International Insurance - Comprehensive, Liability Only or None - POLL

[Exile]

What I'm wondering is whether this is being driven by actual losses from storms, newbie boaters, or something else related directly to boating, or rather investment losses from past premiums already banked. Or maybe neither and just an effort to increase profits.

Insurance is one of these things that everyone loves to hate but also needs, so I'm not one inclined towards bashing it. But the reality in the marine recreational market (largely unregulated in the US) is that there are few underwriters and they're mostly all singing a similar tune these days. Makes me wonder what's really driving the issues we're seeing over the past few years.

[mattmorr]

So I should be happy with comprehensive at $3200/yr for a 2003 Manta 42?

I never thought I would be so lucky /s

[UFO]

Originally Posted by mattmorr

So I should be happy with comprehensive at $3200/yr for a 2003 Manta 42?

I never thought I would be so lucky /s

Normally for Coastal/local sailing its around 1% of the value of the boat, but a LOT of variables may effect this figure

[Exile]

Originally Posted by mattmorr

So I should be happy with comprehensive at $3200/yr for a 2003 Manta 42?

I never thought I would be so lucky /s

Luckier than me. Latest quote for full coverage to the Carib came in at close to $6K with a $29K deductible!! Second one I've gotten that's ~$6K.

[UFO]

Originally Posted by Exile

Luckier than me. Latest quote for full coverage to the Carib came in at close to $6K with a $29K deductible!! Second one I've gotten that's ~$6K.

I got 13K and 15K (AUD$) deductible for SE Asia.


At $29K Deductible its hardly worth it, especially with all the clauses that they simply won't pay out in.

[Exile]

Originally Posted by UFO

I got 13K and 15K (AUD$) deductible for SE Asia.


At $29K Deductible its hardly worth it, especially with all the clauses that they simply won't pay out in.

Agreed. Forgot to mention that they also exclude named storms! I'm waiting to see if they'll do liability only. I received another quote for $2K but haven't studied the fine print yet.

[Mike OReilly]

In the poll I ran, insurance costs ranged from less than 1% to over 7%, but the majority came in around one.

The US market truly seems to be the nutty one. My comprehensive insurance costs me less than $500. Deductible is $500. One million liability. All the normal coverages.

My boat is worth a lot less than most of you folks, I’m sure, but it’s still way cheaper up here. We’re outside the standard hurricane zone, but we still get up here.