Boat Insurance cost? My quote is crazy!

[Saltwater Cowboy]

Hi guys just wondering what is reasonable for insurance these days.. my rates have jumped through the roof and I’m wondering if I should look elsewhere and if someone has advice on a better insurer...here my quote.

 

[trophywife]

to me it seems about right with your declared value.
you could always ask about higher deductibles to lower your rates.

 

[Saltwater Cowboy]

Seems so ridiculous for something that gets used 20-30 time’s a year and lives inside my garage all winter locked and dry and warm. They need to start offering season insurance.. does that exist?

 

[apprentice]

Try these guys. They were a lot better than others when I was looking.

Tara Parr, CAIB CIP
Office Manager

Direct 250.410.2051
Main 250-386-1454
tara_parr@ajg.com
Gallagher
4430 West Saanich Road|Suite 101, Victoria BC V8Z 3E9
www.ajgcanada.com

 

[SteelyDan]

Yeah sounds right to me. Everyone's went up. When mine did I price shopped and ended up staying with who I was already using.

 

[Captain PartyMarty]

Same here I declared about the same value and am paying around 1750 for the year similar coverage

 

[fishin solo]

Why do you have your boat policy covering your trailer as well? You don’t need double coverage on it icbc is all you need

 

[MikePA]

My boat is about half the value and insurance is about half the cost

 

[Rain City]

I pay 30% more than that for slighty less value. Going up again soon!

 

[ReelSlim]

Mine is $1400.00 for similar coverage. I believe my deductible is $500 though? And my trailer is just ICBC so probably about the same in the end. I'll double check next week when I'm back on the boat.

 

[rich]

just renewed my insurance , was informed all rates up roughly 20%. Never had a claim, boating over 50 years. Explanation was claims from every where affect rates (i.e. Sewells marine , white rock pier ,all different natural disasters through out north America ?) Not saying it isn't true but when on top of all that most boats depreciate. Just my vent for the day. Just happy to still be able to do it and enjoy.. Happy boating

 

[Corey_lax]

It’s the same underwriters world wide so when you factor in the massive fires in Australia and California, insurance costs rise everywhere.

 

[zurk]

$1200 for $85K worth of kingfisher 1825 here. with hub insurance/intact.
yours seems ok. maybe a tad on the high side.

 

[Klob]

Just because the limit on the boat is $107k, does not mean they will pay that out. Ask them what the maximum you can expect in a total loss claim. they love to insure for whatever you want but at the end of the day it's how much they will give you for it.

 

[Saltwater Cowboy]

Thanks for all the reply’s. Port side Insurance I took my trailer off the policy, reduced the value to $115k. And has a layup period from Dec15-Mar 1. Of no use. $974! So much better.

 

[wolf]

Just because the limit on the boat is $107k, does not mean they will pay that out. Ask them what the maximum you can expect in a total loss claim. they love to insure for whatever you want but at the end of the day it's how much they will give you for it.

Exactly hence why you should get a survey done and tell the surveyor to not scrimp on it you want the highest value you can get , yes your gonna have to pay a bit more but in the even someting happens bigger $$$ amount back buddy has his boat sink at dock and he got next to nothing for it. very sad....

 

[ryanb]

All my numbers are pretty close to yours.... Except the premium. I pay about 700 less. Try Johnston Meier insurance in Coquitlam.

 

[RiverBoy]

I was in the insurance game: remember you get what you pay for. some policies are carefully worded to deny coverage. some policies have a broader “wording” to allow for more coverage. guess what costs more. for example, my existing policy allows for major impact to my outboard. if i nail a submerged log at full speed i’m covered. the cheaper policy may not cover such a situation. read the policies don’t just go for the cheapest annual policy.

 

[tubber]

I have a small, old inexpensive boat. Mine went up 17.6% and then they added a $25 "policy fee" for the first time to bring the total to $520.
I'm confused by the trailer coverage. What happens if I just use ICBC for the trailer and the boat and trailer or just trailer is stolen from storage in Ukee or elsewhere? I always thought the insurance through ICBC for the trailer only covered travel and damage caused by the trailer should it become dislodged from the truck on a road. So I still have both.

 

[bigbruce]

I have a small, old inexpensive boat. Mine went up 17.6% and then they added a $25 "policy fee" for the first time to bring the total to $520.
I'm confused by the trailer coverage. What happens if I just use ICBC for the trailer and the boat and trailer or just trailer is stolen from storage in Ukee or elsewhere? I always thought the insurance through ICBC for the trailer only covered travel and damage caused by the trailer should it become dislodged from the truck on a road. So I still have both.

Pretty sure you would need comprehensive coverage from ICBC for coverage in the event of loss