Insurance

PAULCR1 · #1 10-02-2012

We have wanted to purchase a sailboat, about a 34', and spend some of our retirement years sailing the Caribean. We have no experiece although I have taken some ASA classes. We were told that the insurance rate on a boat is dependent on your sailing experience. Is this the case? If so, can anyone give us a ballpark figure on what insurance rates would be.
Thanks in advance for any input.

saillife · #2 10-02-2012

Short answer - Yes.
You're just going to have to call. Age of boat, size, value will all affect it. I spoke to my broker just the other day about this and was told they won't cover me unless I already have sailed in the Caribbean (I have). Waiting to hear back on how much they will want. A friend of mine bought a boat in Trinidad. He could only get insurance from Loyds. I don't know how much it was but, it was not cheap.
Good luck

PAULCR1 · #3 10-02-2012

Many thanks for the information. Maybe that dream is squashed.

snaxbox · #4 10-04-2012

Sorry for that plan being squashed...for now. You can still sail in the nearby places right while building your experience and get ready for that Caribbean dream? Don't lose faith and keep finding other ways to find a better insurance coverage depending on your budget. Best of luck.

Minnewaska · #5 10-05-2012

Take as many official sailing courses and safety courses as you can. Insurance companies like that. A later model 34ft sloop should be among the easier to insure and not out of reach for a newer sailor. A very old boat, particularly a fixer upper, is very difficult.

Location also impacts the insurability. Higher crime areas are naturally going to be harder to insure. More common is high rates if you remain in the Caribbean during hurricane season, where rates can sky rocket, if attainable at all. Some insurance companies want proof that you have access to being hauled in the event of a named storm. You probably want to know too.

svzephyr44 · #6 10-05-2012

ask the same question at Welcome to the Seven Seas Cruising Association

Barquito · #7 10-05-2012

What about going with a boat that is not as expensive (a little smaller, and a little older), and self-insuring? By self-insuring I mean saving enough money that if the ship is lost, you will not be ruined. AND by building knowledge and skills that will reduce the likelyhood of loosing the ship.

Minnewaska · #8 10-05-2012

You still need liability insurance, including environmental hazard.

PAULCR1 · #9 10-05-2012

Thanks for all the input. We are going to the Galveston Boat Show next weekend just to see what's available and will 'pick the brains' of those there also. Again thanx.

PAULCR1 · #10 10-05-2012

Seems like the boat insurance business is like the rest of business industries. You can't get a job unless you have experience. Understandable but frustrating.