Used Sailboat Marine Insurance

[westpac78]

We are considering purchasing a 36-42' sailboat and are having difficulty get a viable online quote. We live in Utah and are looking at boats on the east coast (NC).
We are told insurance is not available because we live more than 400 miles from the boat mooring location.

We are also looking at newer boats (2000-2010) because I've heard older boats are uninsurable or it is extremely expensive. Is this true?

I'd appreciate any ideas or suggestions!

[Scot McPherson]

Cost of insurance is based on the value of the boat and has nothing to do with it's newness other than what the value of the boat is. a new boat is likely to be valued more than an older boat however, and would have a higher insurance premium as a result. the value of the boat is determined by a surveyor who inspects your boat to make sure it is sound, and then performs Comparative Market Analysis (just like real estate) to give the boat a value. Unless you buy a boat with a mortgage or loan which may compel you to get a minimum level of hull value coverage, your premium is based on the surveyed value of your boat and your documented experience (training, coast guard license, cg auxiliary membership, Powers squadron training, etc) and insurance history.


I pay less than $400 per year for my 1989 standfast 33, and I have every applicable maximum coverage option, but I do have 4 of 4 premium reduction qualifications.

[pcmm]

Actually age DOES have an impact on insurability. We have a 1978 Morgan OI 41 and we had to go through several companies be fore we found one that would insure a boat that was over 20 years old, and that was just for liability insurance! Distance from the boat doesn't usually have an impact, but your experience plays a larger roll in your insurability.

I've noticed a trend for people who've never even been on a boat trying to buy 50ft boats and wonder why they have a hard time finding insurance or why they have alot of conditions on their insurance...

[thomm225]

Originally Posted by westpac78

We are considering purchasing a 36-42' sailboat and are having difficulty get a viable online quote. We live in Utah and are looking at boats on the east coast (NC).
We are told insurance is not available because we live more than 400 miles from the boat mooring location.

We are also looking at newer boats (2000-2010) because I've heard older boats are uninsurable or it is extremely expensive. Is this true?

I'd appreciate any ideas or suggestions!

It depends on how old of a boat and what type insurance you want.

My boat is very old (it's a 1974 Bristol 27) and I have liability insurance because the marina requires it.

I pay a little over $9.00 a month through State Farm for $500,000 liability coverage

So if you can pay cash for your boat, you can buy liability coverage from most any insurance company.........

[ctl411]

State farm also on my 1976. Agreed value coverage.

[pcmm]

Originally Posted by thomm225

It depends on how old of a boat and what type insurance you want.

My boat is very old (it's a 1974 Bristol 27) and I have liability insurance because the marina requires it.

I pay a little over $9.00 a month through State Farm for $500,000 liability coverage

So if you can pay cash for your boat, you can buy liability coverage from most any insurance company.........

Where I am, you wouldn't get into a marina with only $500k in liability. Most Marinas require you to have $1m liability minimum. Most people have $2m as the cost differential is minimal.

[toodleoo]

Age is a factor even for Liability only insurance. The Insured wants to protect himself for sinkings that might pollute the waterway and wreckage removal. Homeowner policies with riders for boats don't have those features and normally the boat must be under 35'. Older boats have more hull issues than newer ones (corroded seacocks etc). Operator experience is a factor also.

[roverhi]

My 40 plus year old boat is fully insured through Markel. Did have to get a survey on both hull and rigging but that was not a problem other than cost of survey. Boat was initially 2000 miles away for first 5 years of ownership.

Also own a smaller 30 plus year old sailboat now in Oceanside that is also insured through Markel. That boat is 2,000 miles away from our domicile. They didn't require a survey or other additional expense to insure.

I have been sailing for 60 years and many thousands of miles of coastal and open ocean sailing but no formal training or certificates of competency.

Insurance is available, keep looking.

[Scot McPherson]

My 1969 seasprite only costs me $120 a year, but it's a rather featureless boat being a daysailor and that's even older than your Bristol.






Again it's all about the surveyed value of the boat...if the surveyor says it's a solid boat and it's worth $XYZ, then that's what it's insured against. UNLESS you have a mortgage or loan that requires more coverage.

[thomm225]

Originally Posted by pcmm

Where I am, you wouldn't get into a marina with only $500k in liability. Most Marinas require you to have $1m liability minimum. Most people have $2m as the cost differential is minimal.

Nice.

I'm simply letting the guy know what the requirements are here and the cost.

So I'm guessing if I was where you are it might be $18.00/month for the $1m liability which still ain't bad

[PuttingDoctor]

Check with you existing insurance carrier for recommendations. They know you.

If by chance you insure with GEICO they have recently taken a much bigger slice of the Marine market. I had my vechiles with them and began with their Seaworthy recommendation which has since become GEICO Marine.

[PHRF57]

Interesting thread...I'm about to get ASA certificates so I can charter boast in Europe. Might having a 101/103 ASA also potentially reduce insurance costs for owning a boat?

[Scot McPherson]

Originally Posted by PHRF57

Interesting thread...I'm about to get ASA certificates so I can charter boast in Europe. Might having a 101/103 ASA also potentially reduce insurance costs for owning a boat?

Not that I am aware of...however I believe the ASA101 counts as having taken the NASBLA boat safety course for many purposes, so you could tick that one off maybe.

[Dave Lochner]

My experience has been that Agreed Hull Value and liability insurance runs about 1% of the Agreed Hull Value, which should be the purchase price of the boat.

In addition to boat factors such as age, sailing location, etc. your personal record makes a difference. Insurance companies will look at your credit rating, driving record, and claims history with auto and home insurance. If any of these are poor expect to pay more or be denied coverage.

[kjbiceman]

Hey Westpac78, the ins. market is all over the place. Some companies won't ins. over 30 Ft. some over 20years. Check with Boat US besides wanting to sign up for tow boat coverage there rates are very good. I have liability with them and 500K is only 75.00 a year. All said I have a Whitby 42 Ketch I need to sell and am taking all offers. She is in great shape and an excellent live aboard. I lived on her for 2-years and the previous owners lived on her for 7.
I would love to send you pics and more info.
Ken Burkemper
kburkemper@yahoo.com
405-850-9242