Just received first insurance quote. Wow!

[MarkSF]

Originally Posted by boatman61

£346/yr full hull cover (£35K when she passes a hull thickness and survey) for all Europe S of the Baltic and the including the Med..
£162 Liabilty with 1/2mil cover which I've taken for now..
Thats with Panteanius.. but I've a few years under my belt so maybe it makes a difference..
Quals ICC/Coastal skipper..

How is this relevant to the original poster? An experienced captain on the other side of the world? They asked about insurance on the East Coast of the US with little experience.

[boatman61]

Originally Posted by MarkSF

How is this relevant to the original poster? An experienced captain on the other side of the world? They asked about insurance on the East Coast of the US with little experience.

Sorry I spoke...
Figured my mileage and much maligned RYA ICC could not account for the huge difference in price for a seemingly small area.. and maybe he should try Panteanius..
I believe they have a little office there..
Oh... and I'm Not a Captain..

[waikikin]

Originally Posted by fishbait58

The boat is valued at $69,000 on the insurance so no quarter of a million dollar boat.


Sent from my iPhone using Cruisers Sailing Forum

The quote sounds pretty high, the sum insured is only one indicator & really only relates to major/total loss. I used to pay about 1100 to 1300 PA for a 130K cruising cat, now pay about 70 per month on a 26K 24' cat & about 800 PA on a 30K 33' cruiser racer, racing cover jacks it right up & excesses go high on sails & rig for racing, I opted out of racing cover on the cat(the rotating rig is an issue to some insurers) & have limited cover on the 33'. The real reason for having it is for the unhappy day I might make a mistake & do significant damage to someone else's vessel/s/property, apparently covered for up to 20M then......
I hold commercial marine qualifications & here it makes absolutley no difference to premium.
Jeff

[Stu Jackson]

1 -- OK, that's one quote, have you attempted to or received any others?

2 -- Yes, location and what you are insuring makes up the premium. Not sure if this is something you weren't aware of, or if the input of others got "too basic." Figured you knew this already.

3 --- You didn't share your "screen name" with the insurer, did you?

[Clipper4730]

That does seem pretty high to me as well. Our boat appraised about a quarter of a million and our policy is somewhat less per year about $2000/yr with a $5000 deductible, $10,000 if it gets caught in a windstorm aka hurricane. We keep it in Charleston SC. We paid less than it is insured for but our carrier Markel would only insure it at the appraised value. I would definitely shop around.

Will

[osirissail]

Speaking of location, location, location - I meet many cruisers who - in order to keep their insurance within reason - must move their boat during the summer months - "the season"- north out of Florida. And then they can return again afterwards.

[Firefly44]

It does seem a bit high. Two other things they do look at (and you don't have to disclose here) are: driving record and credit rating.

Dave

[Island Time O25]

Originally Posted by Firefly44

It does seem a bit high. Two other things they do look at (and you don't have to disclose here) are: driving record and credit rating.

Dave

Isn't boat's condition as per most recent survey also counts? I was once told by a guy at the isurance booth at the boat show that this is a major deal for them as supposedly those who are meticulous about their boat's systems and looks will also be meticulous about avoiding hazards as much as possible.

[osirissail]

It seems everybody has pretty much nailed down all the factors in determining what boat insurance costs these days - - except maybe one more - -
The record of the insurance company itself in paying off on a claim.

There are certain insurance companies that quote very good rates but when it comes to paying off on a claim - they don't! They think up and give you 101 excuses why they won't pay - but in reality they don't pay anybody which is why their rates are low.

[Island Time O25]

Originally Posted by osirissail

It seems everybody has pretty much nailed down all the factors in determining what boat insurance costs these days - - except maybe one more - -
The record of the insurance company itself in paying off on a claim.

There are certain insurance companies that quote very good rates but when it comes to paying off on a claim - they don't! They think up and give you 101 excuses why they won't pay - but in reality they don't pay anybody which is why their rates are low.

Actually most insurance companies operate like that. That's the nature of the beast.

[dduresky]

I have had great luck with BOAT US, reasonable rates, good coverage.

[ricktara]

I have a 100k boat insured thru NBOA for around 800/yr. I have to be north of FL for hurricane season. FYI, they paid a claim with no questions within first month of ownership.

[Bert Couch]

Make sure you check with BoatUS.

[smj]

Try getting a quote from Geico online. They were by far the least expensive for us and included Florida in the summer. The underwriter is Seaworthy who used to underwrite for BoatUS.

[Bert Couch]

Location, location, location: Same insurance that cost me $2500 in FL would have been under $850 on Great Lakes (Fewer Hurricanes.)