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Old 10-31-2014, 10:40 AM   #1
obthomas's Avatar
City: Seabrook Texas
Country: USA
Vessel Name: TheVenture
Vessel Model: 1985 Bestway Labelle Sundeck 40ft
Join Date: May 2013
Posts: 516

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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Old 10-31-2014, 11:06 AM   #2
DavidM's Avatar
City: Litchfield, Ct/Punta Gorda, Fl
Country: USA
Vessel Model: Atlas Pompano 23
Join Date: Aug 2012
Posts: 5,418
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.


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Old 10-31-2014, 11:41 AM   #3
cardude01's Avatar
City: Victoria TX
Country: USA
Vessel Name: Bijou
Vessel Model: 2008 Island Packet PY/SP
Join Date: Nov 2012
Posts: 4,687

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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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: 1,860
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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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: 5,771
Wow and I was complaining to the Admiral about our $1091 annual fee to the extorters....
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Old 10-31-2014, 03:56 PM   #6
Drake's Avatar
City: Seabrook, Texas
Country: Independent Republic of Texas
Vessel Name: Small World
Vessel Model: Defever 50
Join Date: Sep 2014
Posts: 611
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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Old 10-31-2014, 04:24 PM   #7
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City: Chicago, IL
Country: USA
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,994
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
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Old 11-01-2014, 07:44 AM   #8
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City: Seattle, WA
Country: Good Ol' US of A!
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,302
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
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