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Boat Insurance - Updated

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9 months 1 week ago - 9 months 1 week ago #7089 by David
David created the topic: Boat Insurance - Updated
This year I wanted to check for pricing on our boat policy. We have been with the same company for years, Cowan Insurance, and I thought it might be time to see if I could find a lower price or better coverage since despite having no claims the price continues to rise. This year the price rose to $788.40 tax included This post will chronical what I found.

MD Marine Insurance

Doing a quick quote on their website I received a quote of $600.00. Not bad worth a further look I thought.


However further investigation reveals the Gold Plan only covers 1M in liability while most marinas require you to have a minimum of 2M. The other shock came when we spoke claims. My current policy with Cowan Insurance is an agreed value.

So if there is a complete write off the insurance pays out the agreed value. MD Marine however pays out only the market value minus depreciation on boats over 15 years old.

I followed up with an email and included pictures of my boat and the latest survey and got a better response from MD Marine. I was given a quote for the Platinum package which does include 2M in liability for a better price of $556.20 tax included.




More quotes and reviews coming soon !

David
1990 Sunray Infinity
Twin 5.7 Cobra's
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Last Edit: 9 months 1 week ago by David.

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