Boat Insurance

[kenflyer]

I just sold my 1987 28' Bayliner.
I had it insured for $9000 plus $25K liability at a cost of $255 a year.

It was insured by GEICO (Ski Safe).

I sold the Bayliner to purchase the 1977 36' Tri cabin.

Today, I called the same insurance company to find out the cost to insure the Tri cabin.

The representative asked me if I ever had a DUI- no, if I ever had a boat accident/claim - no, etc, etc, etc.

The company representative said they would not cover the loss of the boat since it was so old.

They "might" be able to put 25K liability depending upon the survey for $450 a year (is that high cost for such little coverage?)

Bottom line is I cannot keep it at the marina since they require liability to use the slip.

Does anyone have any ideas as to where I can purchase insurance my tri cabin?

Do those of you who have Trojans in the same age category experience similar problems obtaining insurance>\?

thanks Ken

[jav]

Insurance on older boats can be a problem... for no logical reason in my book.

You just have to shop around. You'll find some won't insure it at all and the ones that will , can vary wildly on price.

My Trojan is a 1974, I have it insured for about 1/4 of the value of a freinds 2003 boat and I pay almost twice as much. Same agent BTW- So when I asked her how come I'm paying twice as much for 1/4 of the coverage, she got pissed at me for asking and reminded me that I was free to try and find cheaper coverage on a 40 year old boat.

[jddens]

I have U.S Boat insurance on my 1972 Sea Raider. Full coverage for an agreed upon value. I did have to provide a survey 5 years ago when I purchase the boat.....might be worth a try......John

[vabeach1234]

May want to try Progressive as well.

[prowlersfish]

I pay $707. a year . 500k liability and boat insured for 50k . Most marinas require 300k of liability now some want 500k. I have nationwide and also have them for home owners insurance . I would try BoatUS , and united marine underwriters also
( http://www.unitedmarine.net/ ) You will need a survey for full coverage and maybe for liability

[kenflyer]

Thanks for the information and suggestions. I will call around to find out what is available.
Guess I am still amazed at the fact that I never had to provide a survey when I obtained coverage on the 1987 27' Bayliner, never had any questions about my driving record/boating record and got coverage fairly easy.

Of all the problems I anticipated and tried to address before purchasing the '77 Tri cabin, just hope I can get coverage or else I will be not be able to keep the boat at the marina.

Didn't anticipate such a difference between 10 years of age and 9 additional feet of fiberglass.

[prowlersfish]

Age can make some difference , but most company's what a survey on most any boat over a few years old .

Many MM boat insurance companys don't write overr 30 foot , real ones do .

[tsawyer]

I'm looking at my Progressive renewal and it's $2,200. I can save about $200 if I pay all upfront vs quarterly payments.

My prior boat was a 1976 Mako and it was $600 when I got it and steadily increased to about $1000.

I guess they don't give it much of a chance in a hurricane. Also every insurance policy in Florida has an add on fee that is sent to the state's insurance fund just in case we do have another hurricane.

[gitchisum]

Try Liberty Mutual, I just insured my 77 F-26 with them. Reasonable rate and great service.

[pjdaddo]

I just sold my 1987 28' Bayliner.
I had it insured for $9000 plus $25K liability at a cost of $255 a year.

It was insured by GEICO (Ski Safe).

I sold the Bayliner to purchase the 1977 36' Tri cabin.

Today, I called the same insurance company to find out the cost to insure the Tri cabin.

The representative asked me if I ever had a DUI- no, if I ever had a boat accident/claim - no, etc, etc, etc.

The company representative said they would not cover the loss of the boat since it was so old.

They "might" be able to put 25K liability depending upon the survey for $450 a year (is that high cost for such little coverage?)

Bottom line is I cannot keep it at the marina since they require liability to use the slip.

Does anyone have any ideas as to where I can purchase insurance my tri cabin?

Do those of you who have Trojans in the same age category experience similar problems obtaining insurance>\?

thanks Ken

Ken,
I have my insurance with Seaworthy through Geico and they beat everyone price also it has almost doubled from last years price,before I picked my insurance company I received quotes from boatus,progressive,charter lakes,and a few more.last year before hurricane sandy I had quotes from $2800 to $470 for 1989 Trojan330 express with agreed hull value of $30K some wanted survey and the weird part is last year geico wanted the survey and this year when I pulled the trigger they didn't need it ,I had a survey done last year because I was getting much higher quotes from company's that didnt require them.I asked about the hike in the price from last year and was told I'm lucky I don't live in Florida ,good luck and shop around

[prowlersfish]

Funny thing is my insurance has dropped over the past few years . I was with boat us and they went from 900 to 1500 then wanted 2800 . ( in a 3 year period ) I switch to nationwide and they have never gone up ( even after a claim ) in face they have gone down 200. Every year I do check price with other company's and found boat us is down to 8 or 900 and did find one company a fair amount cheaper , but I would need a new survey (my is 9+ years old)

[kenflyer]

Thanks everyone for your feedback.

I have made a list based upon your suggestions and have already started asking for quotes.
From what I have read, I should be able to get the '77 Tri cabin insured......at what cost remains to be seen.

Will let you know what company I end up with and the cost.

thanks again!

[The Dog House]

Funny thing is my insurance has dropped over the past few years . I was with boat us and they went from 900 to 1500 then wanted 2800 . ( in a 3 year period ) I switch to nationwide and they have never gone up ( even after a claim ) in face they have gone down 200. Every year I do check price with other company's and found boat us is down to 8 or 900 and did find one company a fair amount cheaper , but I would need a new survey (my is 9+ years old)

I had used Nationwide for my boat insurance since 1995. When I purchased my 1971 F26, Nationwide would not insure it because it was too old. Progressive did not have any limits on age, so I switched to them. I just paid $325 for my yearly premium.

[gettaway]

Try Oversea Yacht insurance,

http://www.overseainsurance.com/

We are insured with them, quite a bit less in price than BOAT U/S,and much better coverage, You will need a survey


agree hull value
1,000,000 liability
500 towing
3000 dingy and outboard
823,000 fuel spill
25,000 medical
500,000 uninsured / under-insured boater

624.00 year

Insurance company is Old United casualty insurance co.