Boat Insurance

[Jennybug]

I'm just curious about boat insurance.

We want to purchase a sailboat in the near future and with that comes planning.

What is the norm for boat insurance? We would live aboard first and then hopefully cruise the Caribbean.

For example : The boat will cost roughly $100,000.00. What can we expect? Even a ball park figure would be helpful.

Thanks!!
Jeniffer

[nautical62]

You'll find some examples of what people pay for Caribbean coverate as well as some recommended companies in this thread:

http://www.cruisersforum.com/forums/...nce-19100.html

I hope that helps.

- Dave

[Tempest245]

Hi Jennifer,

I pay $860 plus another $150 or so for unlimited towing. My coverage is East Coast USA only to Jacksonville Florida. 34 foot Sailing Vessel. Valued at much less than 100k.

At a recent boat show, I inquired about carribean insurance and the figures I got would roughly double my insurance and that was for only 6 months of coverage there. My current insurance co. ( Boat US) does not cover the Caribbean.

There are many others here who have more 1st hand knowledge, but that was my initial research.

[Just a Tinch]

If you are going to insure a boat that will lie for any significant time in FL, for about $100,000 agreed value on the hull...you can expect to pay in the range of $3000 to $3500...and if you are going to go to the Caribbean...you can expect to add some to the premium or additional funds to cover the cost of a "rider". You will however find a wide range of premiums...but much of it will have to do with the rating on the company itself.

If there is an "active storm" or named storm (tropical storm or hurricane) in the tropics....insurance companies will not even talk about writing insurance in FL or the Caribbean....

A couple of ways to save money on your insurance policies is to take and complete certificate issuing "Boating/Seamanship" classes from either the USCG Auxiliary or the US Power Squadron.....most insurance companies will knock off 10% for that. Boat US will knock off an additional 10% for membership (proven/active) in either of those two organizations....at least that is what they told me a couple of months ago.

Some people may report their premiums as being lower...and thats quite possible. If they have owned their boats for a few years, in particular before 2004 when we had 4 hurricanes hit FL in 6 weeks...all of which originated in the Caribbean....and those people had zero claims issues, they probably did not get the high premium increases.

Right now, its people buying new policies that are bearing the brunt of the significant increases in insurance costs.

[Want to sail]

Check with your car or home owner provider. We got $100,000 from State Farm for less than $1,000 per year. We are first time owners and are covered up to 75 miles from US. We are located just across the Fl. / Ga. border. Received a good disc ount for sailing certifications and having cars insured with them. We were surprised to find that this was our best deal.
Deby

[Bash]

If you feel the need for overall coverage such as would be provided by homeowner's insurance, you can find policies specifically for those who live on their boats. I use Quartermaster's, through Zurich.