[redbaron]

so im in the market to buy a boat,35+ ft. anyways was wondering how the insurance goes about. i heard from someone it was around 3% of the hull value?is that every month, 6 month, year? just liablity a wise thing to do in s.florida? anyone have progressive for that large of boat? all my other vehicels r with them so may be good to go with them

 

[azguy]

Go to BoatUS and get a free quote

 

[deniseO30]

It's highly likely you will need a survey.

 

[Missingyou]

I'm with Boat US because of lack of experience. Few others would insure me. I'm not sure about the 3%. Perhaps you mean 0.3%. Anyway I don't think it is that simple from the standpoint of just hull value. I pay about 0.5% per year and hope to reduce it further(0.3-0.4%?) but I have a new boat. I'm paying more than I had hoped but Boat US customer service is unbelievable. I just may stay with them. I've also heard that after Sandy they were very straight with claims, unlike some other companies who were nickle and diming their clients.

 

[Minnewaska]

Insurance rates are going to be rather variable. Hull insurance will obviously relate to how valuable the boat is, but will also relate to how much experience you have on similar size boats.

Liability insurance is not so related to the value of your boat as much as the odds that you or the ship may cause damage to another or the environment. Your resume is probably a driving factor here.

In larger boats with good experience, I would say that 1% of boat value per year is reasonable finger in the wind. Our hull plus liability coverage, with hurricane coverage added, is about 0.6% of hull value per year, with 5 months on the hard. I know some that pay 1.5% or so.

I always recommend that owners consult with a knowledgeable marine insurance agent/broker. When you buy directly from the carrier (Progressive, State Farm, etc), there is simply a conflict of interest to not tell you everything you may want to know. Insurance is full of nuance. In some cases is replacement vs. market value. Do you know the difference in insurance terms? In others, its simply a matter of which carriers are better at paying claims. Yes, if you want less grief in collecting on a claim, you pay more for the insurance.

 

[Group9]

I'm with Boat US because of lack of experience. Few others would insure me. I'm not sure about the 3%. Perhaps you mean 0.3%. Anyway I don't think it is that simple from the standpoint of just hull value. I pay about 0.5% per year and hope to reduce it further(0.3-0.4%?) but I have a new boat. I'm paying more than I had hoped but Boat US customer service is unbelievable. I just may stay with them. I've also heard that after Sandy they were very straight with claims, unlike some other companies who were nickle and diming their clients.

I had a small ski boat that sunk on its trailer in my driveway in Katrina that I had insured with Boat U.S. They were there within a week (amazing considering the amount of claims they had at that time) and I had my check a few days later.

I have no complaints about them.

 

[benesailor]

I always recommend that owners consult with a knowledgeable marine insurance agent/broker. When you buy directly from the carrier (Progressive, State Farm, etc), there is simply a conflict of interest to not tell you everything you may want to know.

So i had thought as well. NOW i review my policy before buying. The last policy i boat from a Marine broker was awful. Who doesn't cover your rudder against grounding (amongst other issues)?
I would request a copy of a policy before purchase so that you can read the small print. ALWAYS. Unlike cars, policies can vary.
If you stick with the big names like Progressive, State Farm and Boat US i don't think that you will lose.
I am back to BoatUS now. While not cheaper than some i know i will have complete coverage for the US and coastal waters (and towing).
Make sure that you have an Agreed Value policy.

 

[Tim R.]

We are live aboards(in water year round) and our insurance(full coverage) which includes our tender, ob motor and $15,000 worth of personal effects is .75% of hull value per year.

Liability only in a hurricane area is a gamble. Progressive should cover a boat that size given it is in decent shape. I would recommend Amica. Great service and never required a survey beyond the initial purchase.

 

[Minnewaska]

So i had thought as well. NOW i review my policy before buying. The last policy i boat from a Marine broker was awful. Who doesn't cover your rudder against grounding (amongst other issues)?
I would request a copy of a policy before purchase so that you can read the small print. ALWAYS. Unlike cars, policies can vary....

If one is truly competent in the language of insurance contracts, that is great. There is a lot to know and understand and its different by state. One anecdotal problem with a broker doesn't damn them all. Indeed, your broker/agent should have a good reputation. Most every coastal town with an active boating environment will have several to choose from.

 

[azguy]

For what it's worth I thought BoatUS was great, I completed an application on-line, sent in 6 pictures and have never owned a boat before. It ended up being $190 for a $6,500 agreed value policy for my 1988 C22 and that included the trailer being insured for $1,500.

Easy peasy, lemon squeezy.

I'm sure being on a lake in Arizona helped a bunch as I have no tides, hurricanes, currents, etc. After the fact they sent me a check for $19 because I taken ASA 101 and 103 :laugher

 

[capecodda]

+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.

 

[Don L]

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

 

[Minnewaska]

.....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.

 

[Missingyou]

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.

 

[RainDog]

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.

 

[redbaron]

thanks for the info this helped tremendously

 

[kwaltersmi]

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.

 

[kellysails]

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.

 

[outbound]

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.

 

[kellysails]

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.

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.