Just received first insurance quote. Wow!

[lifeofreilly57]

By the way, coast guard limit for spill liability is $854,000.00 Hows self insured looking now?
Lets not even think about the cost of re-floating a submerged boat.

[Bjooste]

Try Geico, they were half what Boat US quoted me on $89000 boat just over $1000 premium

[patn44]

do you own a home? if so you may be able to insure with that company under the homes policy. All State does that. or did that before Katrina.

[Johnno]

Here in Australia I pay $1450 for an agreed value of $195,000 with Club Marine (owned by Allianz Insurance) . This covers us up to 250 nautical miles form the Australian coast line. Of course going international is an additional cost. The USA premiums quoted seem high for what you are getting.

[SeaBird]

We pay a little under $3,000 per year for insurance, but we do sailing tours off the coast of Costa Rica. She's insured for hull, liability and theft. When we first sailed Sea Bird down here, the insurance was close to $5000 per year but since we've had zero incidents in the past 7 years I guess that's why the annual rate goes down.

The boat and business were just listed for sale, by the way, about a month ago....we're number 1 on TripAdvisor and Sea Bird is a very unique boat....great turnkey opportunity.
Here is the DOC if you want more info - https://docs.google.com/document/d/1...it?usp=sharing

[osirissail]

Considering the legal and liability situation inside the boundaries of the USA I think that maybe the cost of insurance is high just like the cost of everything else here. In countries with more sane (I.M.H.O.) societies I would guess that the costs of insurance would be lower.
I have met world cruisers in my active cruising years that would not visit the USA because their insurance companies wanted a rather expensive "rider" to cover their stay in the USA.
However, in some countries the population simply has no concept of "suing" over any and everything so their even having insurance for their boats does not enter their minds. Of course, for those of us with large expensive investments in our boats going without insurance to recover the loss of the boat (especially if the boat is attached to a bank loan) is also inconceivable.
So like most things, there is a wide variety of opinion and needs when it comes to insuring our sometimes considerable investment. And I have observed many, many cruisers who have to pattern the extent of their cruising areas due to the dictates of the various insurance company policies or limits. Still there are so very many wonderful places to cruise in this world that such limitations can also open up opportunities to visit and experience areas where we maybe would not have gone.

[SVTwilight]

BOAT US as mentioned previously. Price are good and they cover sticky things like fuel spills and recovery that could bankrupt you fast.

They are also are good at handling claims, unlike others.

Standard insurance companies may offer boat insurance, but is it the right coverage and can they be counted on if there is a problem?

Lotsa people learned the hard way in Sandy, but some relatives lost their boat, had BOATUS and the claim was handled so efficiently and so fast that they barely had time to get their personal effects off the boat when they were presented with a check and the boat was hauled away by salvors.

[OnTour]

My boat is in Florida ....Insured for the same amount with Progressive and I pay $1200 per year.


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[sardinebreath]

Originally Posted by OnTour

My boat is in Florida ....Insured for the same amount with Progressive and I pay $1200 per year.


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"the same amount" as what? What exactly is covered? Is there a deductable? Do you need to move for hurricane season? Dollar figures without specification are not really useful for comparison.

[denverd0n]

There's a lot more to it than just the value of the boat. What exactly the insurance covers also makes a big difference. Just liability? How much? $500k isn't going to cost as much a $5M. Hull value? Full replacement, including contents? Exceptions for named storms? High or low deductible? All these things matter.

But, as a general statement, $2600 for full coverage on a $69k boat sounds pretty reasonable to me. Especially given the hurricane risks where you are.

[svHyLyte]

Originally Posted by fishbait58

The boat is valued at $69,000 on the insurance so no quarter of a million dollar boat.


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Try "Seaworthy Marine Insurance" a Berkshire/Hathaway company with an AM Best's rating of A+. Our premium for a $105K agreed value policy is under $2k per annum with a 1% deductible (2.5% for a "Named Storm") with the yacht situated in the Tampa Bay area.

[fishbait58]

Thanks


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