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?

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?

Baker said:

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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No Broker. Progressive only takes boats up to 35ft and that quote is $4,400. I need to keep shoppping.

mikentosh said:

No Broker. Progressive only takes boats up to 35ft and that quote is $4,400. I need to keep shoppping.

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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.

I sent a PM to Pau, hopefully, I can get more direction. I will also look for a broker.

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.

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.

I would imagine that navigation limits can be highly variable among underwriters, for similar costs?

kthoennes said:

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.

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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'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.

jgwinks said:

...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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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.

I just saw Allstate does not write in Florida.

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.

AKDoug said:

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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I thought this would be a great idea but my agent said they won't do it. I'm striking out so far.

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.

Larry M said:

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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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.

mikentosh said:

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?

Click to expand...

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

mikentosh said:

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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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.

Lauderdale Marine Underwriters, Inc.

408 South Andrews Avenue, Suite # 205

Fort Lauderdale, FL 33301

954-678-2668

Fax 954-678-2646

--------------------------------------------
I used these guys, it was under 3k a yr with bahamas

mikentosh said:

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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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.

Portage_Bay said:

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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Even if you paid the full amount you would be reimbursed the remaining pro rated amount upon cancellation. But either way, this is a great solution!!!

I have Statr Farm. Although I've only insured mine for $20,000, with a $500 deductible, it's $30.84 per month.
As long as you keep your stated value under $30,000...no survey is required.

Another vote for MTOA. I have saved literally thousands of dollars through them over the last ten years. A past president was an insurance professional and has a good relationship with Jack Martin and Markel. We get special pricing and special riders.

Geico Marine. Not BOATUS. They don’t even talk to each other even though they are owned by Berkshire Hathaway.

Sailor Harry said:

Geico Marine. Not BOATUS. They don’t even talk to each other even though they are owned by Berkshire Hathaway.

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https://www.geico.com/information/aboutinsurance/boat/

GEICO has teamed up with its subsidiary, BoatUS, to bring boaters a policy developed by experts, with the great service you expect from GEICO. Policies are underwritten by GEICO Marine Insurance Company. When you begin a quote, you'll be taken to the BoatUS website for a secure boat quote.

mikentosh said:

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?

Click to expand...

From Michigan. 40 ft. Mainship. I have Progressive Ins. at 400.00 .

I have Progressive Ins. I am from Michigan with a 40 ft. Mainship. I pay $450.00 per year.

mikentosh said:

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?

Click to expand...

Geico/Boat US has the cheapest rates I’ve found, for the level of coverage they provide. Be ware of cheap rates which provide limited coverage. Look very closely at the coverage they are giving you. Even more importantly, they took really good care of me to repair my damage from Hurricane Sally. I recommend they highly.

I just switched from Progessive to BoatU.S./Geico. Their rates seem competitive and the service has been fantastic. Their website has a simple process to complete to get a quick quote which will be confirmed within a day or 2. Easy peasy from my experience. I’m in Virginia and boat the Chesapeake Bay but my policy limits are coastal and inland waters of the US and Canada. That works for me.?

In reading the many replies, I have to remind all that one persons yearly premium has essentially zero bearing on what another might pay on a yearly basis- there are too many variables-

• Vessel info- year, make, model, fuel type, hull type, material condition, and more
• Owner experience
• Claims history
• Navigation area

Food for thought...