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Old 11-30-2020, 11:30 AM   #1
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Who has lowest cost insurance?

I'm surprised I can't find an existing thread on this topic.
I'm shopping for new insurance and looking for one that does not require a haul-out survey. So far the lowest price I got is $1,800 from Freeway Insurance underwriting for American Express for my 36ft Gulfstar.

Does anyone know of a lower-cost insurance carrier?
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Old 11-30-2020, 11:36 AM   #2
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You are in Florida and you have an older boat. I would say that is a pretty good rate. BUT....to answer your question, Progressive is the lowest my broker could find. I came from American Modern who almost doubled my insurance. American Modern was new in the market and they lowballed to gain market share. Now they are sticking it to their clients.

Are you using a broker?
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Old 11-30-2020, 11:49 AM   #3
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You are in Florida and you have an older boat. I would say that is a pretty good rate. BUT....to answer your question, Progressive is the lowest my broker could find. I came from American Modern who almost doubled my insurance. American Modern was new in the market and they lowballed to gain market share. Now they are sticking it to their clients.

Are you using a broker?
No Broker. Progressive only takes boats up to 35ft and that quote is $4,400. I need to keep shoppping.
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Old 11-30-2020, 11:55 AM   #4
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No Broker. Progressive only takes boats up to 35ft and that quote is $4,400. I need to keep shoppping.
They may only take boats up to that length.....WITHOUT A BROKER! Because I just got a policy with them for a 41 foot boat. Many companies are weird about who they allow to write for them and for what types of boats....age or length or otherwise. Pau Hana is a member on here and he is our resident insurance expert. Hopefully he will chime in. And Again, I will suggest using a broker. They are very helpful in this area and can easily save you big time money. And use the services of two or more brokers as, like I said above, some companies only allow certain brokers to write for them. I have a friend that is a broker and she could not get a policy through Progressive. My other guy could,...and it came in as the lowest.
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Old 11-30-2020, 11:58 AM   #5
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I sent a PM to Pau, hopefully, I can get more direction. I will also look for a broker.
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Old 11-30-2020, 12:13 PM   #6
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We have Boat/US which is Geico. We pay about $800 but we are in Michigan. They have always been good to us. You don’t necessarily want the cheapest.
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Old 11-30-2020, 12:52 PM   #7
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We just added our boat (37 nominal, 41 LOA, 1996) to our existing State Farm insurance package (auto, home, personal liability umbrella). They didn't require a survey or haul-out. Incredibly reasonable, under four figures per year. We do live in South Dakota, but we bought the boat in Newport RI, motored it to Albany, NY and they did pay out a small insurance claim when we scratched another boat in Tiverton, RI in a tight marina along the way. I get the impression that for some insurance companies the local agents have significant discretion. Other companies, not so much.
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Old 11-30-2020, 12:54 PM   #8
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I would imagine that navigation limits can be highly variable among underwriters, for similar costs?
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Old 11-30-2020, 01:06 PM   #9
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We just added our boat (37 nominal, 41 LOA, 1996) to our existing State Farm insurance package (auto, home, personal liability umbrella). They didn't require a survey or haul-out. Incredibly reasonable, under four figures per year. We do live in South Dakota, but we bought the boat in Newport RI, motored it to Albany, NY and they did pay out a small insurance claim when we scratched another boat in Tiverton, MA in a tight marina along the way. I get the impression that for some insurance companies the local agents have significant discretion. Other companies, not so much.
Likewise, mine is bundled with my home and auto insurance and is about $100 a month. Since it's financed there is no "off season" and I pay the same amount each month for the entire year. I do find it convenient on my fixed retirement income to pay monthly rather than to have to budget for lump sum payments.

It's limited to 50 miles offshore.
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Old 11-30-2020, 01:16 PM   #10
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I'v been using Allstate for about 40 years now. I've always had cheap boats so my rates are pretty low, latest is 1969 36' sailboat, $10,000 value at $149 per year and the new boat 1973 41' motoryacht $20,000 value at $750. Never asked for a survey and no mention of navigation limits. We're in Michigan so the short season and no hurricanes are probably a factor. I haven't told them I intend to do the Loop on the new boat, but that's almost a year away so I'll explore that when the time comes.
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Old 11-30-2020, 02:01 PM   #11
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...I haven't told them I intend to do the Loop on the new boat, but that's almost a year away so I'll explore that when the time comes.
Same here, no nav limits anywhere in our policy. Still a few years before we sail away but I'm almost afraid to ask or raise the topic with our agent.
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Old 11-30-2020, 02:02 PM   #12
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I just saw Allstate does not write in Florida.
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Old 11-30-2020, 03:13 PM   #13
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Try the MTOA, they offer policies with several carriers with better coverage, lower rates and better fineprint. It costs $60 a year to join and we save that much at least every year. Our policy is handled by Jack Martin in Annapolis and is with Markel.
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Old 11-30-2020, 03:45 PM   #14
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Likewise, mine is bundled with my home and auto insurance and is about $100 a month. Since it's financed there is no "off season" and I pay the same amount each month for the entire year. I do find it convenient on my fixed retirement income to pay monthly rather than to have to budget for lump sum payments.

It's limited to 50 miles offshore.
I thought this would be a great idea but my agent said they won't do it. I'm striking out so far.
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Old 11-30-2020, 04:54 PM   #15
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How long do you plan on keeping the boat? If more than a few years, why not an out of the water survey if it gives you more options for coverage? We’re in Jacksonville and can do a haul and hang for a survey for less than $300 for a 40’ boat plus the surveyors time.
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Old 11-30-2020, 06:09 PM   #16
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How long do you plan on keeping the boat? If more than a few years, why not an out of the water survey if it gives you more options for coverage? We’re in Jacksonville and can do a haul and hang for a survey for less than $300 for a 40’ boat plus the surveyors time.
Hi Larry,

I don't plan on keeping it very long, maybe another 2 to 3 months. The cost down here in Palm Beach is much higher, like around $1k to haul and block plus re-launch plus surveyors here charge big money. I could be looking at $3k just so an insurance company can quote me. It's not worth it. I might just have to pay the big insurance rate for now.
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Old 11-30-2020, 06:31 PM   #17
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I'm surprised I can't find an existing thread on this topic.
I'm shopping for new insurance and looking for one that does not require a haul-out survey. So far the lowest price I got is $1,800 from Freeway Insurance underwriting for American Express for my 36ft Gulfstar.

Does anyone know of a lower-cost insurance carrier?
I have a 1976 Gulfstar mkii 43' in south Florida. I am paying 2100 annually through Novamar through Geico for a $1m policy, U.S only travel, no Caribbean or Bahamas. Insurance survey only needed, no hual out. $65k in value
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Old 11-30-2020, 08:00 PM   #18
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Hi Larry,

I don't plan on keeping it very long, maybe another 2 to 3 months. The cost down here in Palm Beach is much higher, like around $1k to haul and block plus re-launch plus surveyors here charge big money. I could be looking at $3k just so an insurance company can quote me. It's not worth it. I might just have to pay the big insurance rate for now.
You mentioned haul and block and relaunch. For a survey, 1/2hr to an hour in the slings and you’re back in the water. No blocking and bracing for the survey.
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Old 12-01-2020, 06:38 AM   #19
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Old 12-01-2020, 08:55 AM   #20
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Hi Larry,

I don't plan on keeping it very long, maybe another 2 to 3 months. The cost down here in Palm Beach is much higher, like around $1k to haul and block plus re-launch plus surveyors here charge big money. I could be looking at $3k just so an insurance company can quote me. It's not worth it. I might just have to pay the big insurance rate for now.
If you're going to have the boat for only a few months then maybe consider signing up for the $1800 plan, set up monthly payments which would be $150 a month plus a few bucks for servicing and interest. Cancel the policy when you sell the boat.
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