Thread Tools Display Modes
Old 10-31-2014, 10:40 AM   #1
Senior Member
obthomas's Avatar
City: Seabrook Texas
Country: USA
Vessel Name: TheVenture
Vessel Model: 1985 Bestway Labelle Sundeck 40ft
Join Date: May 2013
Posts: 460

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?

obthomas is offline   Reply With Quote
Old 10-31-2014, 11:06 AM   #2
djmarchand's Avatar
City: Essex, Ct
Country: USA
Vessel Name: Bella
Vessel Model: Mainship Pilot 34
Join Date: Aug 2012
Posts: 1,996
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.


djmarchand is offline   Reply With Quote
Old 10-31-2014, 11:41 AM   #3
cardude01's Avatar
City: Victoria TX
Country: USA
Vessel Name: Bijou
Join Date: Nov 2012
Posts: 2,157

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.
cardude01 is offline   Reply With Quote
Old 10-31-2014, 12:43 PM   #4
Edelweiss's Avatar
City: PNW
Country: USA
Vessel Model: 1976 Californian Tricabin LRC
Join Date: May 2011
Posts: 1,685
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 !
Edelweiss is online now   Reply With Quote
Old 10-31-2014, 03:40 PM   #5
Alaskan Sea-Duction's Avatar
City: Inside Passage Summer/Columbia River Winter
Country: USA
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 2,253
Wow and I was complaining to the Admiral about our $1091 annual fee to the extorters....
1988 M/Y Camargue Yacht Fisher
Alaskan Sea-Duction
MMSI: 338131469
Alaskan Sea-Duction is online now   Reply With Quote
Old 10-31-2014, 03:56 PM   #6
Senior Member
Drake's Avatar
City: Seabrook, Texas
Country: Independent Republic of Texas
Vessel Name: Small World
Vessel Model: Defever 50
Join Date: Sep 2014
Posts: 243
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.
Drake is offline   Reply With Quote
Old 10-31-2014, 04:24 PM   #7
TF Site Team
Bay Pelican's Avatar
City: Chicago, IL
Country: USA
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,276
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
Bay Pelican is offline   Reply With Quote
Old 11-01-2014, 07:44 AM   #8
Pau Hana's Avatar

City: Seattle, WA
Country: Good Ol' US of A!
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 1,479
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 & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT -5. The time now is 05:11 PM.

Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012