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Old 24-10-2008, 20:12   #1
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Insurance?

I looked into getting insurance for my 1975 Morgan 40, it has an inboard diesel, I was quoted $250/month, that seems high to me, but I am not sure. What are others paying for insurance?
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Old 24-10-2008, 20:41   #2
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Never heard of boat insurance being charged in a monthly basis.
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Old 25-10-2008, 03:15   #3
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A very rough rule of thumb is 1% of stated boat value per year for the insurance. Very rough.
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Old 25-10-2008, 07:24   #4
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Assuming the boat can pass a rigerous survey I suggest you contact Al or Gary Golden at IMIS Home Page
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Old 25-10-2008, 09:13   #5
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1% of stated value would seem to be about as good as one can do. I saw on another post that you are new to sailing and that does have a big effect on your rate. Also having it south of Cape Hatteras during the hurricane season will cost you. When I was new to sailing I used Progressive. They won't cover you outside of the US, but if your planning on doing a lot of coastal sailing before you set off into blue water, they'll cover you up to 75 miles off shore. Your rate will depend a lot on your driving record. I had a small fender bender in my car and they jumped my boat rate $700 a year and I my car wasn't even insured by them. Now that I have a few years of sailing under my belt with no claims, the marine underwriters are competetive with Progressive and cover me in the Bahamas, Canada, and Caribean. Mexico is apparently a quite different animal.
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Old 25-10-2008, 09:54   #6
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ok, sounds reasonable, when i talked to progressive they told me $3000/ year
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Old 25-10-2008, 10:24   #7
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You said you were new to sailing, by chance are you new to boating as well? I had a lot of experience on power boats, but very little on sail boats. I did a bit better than that before my fender bender. I had 250K hull wth a 1% deductable, 500K liability, 5% named storm deductable. I started out at $1750, going to $2450 after my fender bender. I changed carriers so that I could go to the Bahamas. It could be that rates have gone up, since they seem to do that every time a hurricane wipes out a marina in the Gulf.
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Old 25-10-2008, 10:38   #8
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It could also be that my home port is much further north. I know Florida rates are much higher than NC rates. I know that with my current carrier that it costs me a few hundred a year because my boat was south of Cape Hatteras, though only about 20 miles. I currently must stay north of Savannah during hurricane season or my rate goes way up.
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Old 25-10-2008, 10:44   #9
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yes I am, this is my first boat of any kind
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Old 25-10-2008, 10:47   #10
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In that case I also suggest that you go to Tow boat US or Sea Tow and buy their unlimited towing package.
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Old 25-10-2008, 10:54   #11
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Check out Allstate....they write me a policy that is very fair and it covers the Bahamas. Full coverage for less than $900.00 a year.
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Old 25-10-2008, 11:52   #12
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yeah, i already looked into seatow and i am getting that, i'll check alstate also
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Old 27-10-2008, 22:56   #13
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Wow the 250 a month, was that for full coverage plus covering the individuals on the boat as well? I don't have a boat as of yet, but it is in the plans real soon. I am glad I came across this forum so now I have a rough idea on how much I will have to pay for insurance. I will definitely need full coverage.
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Old 28-10-2008, 00:20   #14
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Not sure where you got that Progressive quote, but it sounds out of line. Depending on the coverage you need, they may not work on a boat of that age and length (for some boats, they limit the length to 35'), but Progressive is actually a group of companies, and you can often find a better rate from Progressive just by going to a different broker.
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Old 28-10-2008, 06:30   #15
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Kai Nui, is the 35 ft limit a new policy from progressive? I had them thru 2007 on a 43.5 footer. I got my quote from their web site when I started.
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