine Underwriters (as they have the better policy wordings/coverage than Beacon & offer Replacement Cost (for the 1st 5 yrs from Hull Manufacture date)
Coast has a 3 year replacement cost rider and Coast declined to give us a quote this year.
I asked Calista what underwriting ratings could be removed by taking certain courses. Each insurer is different, but as expected more Power Squadron courses will get a better rate.
My wife and I are taking Power Squadron 2 &3 starting Feb 1/22 and that will lower our rates next year and it will be fun to do together.
There are things that each of us can do to lower our rates through education that gives certificates .
When I spoke to the instructor he suggested that my wife and I not share the one set of books but rather each of us buy our own set.
Once I stopped laughing I told him have no fear we want to be still married at the end of the 12 weeks.
