View Full Version : Marine Insurance
03-29-2006, 02:53 AM
For me, it's that time of year when boat insurance is due. My agent says he shopped around and obtained some quotes.
It a 95 Campion Explorer, 115 hp, 9.9 kicker and trailer I was quoted $430.
How does this sound to anyone else's insurance for this year?
Also a note of interest, in the past when I have used a new insurance carrier, I have to ensure that they extend the areas they don't normally cover for fishing off Port Renfrew. I noticed that some carriers only cover just outside of the mouth of Port Renfrew and not the Camper Creek or Logan Creek area.
Look forward to hearing your similar quotes.
03-29-2006, 03:23 AM
That sounds about right. I'm paying the same for a newer but smaller setup. And your also right about some carriers not covering the open ocean. If you want insurance out there expect to pay a lot more.
Explorer 185 try bc land and insurance in langford.
03-29-2006, 04:22 AM
Try Tuffrey and Mills downtown Victoria ,i shopped around and havea charter boat they are very good
03-30-2006, 09:39 AM
Thanks for the responses gang.
04-05-2006, 08:48 PM
550 , totally insurded for open water boat motor trailer all gear
04-07-2006, 05:08 PM
Yup the old insurance guru's have got us , no where else to go and the experience ratings for these classes of boats is not good, mine for a 18ft '96 Model is $457 from Credit Union in Duncan.
Wish I paid that low of amount,pretty cheap when you consider what your covered for though!!!!!!!!!And if you do blow up a motor really cheap investment think of it that way so its not such a Hard pill to swallow.
Can you not do an add-on rider to your house insurance.
This is what I did, for $257.00
Of course my boat is probably relatively cheap compared to the mega-toys out there ($15K), but I did get the 2 million liability.
04-08-2006, 05:39 PM
Mr Time .....who is your insurance carrier ?
They would not take my boat as a rider to my house insurance due to the fact the main motor H.P. is over 50 HP, they declare you need seperate insurance for boats of this horsepower and up.
So what I'm thinking is you may have hit one that I have never heard of and are getting a good deal, therfore I would sniff around your insurance carrier and latch on to that also .....que pasa ?
04-09-2006, 05:58 AM
Marine insurance can vary in both price and coverage depending on the insurance company, the watercraft and the operator so I wouldn't hold much credence in what someone else is paying.
Policies that you can add to your home/condo/tenants policy are pretty worthless once your boat is over 10 years old. Generally they become an Actual Cash Value policy for both partial and total losses which means you only receive the depreciated value of the loss.
Take a $20,000 motor that is now worth $5,000. Do $2,000 damage to the leg and receive $500 from your insurance (oh, don't forget about your deductible).
They also severly restrict your Trading Warranty limits (which defines where you are allowed to travel)and don't usually allow any water sport activity (for those who ski or tube), don't included under insured boater endorsements or towing. If you ever go north of Vancouver Island out to constance banks or down in to Pudget Sound, you'll want Limit III
A number of agencies have designed a watercraft program policy but you should read the wording carefully as a number of these policies are "lite" policies. This can be actual cash value wording or exluding coverage to tender and auxilary motors. It's always nice to find out that the kicker stolen off the boat was not insured under your marine policy, though you may still be able to claim under your property policy as they generally offer coverage on watercraft between $1,000 & $5,000 (depending on the company),
Your better policies don't have to cost a lot more but they do usually require a survey every 5 years or so after the watercraft is older than 10 years.
What you do get is "Agreed Value" on total losses (boat goes down and they just write a cheque in amount of the stated coverage) and "Replacement Cost" on partial losses. The above expample of the $20,000 motor now worth $5000: the entire cost of repairs would be paid by the company (less your deductible).
Suck in plastic and burn your motor out, now you'll get to find out what type of company you are dealing with.
The best advice I can give you is to talk to an Insurance Broker who deals with multiple marine companies. Ask them what companies they use. If they only have one then they are an "Agent" for that company and would obviously be biased about what is being offered in the marine world. At least talk with a "Broker" that has numerous "marine markets" so that you can understand what is available.
You may already have a policy that is good enough for your needs but at least you would now know.
A good explanation.
Alley Cat, I erred, cost is 271.00 per year.
Policy is by ING Insurance, purchased through Island Savings in Duncan. As I said, this is an extension or addition to the house insurance and not a stand alone policy. The boat is 16', 1998, main power 60 hp.
Nothing for towing, and, although not mentioned in the brochure package, I recall the agent asked about water skiing and such, and I said not with this boat - it's a fisher!
The policy pays 'replacement value' for equipment 10 years old or less, and 'actual cash value' for anything over 10 years old, less the deductible, of course.
The 'territory' covered is "within the territorial limits of Canada and the Continental United States". This, to my understanding, should cover me anywhere, such as Renfrew or even out to Swiftsure should I dare.
I don't see any holes in the coverage.
Hope this helps.
04-09-2006, 01:08 PM
Thanks for the reply Time, and I also deal at the Credit Union in Duncan and carry the ING policy; but it is stand alone and I am going to renew in 1 month and will definitely be looking at the possibilities in addition to house coverage, on my previous smaller boats there was no issue but once I got over the magic numbers they come up with, then things changed abruptly and there was considerable talk last time over the amount of liability to carry , I took the 2 million ,and as the previous poster alluded to, have North American coverage , this may be where the added thump in the pocket is coming from.
Tks for the reply.
04-10-2006, 04:07 AM
Bumping your liability up to $2,000,000 would barely put a dent in the pocket book ($10 - $40 depending on hp and company).
Suprisingly, ING is a very good company for small boats that are less than 10 years old. I say suprisingly because they were losing their shirts in the marine department. They sold off most of their marine book to Oceanic (off shoot of Premier Marine) a few years ago and then the rest of it to Royal about a year or two ago.
They are pretty much only interested in the average joe who has a small to modest boat that is used for pleasure fishing or sailing.
Lower deductibles, lots of discounts available, good claims service and as Doug mentioned, broader boundaries than a lot of small boat companies. Works well for the people that fit in that company's criteria. I'd be looking elsewhere in 2008 Doug.
One hole that can catch you is the "Replacement Cost" wording. You actually have to have your boat/motor/trailer insured to "Full Replacement Cost of NEW" or you could end up with only an actual cash value settlement. Example: Take Doug's 1998 boat. Lets say he bought it in 2003 for half the replacement cost of new and he only insures it to the purchase price. He would probably be looking at a depreciated value for payout on a partial loss, even though the boat is less than 10 years old.
Comapnies like that also don't consider permanent contents as part of the policy unless they are permanently installed on the vessle. It's not hard to exceed $2,000 in personal effects such as navigational maps, spare parts, emergency equipment, fishing equipment, clothing, detachable gps/sonar/radar, etc.
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