Sailboat Insurance

[kiper204]

Wondering if anyone has suggestions for a good boat insurance. We are currently paying 2,500 a year for just sailing the Atlantic coastline (US) and Bahamas. It seems a little steep. Just wondering if we are over paying.

[nautical62]

I have Boat U.S. and am paying about $1,800 for a 30-footer. If you are only sailing the very near Bahamas, consider Progressive. IMIS also has some very good rates and policies.

At one time, I had liability only insurance, which was very inexpensive, but last time I checked I could not find it for Bahamas coverage.

[Mimsy]

WHat type of coverage are you carrying? Agreed value, hull, etc?

[kiper204]

I currently use Boat US. Agreed value, value quoted by survey and 10percent of gear on boat.

[TabbyCat]

It's very hard to compare insurance rates from one boat to another. The rate is affected by the hull value, navigation limits, boat year, boat length, boat make, hull deductible, mooring location, your experience, and even in some cases your credit score. The chance of another boater having the identical set of factors is virtually nil. Best just to let a marine insurance agent who represents multiple companies shop rates for you.

Fair Winds,
Susan

[LostAtSea2011]

Progressive for anything under 35'....They will insure older boats too.

[Pete7]

Ouch, that's expensive . This side of the pond we insure $50k of yacht for $450 a year and thats an expensive insurer Pentaenius. Sailing area is Germany to La Rochelle.

Pete

[chuckr]

not sure what kind of boat you have or value but we are paying lot less for a 7 y/o boat and sail the east coast of the us and bahamas -
we use bill hodgens at yachtinsure.com -- out of ft lauderdale

have given his infor to a couple of other cruisers and they emailed me later with thanks on how easy he was to deal with and what a good deal they got.

i get nothing out of this -- i just happen to be a very satisfied customer -
we are headed to mexico and points south this year and he is working on new insurance for us and will change us over just a few days before we depart -

oh yea and we got hit by lightening in the bahamas and the repair was over $20k - no issue

just our opinion

chuck patty and svsoulmates
on the hook solomons md leaving in the am for crisfield md

[kiper204]

We ended talking to our home insurance company. (State Farm) We now pay 900yr an thats to sail anywhere !! We had another survey done and just insured it for a little less. We did included contents , gear ect... we are happy with the coverage offered. If something happens and they give us red tape the I will try yatchinsure (thanks Chuck )

[svHyLyte]

Look up and send a PM to TabbyCat. She's a broker with IMIS and is very qualified to provide quotes and good information.

FWIW...

[osirissail]

Originally Posted by kiper204

We ended talking to our home insurance company. (State Farm) We now pay 900yr an thats to sail anywhere !!. . .

You might want to check the fine print in the policy that covers the boat. Although it is not impossible, it is highly unlikely that a domestic USA auto policy company will insure your boat if you leave US territorial waters with the exception of maybe the Bahamas. You will definitely not be insured for Mexico which requires insurance from a Mexican Insurance company.

[kiper204]

Im sure my husband is already doing that ... thanks

[skipgundlach]

Greetings...

The State Farm coverage mentioned is outstanding, IMO.

I had Allstate, recommended by IMIS when they learned that the first few years would be in US waters.

Other threads in other places have insisted that Allstate has a Bahamas rider, but I was never able to achieve that.

That said, without IMIS or similar, likely you may not have "marine" coverage, but, instead, "boat" coverage. That's fine as far as it goes, but usually they won't have a separate section for salvage.

Thus, when we had our wreck, which totaled (but due to our having "underinsured" the boat based on their evaluation of its value at the time, only paid out the entirety of the policy, and had no salvage rights) the boat, our salvage fee came out of the total proceeds.

In a marine policy, that would covered separately. Had we had our full coverage (on our boat, 3600/year) which we were steered away from by the agent at IMIS, even though we've had paid that for the 3 years prior to the wreck, we'd have been up about 22K, as our premium with Allstate was $777, and the salvor was 30K.

That said, we were unbelievably pleased with Allstate's handling of our claim, and their customer service.

L8R

Skip, aboard Morgan 461 #2, SV Flying Pig KI4MPC - currently in Hopetown, Abaco Bahamas

[dakno]

I highly recomend Progressive. The rates are good, I had a 12,000 stated value policy on a old 30'. It was damaged in a grounding, the boat yard wanted 2,500 to repair, Progressive adjuster would not fix it, instead totaled the vessel and paid me 100%. Also if you have covered repair done at one of their approved yards the work is guaranteed as long as you own the vessel. Also, your deductable decreases by 25% yearly if you have no claims.

[Cotemar]

I secound the insurance quote from TabbyCat and International Marine Insurance Services. Have been using them for a few years and the rates are lower.

http://www.cruisersforum.com/forums/...tml#post525261

Mark