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Old 12-13-2015, 07:58 AM   #1
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City: Houma, Louisiana
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Cost Of Insurance On Your Boat

Reading on other forums the cost of my insurance seems to be high. I have an agreed value of $45,000 on my 45 ft. 1985 BlueWater Coastal Cruiser. The policy has all the bells and whistles, and coastal waters only. I pay $1400.00 annual, is this high or the average, it is with Boat US.
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Old 12-13-2015, 08:32 AM   #2
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Yea... That seems high to me, but I am not in Louisiana, so don't take my word on it. Here in NC and with a value of $140,000, our premium is about $1200. I think it is thru AIG. Keep this in mind though, much of your premium is now based on your credit score! So even the same policy to someone else will be a different rate if that number is different.

It has been my experience that BoatUS is always more expensive by a wide margin. I have found a very good BROKER in Wilmington, NC that deals only in marine insurance and he will always find the best fit for us at the lowest price.

Here is the binder for our policy for you to compare.
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Old 12-13-2015, 08:40 AM   #3
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We have a policy with Traveler's with an agreed value of $165k with all those bells and whistles with a premium of $1,200. Boat US gave us a quote last year of about $2,400 for the same coverage.
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Old 12-13-2015, 09:32 AM   #4
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My 1936 woodie is insured by AIG private client group. I pay $622 for $35K agreed value with half a million liability. So yes your cost to insure a $45K boat seems high to me.
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Old 12-13-2015, 09:47 AM   #5
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Navigation limits will affect your premiums. When we were in the PNW full time, we paid 1/2 of what we're paying for coverage from TX, Bahamas and SE US. The OP is in Louisiana which does have a history of hurricanes.
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Old 12-13-2015, 10:41 AM   #6
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When a hurricane gets into the northern Gulf of Mexico it will invariably hit land. Louisiana and the whole coastal area there has a target on it. Boat insurance in hurricane areas is very expensive. My boat is in South Florida, and it is very expensive.
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Old 12-13-2015, 01:58 PM   #7
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In my experience insuring a boat in the hurricane belt costs about double what it costs to insure the same boat in higher latitudes.


So for Louisiana, you are in the ballpark.


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Old 12-14-2015, 12:07 PM   #8
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Quote:
Originally Posted by Tom.B View Post
It has been my experience that BoatUS is always more expensive by a wide margin.
My experience has been just the opposite w/ Boat US... but we are Inland / Great Lakes coverage...way different than coastal in hurricane area I'm sure.

I have others re-quote boat + car + home periodically and none have been able to come close for lower coverage.
Our Boat US Premium is $853 for $175k agreed value 1% (effective) deductible.
Boat US has both no-loss credit and declining deductible w/ no claims...let's you up the policy deduct and save money as they reduce the actual deduct 25%/yr for 4 yrs (nothing after that)
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Old 12-14-2015, 01:32 PM   #9
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I can't quote current rates on insurance, but I have nothing but praise for BoatUS service and their professional response.

In September, 2004, BoatUS had processed my claim and sent a check for the damage to my boat from Hurricane Frances (9/5) even before Hurricane Jeanne sunk her three weeks later (9/26).
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Old 12-14-2015, 02:19 PM   #10
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I'm with Allstate. Boat US quote is more than triple.
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Old 12-14-2015, 02:54 PM   #11
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All boat insurance is not the same. Liability coverage is very important and that wasn't mentioned.


My boat is insured with Nationwide, the same company that insures my home and vehicles. This allows me to have an "umbrella" policy which covers excess liability over my standard insurance.


A BoatUS quote was much more than I pay and excluded certain areas including Florida during certain seasons.
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Old 12-14-2015, 03:36 PM   #12
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It is fine and may even be preferable to have one company provide home, boat, car and umbrella insurance, but it is not necessary.


We have State Farm cover cars, Farm Bureau (a NC coop) provide home owners, Ace covers the boat and an umbrella from State Farm extends all of the others. You just have to meet the requirements of the umbrella- $300,000 primary coverage for the boat for example. Each area of risk needs to be explicitly listed in the declarations of the umbrella, ie car, boat, etc.


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Old 12-14-2015, 04:09 PM   #13
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My quote from BoatUS was more than double all three other quotes from other companies. Same terms for all so not a case of more coverage.
And yes, I am based in New Orleans with coastal navigation coverage all the way to Key West.
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Old 12-14-2015, 04:20 PM   #14
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My BoatUS policy is half the price of what my home/automobile insurer offered to cover the boat.
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Old 12-14-2015, 06:13 PM   #15
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Tom`s low Public Liability cover of 300K is astoundingly low but I gather the norm in USA. Here the standard amount is $10M, and we are a lot less litigation prone.
FWIW for Aussies, friends whose boat was a total loss in the April east coast storm were paid out in full by Club Marine(part of Allianz) in a week. The insurer set up a temporary claims office in a yacht club in their badly affected area. I`m insured with them, no claims yet, let`s not tempt fate, but my friends experience is comforting if I do.
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Old 12-14-2015, 06:58 PM   #16
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Bruce: What does OZ do for fuel/environmental spills? Our insurance has a statutory limit of $854,400 for fuel and other spills as a separate line item which is included in the premium.
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Old 12-14-2015, 10:18 PM   #17
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Quote:
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Bruce: What does OZ do for fuel/environmental spills? Our insurance has a statutory limit of $854,400 for fuel and other spills as a separate line item which is included in the premium.
Not a specific item, it comes within Liability to Other People, limit is 500K per event. In that respect your Policy is certainly superior.
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Old 12-15-2015, 02:11 AM   #18
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I'm with Club Marine, via a Broker who handles other insurances for me as well. Cost is very close to 1% of market value. In the event of a total loss payout is for lower of insured value or market value. The main reason I'm insured is for the Third Party Liability aspect noted by BruceK above. Geographic limits are Australia and New Zealand + 250nm offshore. Other areas such as Fiji may be included by agreement in writing, but may well incur an additional premium.

Surprisingly there is no blackout for cyclone season in North Queensland which some other insurers specify. Although I suspect that home port/normal dock location would be a factor when premium is set.
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Old 12-15-2015, 02:28 AM   #19
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Last time I asked BoatUS, their quote was essentially twice the premium quoted by several others for comparable policies in the PNW. And insurers had not discovered credit scores then.
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Old 12-15-2015, 08:59 AM   #20
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Boat US, $3,200 a year on 80K agreed value in FL, absolute ripoff! Haven't shopped around in a couple of years, think I may need to.
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