Insurance - how much and what to insure...?

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McFly
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Joined: 10/22/18
Posts: 200
Insurance - how much and what to insure...?

I am in the process of purchasing a 1999 C36 for $75k.  In gathering insuranc quotes I am a bit startled by the cost of insurance.  Over $1,900 to insure with BoatUS.  Thats with the agreed value of $75k, plus $300k liabilty and $1000 medical per person.  Not even towing!  

Just curious as to what other owner's thoughts are on insuring their boats.  Is it just this expensive?  Am I foolish to insure for the agreed value in case of total loss?  I know this is a personal choice, insurance is one of those funny things that you spend a fortune on and hopefully never need.  Thanks for any insight and tips.

Mike

1999 C36, MK II
Plymouth, MA

Jackfish Girl, 1999, C36 MKII, Tall Rig, Wing Keel, In-mast furling, Monument Beach, Bourne, MA

pierview
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Joined: 9/27/09
Posts: 582

Mike... that seems VERY expensive. We pay $970 with an agreed value of (I think without checking) $125,000, and that includes towing. We went thru USAA with our prior boats but when we went to the 36 they brokered it out to Markel. We like agreed value. Ha d friends who didn't and about 4 years after getting their boat lost it in Sandy. They were shocked how much their ins. company devalued their boat.

We were paying $1,200 for years until last year when, during renewal, I went to a broker I found in Soundings who got me the $970 quote for slightly better coverage. Since I was with USAA/Markel for 30 years I didn't really want to change so I went back to Markel and basically said "hey, this is what they're offering, what can you do" ... and they matched it. So, shop around

Chuck Parker
HelenRita 2072 Mk II
2002 Tall Rig - Winged Keel
Atlantic Highlands, NJ

two-rocks
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Joined: 8/11/17
Posts: 74

I'm with progressive, under $1k for agreed value of 80K, $2500 towing, 5K of personal junk (I think - have to look). No dinghy coverage, though. Boat is on the Cape....

Also,
check out CANE (catalina association of NE)... good times...
https://www.allcatalinane.org/

Good luck with the purchase...

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Catboat Willy
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Joined: 12/22/14
Posts: 385

Shop around is the correct answer and examine WHAT your are buying in the way of coverage. We like agreed upon value. Usually that will have a higher deductable and you should closely look at what is included in your policy....or what you want in your policy.
For instance, if your boat is washed up on shore in a storm, is the cost of getting off the shore & to a yard covered by your policy ? You're in a slip and whack the boat next to you and tear up the dock between boats, is the dock covered ?
You just hit an underwater object and the boat sinks in shallow water. Is the cost of removal & repair covered ? 
Your fuel oil tank is now leaking in to the bay and the Coast Guard is on the phone............
Racing ?
The point is that you should fully understand what you are buying in the way coverage and shop around.
We're insured for 60K (agreed value) at BoatUS at a rate of $1100 but we're paying the extra $$ for extra coverage. I think Progressive now underwrites BoatUS.

Bill Dolan 1990 Catalina C-36 MKI - Hull #1041  'Williwaw'
Std. Rig, Walk Through, Wing Keel
M35, Oberdorfer Conversion,
Home Waters; Charlotte  Harbor & The Gulf Islands of Florida
'You are never out of work if you own a boat'

 

True Wind
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Joined: 7/15/12
Posts: 139

I strongly suggest not going with BOATUS. Geico underwrites BOATUS. After 16 years with BOATUS and not one claim,my quote for insurance this year more than doubled. I dropped them like a hot rock. I went with Charter Lakes Marine Insurance.

2003 Catalina 36

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Catboat Willy
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Joined: 12/22/14
Posts: 385

Mike & True Wind,
I can agree with you about not going with BoatUS and you're correct, it is GEICO not progressive that underwrites them. My error.
In my case, I'd been with BoatUS for twenty years with another boat and upon insuring the C-36, they were asking $2400.00 a year. I paid that the first year because I did not have time to shop around - but then I asked here on the forum what everyone else was paying, much as the original poster here on the forum, and it came out to about $1000.00 a year.

When I called BoatUS, and asked about what I was getting for the exrtra $1200.00 I was presently paying, their response was, 'Oh, we can cut that rate in half to $1200.00 since we have a new re-insurer , GEICO'  But then asking them what's insured, you'll find many items are missing from what you would expect. This is why I'm urging you fully understand what your insurance is covering and what you want covered, before you commit to a policy with anyone.

Bill Dolan 1990 Catalina C-36 MKI - Hull #1041  'Williwaw'
Std. Rig, Walk Through, Wing Keel
M35, Oberdorfer Conversion,
Home Waters; Charlotte  Harbor & The Gulf Islands of Florida
'You are never out of work if you own a boat'

 

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TomR
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Joined: 12/4/17
Posts: 38

Whoa...I was thinking of looking at US Boat/GEICO rates for 2019. Well maybe not now.
I have Markel American. for my 2000 C36, insured for $88.1K liability for $1,000,000 with towing.
My annual premium is $606.
Sail in the Chesapeake. I'm sure rates are based on where you sail. Ocean coastal and blue wate sailing is probably much more.

Tom R
C36, 1998, ObLaDi ObLaDa
North East, MD

Tom Runiewicz
ObLaDi ObLaDa
Catalina 36 MkII, Wing Keel, Tall Rig
Hull #1998
North East, MD
 

Anchorsaweigh's picture
Anchorsaweigh
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Joined: 5/30/16
Posts: 30

NBOA: $580 which includes towing. Don't have my cover sheet with me (I'm at work) but it meets the requirements of my club which includes $1m liability.

Lazybones - 1999 Catalina 36 MkII, M35B, #1731
E. Greenwich, RI
 

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