Boat Insurance - Premium Increase

Discussion in 'General Open Forum' started by BCRingo, Jun 11, 2019.

  1. BCRingo

    BCRingo Well-Known 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?
  2. Derby

    Derby Crew Member

    went up across the board.. I believe.. had to shop mine around.. saved me over 300
  3. Whole in the Water

    Whole in the Water Well-Known Member

    Who did you end up going with?
  4. Ground Tackle

    Ground Tackle Member

    Ours was just renewed a month ago and has been the same price for the last 3 years - our broker is Westland
  5. Sangstercraft

    Sangstercraft Well-Known Member

    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
  6. Derby

    Derby Crew Member

    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

    P: 250-338-1401
    F: 250-338-1300


    109-364 8th Street
    Courtenay, British Columbia
    V9N 1N3
    Last edited: Jun 12, 2019
  7. SteelyDan

    SteelyDan Well-Known Member

    Mine went up 30%
  8. BCRingo

    BCRingo Well-Known Member

    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??
    terrin and Corey_lax like this.
  9. Sangstercraft

    Sangstercraft Well-Known Member

    I put my boat value down as $40k, and pay about $700/year in insurance. Is that about the % you guys pay? (about 2%)
  10. BCRingo

    BCRingo Well-Known Member

    27K and now I’m going to renew for $850/yr.
  11. Sangstercraft

    Sangstercraft Well-Known Member

    You might want to give BFL insurance a call.

    Also, I price checked with Megson Fitzpatrick and they quoted the same as BFL.
    BCRingo likes this.
  12. ZENYO

    ZENYO Crew Member

    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.
    BCRingo likes this.
  13. ReelSlim

    ReelSlim Crew Member

    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.
  14. tubber

    tubber Well-Known Member

    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.
  15. BCRingo

    BCRingo Well-Known Member

    Do you know who your underwriter is?
  16. Sir Reel

    Sir Reel Well-Known Member

    BCRingo likes this.
  17. tubber

    tubber Well-Known Member

    BCRingo likes this.
  18. gungadin

    gungadin Well-Known Member

    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?
  19. scott craven

    scott craven Well-Known Member

    Yes, carried as a rider on my home insurance
    it's cheap maybe $50 a year
    gungadin likes this.
  20. donnie d

    donnie d Active Member

    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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