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Old 29-03-2021, 09:02   #1
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Insurance - First Time Boat Owner

In the process of searching for my first boat...and insurance. I'm working with an independent insurance broker. But I doubt he works with all of the carriers. So I'm looking for options. I suspect you fine folks can give me some tips.

And yes, I will be financing the boat purchase, so that narrows things down, I'm sure.

So about the insured future owner and boat:

Never owned a boat, but I've been sailing 30-35 foot boats regularly for about 2 years...as skipper and crew. In that time I have about 150 days on the water. Most of it has been inland sailing. But I have spent 2 weeks coastal cruising/navigating on an Oceanis 395 and a Sun Odyssey 409. In May, I will be crewing on a Swan 68 from St. Marteen to Newport. I have an ASA 103 and 105 certification. So new...but not an absolute newbie. And oh yeah, I'm 60 years old...in case that's a factor.

I'm looking to buy a shoal-draft production cruiser around 40 feet, 10 to 20 years old, and live on it in NE Florida. And I want to occasionally cruise the SE coast and Bahamas. But I have a day job I will perform from the boat, so I will be along-side most of the time tethered by the internet. I can potentially cruise north during hurricane season...Chesapeake perhaps.

So, any tips on how to proceed...and avoid being taken to the cleaners?

Thanks in advance.
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Old 29-03-2021, 09:11   #2
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Re: Insurance - First Time Boat Owner

Since you are only coastal cruising and will have a fixed berth (I think), it should be pretty easy to get coverage. If you mention liveaboard it will get more difficult. Then after a year or so you'll have the ownership history to get coverage for longer distance cruising if you want it,
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Old 12-05-2021, 07:17   #3
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Re: Insurance - First Time Boat Owner

I used Boat US / Geico. I don’t have a lot of experience with sailing or insurance but it seemed easy and not very expensive.
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Old 12-05-2021, 07:25   #4
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Re: Insurance - First Time Boat Owner

Call Geico and Progressive. The latter will insure you though not sure about the Bahamas coverage. Geico may balk since you have not owned a boat before.
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Old 12-05-2021, 09:42   #5
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Re: Insurance - First Time Boat Owner

progressive good for 75 miles off shore easy peasy, no survey required. they were more than happy to take my money.
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Old 12-05-2021, 20:56   #6
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Re: Insurance - First Time Boat Owner

Hmm. I have redshield.
Progressive does agreed value up to 60k but won’t do live aboard.

You shouldn’t have any problem with geiko/boatus for a while anyway. Given the boat is fairly new. Your broker will likely find you a better deal than if you just got a quote. Plus, I think they won’t get a commission if you contact the company on your own. I’d just let him handle it. Idk what a ballpark might be - $50-200/mo? based on the ranges I’ve been paying for different boats. Then again, I’m much younger and don’t live in Hurricane territory.
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Old 13-05-2021, 16:45   #7
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Re: Insurance - First Time Boat Owner

Retiring law enforcement so I started a new career as an Insurance Producer for a local company/broker. Figure this will be my live-a-board career I can do from anywhere when my wife and I shove off to do the loop.

Been giving out great rates for smaller boats up to 33’. Trying to break into the larger live a board motor yachts 40-60’. If any one would like a quote I would be happy to try to earn your business. My email is Frank@spacecoastinsurance.com 321-831-9495 is my cell.

Thanks.
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