Boat Insurance

[BeOur3rd]

i would like people to tell me a few things if you can, im curious about "real world stories"

if you're up for it.

#1 share how much a month you spend on boat insurance. (and a deductible?)
#2 share claims you've had to make how much the cost was and what was the emergency caused by/for?

thanks! hope you people down south are enjoying yourself. getting chilly up here.

[CharlzO]

I paid about $120 for the year for mine, basic liability to cover accidentals at the marina, as my boat wasn't purchased for any real amount, and isn't worth any real amount to replace to me. I've easily gotten my money's worth in enjoyment already. However, the next will be much different coverage.

[jeepbluetj]

$68 per year. Liability only. Thinking I may should upgrade as if there is a fuel or oil leak that could be an amazing amount of $$$$.

BoatUS quoted me something like $400 per year for a much better policy.

No claims. I only hit the dock, not other boats. Docks are cheaper than boats

[chuckr]

We are about $2,500 usd - but we have full coverage and are sailing the Carib, 2 handed Atlantic crossing, Med, and perhaps Black Sea. A number of years ago we did have one claim when in the Bahamas and got hit by lightening - cost was over $20k or so.

Oh and we have gotten riders to go some unique places where the insurance company is a bit cautious.

[joel383]

Bump, for more experiences.

[BeOur3rd]

i should have also asked people to mention their boat size and etc.. as its a huge factor. if anyone wants to edit their post and add that.


id have more to say but hard to not knowing what boat sizes/value they are ;]

[wrwakefield]

Originally Posted by BeOur3rd

i should have also asked people to mention their boat size and etc.. as its a huge factor. if anyone wants to edit their post and add that.


id have more to say but hard to not knowing what boat sizes/value they are ;]

3rd,

I think you'll find there are way too many variables to reach any conclusions with this line of questioning. Looking online at BoatUS, IMIS, Pantaenius, etc. will help reveal that.

In my experience, non-cruising boats can usually be insured under homeowner's insurance pretty cheaply.

A cruising vessel with a negotiated fixed replacement value of 6 figures or more seems to average about 1% of that value annually for insurance, largely dependent upon the vessel and it's condition, who the insured are and their qualifications and experience, where the vessel is cruising, and when...

I hope this is somewhat helpful.

Cheers!

-Bill

[Chevy1217]

I have a Clark SJ30 and I have Full coverage with a 500 deductible with State Farm I have it with a package deal with my auto also full coverage and home owners For all three I pay 96.58 a month. I have had one claim on the boat got stuck in a wind storm and was swamped with a huge roller coming over the stern. I got lucky and a 50' Trawler was right at my stern. The guy offered a tow but insisted on a side tie to get me into the channel. That didn't work when he tried to pull my bow over we were struck by another huge wave I was on the outside with wind hitting me hard. Next thing my Bow at the pulpit smashed his mid bow area and put a huge dent in his boat my 1 1/2 inch pulpit took the smash bent it a good 6inches to Starboard. at that time I was thinking I don't want anymore Damage and decided to just cut away. I radioed CG and gave position and requested help being in shallow water. I was at a bad place to be I had a very unexperienced friend with me at the time. I said Hold on and we were tied to the boat with our harness. So I pulled the jib out and Oh boy was that a rush wind was about 65+ with gusts to 80 I was thinking I was in some serious trouble Nope It turned to the wind like a Ferrari rounding a sharp curve and I scooted across wind and was in deeper water. I then made a downwind turn and ended up going like a bat out of hell fastest my 30'er had ever gone before we traveled about 3nm to an island I was heading for to get out of the wind on it's back side hoping it would protect me from wind. I got even luckier there were permanent mooring buoy's there I grabbed one on a coast by tied off but could not restart engine so I cleaned up the floor of what had fallen on it not much. put on some dry clothes and took a Nap CG arrived about 9hrs later. I secured the Boat and made sure I had her tied good I wasn't paying Boat us the 1500 they wanted to tow me to the Marina about 5nm from where I was My Boat stayed there 6days until the wind was clamed down enough to get back to marina. only cost me 200 for the Tow. we'll contacted Insurance company they said get a quote on the damage fax it to them Damage was 8569.27 they deposited a check in my account in 2 days I was amazed they were so fast. that was a year ago last Oct. My insurance did not go up in coast at all. So having a good insurance company pays off in the long run. I will never change mine they even offered to increase the replacement coats on the boat I have for my Clark SJ 30 replacement of 90,000 the boat new was 32,000 she is fixed now I did the work myself saved about 7000 she is good as new so I decided to add some more reliable Since then now problems. so the 28 or 30 I pay a month for insurance is well worth it. Jack SV UsCa