Boat Insurance - Premium Increase

[gungadin]

Yes, carried as a rider on my home insurance
it's cheap maybe $50 a year

thanks, I will see what they say

 

[saltcod]

Mine stayed the same as the last 4 years. $900 for a $70k boat. Pretty good I'd say. My business partner had a Bayliner 32, his insurance went up. He sold it and bought a Canoe Cove 41, same as me. Can't figure why the insurance is so cheap, but I'll take it. My pickup is worth less and costs more to insure

 

[Gear'n'beer!]

We are paying $500 for 30k..... bundled through same broker with 2 houses however. It’s nice getting the bulk discount however all 3 come for renewal on the same day.....that is HARD on the bank account !

 

[Ringo]

Beacon

Anyone has any claim experience with Westland / Beacon? Premiums look reasonable but I’m not sure about their customer service when you need them.

 

[ziggy]

Also looking at changing insurer. Is it normal to have a survey on a power boat and if so how often do you have to pay to have it done and what’s the average cost. I’m talking a 21 ft Campion.

 

[Ground Tackle]

Anyone has any claim experience with Westland / Beacon? Premiums look reasonable but I’m not sure about their customer service when you need them.

We are currently in the process with our first claim we have ever had and it is with Westland/Beacon and so far have been very happy with the service from them dealing with this. Not sure how much our premium is going to go up next year (if at all - which would be highly unlikely after this claim) - right now we pay $880.00 on 50k and that has been the same premium for the last 3 years.

 

[bigbruce]

Also looking at changing insurer. Is it normal to have a survey on a power boat and if so how often do you have to pay to have it done and what’s the average cost. I’m talking a 21 ft Campion.

Didn't need to have a survey when I first insured the boat 6 years ago, but had to have one done last year (2101 Striper WA) when it was 15 years old . I'm told it's required every 5 years after that. Cost was $330.

 

[Sir Reel]

Didn't need to have a survey when I first insured the boat 6 years ago, but had to have one done last year (2101 Striper WA) when it was 15 years old . I'm told it's required every 5 years after that. Cost was $330.

Yes it is every 5 years. At that time they will reassess your vessels value and will factor any upgrades you may have done. You will also need to address any safety issues the surveyor finds before they will insure again. Like bilge pump not working or fire extinguishers out of date etc. They usually charge by the foot.

 

[profisher]

I find that the surveys are a bit of a joke. So much is not even inspected..an example is non of the guys who have done mine have bothered to check the hull for soft spots or dry rot. I asked the last guy about this and he went to his car and brought out a moisture reading unit and tested the transom. He obviously had the ability to check it but only did it when I mentioned it. Very little attention to the engines, never asked to remove the cowlings, never asked for me to fire them up. In my mind just an industry that allows some so so boat people to be self employed. I think surveys have value but the ones I have seen are a joke.

 

[Rockfish]

I renewed my boat insurance not all that long ago and was hit with a new add-on administration fee of $25.00. It looks like the marine insurance broker industry has decide to emulate a number of other industries such as airlines, hotels and car dealerships and grab some extra income.