Gulf Coast Sailboat insurance for a 1974 Westsail 32'

[Danibug]

Hello all,
I know there have been a variety of related threads on this forum regarding insurance, but through my searching and reading I have not been able to find good recommendations for our >special< situation.

I am looking for recommendations for an insurance carrier to insure our 1974 Westsail 32' year round Coastal only. We are currently in New Orleans Louisiana, slipped in a marina that had 90% boat loss during Katrina. I need this insurance to cover hurricanes, fires, flood wind etc...

For the past 2 years we have had Progressive insurance for an agreed value of $35,000 with a $10,000 deductible for a Named Storm. The premiums have been around $1,100 a year.

We bought Sundowner for $32,500 and have put about $30,000 of upgrades and equipment into her. I know you can't expect to get what you put in it, out of it...

Now that we have more invested in Sundowner I want to raise our agreed value to something closer to her *new value.

Progressive gave me a quote today that for an agreed value of $45,000 with only a $2,250 named storm deductible, for $1,965/year. Is this unreasonable?

I hope that Cruiser's Forum and it's wonderfully knowledgeable contributors can give me the names of other insurance agencies that insure older (1974) boats in this situation.

Thanks!!!
Dani

[clifford sloan]

I am not an expert but I can tell you from experience it isn't the price quote thats importaqnt, its the willingness of your insurer to pay up in a timely manner with as little hassle as possible. I have my vessel insured for twice that much at an anual cost of 3.5K so it would seem your'e being treated competively. Two years ago we were struck by lightning bad enough to melt the top of the aluminum mast. Boat U.S. paid me over 40K and I still put more of my own in to restoration. They did not hassle me and paid everything I could prove. Most insurers require a survey for any vessel more than ten years old and with the investment you said you have put into it, it should be a good thing to have.
All the best
Clif

[Danibug]

Originally Posted by clifford sloan

I am not an expert but I can tell you from experience it isn't the price quote thats importaqnt, its the willingness of your insurer to pay up in a timely manner with as little hassle as possible. I have my vessel insured for twice that much at an anual cost of 3.5K so it would seem your'e being treated competively. Two years ago we were struck by lightning bad enough to melt the top of the aluminum mast. Boat U.S. paid me over 40K and I still put more of my own in to restoration. They did not hassle me and paid everything I could prove. Most insurers require a survey for any vessel more than ten years old and with the investment you said you have put into it, it should be a good thing to have.
All the best
Clif

Thank you for that. I did list in excruciating detail what we added to the boat. The Agreed Value of $45k means that if a storm destroys it, They will pay $45k regardless of anything else. Even if the boat if only worth $25k.

I had to get them to agree upfront to raise the value from $35k - $45k.

[fwalschots]

Originally Posted by Danibug

Thank you for that. I did list in excruciating detail what we added to the boat. The Agreed Value of $45k means that if a storm destroys it, They will pay $45k regardless of anything else. Even if the boat if only worth $25k.

I had to get them to agree upfront to raise the value from $35k - $45k.

I am looking at a Westsail 32 here in Australia and I contacted an Insurer to obtain a quote. To cover a Westsail for $70K and up to 200 miles offshore the premium is around $1100 pa.

Your quote does sound expensive..or maybe that's US insurers..

Frans