Cost Of Decent Insurance

[capcook]

Thanks all for the great feedback....

I am really leaning towards just Liability Ins to satisify countries/marinas...

With a Catamaran, I think it is unlikely the craft would actually sink although it could be destroyed on the rocks or reefs. Or it could get blown away in a Hurricane if I left it in the path...These are chances I might be willing to take.

Lightling damage seems the most likely claim and I might see if one could get just Lighting Insurance. Has anyone ever heard of just getting Liability and Lighting insurance ?

Cheers

[osirissail]

- - I seriously doubt anything will decrease with your current insurance. Possibly if you change insurance companies you might see a better rate based on a current survey. But you will have to purchase a new survey and the cost of that may exceed any savings in the insurance rate. If you have an agreed value policy which is common on older boats, then the rates would remain the same or go upwards. On depreciated value policy you may ask and get a lower rate - but I doubt it. Doesn't hurt to explore and see if there is anyway of doing it.

[TabbyCat]

My insurance premium is due this week, and I was about to pay it with a bit of grumbling until a friend mentioned that the market value of boats has dropped dramatically in the past year. Think it's worth a C&V survey to reduce costs?

For that matter, I wonder if the annual tax to the State of Washington can be adjusted on the basis of market value, or if I'm forever committed to a number based on purchase price...

Steve
S/V Nomadness

Steve,
Contact your insurance agent and ask them to quote what the savings would be if they reduced your hull value. Underwriters know that boats usually decrease in value over the years, so that's a normal procedure. I don't know of any companies that require a current insured to get a survey to reduce the hull value, only to increase it. (Keep in mind that if you do reduce the value, it would be difficult to increase it later if you change your mind). After you get the quote, then you can decide if its worth the savings to amend the hull value.

[Microship]

Thanks for the advice!
Steve

[ntvinh986]

Originally Posted by capcook

Still wrestling with wether or not to insure the boat.... but what is the current cost of Hull insurance that would also cover lighting strikes... Does 1% of Hull value sound about right ?

Hi all!
I've just visited this forum. Happy to get acquainted with you. Thanks.

[osirissail]

- - The basic problem with boat insurance is the market is too small and the claims too high. This is why you get good rates from your auto/house insurance company for small boats that never leave the home country's waters. They can bury the boat loss money in their profitable auto/house coverage.
- - Whenever you venture outside "home waters" you are into international insurance and the number of legitimate insurance company can be counted on one hand, not counting the finger you use for signaling to the idiot boat zooming by way too close.
- - Therefor rates are pretty much the same based on the same boat, age, cruising grounds, time of year - (apples to apples). And more than anything, getting a company that will actually pay off on legitimate claims further restricts the field and the variation in rates.
- - Lloyds of London (LL) is basically a giant betting hall - you put up your proposal of what you want to insure and how much money you want if you do lose the thing - and if the "contract" is taken by somebody, you will arrive at a price based on your betting you will collect and they will be betting that you will not incur the loss and they get to keep the money. Many famous movie stars and others insure their "body parts" and other strange things through LL.
- - Self insuring Hull/Comprehensive works for older boats and people who can afford to lose the boat and continue on with their lives. "Liability-only" is for everybody who needs to use marinas and boatyards in 1st world type countries where ligation is a national sport. Or if they have assets at "home" that might be "gone-after" should you get involved in an incident. If you own your boat and have no "deep pockets" then insurance is only a "morality/sociological " question - and we all know when it comes between dollars and morals, which one wins the argument.

[alpinista55]

We pay a little over 1% for our vintage Tartan 37, with a hull value of $70k, with $500k liability, and a cruising area of coastal US/Canada/SE Alaska west coast out 300 miles