Boat insurance survey

[sailorcherry]

Bump for the survey. The more the better.

[SFS]

I just had a thought. I wonder how many people looked at the title of the thread and decided it was a thread about getting a survey in order to get boat insurance, and thought to themselves "nah, I've read enough of those".

Mike, if you are not happy with the number of responses you've gotten, you might want to consider having a moderator re-title the thread.

[Mike OReilly]

Originally Posted by SFS

I just had a thought. I wonder how many people looked at the title of the thread and decided it was a thread about getting a survey in order to get boat insurance, and thought to themselves "nah, I've read enough of those".

Mike, if you are not happy with the number of responses you've gotten, you might want to consider having a moderator re-title the thread.

Hmmm, you could be right. I would like higher numbers, but I think there’s enough now to make a useful report. I’m going to spend time tomorrow examining the data and compiling it. If it’s all nonsense perhaps I’ll do as you suggest SFS.

[slowpoker]

Just answered all the questions, messed one answer.
For 14000 coverage, premium is 540. Not 1500 as entered!!. (US gulf coast )
Have had insurance with same 'group' for insurance for 39 years; since 1978.
If new applicant, it would cost probably double. Sorry for my mess up. Thanks, Mike.

[Mike OReilly]

Originally Posted by slowpoker

Just answered all the questions, messed one answer.
For 14000 coverage, premium is 540. Not 1500 as entered!!. (US gulf coast )
Have had insurance with same 'group' for insurance for 39 years; since 1978.
If new applicant, it would cost probably double. Sorry for my mess up. Thanks, Mike.

Got it . Thanks SP. I’m going to start analysing the data today (it’s raining, so can’t work outside anyway). But please keep the responses coming. The more there is the better the info for everyone.

[Mike OReilly]

My deepest thanks to those of you who took the time to fill in the survey. It makes for some interesting reading.

Compiled it, and ordered it in terms of Lowest to Highest (premium divided by insured value). The average comes out to about 1.7%. Hard to see a clear pattern or rates vs locations with this small a data set, but it appears the region with the highest rates are on the North American east coast.

http://helplink.com/CLAFC/wp-content...nce-report.pdf

[lamadriver]

Hi Mike

Just did it. Neat idea, id like to see one with a lot more questions.

There could be some really useful information gained out of this.

LD

[jdazey]

Wow, Mike, you did a great job. I'm impressed with the number of responses. It's certainly enough to be useful to me.

Cheers,

[Mike OReilly]

Originally Posted by lamadriver

Hi Mike

Just did it. Neat idea, id like to see one with a lot more questions.

There could be some really useful information gained out of this.

LD

Thanks LD. I agree there could be a lot more questions, but it’s always a balance between participation and complexity/detail. I’d be thrilled if we can carry on the research with additional surveys.

[SFS]

Mike, thanks so much for doing this.

I'm sure everyone will use the data different ways, but for my use it tells me that I may want to step up to some hull coverage, based on what looks like a small premium increase. $15k worth of hull insurance may only be a couple of hundred dollars a year. Of course, the boat is 34 years old, so that may be an issue, along with a survey, etc. Something to think about.

[montigre]

Originally Posted by SFS

$15k worth of hull insurance may only be a couple of hundred dollars a year. Of course, the boat is 34 years old, so that may be an issue, along with a survey, etc. Something to think about.

Both of my boats are > 40 years old (1973 and 1975) and I was able to get comprehensive agreed value for both of them. One without a survey and the other with. BoatUS/Geico.

[DumnMad]

Thanks Mike, interesting results.

Some third party includes wreck removal etc, important in some areas and costs a lot more for larger boats. Starts to get complicated if you want to include all variants.

[ValiantV]

Link says survey is closed.

BTW, looking at the results, is this for hull coverage only?

[SFS]

Scroll to the bottom for the results that cover liability only.

I assume that any policy that includes hull coverage also includes liability, though the reverse is clearly not true. My assumption may be incorrect. I carry liability only, as we self insure our hull.

There are also some bar graphs whose labels add some information.

[Mike OReilly]

Originally Posted by ValiantV

Link says survey is closed.

BTW, looking at the results, is this for hull coverage only?

Yes, it was up for five days. Besides, I hit my free limit on Survey Monkey (which I didn’t notice they had … I would use another tool next time).

The design did not differentiate the fees paid for comprehensive vs liability-only. However, most people (72%) report full coverage, so most of the financial data would be that.

While most people reported insured hull value, not everyone did. I’d speculate those with liability-only will be more likely to leave this one blank (since it does’t really apply to their circumstance). Accepting this assumption means the costs and ratios are likely for comprehensive (hull) coverage.

SFS, I would agree with your assumption; comprehensive includes liability, but the reverse is NOT true.