Boat Insurance
- Thread starter ExFlyGuy
- Start date
Whole in the Water
Well-Known Member
If you are a SVIAC member you can get a deal at Christie Phoenix in the Victora area. Check the SVIAC website for membership deals.
SteelyDan
Well-Known Member
Rain City
Crew Member
Hurry uuuuuuup! This is such a good idea.
Peahead
Well-Known Member
For those mentioning what vessel insurance company they use , some seem to be mentioning their insurance broker/ agent while others are mentioning their insurance company or underwriter. Also some may be mentioning a cost for a commercial vessel policy vs others who may be mentioning the cost of a pleasure vessel policy - they will be quite different in cost. I have used Dolphin Insurance Services (broker/ agent) for several years for both my commercial coverage a few years ago and now my pleasure coverage policy. The insurance company or underwriter that Dolphin brokers for me is Lloyd's of London. I chose their " Commander " policy I believe it's called . You are best to look at the particular policy and what it covers before you can fairly and effectively compare prices. I often hear that someone got an incredibly "good deal" on insurance only to find out the coverage is poor. I pay about $720 a year now for non-commercial on a vessel package I put at 50K plus several thousand for loose unattached fishing gear. I got a much cheaper quote via another agent that I didn't go with because they said they couldn't provide a policy that could match the same level of protection as the "commander " policy . The reason was that they didn't broker for Lloyd's and basically said that they couldn't offer an underwriter with as good a policy as that one - sometimes you truly get what you pay for . I have had just one claim when Minks/Otters took over my cabin for 2 weeks and the resulting outcome/compensation was very fair - maybe a bit slower than I had hoped but good final result.
Ask if your policy is replacement cost or if they pay out only at a depreciated amount. Eg. I would be paid out at a set value I determined ....not a depreciated value.
Ask if your policy is replacement cost or if they pay out only at a depreciated amount. Eg. I would be paid out at a set value I determined ....not a depreciated value.
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Rain City
Crew Member
I had no idea that claims history effected your ability to get insurance. I just had an agent tell me that her underwriters wouldn't even look at it. I've had three claims in 6 years. First one 6 years ago was my brother showing off in my maxum too close to third beach, hit a rock. The next was a break in where they literally destroyed the inside of my boat and stole all my gear. They hit dozens of boats in false creek and i think were living in mine during the process. The last one was this past fall when my leg blew up for the second time and M&P claimed it was a prop hit so they wouldn't have to warranty the brand new leg they installed the year before. God this is frustrating, clearly I misunderstood what no fault insurance meant lol.
ryanb
Well-Known Member
3 claims in 6 years is tough. Insurance is all about statistics and implied risk. Underwriters don't really have the time or financial incentive to investigate why you might have had more claims than average...easier to label you high risk and deny coverage or gouge you on premiums.
ab1752
Crew Member
Well just like that I guess I jinxed myself . Turns out my insurance is up on Monday and the renewal note arrived yesterday at 6 PM grrrr...anyway no claim and no policy changes but the premium is up 30% to $1265. They are making a request for reduction but the spin is boats like mine in the $50 to 100k bracket have had a ton more claims paid so we all pay more.
This is my 4th renewal and I did have a claim in the first year that I was ok with self insuring. The adjuster was all over me to settle as I guess they are compensated on settlements. The only reason they knew was I called right after the incident as I thought I would need a super costly tow home from the top of bute inlet. We will see what the broker comes back with and they have assured me I am covered even if the renewal isn't inked on Monday.
This is my 4th renewal and I did have a claim in the first year that I was ok with self insuring. The adjuster was all over me to settle as I guess they are compensated on settlements. The only reason they knew was I called right after the incident as I thought I would need a super costly tow home from the top of bute inlet. We will see what the broker comes back with and they have assured me I am covered even if the renewal isn't inked on Monday.
Whole in the Water
Well-Known Member
I use Christie Phoenix as well, best coverage for the money. I like that my policy covers me for up to 25 miles offshore. Many policies on cover you up to 5 miles offshore.
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