boat insurance

I'm a newbie to boating. I am curious if anyone has an idea of what boat insurance would be on a 44' twin engine trawler kept in St. Maarten year round. I am just looking for a ball park figure,
give or take $1000/yr.

Ya mon said:

I'm a newbie to boating. I am curious if anyone has an idea of what boat insurance would be on a 44' twin engine trawler kept in St. Maarten year round. I am just looking for a ball park figure,
give or take $1000/yr.

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Lots of variables going on here:

• Newbie to boating (experience or lack thereof)
• moorage in a hurricane zone
• no info as to potential boat (value, construction, year, make, etc)

All these play a factor in rating a quote/policy. As you're new to boating on a larger vessel, you may have to factor in a hired captain as well.

Ballpark? I don't know where to start.

Why not contact a few insurance companies, tell them of your plans, and ask them directly for an estimate.

Add to Pau's list, the value you want to insure the boat for, the deductible, and the liability coverage you want.

1985 44' Tollycraft, fiberglass hull. I'm a certified Coast Guard Aux boat crew member with 35 hrs of helm time in boats from 22' to 40'. I have approx 100 hours as a boat crew member. I hope this info helps.

I am not in the insurance business and the little I know about it comes from being a customer. But I believe for an insurance company or broker to be able to give you a meaningful estimate they will need to see some specific information about the boat, preferably a recent survey by a reputable surveyor, or surveyors if you have the engines done by an engine surveyor and the hull/systems done by a hull surveyor.

If the boat is documented they'll want that information because that can help them determine something about the boat's history.

Ron's suggestion to contact a range of insurance companies (with the information they're going to want) and ask for quotes is the only sensible approach in my opinion.

Bear in mind there are two ways of getting insurance. One is directly from an insurance company. The other is through an insurance broker. Personally, I like the idea of using an established and reputable broker because they represent a number of insurance companies and so can "shop" for the best policy for your specific situation.

When we bought our GB the GB dealer/brokerage we bought it through recommended a Seattle-based insurance broker called Anchor Marine. We met with them and it was obvious they knew what they were doing and had a lot of experience in the field. So we went with them and today, fourteen years later, are still with them. During that time our actual insurance policy has been with several different companies as Anchor Marine continued to do their job and found us the best policy.

The benefit has been having yacht policies that provided the coverage we need while the annual cost has remained quite stable.

Anchor Marine is the only insurance broker we have done business with so I can't compare them to other brokers. But based on our experience thus far we would and have recommended them to any boater seeking to insure a boat. While they are physically located in Seattle and Anchorage they provide coverage for customers all over the country and I believe internationally as well.

But you need to get all your ducks in a row before you contact any insurance company or broker so they will have sufficient information about the boat-- where you intend to keep it, how you intend to use it (coastal only, some open ocean, lots of open ocean, etc.)--- as well as your own level of experience with this type of boat and boating. This is the only way they can provide you with a meaningful cost estimate.

OK everybody I will get my ducks in order. But from what I have posted so far, is $5000 a year about right? What are boaters paying? Any numbers would help while I further my search.

Thanks in advance everyone!

Ya mon said:

1985 44' Tollycraft, fiberglass hull. I'm a certified Coast Guard Aux boat crew member with 35 hrs of helm time in boats from 22' to 40'. I have approx 100 hours as a boat crew member. I hope this info helps.

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Good boat- value?

Your USCG experience does help, but the majority of underwriters we work with will want to see a better operational background, and some sort of ownership background. Do you have any vessel ownership history?

I have no ownership background unfortunately

Ya mon said:

OK everybody I will get my ducks in order. But from what I have posted so far, is $5000 a year about right? What are boaters paying? Any numbers would help while I further my search.

Thanks in advance everyone!

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$5000 a year is a LOT!!! But that may be what it takes for the conditions you are presenting. Many insurance companies will want the boat out of there during hurricane season. If you leave it and want it insured, you will pay dearly.

When we bought our most recent boat, some quotes were double others, so the company will also make a big difference. As others have said, no experience owning a boat, even a smaller one, may make it even more difficult to find coverage. Only Boat US would insure our 31 foot sailboat when we first bought it, even though we had owned several boats under 20 ft. prior to it, and I had experience working and operating a friend's towboat (just under 30 ft.). In sum, too many variables, but I'd say it will be much less than 5k.

Carolena said:

When we bought our most recent boat, some quotes were double others, so the company will also make a big difference. As others have said, no experience owning a boat, even a smaller one, may make it even more difficult to find coverage. Only Boat US would insure our 31 foot sailboat when we first bought it, even though we had owned several boats under 20 ft. prior to it, and I had experience working and operating a friend's towboat (just under 30 ft.). In sum, too many variables, but I'd say it will be much less than 5k.

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True words you speak! Although I'll disagree that getting you coverage on your sail boat wouldn't have been difficult- it's a simple matter of getting the "rest of story" so underwriters have a clear picture of your ownership and operational experience.

Baker said:

$5000 a year is a LOT!!! But that may be what it takes for the conditions you are presenting. Many insurance companies will want the boat out of there during hurricane season. If you leave it and want it insured, you will pay dearly.

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Again, sage words.

Ya mon said:

I have no ownership background unfortunately

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Not the kiss of death with regards to getting insurance- but the desire to leave the vessel in St Maarten year round might be. The above gents may be correct in that your yearly premium may be sub $5k, but for your purposes that may very well be a good figure to use for planning purposes (assuming you'll have to have a hired skipper, hired boatwatch while the vessel in in St. Maarten unattended by you, the desire to keep the Tolly in a hurricane prone area, etc).

While this comment is almost certainly of absolutely no help to the OP, I will just post it anyway. When I bought my boat, which is 40 years old, I made an informed decision to go without comprehensive coverage (the marina requires liability coverage). If it sinks, then it sinks. I will mourn the passing, but life will go on apace.

John

I will be a liveaboard. Will that make a difference?

Yes. Some companies will not offer coverage for liveaboards.

jwnall said:

I made an informed decision to go without comprehensive coverage (the marina requires liability coverage). If it sinks, then it sinks. I will mourn the passing, but life will go on apace.

John

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My plans are the same as yours, if one can afford the loss without it adversely affecting their life....I'll take on that risk.

Most countries have substantially lower insurance rates than the US due to less litigation issues outside the US.
I would suggest looking at local insurance companies in St Maartens if possible, or perhaps a Dutch company.

As a comparison, I am paying $700/year in Australia for full comprehensive and $10 million liability. Only a 30 ft boat, but still a huge difference from $5000/yr. Boating experience was not even questioned by my insurance company.

34 foot from 1969 = around 500 euros per year (includes 80% discount). Discount came without asking. This type of boat is apparently not as prone to accidents than many sterndriveboats, which have (at least) double the insurance cost.

Insurance covers everything.

It's harder to get financing and insurance being a live a board. Best to use ainsurance broker the specializes in boat insurance and bundle all your insurance with one company and its usually cheaper than buying separate policies

I'm thinking Nagico for all my insurance on the island.