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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > Insurance
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Thread: Insurance Reply to Thread
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Topic Review (Newest First)
10-23-2012 03:59 AM
SimonV
Re: Insurance

Expect the insurance to be about 1% the agreed value of your boat.
10-22-2012 08:18 PM
sw61807
Re: Insurance

Buying insurane is like buying a boat. Have to sacrifice and compromise. You'll never find the perfect policy. I do however strongly encourage you to get insurance. Liability and towing as a minimum. Shop around until you find a balance between what you want and what you can afford, then chase your dreams.
10-20-2012 11:22 AM
Capt-T
Re: Insurance

If I hadn't seen that the OP was referring to sailing during retirement, I would have thought I had clicked on the "Why are so few young people cruising these days?" thread.
10-20-2012 11:20 AM
PAULCR1
Re: Insurance

Thanks JD. We are going to keep looking.
10-20-2012 11:11 AM
floridajaxsailor
Re: Insurance

Quote:
Originally Posted by PAULCR1 View Post
Many thanks for the information. Maybe that dream is squashed.
dreams are never squashed

sometimes they just simmer quietly

for years

best of luck
-JD
10-17-2012 08:20 PM
tapske
Re: Insurance

I am a new-ish (born again) sailor, recently got a Columbia 9.6 (31'6"). I have some ASA credentials, bareboat charter and navigation, although my insurance company didn't even ask me to validate any of those claims (which of course I can) Sateside insurance through Progrressive, is costing me $128 a month, and that gives me up to 200k liability. Which at this day and age is not that much. Most marinas want 300k and up in liability. And I opted for the 1k deductible. This deductible by the way is DOUBLED in the event of ANY "named" storm. I think this has become a pretty standard practice.
This policy and comparable price, is only valid within 100 nm of USA. As far as I know they do not do international.
It stands to reason, that provable experience can help grease the insurance wheels. If you have enough time before your planned retirement, maybe begin documenting every legal "day" at sea, and work toward your OUPV "6-pak" license. This is the track I am currently on, and although I don't know for sure if the "OUPV" license will aid in future international insurability..... I can't think of any way it could hurt to get it. And since I will be sailing anyway.....the extra effort/paperwork seems minimal too me....

Good luck.... Let me know if you find any good international insurance deals for beginners. I have a few mexican riviera trips tentavely planned over the next few years.

---Tapske

NIF
10-08-2012 12:40 AM
hellosailor
Re: Insurance

"We didn't know there was so much involved we 'assumed' it was going to be like a car. "
It IS like a car. No safety classes? Surcharged. Going to Canada or Mexico? Surcharged. Driving too many miles? Surcharged. Commercial use? Surcharged. Bad credit rating? Surcharged. Gross weight over 20,000 lbs? Ooops, commercial license, surcharged again.

Cars, boats, doesn't matter, the insurers have surcharges for everything. Pick a slow time of a slow day, like midweek late morning or midafternoon, and pick a broker's brains. Then do it again the next week, with someone else. One of them might even earn your business.
10-06-2012 08:50 AM
PAULCR1
Re: Insurance

svzephyr44,
Thank you for the insight. We didn't know there was so much involved we 'assumed' it was going to be like a car. You folks have been a wealth of information and assistance. I hope we can reciprocate someday.
10-06-2012 02:35 AM
svzephyr44
Re: Insurance

Most marine insurance for coverage outside the US is sold through brokers. What you need to do is find a couple of brokers and discuss it with them. They have access to a number of different insurance companies, each of whom have their own rules. Also, coverage is not like car insurance. For example, my boat was insured for US and Bahamas, then the western Caribbean, now for the North Atlantic north of 10 degrees and the Med. Each time I move the coverage is re-written and the premiums change. This is also true if I stop for a while. Usually if you are going to be in a single place for at least 3 months they will modify the coverage for that place.

I am honoring this boards rules by not giving you names of brokers. The reason I sent you to the Seven Seas Cruising Association forum is that the issues of international coverage are well documented and a number of brokers read the forums on a regular basis. So if you go there you can get the real answers from the people who sell the coverage for a living.
10-05-2012 08:59 PM
PAULCR1
Re: Insurance

Geoff54,
I agree with you. If, heaven forbid, something were to happen I wouldn't want to spend the rest of my life regretting it and having to dodge bill collectors. If I have to delay my plans so be it rather than create a legal hassle.
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