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10-31-2014, 10:40 AM
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#1
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Guru
City: Seabrook Texas
Vessel Name: TheVenture
Vessel Model: 1985 Bestway Labelle Sundeck 40ft
Join Date: May 2013
Posts: 560
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Insurance
1985 Marine trader in great shape, would realistically sell for $80k, I am an experienced boater, live aboard, and have never filed a claim. Current insurance $300,000 liability and 80K hull premium is $2200 per year.
Seems I should be able to do better but can't get anyone including Boat US to get even close to my present premium. All quote $5000 per year or more. Is my 30 year old boat the problem? or is it that I am a live aboard? or what?
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10-31-2014, 11:06 AM
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#2
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Valued Technical Contributor
City: Litchfield, Ct
Join Date: Aug 2012
Posts: 6,785
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Yes, two problesms: old boat and you live in the hurricane belt.
Find a friendly yacht broker and ask him to run Soldboats for your boat. I would be surprised if a 30 year old boat was worth $80K. Since liablility is only about $500/year, and hull insurance premiums are sort of proportional to agreed insured value, maybe you can cut it to say $50K and save some money.
One question to ask yourself: if the boat is a total loss, do I want what I have invested in the boat back or what the market says it is worth. You are paying for the extra value.
David
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10-31-2014, 11:41 AM
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#3
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Guru
City: Victoria TX
Vessel Name: Bijou
Vessel Model: 2008 Island Packet PY/SP
Join Date: Nov 2012
Posts: 5,290
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Insurance
I would message Pau Hana. He is an insurance broker, and he has been able to find good policies for me-- lower premiums than what you were quoted, and on more expensive boats.
I also live in the hurricane zone but I am not a liveaboard.
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10-31-2014, 12:43 PM
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#4
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Guru
City: PNW
Vessel Model: 1976 Californian Tricabin LRC
Join Date: May 2011
Posts: 1,860
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My boat would be roughly an equivalent to your's. It's 38 years old and I have Boat US insurance. My annual policy cost is $1000 and no insurance required surveys in 9 years now.
I think the previous poster is right. The Caribbean, Gulf and South-East states are all higher risk for loss. It's where you live and if your insurance is $2200, you better hang on to it!!
__________________
Larry B
Careful . . .I Have a Generator and I'm not afraid to use it !
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10-31-2014, 03:40 PM
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#5
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Guru
City: Inside Passage Summer/Columbia River Winter
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 8,050
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Wow and I was complaining to the Admiral about our $1091 annual fee to the extorters....
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10-31-2014, 03:56 PM
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#6
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Guru
City: Seabrook, Texas
Vessel Name: Small World
Vessel Model: Defever 50
Join Date: Sep 2014
Posts: 611
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OB, I just went through getting insurance in Seabrook. I got a quote from BoatUS, and then from a couple of local brokers. They came in much cheaper. Shoot me an email if you want their contact info.
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10-31-2014, 04:24 PM
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#7
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Moderator Emeritus
City: Chicago, IL
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,993
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It's where you live/store the boat:
Same boat, a Krogen 42:
Trinidad $2,800
Grenada $3,800
St. Lucia $4,800
Savannah, GA $2,200
__________________
Marty
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11-01-2014, 07:44 AM
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#8
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Lots of good advice here (except for going thru another broker ).
Lots of variables come into play regarding how a premium is calculated:
- Vessel year, make, and construction
- Vessel value
- Vessel usage (private pleasure/liveaboard/limited charter)
- Fuel type
- navigation area
- where the boat is moored (x2 if your navigation area is in Hurricane Alley)
- Vessel experience (ownership and operational)- what vessels have been owned/operated and for how long
- Credit history
- Marine loss history
- The risk appetite of an insurer
Each company has its own underwriting criteria, so your quotes can vary widely.
BoatUS may not have an insurance survey requirement; I would be suspect as to how their policy reads with regards to partial and total loss situations. The agreed value/all risk companies we represent require a survey about every 5 years.
Our boat is $1300/year in Puget Sound waters; changing the navigation to Florida/Gulf full time changes the coverage to about $3k/year!
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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