Originally Posted by billknny
It seems silly to have full hull insurance
on a boat
worth $40K on a world cruise
. When I had a boat
with that kind of value, I just figured a total loss would be a "suck it up."
And for a 30 or 40 year old boat, an "actual value" policy is not worth the money
you'll pay for it. They are happy to "add it on" because they'll pay you next to nothing in the event of a total loss.
For coastal cruising in the USA you'll find both Gieco and Boat US offer good policies, although they can be expensive if you are based in an area with high storm risk. For long distance world cruising... good luck.
Agree its not worth it to insure the boat (especially older) as your premium over time will almost equal the value of the boat. Liability is what you need for marinas
, in case you hit a million dollar yacht or go aground on a protected reef or park.
Probably wouldn't use the over priced Boat US/Geico (they are the same) for coastal US liability insurance. Liability from Allstate, State Farm, etc. is all you need and is much less expensive for the same coverage.