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Old 05-03-2015, 08:57 PM   #1
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insurance rates

Hi folks,

My insurance expires on my 42' Formosa trawler in a week. I'm living aboard in Boot Key Harbor. The renewal amount is $2260 and a friend here told me that was outrageous.

Any thoughts or suggestions? I'm trying to live on my SS alone and it's essentially not possible. Start full time on Tuesday at Worst Marine. At least I'll get some great discounts on my new electronics..

Broke on a boat in the Keys... could be worse.
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Old 05-03-2015, 09:09 PM   #2
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My liveaboard policy is $1749...not in a hurricane area.... most of the East coast as nav waters, $500,000 liability and around $50,000 hull.

It is with New Hampshire, same as Sea Insure.
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Old 05-03-2015, 09:18 PM   #3
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Insurance

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Originally Posted by psneeld View Post
My liveaboard policy is $1749...not in a hurricane area.... most of the East coast as nav waters, $500,000 liability and around $50,000 hull.

It is with New Hampshire, same as Sea Insure.
I AM in a hurricane area and I think my liability is only $300,000 but it might be 5.. Sounds about right. I think my friend may have some less than top notch coverage...

Thanks again
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Old 05-03-2015, 09:26 PM   #4
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I would send a PM to Pau Hana and talk to him.
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Old 05-03-2015, 09:29 PM   #5
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Robert, we have Geico and it is $1,200 a year for our liveaboard policy. We told them that we lived aboard in Boot Key and they had no problem with it.
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Old 05-03-2015, 09:38 PM   #6
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Originally Posted by READY2GO View Post
Robert, we have Geiko and it is $1,200 a year for our liveaboard policy. We told them that we lived aboard in Boot Key and they had no problem with it.
Hey Mike! I thought I recognized that boat!! Thanks. I've got Geico for my car, I'll call them tomorrow.

Thanks again!
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Old 05-03-2015, 09:52 PM   #7
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Liability isn't all that much..the hull insurance was up around $1200 for only abut $50,000...double that and up around $2000 for insurance doesn't sound all that bad.

My guess is my insurance would be about $1500 or a little less if not a liveaboard.

Paul can give some good advice.. After dealing with traditional insurance companies, even if they have better marine underwriters for their policies just doesn't sit right with me.

The better insurers are usually all close in price....policies falling way outside those prices up or down scare me.
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Old 05-03-2015, 09:54 PM   #8
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I like Geico, (Seaworthy) but I have not had a claim though. The only thing I didn't like is they will not insure me in the Bahamas since we are a single engine.
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Old 05-03-2015, 10:36 PM   #9
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Insurance Rates

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I like Geico, (Seaworthy) but I have not had a claim though. The only thing I didn't like is they will not insure me in the Bahamas since we are a single engine.
I am insured to the Bahamas and it's with Lloyd's of London which I'm guessing is a reputable firm... The hull's insured for $50k but I'm not thrilled about the $3000 deductable that wouldn't have covered my dinghy when I thought it was stolen... Fortunately, the line had parted and it just drifted off in the night while at anchor. Some guy retrieved it and I got it back a week later..
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Old 05-03-2015, 11:45 PM   #10
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Pay $2k for $500K liability and $300K property damage loss. Have an exclusion to stay out of FL between 06/01 and 11/01 (no named storm coverage for that time period in FL). This is with Ace American Insurance Co through International Marine Insurance Services in Grasonville, MD.

Ted
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Old 05-04-2015, 12:11 AM   #11
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Pay $2k for $500K liability and $300K property damage loss. Have an exclusion to stay out of FL between 06/01 and 11/01 (no named storm coverage for that time period in FL). This is with Ace American Insurance Co through International Marine Insurance Services in Grasonville, MD.

Ted
Thanks Ted! I just got a fulltime job here so can't leave during the hurricane season. I had to submit a pretty detailed hurricane plan last year when I was docked at the Boatyard docks. They'd pull me out and put me on the hard in the case of a storm but now I'm out on a mooring ball so I'd think that would be a different rate too.
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Old 05-04-2015, 11:51 AM   #12
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Most of the cost of my Ace policy is hull value. My total annual premium is 0.75% of agreed value.
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Old 05-04-2015, 01:17 PM   #13
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Quote:
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I like Geico, (Seaworthy) but I have not had a claim though.
Same with me....Quite reasonable. $550 for my $50K value..(in hurricane country too)
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Old 05-04-2015, 01:25 PM   #14
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Just saw this. Gieco bought BoatUS.

Ownership of BoatUS transferred to Geico | Trade Only Today
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Old 05-04-2015, 01:33 PM   #15
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Wow...My boat US quotes were 3 times higher than Geico....
Admittedly they got hit pretty hard from the last storms...

This is interesting news..
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Old 05-04-2015, 01:38 PM   #16
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Quote:
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Wow...My boat US quotes were 3 times higher than Geico....
Admittedly they got hit pretty hard from the last storms...

This is interesting news..

Yes a quote from BoatUS is astronomically higher than a Gieco quote. Makes me wonder if the BoatUS prices will come down or it the Gieco prices will go up, or both.
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Old 05-04-2015, 04:03 PM   #17
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Most of the cost of my Ace policy is hull value. My total annual premium is 0.75% of agreed value.
Really? Less than 1% of agreed value? That's pretty much self-insured!

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Old 05-04-2015, 04:24 PM   #18
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Really? Less than 1% of agreed value? That's pretty much self-insured!

Perhaps I misunderstand the term "self insured". My deductible is 1% or 2% of agreed value (so I am self-insured to that extent, but that is comparable to a $50K auto with a $500 deductable, and would not consider that to be self-insured), but beyond that it is the insurer's risk. It is the premium that is less than 1% of agreed value, but I don't see how that relates to self-insurance. I must be missing something?
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Old 05-04-2015, 07:18 PM   #19
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Perhaps I misunderstand the term "self insured". My deductible is 1% or 2% of agreed value (so I am self-insured to that extent, but that is comparable to a $50K auto with a $500 deductable, and would not consider that to be self-insured), but beyond that it is the insurer's risk. It is the premium that is less than 1% of agreed value, but I don't see how that relates to self-insurance. I must be missing something?
No, it's my bad; I totally misread your post. I read it that your coverage was 0.75% of agreed value. What I get for trying to rush a post out before a meeting started. Sorry about that.
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Old 05-04-2015, 08:50 PM   #20
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