Insurance renewal question

[RussGW270]

So, yesterday the insurance company sent me a renewal notification. Imagine that... the boat is turning 1 yr old.. cannot tow it or put it in the water yet, but the insurance is up in a couple months lol. Anyway.. the current company is no longer going to sell insurance, so they paired me with another company and the price went up about 100 a year... not a huge deal, like 847 bucks.

Here's the kicker...

I noticed it had an exclusion.. "Non-tidal waters".. I was like, "uuuhh.." I looked at the current one, "Coastal and inland".

I called, and they had the boat listed as a 27ft boat. Now, the Insurance company is looking at LoA etc.. and they look up a 2004 Islander and it is 26ft 11". Now, the engines are listed individually, but the boat classification of 27ft puts it in the "Yacht" category, and they do not do "inches" and thus, she said according to her books, a 2004 Islander is 26'11" which means it is not 27'... thus classified as a boat, not a yacht.

If 27', then it is a yacht and to add coastal waters to it adds a hell of a price jump.

We added the local lake as my port of call, since I am closer to that and tow back and forth, with occasional coastal trips, which knocks my insurance down.

Now, I will be adding all the upgrades to the coverage later, but this gets it started. I may not even get it to the coast this year... I can re-evaluate at the time I get it to run.. but for now... no sense paying more than I have to...but, if they show the boat as 26'11"...makes sense not to pay 2-3 times the price for insurance.

Thoughts?

R

 

[glacierbaze]

Insure the boat for how you are goint to use it. Sitting on the trailer in your yard, under repair, does not require the same insurance as towing to the coast, and fishing 30 miles out in the GOM.

 

[seasick]

Many of my fellow boaters have argued about when a boat is a yacht. Some say 60 feet, some say 100 but 27 feet is not even close
On the other hand, If you are in a bar and trying to impress someone, you can refer to your 'yacht' for anything with a motor!

Seriously though, , I might look at other insurance companies for comparisons.

I did have to do some research on what are Tidal Waters as opposed to Non Tidal waters. Basically if the water level changes on a 'predictable' daily basis and/or the direction of flow changes on a predictable basis, then those are Tidal Waters. So some rivers can be tidal or non-tidal as can lakes. More confusing than I thought.

 

[RussGW270]

I am seriously not feeling comfortable with the quote I am getting from Charter.
I looked at last year's quote and it was for the exact same boat at 27'. When I asked about this year's quote, she "looks up the boat and it is 26'11"" so... she changes the boat to 26', to get it listed as a boat, not a yacht.

Previous quote/policy:

1 - 2004 270 Islander 27 ft long
2 - Warrantied for: "Warranted confined to the Coastal and Inland waters of the Continental United States, Alaska, Hawaii and Canada. "
3 - cost 769

New Policy:

1 - 2004 270 Islander 26' (she stated it is 26'11" so she listed it as 26' because it did not take the 11")
2 - Warrantied for : "Coverage is provided while on land, on inland waters, or in coastwise waters of the continental United States, Alaska, Hawaii and Canada." - I explained the Nav term "coastwise" refers to 20 mile limit. She said it is not defined that way in the policy, but nothing is defined in the policy, which she sent"
3 - Cost 1027 yr

Deductible almost doubled, coverage seem to be the same except the fishing gear went from 5k to 2.5k and the medical coverage went from 25k to 5k, towing went from 3k to 1500.

I am a little skeptical about whether I would be covered if I went 30 miles out and something happened...

R

 

[SkunkBoat]

Let me throw another wrinkle...

OFFSHORE.... Greater than 75nm is an add on. Geico/BoatUS did not even offer this in their quote, they did exclude it.

Its not that confusing. .....Per the Progressive policy

Non-Tidal is exactly that, there is no tide (caused by the moon). Generally states determine a line for this in rivers, usually a bridge or a damn or falls.
(if you need a freshwater fishing license its probably non-tidal)

Inland is anything Non-Tidal plus Tidal rivers, bays, waterways inshore of the Ocean or Gulf of Mexico

Coastal is the Ocean (or Gulf) out to 75 nm

Coastal may be extended out to 125 nm for an extra $150


Of course, the insurance companies are not consistent so you have to be careful comparing

 

[RussGW270]

Oh, would not be out 75 miles lol!.. but yea...the debate is... do I take their word for it, or pony up a different policy with someone else.

I have a quote for like 1500 from Progressive.

I at least know it would have the right values in it.

 

[mleads310]

Try Marine underwriters insurance directly. Very straight forward easy to read and actual quote in a few minutes online. No weird exclusions that you have to sort thru. Also cover loss due to consequential damages

 

[Fishtales]

go to a couple of local agents and ask them to shop it.

 

[RussGW270]

Try Marine underwriters insurance directly. Very straight forward easy to read and actual quote in a few minutes online. No weird exclusions that you have to sort thru. Also cover loss due to consequential damages

Loss due to consequential damages? Not sure what that would entail.

I got a quote from them via email. Need a survey before they will insure it.. heh, but, was less than half the cost of the new policy. I replied asking them to make a couple changes, apples to apples. Will see what they come back with then see what a survey costs me.

R

 

[RussGW270]

Well, I got a quote from MUA and it was less than half the cost of the current insurance and almost 1/3 of the new policy.

All that said, I need a survey to get it under a policy lol.. so, will need to get it back together and then figure out who the heck can survey it and how much it is.

No idea how to find a surveyor here in Austin for this boat

R

 

[mleads310]

Consequential Loss: Provides coverage to your boat resulting from sinking, burning, or collision even if the cause of loss is excluded under the policy. Most insurance companies do not provide this coverage. If your boat sinks due to wear or deterioration, they exclude your entire loss.

 

[mleads310]

Yes they usually do require a recent survey unless the boat is much older or under 10k in value....that's both estimated, I don't have exact figures they use. I insured a previous 79 mako for 6,500 with no survey for example.

 

[wrxhoon]

If you have the survey from the time you bought it they may accept that, ask them.

 

[SkunkBoat]

Let me throw another wrinkle...

OFFSHORE.... Greater than 75nm is an add on. Geico/BoatUS did not even offer this in their quote, they did exclude it.
.....

I need to correct this..I think..

I too have been getting quotes because I'm getting $40K in new motors and have to up the Agreed Value

I had some difficulty online with both my current Progressive/USAA, with NBOA, and with Geico/BoatUS.
New motors on an old boat seems to throw them for a loop.
I ended up on the telephone.

First to correct my previous statement, per the Geico agent on the telephone there is not a 75nm limit on the "Coastal and Inland - Atlantic,Pacific,GOM excluding Florida" policy
I swear I saw that 2 years ago when I got quotes but I cannot find it in writing for Geico.
The Geico rep said that the included Boat/US Towing is limited to 50 nm round trip of vendor. Insurance has exclusions in foreign waters (ie Bahamas,Bermuda, Mexico,Canada) but not distance.

Progressive charges $150 on my current policy to extend out to 125nm

per online quote process, NBOA does exclude past 75 nm. I did not speak with them.

I went on the MUA site to get a quote but it is not a secure website and that really put me off.

 

[RussGW270]

Yea.. I am about at the end of my patience with this damn boat, insurance and all. I get a good quote, but it requires a survey. I finally find a survey guy, 700 bucks to do a survey to get insurance that costs 500 a year....all for a damn boat that has not moved past my barn the past year.

Sorry... just grates at me....

R

 

[SkunkBoat]

Yea.. I am about at the end of my patience with this damn boat, insurance and all. I get a good quote, but it requires a survey. I finally find a survey guy, 700 bucks to do a survey to get insurance that costs 500 a year....all for a damn boat that has not moved past my barn the past year.

Sorry... just grates at me....

R

Why do you need a survey? I have never had a survey.

Get an Agreed Value policy. Pick a value you can live with

 

[RussGW270]

Sorry, heh... just irritated. I had just gotten off the phone with the insurance. I can get insurance without a survey, I was just trying to not pay 1100 a year right now or more for insurance on a boat I have yet to get ready. The insurance went from 769 a year to like 1100. I got other quotes for 1400-ish. The 1100 has me worried as they listed the boat as 26'11" and it says it is "warrantied to coastwise and inland waters" and the insurance company "tells me" that does not mean a 20-mile limit, but... something inside me is thinking it is a bit sketchy to buy insurance when the LoA is over 27ft and if I take it out past 20 miles, will it be covered or will I be stuck in a court battle over the word "coastwise".... and so.. I got a quote for 480... but it requires I pay for a survey.

Damned if I do, damned if I don't heh.

I'll probably end up paying for the survey so I can save the money over the next few years I guess.

Just getting a little tired of spending money on a boat that has yet to make it to the water.. because of a trailer.. heh.. yes.. I know.. it's a boat.. the boat is fine.. the trailer ticks me off because I cannot sever it from the loan to get a new one

I'll figure it out.. just stuck at work as usual. so.. my goal is to get it working by the end of the month....so irked is all. Irkness fades when the water gets deeper lol

R

 

[INSURANCEMAN]

Sorry, heh... just irritated. I had just gotten off the phone with the insurance. I can get insurance without a survey, I was just trying to not pay 1100 a year right now or more for insurance on a boat I have yet to get ready. The insurance went from 769 a year to like 1100. I got other quotes for 1400-ish. The 1100 has me worried as they listed the boat as 26'11" and it says it is "warrantied to coastwise and inland waters" and the insurance company "tells me" that does not mean a 20-mile limit, but... something inside me is thinking it is a bit sketchy to buy insurance when the LoA is over 27ft and if I take it out past 20 miles, will it be covered or will I be stuck in a court battle over the word "coastwise".... and so.. I got a quote for 480... but it requires I pay for a survey.

Damned if I do, damned if I don't heh.

I'll probably end up paying for the survey so I can save the money over the next few years I guess.

Just getting a little tired of spending money on a boat that has yet to make it to the water.. because of a trailer.. heh.. yes.. I know.. it's a boat.. the boat is fine.. the trailer ticks me off because I cannot sever it from the loan to get a new one

I'll figure it out.. just stuck at work as usual. so.. my goal is to get it working by the end of the month....so irked is all. Irkness fades when the water gets deeper lol

R

I am not licensed in TX or I would help you out. As someone else here mentioned do a search for a independent insurance agency. I have several companies we use for boats and we wouldn't have an issue finding your boat a home. Most companies will ask for the survey but some will accept a recent inspection as well. Best of luck...

 

[RussGW270]

Thanks bud...just a slow Friday and trying to find time to work on the boat this weekend...with people filling up my schedule heh....so irked. It will all be fine. New brake lines just got delivered so, my weekend project is to install those and finish the water pumps and put it all back together.