Boat Insurance

[SailNation]

What are your thoughts on boat insurance? Specialty (Boat/US) company v all purpose insurance company (Progressive)?

Do you know of any web sites or articles that lay out the pros and cons?

Are there areas where you can't get insurance at any price (Galveston?)?
Or it's especially expensive?

Who has the best value? Service?

What are things to watch out for? Exclusions for cruising area, etc.

Thanks.

[WouldaShoulda]

On newer or more valuable boats it is more of an issue, less so on old shoes or trailerables.

What do you have and where is it??

[sailingdog]

Just be aware that yacht policies are generally required for boats over 26' LOA, and boat policies usually cover boats under 26' LOA. Also, there are two basic types of policies: Agreed Value and ACV. One gives you much better coverage IMHO than the other.

Other things to consider: Liability, most marinas will require at least $100,000—mine requires $300,000. Towing and salvage coverage—salvage can be really expensive. Environmental remediation—especially if your boat sinks and causes a small oil spill—otherwise the fines and such are pretty amazing.

[SailNation]

I have a Seidelmann 25 on Lake Lanier (N. GA.) but I'm interested in a coastal boat. I've been looking at old C&C 3X's. ($15k-$25k range)

Just trying to get a handle on what to expect on survey, dock fees, insurance and the cost of money (loan rates). Seems like it should be a good time to buy if associated costs are reasonable.
Thanks.

[NCountry]

For a quick easy way to get coverage you can't hardly beat Progressive. They also cover up to 75 miles off shore. Their policies are fairly comprehensive and they don't require a recent survey. They won't insure older boats for over $20,000.00 BUT you do get the same kind of claims service that they give on auto policies.
Most other specialty carriers (such as Markel) are going to require a recent survey. Last time I checked by new they meant within the last 30 days. Some companies also require that they be allowed to do an out of the water inspection in addition to the survey.
There are a lot of bells and whistles you can add to most polices. Some of the most over looked areas that you should investigate would include how are the electronics covered. On some policies they are considered in the boat value and some companies consider that as personal equipment so you would have to raise those limits to have them covered.
Also, depending on the boat and the company, in addition to agreed value and ACV (actual cash value) you might be able to obtain replacement cost coverage. Through one of the companies I got a quote from they actually offered replacement cost coverage on my 1980 Islander.
If you really want to make the process easier then find an agent that is familiar with insuring boats. They can guide you through the entire list of options that might be available to you. IN FACT, I might begin the quest for a knowledgable agent BEFORE I bought the boat. If you decide to go with a Progressive Agent then you'll discover they handle quite a few different types of polices BUT the Progressive boat polices are really well suited for the possible problems you might have.
The other biggie is don't get frustrated while shopping and just take the cheapest policy. Insurance is just like everything else and you end up getting just what you paid for. Good Luck!

[SailNation]

Thanks for all the good info. I figured there were probably special considerations for coastal boats (like the 75 mile limit). I guess you pay extra if you plan to cruise the Bahamas (or more distant places)?

[camaraderie]

BoatUS will cover Bahamas...many "household insurance" companies will not. Further south than the Bahamas and you need to go with a marine insurance specialist like IMIScorp.net for coverage.

[NCountry]

Hey Cam. The last time I quoted BoatUS they seemed incredibly expensive for inland waters. How do they compare for coastal or other areas?

[xort]

I found Boat US to be pretty competitive for what they offer.

One thing you may find is your experience may change the rates. IMIS wanted a lot more than Boat US because I was new to sailing tho I've been boating for 15 years on smaller power boats. Boat US can be very comprehensive in their coverage packages.

Best answer is to call around and see for yourself.

[camaraderie]

Ncountry...it has been some time since I used them. They were good when I was sailing on the coast and Bahamas and took care of claims VERY well. You have to really sit down and compare the coverage of policies to compare price. I always thought that they were fair.

IMIS sells policies to bluewater cruisers and works with various independent marine insurers to tailor a policy to your needs, experience and cruising grounds. They were "INCREDIBLY good to us after Ivan in Grenada and FAR better than how our fellow boaters were treated by their cheaper policies.