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Zracin · 17-06-2022, 12:55

I'll start just by saying I have little boating experience by comparison to most here. I grew up in Florida with ski boats and rented house boats and I've had a 26 ft sailboat, but all in all, not much... I'm currently considering taking advantage of home selling prices and living a board for a couple years on a 55-60ft until housing cools down. Being on a mobile platform will also allow us to try out an island community or two we're thinking about moving to, without committing the same way a home would. After we buy a home, we would want to keep the boat long-term, or at least a replacement for it if it wasn't a good fit. Just looking at Marina cost and typical upkeep ( including bad years) and all other costs; everything seems like it can be estimated... Except insurance. I don't have an exact boat picked out so I can't run quotes, but assuming we're looking at something like a late 80s early 90s Viking 55, anybody have any thoughts on insurance cost or if I can even get it? I have no logged experience wouldn't claim any ability to captain it myself in anytime soon. The only time it goes out we would hire a captain. For a boat around 200-240k, would insurance run $3,000 $10, 000, $20,000 a year for an inexperienced (non operating) live aboard owner to start?

**Jim Cate** · 17-06-2022, 14:36

^^^^
Respectfully, I think that contacting a marine insurance broker directly with your questions is a better way to find facts rather than opinions from a bunch of yotties. There have been several firms suggested in recent threads on insurance issues, so a search will ferret them out.

Good luck.

Jim

Allied39 · 17-06-2022, 14:51

You might for a moment consider the possibility that real estate values will not drop and that swapping an asset that gains value for one that loses value may not be a real bright way to go.

Yes, there plenty of folks on this forum, and likely many others, that say the end is neigh. But will they make up your loss when you are out several hundred grand?

I know the scary orange man is gone and all is perfect now........but?

Anyhow, just sayin is all, do as you please.

macieknan · 17-06-2022, 14:55

For your planning purposes consider insurance cost at roughly 3% of the boat value.

Apollo366 · 17-06-2022, 20:43

Why are you posting about Power boats on a Sailing forum??

SteveSadler · 17-06-2022, 23:30

Is it a sailboat and why so big? Costs rise exponetially when you add 5'. 40' is a big seaworthy boat with 2 double cabins and heads. Mine is 49' with 4 doubles and 3 heads.
Way more than we need. Also much more work to sail. I've known full time captain and crew working for an owner working well, but your eventual goal might be to become proficient at sailing your own boat. It's not that hard, just a new subject.

bullislandken · 17-06-2022, 23:31

That is just what my premium was the last couple years. Insurance was right up there as the number one reason I wanted a cheaper boat. In my case, the location being Florida is definitely a factor. I had a 300k value boat and the 9k premium had a 16k deductible which doubles for a named storm. I was also supposed to have the vessel in “layup” for hurricane season. I was not allowed to use it from June to November.

I am no longer committed to having a boat in Florida where friends could easily visit. I want a quieter location, too. For this next boat I am looking for something less than 100k and only have liability. I have been told it is possible to get it. Or just leave this rat race and go to the San Blas islands in Panama……..mostly downwind from Florida. But I could buy one right in Panama. I will keep looking.

Chotu · 18-06-2022, 02:25

I can’t speak to the rates for that boat, but don’t start saying you are going to be a live aboard on that boat. Get the boat before you sell the house if possible and make sure it is just a recreational boat for you. Do not tell people you are moving onto it. It will make insurance very difficult to get.

**skipmac** · 18-06-2022, 08:18

Quote:

Originally Posted by Apollo366

Why are you posting about Power boats on a Sailing forum??

Actually this is a cruising forum and includes sail and power. Lots of members are power boaters. I do both.

MTJon · 18-06-2022, 08:43

There are so many variables to ownership / live aboard for someone new to the life style.. To simplify, consider purchasing through a bare boat yacht charter company. This process is yet another learning curve however, all costs including insurance are included. One company even has a "sabbatical" program which allows the owner to use the vessel for up to a year or more - with logistical support provided by the parent company. This would allow you to determine if this life style is truly what you want.

**skipmac** · 18-06-2022, 09:02

Quote:

Originally Posted by Zracin

Except insurance. I don't have an exact boat picked out so I can't run quotes, but assuming we're looking at something like a late 80s early 90s Viking 55, anybody have any thoughts on insurance cost or if I can even get it? I have no logged experience wouldn't claim any ability to captain it myself in anytime soon. The only time it goes out we would hire a captain. For a boat around 200-240k, would insurance run $3,000 $10, 000, $20,000 a year for an inexperienced (non operating) live aboard owner to start?

I just went getting new insurance. Details: 45 years boating experience including owning power and sail from 16' ski boats to a 65' sailboat. Experience offshore including deliveries Gulf of Mexico to Caribbean to Maine Coverage US east coast from BoatUS to US and Europe with a new company.

For full coverage with a healthy deductible I was getting quotes consistently 7-8% of the declared value of the boat. Liability only $1200-$1500.

Zracin · 18-06-2022, 12:10

I really do appreciate all the advice so far. I've watched this forum for a while after I bought my old clipper marine(which is why I'm on a mostly sailing forum), and Ive done some reading. Insurance just seems to be one of those things that are all over the place

Just shopping around, and walking on board some boats, this seems to be the right size with the right number of cabins and space to live with my wife and 2 kids.

Quote:

Originally Posted by SteveSadler

Is it a sailboat and why so big? Costs rise exponetially when you add 5'. 40' is a big seaworthy boat with 2 double cabins and heads. Mine is 49' with 4 doubles and 3 heads.
Way more than we need. Also much more work to sail. I've known full time captain and crew working for an owner working well, but your eventual goal might be to become proficient at sailing your own boat. It's not that hard, just a new subject.

To some of the other comments, I'm not just buying a boat to make a quick buck or two on a single property, we are planning to sell our primary home anyways and get out of the city, this just seems an ideal time. We still have a home in the mountains we could move to as well, but are considering living in some coastal islands, and are shopping for boats either way. This does push us into a larger boat, by using it as a residence for a while, but that's why I'm looking at all costs before I commit. I know there are loads of unanticipated coats, especially first year use buying an older boat.

jmschmidt · 18-06-2022, 12:40

All you US citizens (or tax persons meaning green card holders and others) who are living and working remotely in another state or country remember you are still required to file both federal and state (if your state has one) income tax returns on all your income regardless of the source, job, pension, social security, etc.

Dirk01 · 18-06-2022, 20:59

Quote:

Originally Posted by MTJon

There are so many variables to ownership / live aboard for someone new to the life style.. To simplify, consider purchasing through a bare boat yacht charter company. This process is yet another learning curve however, all costs including insurance are included. One company even has a "sabbatical" program which allows the owner to use the vessel for up to a year or more - with logistical support provided by the parent company. This would allow you to determine if this life style is truly what you want.

Hi Jon,

forget that with the bare boat charter and a special sabbatical program (search for my thread). We figuered that out. The costs are nearly the same like a normal bare boat charter. But without any advantages a crusisers yacht has. It's cheaper or at least not more expensive to buy one and to sell her after a year.

Cheers