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Insurance cost for CS 17?


Docpal

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Since I'm almost ready to consider Petunia as being "completed", I started to look around for insurance. I sent in the request for a quote  form to Boat US and got back a ridiculously low ball estimate of her value ($3K), so I just called them and asked to speak to their underwriters to up that amount. Still waiting for their response which I will post here.

I'm curious to hear what figures others may have insured their boats for, and through which companies.....

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I do not insure any of my boats and consider small boat insurance a waste of money.  That is based on the idea that I will fix anything that happens and carry liability up to a 26' boat on home owners policy.  I carry a liability rider on the larger ones to protect anyone who is on the boat and bump the coverage up to the same as the house.  About $20/ year. 

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It's always hard to get "Agreed Value" insurance for damage or loss of "home-built" boats.  They just don't have a "market value" that is easily established.  I made a Chesapeake Light Craft "PocketShip" in 2010 and recently tried to sell it for about $12,000.  I based that price on what "Dave" managed to sell his for about a year ago (Canadian $$).  I had no nibbles while listed for almost a year.  So, I'm going to keep it while I build a cs20.3.  I called Boat US for insurance -- got a quote for $300k liability for about $175 per year.  But they wouldn't consider any amount for loss of the boat.  On the other hand I just sold a Hutchins ComPac Eclipse for the asking price of $16,900 ("blue-book" value $16,495).  I had loss insurance at an "Agreed Value" of $17,000 for $275 which included $300k liability.  When I bought the Eclipse I hadn't even heard of "Agreed Value" for losses.  If the boat is lost, they just pay $17,000, no hassle -- no depreciation adjustment like car insurance.  But from the insurance company's point of view, there isn't a viable market for "home-builts" as a value reference. 

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Update re loss insurance for "home-built" boats. Just learned the reason the underwriters wouldn't provide "Agreed Value" for my CLC PocketShip: Because it had never had insurance coverage since built in 2010. It's like other insurance -- gaps in coverage is somewhat suspect. So, it's best to have it insured right from the start.

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Pete,

 Thanks for the info. I was able to get Boat US to up my "agreed value" from $3K to $8K by speaking with an underwriter and explaining my personal experience, and the process I used in building Petunia.

I also followed the previous suggestions and had my home insurance agent confirm that  I DO have limited liability coverage under said policy. Of course most of us have more in just the plywood,and epoxy than these policies will cover. Current thinking is to get the Boat US deal as well to establish a value, and get coverage while she IS still new, and being trailered about so much.

Thanks for all the input gentlemen....

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My auto insurance covers liability while towing my boat.  My homeowners covers liability while sailing my boat.  I will self insure the boat itself.  Most marine insurance companies will require a survey to insure the boat itself for any significant amount.  Though it varies what constitutes significant amount.

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My Boat US agent just talked the underwriter into insuring my PocketShip for "Agreed Value" of $10,000 and trailer at $2,000 for just $2 or so above what they offered for liability of $300,000, etc. All they want is my certification of its condition, photo, Hull ID, etc. So, I was wrong. I should've been more persistent. Thanks to this topic for getting me off my butt.

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