boatus/ geico marine insurance requires me to have a survey by renewal date in June.
Is this unusual?
Hi Bill -
I have not received such a request from BoatUS for my policy on Quickbeam. I did need one when I initially got insurance though.
Bob Gehrman
NS30U #396 “Quickbeam”
Baltimore, Maryland
I have Allstate and I’ve never been asked for a survey in almost 50 years.
Joe
I’ve heard that a number of insurance companies have started doing so, although I don’t know the rhyme or reason to what triggers the requests.
I’ve had insurance from Merkel for some time with no survey demands, but a friend moved from them to another provider because they wanted one for his Nonsuch.
I’ve generally had good service from Jack Martin and Associates of Annapolis, https://jackmartin.aleragroup.com/, who I’ve been with for my last four boats since buying one at the Annapolis Boat Show in 2002. (Which is why I’m still with them although they’re in Annapolis and I’m in Los Angeles.)
You might want to shop around for insurance brokers and insurance companies to see what works for you.
– Bob
Me Gusta
Nonsuch e26U #233
In Vancouver, BC, Canada where I am, it is common practice that once a boat is over a certain age (25 yrs?) the insurance company requests a insurance survey every 5 years. If you do get one done, you want to ask the insurance company to give you a list of their approved surveyors. And make sure your safety equipment such as fire extinguishers and flares are up to date prior to survey. Inflatable life jackets too.
Cheers,
Don
’87 NS30U #369 - Breezin’
Vancouver, BC
Would anyone be willing to share what premiums they have been paying, the amount of coverage and which company?
Thank you in advance.
In response to Bob’s comments, I believe the reason is that the insurance companies want to reduce their risk. They don’t want to insure a floating liability that could sink at the dock. They want to ensure that the boat is being properly maintained and has the correct safety equipment onboard. I don’t know what its like where you live, but in BC there are plenty of derelict and under maintained boats on moorings that are a disaster waiting to happen, including oil and fuel pollution.
Don
’87 NS30U #369 - Breezin’
Vancouver, BC
Hi William,
My insurance company requires me to have a survey for the boat every 5 years, pretty common practice around here.
Dorothy Salusbury
Cathartic Nonsuch 30
Toronto Canada
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Bill,
I was told BoatUS/Geico that I need to have a survey done in order for the insurance to be renewed in August. I’ve been with BoatUS since 2011 with zero claims.
Jim Cosgrove
FATE 30U
Galesville MD
I also received notice from Boat U.S./Geico that they require I have a survey done for my next renewal.
Mike
BIANKA
1986 30U
Long Island
I don’t know what triggers these requests, but Don is right. They have some reason to feel concerned that their liability might be higher than the premiums can support and they want to be sure. And of course you have to pay for it, not them. I’ve lived in and/or kept boats in marinas since 1989 and have heard the same complaints off and on from boat owners everywhere and for all of that time. I suspect that Lloyds probably requested something akin to surveys even back in the 1600s.
If you think boat insurance is pain, you should try getting homeowner’s insurance here in suburban southern California. If we weren’t qualified for USAA I don’t know what we’d be doing right now. We’d probably have to sell out and live under a bridge somewhere. (Or in our boat!)
And that brings me to a suggestion. If you can qualify for USAA, you should definitely give them a try. They don’t do their own boat insurance, but they sub it out to reputable companies and it seems like they exert some sort of pressure on them to be good to the USAA customers.
My insurance premium for hull and liability is $550. through Allstate
Joe Valinoti
S/V iL Gatto NS30U #221
Sea Harbour YC
Oriental, NC USA
USAA wouldn’t touch me, and I’ve had auto and home (and renter’s when in government housing) for 26 years.
Currently with Progressive through a broker with US Power Squadron ( McGriff Inusrance Svs). $1100 full coverage.
Brian
SV Serenity
Nonsuch Nereus #003
Pax River, MD
Well Joe you seem to be insuring I’ll Gatto for about half of what the acronym BOAT stands for
‘Break Out Another Thousand’.
What’s your secret?
Brian Cayer
Spirit~Wind
N30U 419
Westbrook, Ct
Don’t know why but I’ve had them for such a long time and my car and home is insured with them. In addition, I don’t have to get a rider to go offshore or too far south like some others. However, my understanding is they don’t write anymore policies in NC and maybe other states as well.
Joe Valinoti
S/V iL Gatto NS30U #221
Sea Harbour YC
Oriental, NC USA
Joe
Well you are blessed.
Brian
Sorry guys BoatUs did this to me last year. The survey came in above average but they still raised my rates by $600. They also lowered the boat value well below the value on the survey. When I challenged them on the value they finally agreed but raised tbe policy another $300 dollars. I used the survey to shop around and got a much better deal with nj manufacturers.
Peter Farley
Knot in a hurry #328 30u
Keyport nj
23 years ago, when I had a Cape Dory 30 and was run down by a 63 ft Searay at hull speed, they were ready within 48 hrs to give me a check for the full value of the policy which I believe was $40,000. I declined since it wasn’t my fault and had the other boat owner pay for my boat.
Joe Valinoti
S/V iL Gatto NS30U #221
Sea Harbour YC
Oriental, NC USA
I just paid $1330 for a year with Progressive which is apparently the current underwriter that USAA is using. Though I’m not sure how relevant it really is. I suspect that there are variances based on factors other than the boat. Such as location or operator’s age and experience.
Brian Godfrey
Vela, NS33, San Diego
Wow, now there’s a nightmare! I’m glad you survived and I wonder how? Also, was it difficult to prove fault?