Join Date: Jun 2003
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full time cruising insurance ??
I think everyone is right--insurance discussions do degenerate.
To get back to the initial question, (and there have been other postings in the past), I have found that IMIS has good rates and terms, and it looks like about 1.5% of the value of the boat is the annual premium. Or ballpark $1800 for a $120K boat. Varies depending on deductible, insurance company, geographic region covered, etc. I have checked two sources--IMIS and BoatUS (can''t get south of Turks & Caicos, however, with BoatUS), at similar premiums. For us, insurance is strictly for catastrophic loss. But any loss over $100K would put a real dent in our lifestyle...........
We are also going for high-deductible health insurance. The premiums go up as your age goes up. Same theory and same reason--for catastrophic problems.
These two expenses seem like one of the largest differences in cruising budgets. It seems to me that people who quote $1000 per month or less typically don''t have either insurance cost, and those who quote $1500 or more usually have at least one, or both. It looks to me, IMHO, that the $500 per month delta represents those two insurance costs, and perhaps life insurance as well.
In the end, it is a personal decision.