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Old 27-03-2015, 15:28   #1
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Just received first insurance quote. Wow!

We just received our first insurance quote. This is our first boat. We have completed our ASA 101 & 103 certification. Still wanting to complete a few more. Also, we will probably keep the boat in the Mississippi gulf coast or the coast of Alabama. Our first quote is from Yachtinsure for $2600 a year. Is that quote high considering all the circumstances? Thanks in advance.


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Old 27-03-2015, 15:41   #2
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Re: Just received first insurance quote. Wow!

You would have to tell use what the boat is and how much and what type of insurance.

Also you might look at getting some Capitan instructor time as it may lower your insurance cost and be free. That's how it worked for my first boat.
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Old 27-03-2015, 15:45   #3
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£346/yr full hull cover (£35K when she passes a hull thickness and survey) for all Europe S of the Baltic and the including the Med..
£162 Liabilty with 1/2mil cover which I've taken for now..
Thats with Panteanius.. but I've a few years under my belt so maybe it makes a difference..
Quals ICC/Coastal skipper..
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Old 27-03-2015, 15:59   #4
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Re: Just received first insurance quote. Wow!

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Originally Posted by fishbait58 View Post
We just received our first insurance quote. This is our first boat. We have completed our ASA 101 & 103 certification. Still wanting to complete a few more. Also, we will probably keep the boat in the Mississippi gulf coast or the coast of Alabama. Our first quote is from Yachtinsure for $2600 a year. Is that quote high considering all the circumstances? Thanks in advance.


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Try State Farm. When I was purchasing my boat they were the best deal. Still are, in fact. Boat US are worth a try too.
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Old 27-03-2015, 16:04   #5
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Re: Just received first insurance quote. Wow!

You did not say any thing about the boat! Boats value, survey, who crews ect. But do not forget you are in the heart of the hurricane area and as such you will pay more. Some companies will not insure you there or at least not cover named storms.

I had yachtinsure when i lived in Miami and paid for it and we had all the ASA courses. We paid more than what you are paying but we had a new boat and by the way now with a lot of miles, an ocean crossing and in the Med we are paying just a bit less than you.
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Old 27-03-2015, 16:10   #6
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Re: Just received first insurance quote. Wow!

Cost of insurance with no indication of insured value is meaningless.
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Old 27-03-2015, 16:22   #7
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Re: Just received first insurance quote. Wow!

I have been shopping insurance for my boat. The two quotes I have received on 74k and 96k replacement value in Florida have me at $3900 and $3500 a year. I feel these rates are borderline ridiculous. Florida insurance and dock fee rates might have me moving up to RI soon. My last boat was insured at $55k and was $1200 a year in Florida and $800 a year in RI.
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Old 27-03-2015, 16:33   #8
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Re: Just received first insurance quote. Wow!

Gee! you think maybe the location of the boat may play an important part in the cost of insurance? Or being in the south inside the Tropical Storm/Hurricane belt? As compared to way up north in - like R.I.

Anyway, as others have mentioned, the face value of the insurance and the liability coverage, etc., just like automobile insurance, can cause radically different prices for coverage.

If the boat is old and not of much value - AND - does NOT have a bank loan on it - then liability-only insurance can be a fraction of the cost. Liability only usually satisfies marinas and boat yards for their insurance requirements.

It's all a matter of mostly "where" the boat will be used and kept. However, you should shop around. Try http://www.imiscorp.net/ in Annapolis, MD - they have a "Jackline" policy that is designed especially for couples and cruisers.
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Old 27-03-2015, 16:54   #9
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Re: Just received first insurance quote. Wow!

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Gee! you think maybe the location of the boat may play an important part in the cost of insurance? Or being in the south inside the Tropical Storm/Hurricane belt? As compared to way up north in - like R.I.
I am assuming that this was directed at me. Of course location has everything to do with it, but 5% hull value premium seems quite unreasonable. My last Florida policy was 2% hull value on a much older boat. Most people I know in Florida are around 1.5% to 2.5%. I would consider double that excessive.
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Old 27-03-2015, 17:32   #10
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pirate Re: Just received first insurance quote. Wow!

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Cost of insurance with no indication of insured value is meaningless.
Sorry.. that converts to $52k US
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Old 27-03-2015, 18:12   #11
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Re: Just received first insurance quote. Wow!

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Sorry.. that converts to $52k US
Wasn't talkin' to you!

Your £35K was clear enough. But the OP didn't give any indication of what he was actually insuring. His $2600 would have been quite reasonable if he had a boat valued at a quarter of a million.
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Old 27-03-2015, 18:22   #12
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pirate Re: Just received first insurance quote. Wow!

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Originally Posted by StuM View Post
Wasn't talkin' to you!

Your £35K was clear enough. But the OP didn't give any indication of what he was actually insuring. His $2600 would have been quite reasonable if he had a boat valued at a quarter of a million.
Sorry.. had a sensitive moment..
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Old 27-03-2015, 18:25   #13
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Re: Just received first insurance quote. Wow!

I find it riduculous that people with boats valued under $50K and definitely under $30K are not self insured. Think about it. If you take all the premiums say for the next 10 years PLUS the potential non covered deductibles PLUS the amounts which will be realistically fleeced by insurance mafia and underpaid and invest that money in the stock market you come out way ahead even if you have a catastrophic event every 5-7 years or a total loss every 10-12 years. For boats valued over $50K that's another ballgame.
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Old 27-03-2015, 18:38   #14
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Re: Just received first insurance quote. Wow!

To insure @ $460k AUD for a boat in charter at 2 different marinas 20 miles apart in cyclone areas I was quoted $10,100AUD AND $6,700AUD. Public liability additional $1000 in both cases. Both apparently including fleet discounts.

One of the marinas got smashed bad by a cyclone a number of years ago.

Perhaps ask the insurer if they have a preferred marina?
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Old 27-03-2015, 19:10   #15
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Re: Just received first insurance quote. Wow!

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


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