Help- New owner of 40ft old sailboat, can't get insurance - Page 5 - SailNet Community
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post #41 of 45 Old 12-06-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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Case in point I have also learned from my friend at the marina that he got cheap liability insurance through State Farm 2 years ago, with zero experience on a 30ft sailboat. Calling State Farm, they had changed their policies and/or underwriter one year ago and no longer insure boats in the salt- he is grandfathered in, for now.
I know that this was written in June, but I wanted to say that State Farm insured us on a new boat two months ago, and it is kept in salt water. They know this too.

They did require a survey (although they asked for it months later) due to declared value. They didn't require a survey on our previous boat (worth about 1/3rd as much).

Last edited by Alex W; 12-06-2012 at 02:26 AM.
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post #42 of 45 Old 12-06-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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I know that this was written in June, but I wanted to say that State Farm insured us on a new boat two months ago, and it is kept in salt water. They know this too.

They did require a survey (although they asked for it months later) due to declared value. They didn't require a survey on our previous boat (worth about 1/3rd as much).
Beware of State Farm and other homeowners companies for boat policies. I believe that they do not know how to fully insure a boat.

I used State Farm the first year I had my boat. Then I learned about a few key things that my policy lacked. They do not cover environmental fees if your boat should leak fuel in an accident. These fees can be huge. Also, they do not cover salvage costs sufficiently. The salvage costs are capped at the value of your boat. For example, if your boat is totaled in a storm and ends up wrecked on the shore of a state park, they'll pay only the value of the boat, and that's it. So if you're required to remove the boat, that comes out of the money, and you only get what's left after paying the salvage company. Since salvage can be costly, you could get $0 for your boat. But you will definitely get less than the full value of the boat.

I went to ask my State Farm agent about these things, and she had no idea. They just do no know about the issues that boat owners face.

I moved to BoatUS and got excellent coverage for all of the missing things - at a lower rate than State Farm.


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post #43 of 45 Old 12-06-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

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Create a LLC, put the boat under the LLC and put it on a mooring or anchor. Its worth nothing, and the LLC will protect you...
Whether it will protect you, and to what level, depends on a LOT of different variables. Trying to do this without spending a good bit of time (and money) with an attorney would be a VERY foolish thing to do. In the end, I suspect it would be cheaper and easier to just keep looking until you find someone willing to write you a liability policy.
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post #44 of 45 Old 12-06-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

As some others have said the big advantage of BoatUS is that they understand boats.

A local yard with an excellent reputation told me BoatUS is the best of the insurance companies they deal with for exactly that reason.

I'm a little surprised that so many posters only carry minimum coverage. For a few dollars more I was able to add replacement coverage for my electronics and insure my boat for an agreed value -- it has a lot of additions a "typical" boat wouldn't have.

I just wish I could find an auto/homeowners company that provided this kind of service.

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post #45 of 45 Old 12-06-2012
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Re: Help- New owner of 40ft old sailboat, can't get insurance

The other huge advantage of boat US is that they actually pay. I know several people who have made claims and I have personally as well and every single one was paid in a straightforward and timely manner.

I have other friends who have fought tooth and nail over every detail for YEARS with other companies.
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