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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > full time cruising insurance ??
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Topic Review (Newest First)
06-09-2006 04:39 AM
Omatako
Insurance

Who needs it? Well the other threads have already said most of it but I have been in the unfortunate position to be on my own thousands of miles from home watching my boat lying on it's side in 4 metres of water with the keel lying to one sideand everything in the boat trashed. The pain that I had felt paying out lots of dinero for comprehensive boat insurance was quickly forgotten.
One bit of advice though, talk to your insurers all the time about changes in your plan.
Like changing from fully crewed to short or singlehanding.
Like changing you trip plan from the Azores to Eritrea (sic?).
You'll find lots of little gems in your small print about what they won't do if you don't do.
As far as life insurance goes, I'm not the right person to give advice, I've cancelled most of mine becuase like one of the other threads said, I'm old enough not to worry too much about what is left behind when I die. I'm one of the guys that makes life insurance better for others. I paid all my life and never claimed a thing.
Good luck.
05-31-2006 03:33 PM
NCountry and Jeff......PLEASE learn some of the basics in life like SPELLING and GRAMMAR. Good Communication skills are not just for the educated.
09-21-2003 03:00 PM
biff22
full time cruising insurance ??

I''ve got a 1980 37'' Irwin sailboat and got it insured thru Allstate. For $30,000 with a $1,000 deductable and $300,000 libility, I''m paying $209.00 per year.Only problem I had is that when I took the boat from S.C. to Fl., I had to re-do everything with Allstate in Fl. Also havent been given a good answer to what I need to do about coverage if I take the boat to the Bahamas. All they could or would tell me is that''s it''s covered 100 miles off the USA coast. The Abaco is about 150 miles. Still working on that. Hope this help''s.
09-21-2003 10:07 AM
pspsail
full time cruising insurance ??

If talking about health insurance the Oct issue of Blue Water Sailing Magazine has an article about international health insurance aimed at the cruisers travelling o/s
John (Fitzy)
09-16-2003 01:23 AM
cptnoz
full time cruising insurance ??

Well this really has been quite a heated subject.

Bottom line is that there is no right and wrong. If you can afford it do it - if you can''t or don''t want to then don''t - but don''t complain when it all goes wrong. You get what you pay for which can include peace of mind on the way.

There is a significant increase in insurance once you sail over the horizon though and that is what I thought this post was initially all about. I guess it depends on how YOU assess the risks compared to the company who offers the cover. No magic there.

Insurance is also becoming increasingly expensive so that only makes the decision process harder. For most of us though who no longer hanker for that far horizon local insurance is still worthwhile.

Johnno
09-15-2003 05:08 PM
rleslie
full time cruising insurance ??

There is an article in Blue Water Sailing title: "INSURANCE FOR CRUISERS" that may be of some help. http://www.bwsailing.com/
09-15-2003 11:41 AM
mcain
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.
09-15-2003 09:20 AM
Jonathan316
full time cruising insurance ??

Thanks Bob. That was right on the money for me and the ''escape'' perspective explains more than just this situation that did not "tie together" for me. Does now!

Jonathan
09-14-2003 04:07 PM
DonFoley
full time cruising insurance ??

Actually J, I did give you a number.

$500 a year on a $65,000 hull value.

But anyones numbers are going to be meaningless. If you want a REAL figure, call up your insurance agent. I didn''t use my agent, as I found better rates with Allstate.

Call them and ask for an estimate. It''s that simple.
09-14-2003 02:04 PM
TrishLambert
full time cruising insurance ??

Having or not having insurance depends, I think, on how much risk you can tolerate. My first boat HAD to be insured because of the bank loan, my second boat wasn''t and we were mentally prepared to deal with the consequences. Also, we did not stay in marinas, many or most of which require insurance for any lengthy stay, so it was a cost we did not build into the budget.

Current boat IS insured with a policy that doesn''t limit our location because of hurricane season. We do stay at marinas a lot, and are NOT willing to "sail bare"...as someone mentioned, we are concerned about damage to other boats that we may be liable for, and want to be covered.

I guess one question to ask in making the decision is whether or not you could recover financially from either losing the boat or being liable for extensive damage to another''s vessel. If you could, maybe go bare (unless you want to stay in marinas a lot). If not, find a policy that fits your needs.

Trish
www.takehersailing.com
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