Boat Insurance - Premium Increase

Ringo

Crew Member
Got the renewal quote for 2019-20 and it’s almost %25 higher than the last year’s. Do others have the same hike in their premiums or should I start shopping around after 8 years of doing business with this broker?
 
My condo insurance went up too, and they said they're dropping the earthquake insurance protection. :mad:

On the other hand, my insurance company stocks have gone up in my RRSP. :D
 
I guess i should have said i saved $300 of the $500 that the other carrier had increased it.. there are some that didn't increased there premiums but most insurance outfits upped it... i have went with these guys..
Brian McQuarrie
Commercial Insurance Specialist
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P: 250-338-1401
F: 250-338-1300

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109-364 8th Street
Courtenay, British Columbia
V9N 1N3
 
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Mine went up 30%
Yeah. 25-30% across the board is norm. Apparently older vessels have been hit harder b/c of the increase in replacement costs.
Fuel cost gone up by 40-50%, maintenance and moorage by 20-30% and now the insurance cost. Number of fresh fish on the dinner table = 0.
Why do I own a fishing boat??
 
I went with Boatsmart Assure this year, easy and good rates. I'm paying $650 on 35K and that's with a premium for previous claims. The rate will go down next year.
 
I put my boat value down as $40k, and pay about $700/year in insurance. Is that about the % you guys pay? (about 2%)

First year with the new boat for insurance but I'm paying about 0.93%. Not sure how their magic calculator works but it doesn't seem to be proportional.
 
Westland for me too. Same as last 3 years. $400 on a $10,000 boat. Boat value isn't important if I maim/kill someone. That's what insurance is really for.
 
Just curious; I don't need any insurance for engine boat etc. ( not worth much)but would like to have liability. Anyone just carry liability only?
 
Got the renewal quote for 2019-20 and it’s almost %25 higher than the last year’s. Do others have the same hike in their premiums or should I start shopping around after 8 years of doing business with this broker?

Mine went up 28%. Was through Westland for only one year. Shopped around and ended up with Aviva/NautiMax and got it back down to only a 10% increase year over year. I don’t think loyalty buys you anything in the insurance game - also basing that on my other insurance dealings. Shop around every year imo. Only my second year of boat ownership though.

As a percentage of boat value I’m at 1.39% compared with 1.63% had I stayed with Westland.

Not looking forward to next spring’s quote....
 
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