Insurance?

[ilikeraresteak]

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?

[AnchorageGuy]

Never heard of boat insurance being charged in a monthly basis.

[Liberty28]

A very rough rule of thumb is 1% of stated boat value per year for the insurance. Very rough.

[svHyLyte]

Assuming the boat can pass a rigerous survey I suggest you contact Al or Gary Golden at IMIS Home Page

[Captain Bill]

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.

[ilikeraresteak]

ok, sounds reasonable, when i talked to progressive they told me $3000/ year

[Captain Bill]

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.

[Captain Bill]

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.

[ilikeraresteak]

yes I am, this is my first boat of any kind

[Captain Bill]

In that case I also suggest that you go to Tow boat US or Sea Tow and buy their unlimited towing package.

[lifefloat]

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.

[ilikeraresteak]

yeah, i already looked into seatow and i am getting that, i'll check alstate also

[cedric.02]

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.

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.

[Captain Bill]

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.