insurance updates

[Cutwater28GG]

Just got my new quote in from travellers (via Anchor Marine) and it went up a lot again. Bob at Anchor Marine has been working hard to find alternatives as the premium has gotten silly. The blame was a lot of COVID new boaters not knowing what they were doing 😛 - TBH this seems a little bit of a stretch and just reflective of the whole insurance business as a whole. - house insurance is bonkers.

I am moving to Chubb with a very similar policy and saving $400 by doing so. I just wanted to share this because the savings might be worth canceling your current insurance and switching early.

 

[scross]

Bob switched us to Chubb after many years with Travelers this year.
Travelers greatly (and without notice) reduced their cruising coverage areas at this years renewal to exclude all freshwater in US and Canada. And Travelers wouldn’t cover our trailering from Bellingham,WA to Port McNeill, BC. Had to read the fine print in the Travelers renewal to find the changes.
Chubb was a couple hundred more a year than our Travelers policy but covers us everywhere we use the boat and for all trailering.

 

[Mastercraft]

Bob switched us to Chubb after many years with Travelers this year.
Travelers greatly (and without notice) reduced their cruising coverage areas at this years renewal to exclude all freshwater in US and Canada. And Travelers wouldn’t cover our trailering from Bellingham,WA to Port McNeill, BC. Had to read the fine print in the Travelers renewal to find the changes.
Chubb was a couple hundred more a year than our Travelers policy but covers us everywhere we use the boat and for all trailering.

Check out GEICO BoatUS .... includes TowBoatUS.

 

[scross]

Check out GEICO BoatUS .... includes TowBoatUS.

Sorry, I’ve looked at almost all the different companies. We are in Canada most of our time cruising and the Geico, BoatUS, Progressive, State Farm, etc, etc., policies have absolutely terrible insurance coverage for cruising in Canada. And not great coverage in while in the USA for that matter.
I want full coverage all the time. Not limited coverage that only covers me 40% of the time. Example - I have $170,000 marine towing coverage everywhere I go with the Chubb yacht policy Can’t imagine needing quite that much but a tow from Sullivan Bay in the Broughtons to the closest Cutwater dealer at Nanaimo probably isn’t cheap!
Another BoatUS/Geico coverage example limitations. That coverage is only good if I’m trailer towing within 250 miles of our home in Ashland, OR. Only 35% of my 1,600 miles/year trailering is within 250 miles of my home. BoatUS offers no trailering coverage at all for the 1,100 miles a year I tow when I’m further than 250 miles from home.
I could give you many more examples of why those types of boat coverages don’t work for us.

 

[Rocky Lou]

My Policy and Service with Global Marine/Markel has been excellent. It hasn't gone up in 3 years and this year it's increasing less than 10%, so I'm planning to renew, although, I did request a full explanation.

 

[fishheadbarandgrill]

My Broker is Global Marine and the policy is with Markel. Markel is requiring my boat be on the hard with winds greater than 39 mph. So I'm dumping them. Global found me a great policy with Progressive for half the price. Markel was really great to me. I had a +$100K with them almost 6 years ago that was not storm related and they never blinked an eye. The past couple of years they've taken off with their rates and then now this ridiculous haul out requirement.

 

[serendipity]

When we purchased our new 2023 R27 we shopped insurance. With our many sailboats over 35 years we had been happily with BoatUS / GEICO. However, we switched to Chubb because coverage limits were enhanced AND the annual premium was about 50% less than GEICO! This was the equivalent to a couple of boat-bucks!

 

[serendipity]

When we purchased our new 2023 R27 we shopped insurance. With our many sailboats over 35 years we had been happily with BoatUS / GEICO. However, we switched to Chubb because coverage limits were enhanced AND the annual premium was about 50% less than GEICO! This was the equivalent to a couple of boat-bucks!

 

[Rocky Lou]

You have to be ready to pivot since all the insurance companies act strangely or aggressively from time to time. I asked Global Marine if there was a better deal than Markel, who raised 10% after 3 years, and they confirmed it was still the best deal for the level of coverage that I have. I have had half a dozen Farmer's policies over 30 years and even they are messing around...I'm not loyal if they push too far.

 

[kurtwitte]

Can U give a new owner of a 2021 R27 some Idea of what everyone is paying?? I just called State Farm out of Kenai, AK, with whom I currently have a policy for my old Sea Runner. They quoted me 1400/yr for 190K of coverage @ 5K deductible. I inquired as to any travel restrictions as I will be coming up the Inside Passage to Haines from Hood Canal. They told me that they put a rider on for travel away from home area. Costs nothing as it's just a notification for their purposes.

 

[serendipity]

We have a 2023 R27 (LE) which we purchased new in early 2024. We moor in Marion, MA. We chose Chubb at ~ $1700 per year, which covers full value and cruising 75 miles offshore (not that we’ll ever go that far!). We had used BoatUS / GEICO for our boats for 35 years, but their quote was almost twice the Chubb amount. While a different region, hope this helps.

 

[Rocky Lou]

I see no reason for not sharing among the community. I insure with Global Marine.

Total Annual Premium: $966.00.
COVERAGE PREMIUM

Hull, Agreed Value: Limit/Deductible/Premium $333,000 $3,330 $778
Protection and Indemnity $1,000,000 $188
Uninsured Watercraft $1,000,000 $0 incl.
Medical Payments $25,000 $0 incl.
Oil Pollution Liability $1,076,000 $0 incl.
Longshore and Harbor Workers' Compensation Incl. Incl.
Personal Effects $10,000 $250 incl.
Emergency Towing and Assist $2,500 $0 incl.
Rental Reimbursement $2,500
while the insured yacht is afloat no more than 75 miles offshore within the waters of the
Atlantic/Pacific Oceans or the Gulf of Mexico; within inland lakes, rivers and waterways of the
continental United States of America, Alaska, Hawaii or Canada.

 

[kurtwitte]

I see no reason for not sharing among the community. I insure with Global Marine.

Total Annual Premium: $966.00.
COVERAGE PREMIUM

Hull, Agreed Value: Limit/Deductible/Premium $333,000 $3,330 $778
Protection and Indemnity $1,000,000 $188
Uninsured Watercraft $1,000,000 $0 incl.
Medical Payments $25,000 $0 incl.
Oil Pollution Liability $1,076,000 $0 incl.
Longshore and Harbor Workers' Compensation Incl. Incl.
Personal Effects $10,000 $250 incl.
Emergency Towing and Assist $2,500 $0 incl.
Rental Reimbursement $2,500
while the insured yacht is afloat no more than 75 miles offshore within the waters of the
Atlantic/Pacific Oceans or the Gulf of Mexico; within inland lakes, rivers and waterways of the
continental United States of America, Alaska, Hawaii or Canada.

Thank You for sharing. That's a good price. I getting quoted for around$125/Mo from State Farm and Geico. I just sent application to Global.