Boat insurance is absolutely nuts!

May 2, 2019
136
Hunter 38 Annapolis, MD
I received a quote from BoatUS on a 2011 39ft Hunter. Down payment $980 and 7 payments of $332 per month.

I don't get it!

I have excellent credit. I've been with Gieco and no claims nor accidents in all my years.

Anyone else have boat insurance that is out of this world for this size of boat? I don't even drink but I think I might start. :)
 
Nov 6, 2006
9,875
Hunter 34 Mandeville Louisiana
Ya might try Hub International in Tampa.. I have been using their office in New Orleans for many years and they seem to be able to find a good coverage at a good price..
 
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Apr 8, 2010
1,937
Ericson Yachts Olson 34 28400 Portland OR
All decent boat insurance will cost you about 1% per thousand $ of agreed-value. It really gets back to, as it has to, service and he insurer's reputation. I found what looks to be a sister ship to yours on YW for about $139K. If you do the math, "it is what it is"...... !
:(
Sometimes an agency can do better, so do shop around. We have been with BoatUS for over a decade, for whatever that's worth. No claims, tho.
 
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nfg2u

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Feb 13, 2016
92
Hunter Legend 35.5 Fort Pierce
Foremost, 35ft Hunter 890.00 a year. Had a lightning strike the first year. They paid right away for the damages. Only went up a few hundred a year. They were responsive and professional throughout the process of the claim.
https://www.foremost.com/products/boat/ Its owned by Farmers Insurance. I would get a quote. Good luck.

I had Boat US originally when I took delivery of the boat. They charged me 3200.00 for a year. I cancelled after I found Foremost.
 
May 17, 2004
5,007
Beneteau Oceanis 37 Havre de Grace
Your quote is about 3x what we pay Travelers for a similar value boat. I don't know how the coverage compares, and Tampa is probably a higher risk area than the Chesapeake, but 3x still sounds a bit much. Had a lightning damage claim last year and they worked very well with us.
 
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DougM

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Jul 24, 2005
2,242
Beneteau 323 Manistee, MI
Yikes!
Glad my boat isn’t in Florida. Granted my boat is only in the water around four months annually, but I still have to be covered during winter storage. $3300 would cover not only my insurance but also my winter storage, the homeowners insurance on my place here, and still have money left over.

I had one major claim three years ago, and my premium did not increase significantly.
 

JRT

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Feb 14, 2017
2,034
Catalina 310 211 Lake Guntersville, AL
BoatUS was just a bit over 1% of my 2003 C310. I did not get a loan and we have an agreeded replacement value of $50,000.
 
Jan 11, 2014
11,268
Sabre 362 113 Fair Haven, NY
I received a quote from BoatUS on a 2011 39ft Hunter. Down payment $980 and 7 payments of $332 per month.

I don't get it!

I have excellent credit. I've been with Gieco and no claims nor accidents in all my years.

Anyone else have boat insurance that is out of this world for this size of boat? I don't even drink but I think I might start. :)
Hurricanes. Florida.

As others have mentioned, I pay about 1% of agreed hull value for insurance. Have been with BoatUS for about 35 years with 2 claims. BoatUS rewards safe boating by reducing the deductible for each year no claim is filed. While it doesn't reduce the insurance cost, it does significantly reduce the deductible which could be more valuable.

Insurance rates are based on 2 main things, The value of the insurance and the level of risk. The value will be determined by the value of the boat. Risk will be determined by location, past claims history for the area, where the boat is sailed and stored, and personal factors such as driving record, claims history, credit history, etc. Claims histories are compiled by individual for all insurance claims, home owners, auto, boat, and anything else.
 
Sep 25, 2008
7,068
Alden 50 Sarasota, Florida
While it’s easy to blame hurricane potential as a cost of increasing insurance rates, that is only one consideration. An equal driver in rate determination is that boats in/around Florida are useable 12 months/year whereas those up in snow country see use only a few months/year. The risk is directly proportional to use just as it is with miles driven/year in our cars.
 
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capta

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Jun 4, 2009
4,765
Pearson 530 Admiralty Bay, Bequia SVG
I blame the state of today's American marine insurance wholly in the hands of the American customers. In the first place, Americans are way too litigious. We can buy a 'hot' cup (isn't that what one seeks when they pay for a 'hot' cup?) of coffee in a car, stick it between our legs while driving and then get mega-rich off the company that sold that 'hot' cup to them. So, the insurance companies can be pretty certain that they will have numerous frivolous lawsuits every year from their boating customers. It only makes sense to keep the rates high, right?
And then there's the careless attitude and ignorance of so many American boat owners when it comes to storms of any kind, never mind named storms. How many times have we walked the docks of a marina and seen some nice boats tied to the dock with pretty colored Dacron dock lines? Or the attitude when a storm/strong front is approaching, "Oh well, the boat's insured and it's just too much trouble to travel to the boat to take off the sails and maybe double (triple?) up the lines."
So I can really see why the American marine market gets hosed on insurance. On the other hand, when I'm operating my own private boat for pleasure, just how much do the insurance companies expect me to bet against myself, with my credentials and many years of claim free experience (as a professional working captain) that I will need their services each year?
How about I bet you insurance companies that I won't wreck my vessel, or even make a claim? I'd be happy with that bet.
 
May 2, 2019
136
Hunter 38 Annapolis, MD
Foremost, 35ft Hunter 890.00 a year. Had a lightning strike the first year. They paid right away for the damages. Only went up a few hundred a year. They were responsive and professional throughout the process of the claim.
https://www.foremost.com/products/boat/ Its owned by Farmers Insurance. I would get a quote. Good luck.

I had Boat US originally when I took delivery of the boat. They charged me 3200.00 for a year. I cancelled after I found Foremost.

I'll phone foremost as well to get a quote. I'm actually going to be keeping the boat down in gulf shores, Al and not Fl. So you would think the rate would go down some considering. I'll be seeking additional quotes Monday to see if I can get a better rate. Thank you!
 
Apr 11, 2010
946
Hunter 38 Whitehall MI
We use Tradewinds Yacht Insurance program from Norman Spencer Agency for our 2008 38.
Cost is about $700 a year for an agreed value policy.
But then our season starts mid April to mid October. Boat is in storage for the winter.
We don’t get hurricanes and while Lake Michigan is large it’s not considered off shore like the open ocean. And we aren’t leaving the country.

Whatever you get make sure it’s a agreed value policy. Otherwise they will depreciate you to the point of not covering what it will cost to replace the boat. Watch the deductible as well. 1% of the value is common.
 
Dec 29, 2008
805
Treworgy 65' LOA Custom Steel Pilothouse Staysail Ketch St. Croix, Virgin Islands
We can buy a 'hot' cup (isn't that what one seeks when they pay for a 'hot' cup?) of coffee in a car, stick it between our legs while driving and then get mega-rich off the company that sold that 'hot' cup to them.
Yup, that one still gets me steamed!

(See what I did there? Better than the other choice of words that first occurred to me...)
 
Oct 22, 2014
20,932
CAL 35 Cruiser #21 moored EVERETT WA
Update on Foremost.
I had Foremost. But then they announced they were pulling out of sailboats in the west coast market. Going only with Power boats. Dropped my coverage 10 days before renewal.

US Boat and Geico to the rescue.