New insurance

[irwinsailor]

I just received my new insurance bill and it went up and the corverage went down. I live on the Geat Lakes so I only use the boat about 5 months a year. What insurance companys are doing a good job at a good rate? Allstate? Statefarm?

[irwinsailor]

Allstste's rates are great for sailboats. But they will not write policies on boats over 25 years old.

[AnchorageGuy]

just received my BoatUS renewal and the premium went up over $800.00.

[Euro Cruiser]

If you want a competitive rate (or get a sense for the market today) and/or you want a well-written policy (which has a big influence on what results you get from a claim), I would recommend talking with several regional brokers. A 'good' broker will shop on the market between a number of carriers, the broker will know the unique circumstances of the boats in his/her region (e.g. short seasons), and will also have a comparative feel for how claims are handled. (As you would suspect, brokers find it painful to sell a lot of policies offeredby a carrier from whom it is hard to receive a fair claim). Talking to perhaps two brokers will provide a good context against which you can compare your own, existing policy.

Over and over, the feedback I hear from cruising sailors (this IS a cruising-related site, remember...) is that both State Farm and Allstate offer boat insurance in order to capture the PWC and runabout market. They know little about 'real' marine claims involving more complicated boats, especially systems-complex boats, and doubly especially if the boat is in foreign waters. My experience when a previous boat we owned was covered by State Farm bears this out...and we never left the U.S.

If you feel that - ultimately - the one and only thing you purchase when paying an insurance premium is knowledgeable, prompt claim service, you might want to mull a bit on what can be fairly expected of a home/car insurer.

Jack

[russeasby]

Thus far I have found no one who would be willing to insure a boat for me, I think I may be out of luck and have to take off without insurance. I will be sailing mostly solo, including long offshore passages, in a 20 year old boat worth about $80K. Anyone have suggestions of insurance companies?

[CSY Man]

Got my insurance bill a few days ago.

It went from $1500 per year to $2300...Boat US.

Joined the Power Squadron, hoping to get lower rates via their insurance company.

If not, thinking about dropping insurance all together.
Always sail conservatively and sober, maintain the boat to high standars and are fairly well protected from hurricane created surges several miles inland in a "residential canal" here in Ft. Lauderdale.

Tough decision, but ain't going to pay out the nose,especially since I consider myself a low risk....

[sv_makai]

We have met many people without insurance. It seems like a big risk risk to a large investment. I understand taking the risk with your own boat and personel effects onboard, but what if you accidently do damage to someone else's boat during docking, anchoring, etc or a fuel spill (my ins covers the first 10K). Being self insured if a non insured boat hits you or items are stolen off the boat could also be expenses out of your control. Do you drive your less valuable car without?????

Also while traveling in the Chespeake bay and down the ICW we rean in to several fuel docks that wanted proof of ins before taking on fuel.

Just something to think about.

We are fully insuraned and i belive it is a price worth the payment, but I am not happy to make large payments. Ours is over 4500/year.

[AnchorageGuy]

We use Offshore Risk Management AKA the Victory Agency in Marathon Florida. Bill Coates can usually find whatever you need. And he is a former cruiser. 1-800-773-0105

[CSY Man]

Yup, indeed something to think about.

No, I don't drive meh car without insurance, too much risk out there on the highways.

As for liability, yes that is indeed something to be concerned about.
Here in Ft. Lauderdale it is crowded and manyatimes we are passing within inches of mega yachts with expensive paintjobs, just a scape along the side would easaily cost 20 or 30K.

As for fuel/oil spills...Well, that is largely preventable.
I exchanged all my lines, hoses etc and have a dusty bilge.
No discharge there.

Should the engine or filter blow up and dump 5 quarts in the bilge, one can turn off the bilge pumps and sail towards land, then call a tug boat for assistance, then clean up the mess later..

Lived on previous boat in the Virgin Islands and sailed around for 3 years with no insurance.
Sort of forces ya to be really careful, especially in the hurricane season.
One years insurance premiums can buy a lot of big anchors and chain..

So, yes, it is a risk to sail without insurance and I may be willing to take that risk if the insurance rates go up so high that it just ain't worth it anymore.

[sv_makai]

We also use Offshore Risk and have been happy.

Self insurance is a big step and financially at some point if your pockets are deep enough it can be worth the risk.

I also agree that even with the expesive insurance or without, bigger better tackle, preventitive maintenance, and other equipment will help reduce the odds of damage or problems leading to claims.

[Talbot]

There has been an increasing trend in UK for people doing long distance cruising to take out a 3rd party insurance policy only.(typicaly for abt £3-5m) This is essential for marinas, but minimises the overall costs of the insurance. Long disance insurance has really priced itself outside the reach of most , but it does seem a tad irrational to put all your money in a boat without some form of cover. Personnally I will have a cheaper boat and retain sufficient funds to be able to buy a house if the worst happens.

[CSY Man]

Just now received a quote for full coverage on my 33' sailboat.

$1197.00, or $1000 less than BoatUS.

The deal is:

I joined the US Powersquadron last month to qualify for this insurance package and glad I did.

The coverage is for year around Florida and the Bahamas, agreed value $60,000 and liability $300K.

So there is some good news out there for us boat owners in Florida.

[Harriet]

Do you know whether the Power Squadron policy will cover the Caribbean for an additional premium?

[CSY Man]

Don't know.

They won't give ya a quote untill after ya have joined and taken the courses.

If ya have a USGC captain licence, Six pack or higher, ya won't have to take the courses to qualify for the low insurance.

Here is a link, but probably not much help as far as answering yer question.

http://www.usps.org/cgi-bin/slocate.cgi

[sv_makai]

I just recived my renewal from off shore risk to insurance makai for another year in the Caribbean.

Even after all of the huricane activity in 2004 our insurance went DOWN $300.

We had been expecting a large increase. Don't know why but am not complaining!