Another Insurance Cost Thread

So like many, I find myself in need of a new insurance policy despite zero claims, no missed payments, etc. My broker has found me an underwriter but of course I got sticker shock at the premium. The quote is right at 2% of insured value. Is this in line with what most are seeing these days? My boat is considered older as a 1994 but they said they give me consideration for the complete repower/refit in 2020 and the clean survey I have. I also have limits on underwriter's as many won't write a policy for a boat in Alaska. Anyway, just curious what you all are paying as a % of insured value to see if I should keep shopping or take this policy. My broker doesn't have anything else to offer so if I want to shop more I need to find a different broker.

Good thought but unfortunately not really a viable option. Puget Sound is 700 (ish) miles south so just the run down and back up would cost more in fuel than my insurance policy. And then there is the issue of having multiple slips in marinas.

I was around 1.25% previously. So the increase to 2% on top of more than doubling my insured value is a big "OUCH" to the wallet.
I don't know how much other hull types are as a comparison.

Yes, I expected the premium to double due to increased value. But I didn’t expect it to nearly quadruple with almost double the % as well.

That is a fantastic rate. I'll give them a call to see of they cover in Alaska and will cover an older hull like mine. Thanks!

Thanks. I have a GOST alarm and monitoring system that does similar (actually more I believe) and supposedly I am getting credit for having it.

I called Smith Merritt and they don't currently have any policies in Alaska but said they would check to see if possible and are interested in quoting. We'll see if anything comes of it.

Smith Merritt was a no-go. They said they are not licensed in my state of residence or Alaska so cannot write me a policy. They also indicated my current insurer is about the only one they know that will do Alaska anyway. They said that 2% with a 5% deductible is on the high side but not unheard of in today's market. They suggested I might try BoatUS so I guess I can try there. Otherwise looks like I just have to pony up.

Thanks everyone. I very much appreciate the info and contacts. I do have a broker who got me my current policy with Markel. I got the sense that he didn't try real hard to find other quotes and thus my quest to find a better premium or at least validate what I'm paying. I'm finding that he likely did do some homework here and we just don't have lots of options.