Boat Insurance Questions

[Sitkaspruce]

We are shopping around for new boat insurance, just to see what is out there and we have come across and couple questions that we are getting vague answers to.

- Is it standard for marine insurance that if you have an accident, that you first get an adjuster to look at it, then you need to get it fixed and you pay for it, then all the paid receipts and adjusters report are given to the insurance company and they make a decosion on whether to cover you or not?? I have found this wording in just one policy, not in any others, but when I ask, the others say they have to look into it.....

- do you get you trailer insured as well, or do you just have ICBC insurance on it. One policy says that I should have it in case I get in an accident, then ICBC will not take my one free at fault accident away as I can use the policies insurance. Any thoughts to this???

Cheers

SS

 

[King_Cod]

I have my boat and trailer insured for damage and theft. My policy has a $250 deductible and no clause saying that I have to pay for the damage up front.

 

[Whole in the Water]

I get my trailer insured through ICBC, basic liability coverage and it's cheap. I get my boat insured privately for the works and it costs me about $650-$700 a year. Would be interested if someone knows of a company that can offer it cheaper.

 

[Hookin'up]

I just did mine through Beacon, I had it surveyed first , I have the boat insured separetly from the trailer and kicker, however they each have a 250. deductible if it was stolen as a package I'd pay a 750.deductible,
icbc comp coverage with 1 mil liability on the trailer as well just for the plate,
private insurance cost me 584.00 for the year all inclusive, they deal with the adjuster, funny thing is the surveyor I had is also a private adjuster and deals with beacon and said they are awesome to deal with and are very much a customer first kind of company,
pm me if you want my broker info for pricing

 

[King_Cod]

I go through coastal community insurance. Just got my invoice for $453.00. Includes Hull, Main engine, Kicker trailer and up to 2000 in gear.

 

[Sitkaspruce]

Our cost has averaged $550 for our boat. The cheapest one, from Coronation, has the statement that I have to do all the repairs and pay up front, then they will look at my claim and reimburse me if they think the claim is good.

Not sure if that is industry standard.

Will probably go with the Insurance Services of VI, but waiting on one more quote.

Cheers

SS

 

[mlaag]

When you guys talk cost how much are you insurring the boat for $

 

[Hookin'up]

548. covers me for the survey of 29.5k

 

[Bassblaster]

Our trailer is insured through ICBC, but we attached our boat through our house policy. It's listed separately with it's own value, but the cost is combined with the overall home owners policy. Everything in and on the boat is covered.

 

[cheech]

I got a few quotes and settled with Beacon through Nanaimo Insurance. I added skipper insurance as well ($460 extra). The boat part was broken down and values assessed on Hull, main, kicker, electronics and gear. $460/year for 1995 Century.
Even dedicated marine insurance brokers could not beat the quote that I got from Beacon.
Hope that helps.

 

[Doug]

Since I posted this two months ago, I know of three guys who have transfered their insurance here.

I have had insurance with this guy for the last 4 years and have always been provide a great rate. Just make sure who ever is providing you insurance is providing replacement and not prorated.
Get a quote it's free and it just might save you $$$

I’ve been insuring charter operators since 1994 and I know our rates are really good as I write virtually every guy I quote. If you or anyone you know would like a quote cal my direct line at 250-940-9432 or send me an email…the quote is free of course.

Thanks!

Mike Meszaros
Hendry Swinton McKenzie
101-797 Goldstream Ave
Victoria, BC V9B 2X5
(P) 250-478-5588 (F) 250-478-9922
mmeszaros@hsminsurance.com

 

[Charter Tofino]

Talked to my parents tonight about insurance on the boat(17.5ft tyee same as kingscod) as its almost time to renew. They informed me that coastal community had them paying around 1000$ because i was 18 at the time and driving the boat alone. Being our families first real boat they didnt know that was rediculously expensive. Glad after talking to them and reading this thread some light was shed on the topic! You can bet that we wont pay that again.

 

[Red Monster]

Just had my boat surveyed for insurance and was wondering about market value versus replacement cost. The replacement cost was quite high, and that's not even including all the extra stuff like trailer and kicker and electronics and fishing gear.

So which value should I actually be insured for? Replacement? I'm going to look at my paperwork to see if even mentions replacement or market.