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  #11  
Old 12-21-2013
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Re: insurance?

+1 for a broker that specializes in yacht insurance. Cost depends on various factors. We get coverage from about the mid US east coast to Canada with about 6 months on hard. A good broker will help you weed through it, have a number to call 24 hours if you find yourself in a salvage situation, etc. You can save money if you are willing boat go with higher deductibles. When we go to Canada, we let them know and they usually say yes for no additional cost. Rates will vary based on your experience/qualifications, the boat, where you are sailing, if your going offshore, etc.
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Re: insurance?

I just got my renewal and it is $874 for a $115,000 agreed value. That is 0.76%.

But the percent means nothing as I used to have an older boat that was insured for $65,000 and it was more per year to insure
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Old 12-21-2013
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Re: insurance?

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Originally Posted by capecodda View Post
.....When we go to Canada, we let them know and they usually say yes for no additional cost.....
This is a great example of differences in policies that some don't pay much attention to. Restrictions on where you can be are common. Cheaper policies will not permit you near hurricane areas in the summer months. Better policies will actually pay to haul your boat, if there is a named storm. How about whether you must be aboard for coverage to attach? Hire a deliver skipper or have the yard take her out to test something and you may not be covered. Etc, etc.
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Re: insurance?

My biggest beef is the restrictions on movement with my policy. I have to call for a weekly rider to bring my boat from the Chesapeake up the Delaware to it's winter home. This can cost me up to 5% of the policy to add two weeks of coverage for movement. It never even occurred to me until after the boat was hard, so technically I was not in compliance with the policy and could have been denied had something happened. In the spring I'll have to call and add coverage so that I can move it a little more than 100 miles.
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Old 12-21-2013
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Re: insurance?

The prices quoted on this thread are way lower than what you will pay. I think most people posting here live outside of the hurricane belt. I pay right about 3% of insured value per year ($1800 on 62K agreed value), and I would expect it to be higher in Florida. That is with Boat US, progressive was a little cheaper, but so many people said good things about Boat US I finally switched. Only problem with Boat US is 62K is the most they will agree to. If I had a total loss, buying a boat just like mine would cost 80K minimum. Progressive would agree to surveyed value. Not to happy about that, but I figure a total loss is unlikely, so I grudgingly switched.
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Re: insurance?

thanks for the info this helped tremendously
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Old 01-06-2014
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Re: insurance?

Quote:
Originally Posted by redbaron View Post
so im in the market to buy a boat,35+ ft. anyways was wondering how the insurance goes about.
I've also heard good things about BoatUS, but have always found them to be expensive here in the Great Lakes. It pays to do your research and shop around, and let the insurers know what other rates/policies they're competing with.

We're with Progressive (multi-policy discount because of auto) and have found their customer service easy to deal, however, we have not had a claim. Interestingly, they did not require a survey at the time of purchase.

Try Insurance For Boats and Discover Boating Boat Insurance Comparison for more basic details about insuring boats.
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Old 01-06-2014
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Re: insurance?

I bought insurance from Chubb Marine insurance for my new boat. The first two years are "Replacement" value then the following years are "agreed" value. They were cheaper than Boat US by quite a bit. It covers the whole west coast of US and Canada but it excludes Alaska. I have no desire to go that far north.
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Re: insurance?

Second the advise to use a marine insurance broker with a known good rep. Our program had us coastal/offshore the first year then offshore/ocean this year. Broker lined us up with different policies/riders that allows us to travel. She saved us a lot of money by getting appropriate vendor for the planned activities with planned switches as our cruising grounds expand. If in fact you are going to cruise need to check out limitations policies from Boat US will place on you. For instance just doing east coast with transits to eastern Caribe was problematic for them. If you are going to leave the boat they may require it being in a marina with a contract stipulating yard will watch it in your absence or it be pulled for named storms or out of the water or above a certain latitude etc etc. Devil's in the details. With a broker you tell them what you will do, what you may do and they help you get the right policy with the right company. Turns out in my experience no more expensive in the long run.
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Old 01-06-2014
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Re: insurance?

Great advice here by outbound. My broker connected us with Chubb which does work well for us now on the west coast. But when we move our boat to Florida I bet they come up with a completely different company and solution.

Besides, my broker gives us free boat show tickets, ya can't beat that.

Find a great broker, that is great advice.

Our broker also does all the basic policy updates for us, such as new home port, additional insured adds, etc.... I never actually need to talk to Chubb Insurance at all.

Quote:
Originally Posted by outbound View Post
Second the advise to use a marine insurance broker with a known good rep. Our program had us coastal/offshore the first year then offshore/ocean this year. Broker lined us up with different policies/riders that allows us to travel. She saved us a lot of money by getting appropriate vendor for the planned activities with planned switches as our cruising grounds expand. If in fact you are going to cruise need to check out limitations policies from Boat US will place on you. For instance just doing east coast with transits to eastern Caribe was problematic for them. If you are going to leave the boat they may require it being in a marina with a contract stipulating yard will watch it in your absence or it be pulled for named storms or out of the water or above a certain latitude etc etc. Devil's in the details. With a broker you tell them what you will do, what you may do and they help you get the right policy with the right company. Turns out in my experience no more expensive in the long run.

Last edited by kellysails; 01-06-2014 at 05:59 PM.
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