380 S2: Insurance costs?

[Xavierp]

Hey friends, research phase before maybe getting a 2015 Lagoon 380 S2.

What are you guys paying in insurance roughly?

My wife and I would be sailing it 6-7months/year and then “store it”.

I know i could get official quotes, but I don’t trust quotes from insurance. I’d rather hear it from the users.

Thx!

[SailingHarmonie]

It varies hugely. Where you live, the quality of the policy, navigation limits, age of the boat, your credit score, your driving record, etc. No simple answer. A comprehensive agreed value policy might be as low as 2% or as high as 5% of hull value.

How do you get a more precise number? Get a quote! Not sure why you think that is a bad idea…

[Statistical]

Only way you are going to know is to get a quote ideally lots of quotes. As pointed out there a huge number of variables. Policies with the same coverage can vary by 5x.

How much sailing experience do you have and how much sailing experience on this size vessel are going to be two big factors on price of insurance or even if insurance is possible at all.

[Xavierp]

Originally Posted by Statistical

How much sailing experience do you have .

How can one prove our experience?

[Xavierp]

Originally Posted by SailingHarmonie

How do you get a more precise number? Get a quote! Not sure why you think that is a bad idea…

Just got a quote from State Farm
They didn't ask anything about my experience, about past boat ownership, about potential maritime accidents...
I just had to fill out a basic form with questions about the specs of the boat.
Nothing about where it would be stored.... where it would said.

2014 Fountaine Pajot Mahé 36, fully insured : $800 / year.

This seems super super low.
And yet it's from a reputable insurance company.

This is why I don't like quotes. They always are far from the final number because the idea is to lure you in.

Unless $800 seems right....

What do you think?

[Statistical]

Originally Posted by Xavierp

Just got a quote from State Farm
They didn't ask anything about my experience, about past boat ownership, about potential maritime accidents...
I just had to fill out a basic form with questions about the specs of the boat.
Nothing about where it would be stored.... where it would said.

2014 Fountaine Pajot Mahé 36, fully insured : $800 / year.

This seems super super low.
And yet it's from a reputable insurance company.

This is why I don't like quotes. They always are far from the final number because the idea is to lure you in.

Unless $800 seems right....

What do you think?

What does "fully insured" mean? I don't think I have ever seen an insurance company just say "fully insured". What hull value? How much liability coverage? Is this liability only? What coverage area? What deductible? What is the Hurricane policy/requirements?

Also you sure this is state farm because I thought they stopped online quotes years ago? No I don't think $800 for a quarter million cat "fully insured" is a real quote especially if they didn't ask any questions on sailing experience, prior boat ownership, coverage area, where it will be stored, etc.

[Pitchondesign]

I got a quote from State Farm and then got a policy. My quote was about $3,200 for a very different boat than yours. For the quote, they required very little information. After the quote, the agent said they needed to confirm with underwriting. Underwriting required more information than I have ever provided to any other insurer. They wanted to know how many years I owned the boat, how many years sailing and offshore experience, have I had any claims in the last 5 years, have I ever been turned down by an insurance company, a recent survey less than a year old, have I had any automobile accidents, have I ever gotten a traffic ticket, and wanted my complete driving record from the State (California in my case). So, they wanted a lot. The good news is that the policy was issued for $2,800.

I had quotes from other companies up to double, and they were from foreign companies. Good luck collecting from an offshore company.

One company, in its very fine print, required me to take down the mast when on the hard, which is ridiculous on a big cruising boat. If I had not caught that, I would not have hurricane coverage on the hard. The thing is, there were 15 pages of very fine print. What else was in there that I didn't catch. It was an offshore company.

[S/V Illusion]

My suggestion is not ignore anecdotal information and actually make a table of the type insurance you want, coverage limits, liability limits and sailing areas you intend. Base all quotes on those specific details, otherwise, you are comparing apples to kumquats.

[clamshack]

Years of boat ownership within 10 ft of the one you want to insure has made a big difference recently. Most of the the best coverage for the least premium has required 3 years.

If this isn't the case for you, you'll be stuck with a mediocre policy for more premium.

Although State Farm, Progessive and Geico issue boat insurance you also should consider a broker that specializes in marine insurance.

Make sure you make the purchase contingent on you be able to acquire insurance.

[IRENE]

If you decide to make a table, you may find it useful to compare quotes by percent of hull value for the cost of the policy. Of course the policies are not equal, but you can level the sampling data by submitting your quotes for the same liability limits, navigation area, and hull value. You will have the consistency of the same owner and the same boat. Your table will have many fewer variables than we can provide by sharing our data (different boats and different owners).

My table also includes policy data for boats similar in mission and characteristics to my boat. I can sort it by just my boat or include the others. I don’t use data that is too old, loosely 2 years old or older. You can include what you feel best fits your needs.

My table indicates that premiums for our boat cost .4% to 1.3% of insured hull value. Including the similar vessels, again with MANY unknowns such as liability limits, personal credit scores and claims history, etc., shows a cost of .4% to 1.4% of insured hull value. The table has allowed me to understand a normal range of costs.

Ask for a copy of the policy when obtaining quotes. I have used agents that did not provide policies with the quote, and some didn’t seem to have a current policy sample handy. The policy language provides greater clarity on which will best cover your situation.

Our goal is not the least expensive coverage, but the best coverage for our mission. Your insurance needs may be different.

Good Luck

[Xavierp]

Originally Posted by IRENE

If you decide to make a table, you may find it useful to compare quotes by percent of hull value for the cost of the policy. Of course the policies are not equal, but you can level the sampling data by submitting your quotes for the same liability limits, navigation area, and hull value. You will have the consistency of the same owner and the same boat.

Good Luck

Very impressive.
I just don’t have that type of brain and skills to organize data.

[Statistical]

Originally Posted by clamshack

Years of boat ownership within 10 ft of the one you want to insure has made a big difference recently. Most of the the best coverage for the least premium has required 3 years.

If this isn't the case for you, you'll be stuck with a mediocre policy for more premium.

Although State Farm, Progessive and Geico issue boat insurance you also should consider a broker that specializes in marine insurance.

Make sure you make the purchase contingent on you be able to acquire insurance.

This for sure. For smaller cheaper boats insurance companies don't care a whole lot. However if someone with zero years of boat ownership and zero years of sailing experience wants to buy and insure a $500k 40 foot cat as their first boat that sets off alarm bells.

Not saying the OP is in that situation but youtube has led a lot of couples to think their very first boat has to be a 40 foot cat nothing less will do, they will live on it, and they want global coverage. Most insurance companies are simply going to say no. Even with a premium being 10% of hull value it would be high risk for them.

Good credit, good driving record, multiple years of sailing experience (ideally at least a portion on a vessel of this class), no prior claims, etc are the personal factors that affect insurance quotes. Coverage area, hurricane limitations, the boat in question are the other half.

More and more companies are just not insuring boats over 40 years (not good news for my Tayana) my guess is due to the unknowns in things in high cost components like hull, rudder, and rigging.

[S/V Illusion]

Originally Posted by Xavierp

Very impressive.
I just don’t have that type of brain and skills to organize data.

Absent any way to compare and contrast price vs. coverage, you can’t make a logical choice among or between underwriters.

Simply picking the cheapest one or choosing based solely on price is nuts. You don’t know what you bought and don’t know why you bought it.

[rabbi]

Hull insurance for all risks (anything not explicitly excluded is insured), covering European waters, Mediterranean plus Atlantic between Norway and Canary Islands: : 0.6% of boat's value p.a. with a deductible of 1000 Euro


Liability only, 15 Million, worldwide coverage: 124 Euro p.a. flat