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jorgenl 03-03-2008 04:25 PM

Insurance cost

I did search old threads for this info but could not find any.

I am hoping to buy a bigger boat somtime in the near future (this year) and am investigating costs.

I just called my insurance agent who quoted me annual insurance of $1,200.00 f(ballpark) or a 40' sailboat, approx year model 2000 and value of $150K.

In your experience does this sound like a reasonable figure?

To me it seems a bit cheap. My current 30 footer which is insured for a value of $40K costs about $650.00 p.a to insure...

Thanks / Jorgen

Freesail99 03-03-2008 04:34 PM

Call BoatUS for a price and compair them.

sailingdog 03-03-2008 04:38 PM

It really depends.. what geographic area you're sailing in, whether the policy is an AGREED VALUE or ACTUAL CASH VALUE policy, what kind of coverage you have and about a dozen other things... It does sound a bit on the low side to me for an Agreed Value policy for that much coverage.

teshannon 03-03-2008 04:56 PM

I have an Agreed Value Policy for a 42' boat costing slightly less than your $150k. Costs me about $1,300 a year. It will go up however when I move the boat from the bay to the coast.

jorgenl 03-03-2008 04:59 PM

Sorry, forgot to mention location is Chesapeake Bay.

I think my current policy on the 30' boat is restricted to the Bay only, no offshore. Probably just as well ;)

SailorMitch 03-03-2008 07:09 PM

Yes, call around to compare. SpinSheet has ads for several boat insurers.

One note on your current policy with the bay restriction -- you can get a rider to change that for a specified time if you want to cruise outside of the bay. Just takes a phone call. When I did it about 5 years ago the cost was something like $25. I did a Delmarva circumnavigation.

jorgenl 03-03-2008 07:20 PM


Thanks for all your help.

It seems that $1,200 is in the ballpark which is really all I wanted to know at this time. I honestly thought it would be a lot more expensive, maybe $2-3k or so.

I will definetely call around and compare when the time comes.

SailorMitch, thanks for the tip to extend coverage to outside the bay, the DelMarVa circ is something I would like to do one day.

Thanks again.

teshannon 03-03-2008 07:23 PM

If you want to pay more than $1,200 I'll take a personal check!

sailingdog 03-03-2008 07:32 PM

Just to give you an example... a friend's boat is insured at $118,000 and has coverage similar in geographic area as mine... Northern Maine down to North Carolina, and their policy is about $1300... Even though the quote you have gotten is for a higher agreed value, the more limited geographic coverage drops the price a bit. I would be interested to hear how much a policy covering most of the east coast would be for your boat. :)

theartfuldodger 03-03-2008 07:33 PM

I live in Canada, east coast and sail all year in winter as well, althought the boat is a 1974 Morgan O/I, its replacement cost is insured for 145,000, after the survey which the insurance company wanted. The cost of this policy was 265.00 last year this year there is a 10 dollar increase. Wondering why its so expensive it seems in the US as my under writer is an Amercian company.

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