Just received first insurance quote. Wow!

[boeing1]

location is the key in cost, also how old the boat I found some company's do not want to insure boats over 15 years,
I am in the Gulf coast and found Progressive was my best buy

[Rough Magic]

$100k boat, NBOA $850, Progressive $2250. Same quote, same skipper. I have taken the USCG auxiliary seamanship classes, saved 15%. Be sure you get fuel spill insurance, doesn't cost much. I had a tank leak, the bilge pump pumped the fuel into the marina. What a mess. A couple hundred thousand dollars later it was cleaned up. Cost me just the deductible. The replacement tank, that's another story. ��

[Hoodsail]

In the Northeast, CT specifically, I finished shopping for insurance and found Boat US to be competitive ($800ish), but ultimately pricey. Try bundling the boat w/ homeowners, etc. I ended up w/ Liberty Mutual who has our cars & hse insurance. my boat hull coverage is $35000 (1978 Bristol 35.5), liability $300,000, medical $1000, personal effects $500, towing $400 w/ a $1400 deductible. annual premium is $440. good luck

[wgray]

Fishbait58, unless your boat is worth $1M I would advise you shop around. Look at companies that have specific marine policies. I live and sail in Ontario and my insurance is very reasonable. My insurance is called Skippers' Plan through AVIVA in Toronto. My present insurance covers $2M liability, $500 deductible on damage claims, $5000 emergency towing (no deductible), plus personal effects, etc. The cost for a 1990 Hunter 35.5 LEGEND is $383.00 plus tax ($30.64). A previous boat (Mirage 26 sail) was $200. I have been with the same company for 22 years. My initial cost was only 10% more than I pay now. I received a "no claims" discount of 10% after the first couple of years. I might point out that this is on a boat that is was initially valued at $53,000 CDN but I chose a "replacement cost" policy that is about $200 less expensive than the full $53,000 coverage policy. Hope this helps.

[wrwakefield]

Originally Posted by fishbait58

We just received our first insurance quote. This is our first boat. We have completed our ASA 101 & 103 certification. Still wanting to complete a few more. Also, we will probably keep the boat in the Mississippi gulf coast or the coast of Alabama. Our first quote is from Yachtinsure for $2600 a year. Is that quote high considering all the circumstances? Thanks in advance.


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Fishbait,

That seems a bit high, but you didn't mention what kind of insurance you were quoted, or for what area of coverage. [I read the value of your policy later in these threads...]

By kind of insurance, I am referring to cruising insurance, and by area I mean the geographic stipulations on your policy...

If it is [world wide] cruising insurance you are looking for from a company that has a great reputation with cruisers, look into Int'l Marine Ins. Svcs [IMIS] [Maryland] and read their 'Jackline' policy to see if it's a fit.

We are on the northern half of the North American West coast in Alaska and have free run from Glacier Bay to Ensenada, MX. with our current coverage as an example.

They are very competitive for us and are great to deal with [Al Golden, the owner, cruised for many years and knows his stuff...]

Bonus: IMIS has a reputation among cruisers for paying quickly- especially in emergency situations.

I hope this helps save you some cruising chips...

[gary allen]

Seems like a lot, I pay $600 Canadian for a beneteau 321, valued at 60K, I am in Halifax, Nova Scotia.

[roland stockham]

Rates vary from around 5% of value insured to around 7% depending on which part of the world you are in. Insuring for a cruising ground that is not in you country of registration gets more expensive, often prohibitively so. In the states you seem to need a lawyer to work out what you actually get for your money! Very fwe places actually do require insurance (even when they say they do).

[W3GAC]

Be careful about 'self insurance' advice. Pollution clean-up and liability are game changers. If your boat hits another boat, damages a dock you hit, or in danger of sinking/ or you or crew are in imminent danger and 'saved' by someone, or the cause of a nasty oil spill (diesel/?gas tank leaks into the bulge and the bilge pump pumps it all overboard and marina/ other boats need to be professionally cleaned up... the bills can be beyond what anyone would be prepared to foot.


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[Hud3]

One way to look at insurance costs is dollars per hundred of insured value. Yours is $2,600 for a boat worth $59,000, so it works out to $4.41/hundred. I was able to get good coverage for my boat for the US East Coast, Bermuda and the Caribbean for $1.15/hundred. Insurers take into consideration your level of experience, claims history (if any), sailing area, and factors concerning your boat (manufacturer, age, condition, etc.).

If I were you, I'd have a discussion with my broker around what factors contributed to that very high cost, and see if I could find any way to reduce it. Also, did you get competing bids? Over the years, I've found wildly different premiums from different insurers for similar coverage.

[VOYAGER II]

DO NOT SELF INSURE The first party coverage is not always necessary depending on the value of your boat, but third party coverage (liability) is mandatory. The probability of doing major damage to someone else's boat, a reef or a fuel spill are very real and expensive.
Be certain to insure with a domestic company as offshore insurers are usually not subject to US insurance laws and can't be enforced in the event you have a settlement or premium problem.
Shop around, there are many reputable brokers.

[GILow]

I wonder if the expression "self insure" is unclear in this context? It could mean either no insurance or maybe third party only insurance. As far as that goes, we are "self insured" in the sense that we have no insurance on replacing or repairing the boat, but we most certainly have third party insurance against us damaging someone else's boat or property. Third party insurance is compulsory at every marina I have visited. (Not many). If it helps the OP, I would ask myself the question "can I afford to lose this boat?" If the answer is yes, and the option for third party only insurance exists, this may solve the dilemma, as third party is likely to be a lot cheaper. I for one chose to buy a boat I could afford to lose, for a number of reasons, insurance was one of them, peace of mind was another. (Maybe being just a teeny bit of a Scrooge was a factor too...)

Matt


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[osirissail]

Originally Posted by roland stockham

R. . . Very fwe places actually do require insurance (even when they say they do).

How about the entire country of Mexico . . .
Or Turkey
Or just about every marina and boatyard I have been in along the east coast of the USA. However, I have found is that what they want is insurance against damage to their facilities or some other boat in the marina/boatyard caused by you. So "Liability Only" policies which are significantly cheaper than full comprehensive coverage usually always satisfies them. Also for only a day or two or so most marinas only ask you to write down the name of the insurance company whereas for much longer periods they usually want a copy of your binder.

[chuckr]

Originally Posted by roland stockham

Very fwe places actually do require insurance (even when they say they do).

I have no idea where you sail but we have sailed east coast of USA, Bahamas, western Caribbean, eastern Caribbean and now the Mediterranean and I can not tell you the number of times we have had to produce an insurance certificate. It is just second nature.

[CAPTNSTUMPY]

Several years ago I had an 1977 Catalina 30...sailed on the Upper Chesapeake Bay. Understand the months of use season are only about 6 months typical. Cost was about $350 year. When I had her laid up, they provided me with Port Risk only (no water use) and they gave me a pretty good reduction. Boat US...I was also a client for 15 years with no claims.

More use, such as year round in Florida, prone to hurricanes, has to be higher...but the Make and Model of boat will dictate cost as well....

[lifeofreilly57]

My boat lays in RI so it's an apple to oranges comparison, but I've found using a good, trustworthy insurance broker was the best move. Also just doing a little reading up on insurance ins and outs will help you get the coverage that suits your needs. There are some small details that can leave you exposed to faults you never knew existed, also having some knowledge will help keep your broker honest.
My boat has full coverage including full cost of coast guard spill coverage and cash value payout for $160,000.00 plus onboard goods for a total of $1300.00. I had quotes up to $3600.00 for the same exact coverage ( I specified the coverage limits) so I think I got good deal from a trustworthy company. Oh, you might want to check out the company who's holding your policy, it's amazing what an online search can pull up.
A little reaDING GOES A LONG WAY.