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Old 09-24-2015, 03:02 PM   #1
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Insurance cost

Currently own a 43 Mainship Trawler. Would like to know what other members are paying for insurance. Mine is insured for $170,000 for $4200 per year which includes Bahamas coverage. Never had a claim in 30 years of boating. High or low???
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Old 09-24-2015, 03:04 PM   #2
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Very high I think. I've found that insurance rates continue to creep up until you go shopping for a new policy.
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Old 09-24-2015, 03:13 PM   #3
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Not sure if you are in FL or AL but if you keep your boat at these locations during tropical storm season, your rates are going to be much higher than boats that are taken up to the northeast for the summer.
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Old 09-24-2015, 03:17 PM   #4
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My Bayliner is insured for 200K at half that rate. I get the special Trawler Forum Members rate from Pau Hana (member here)
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Old 09-24-2015, 03:32 PM   #5
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My policy is through ACE. Premium is $1300/year for $222,500. Deductible is 1%.
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Old 09-24-2015, 03:49 PM   #6
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Quote:
Originally Posted by vacser View Post
Currently own a 43 Mainship Trawler. Would like to know what other members are paying for insurance. Mine is insured for $170,000 for $4200 per year which includes Bahamas coverage. Never had a claim in 30 years of boating. High or low???
We have a good friend who keeps his 40' Mainship in Miami. No seasonal restrictions with nav limits from Brownville, TX to Maine including Turks & Caicos and Bahamas. ~$3,600/year with a $250 deductible on electronics agreed value policy insured value about the same as yours.
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Old 09-24-2015, 04:04 PM   #7
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I am insured at 225K at $1190.00 a year.....
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Old 09-24-2015, 04:11 PM   #8
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Are these quotes for full coverage? I'm about to be buying insurance for my boat probably $60k agreed value for now.

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Old 09-24-2015, 04:14 PM   #9
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Deleted. duplicated.
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Old 09-24-2015, 04:15 PM   #10
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full coverage for me with a $2500 deductible. Includes my dink and electronics up 60nm out during the summer and 25nm in the winter.
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Old 09-24-2015, 04:23 PM   #11
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Quote:
My policy is through ACE. Premium is $1300/year for $222,500. Deductible is 1%.
Quote:
I am insured at 225K at $1190.00 a year.....
Sorry, you really can't compare East and West Coast rates. When we were in AK and the PNW our rates were 1/2 or so of what they are now with our geographic limits and no seasonal restrictions on the East Coast. Maybe we'll hear from Paul H about this.
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Old 09-24-2015, 04:28 PM   #12
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We have a good friend who keeps his 40' Mainship in Miami. No seasonal restrictions with nav limits from Brownville, TX to Maine including Turks & Caicos and Bahamas. ~$3,600/year with a $250 deductible on electronics agreed value policy insured value about the same as yours.
Larry, That is more inline with what I am looking at paying. His cruising area is the same as mine. Do you know what company he is with. Thanks
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Old 09-24-2015, 04:43 PM   #13
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Larry, That is more inline with what I am looking at paying. His cruising area is the same as mine. Do you know what company he is with. Thanks
Our friend and Hobo are with Seaworthy Boat Insurance which is a Berkshire Hathaway Co. We were just talking this week about our coverage's with ours being up on October 1 That's how I knew how much our friend was paying.

Call Joe Cable (Seattle) and mention Lena and Larry. They have a FL office but I've been dealing with Joe for almost 10 years so that's who'd I'd call first. We've had one claim with great service. 800.823.2798 or 206.281.8144

https://www.novamarinsurance.com/contact-us
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Old 09-24-2015, 04:48 PM   #14
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Great, Thanks for the info. Not due til 4/15 but will contact him in January to start the process. Jimmy
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Old 09-24-2015, 08:14 PM   #15
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Mine is insured for $170,000 for $4200 per year which includes Bahamas coverage. Never had a claim in 30 years of boating. High or low???
That seems very high to me, but I'm not familiar with that area or how it is viewed by insurance companies. I assume they take into account things like hurricane risk which are not considerations where we boat.

But here in the PNW, we've had our 36' twin-diesel cabin cruiser for 17 years and our annual insurance cost has not changed much in all that time. I believe it hovers around $1,200 a year for a yacht policy.

We use an insurance broker rather than work with any one company ourselves. The broker, Anchor Marine, shops for the most effective policy for our needs. So over the years we have had policies from several different insurance companies. Based on our experience thus far we think this is the smartest way to go and Anchor Marine has done a great job for us. We would highly recommend them to anyone contemplating buying a boat or investigating changing their current insurance plan.
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Old 09-25-2015, 06:36 AM   #16
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In hurricane and tropical storm country, rates will be much higher, so PNW rates are completely irrelevant. A great east coast broker is Dawn Speros of the Gowrie Group; very proactive and does a lot of work with older, larger boats. Gets you the best rates for you with companies that perform on claims, helps with the claims process, and follows up every year at renewal time to update with you as need be. O: 860 399 3653, 203-645-2100.
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Old 09-25-2015, 06:48 AM   #17
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The most important part of the policy is oil spill coverage.

If you burn down the boat , you would only loose the boats cost , but

put a bit of oil in the water and the feds can take all you own and all you will earn in the future.

Caviat Emptor!
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