I must Insure, Shouldn't I?

[mikeh77586]

It has been nearly 15 years since I have owned a Sailboat and I was elated to find just what I had been looking for In an O'Day 25 (1976). She is a fixer upper that really isn't in that bad of shape. A replacement bow rail and 10 feet of rub rail on the starboard side and she will be in grand shape. Little did I know what was in store when it came down to insuring the little lady. I made my purchase last Sunday (10-31-10). It is now Friday, 11-05-10 and I am still looking for insurance. I keep hearing that vessels built prior to 1983 require special considerations when applying for insurance. A representative will need to be sent out to photograph and evaluate my new purchase. In the meantime, the marina facility is chomping the bit wanting to know why I haven't insured her yet, and rightly so.

I was just curious if there were any other boat owners out there that were having similar experiences and if so just how were they handling the problem. I am totally open for any viable suggestions.

Thanks so much,

Running wing and wing,

Mike

 

[dscribner]

Hi Mike,

Welcome back to the family, Prodigal Son. Look around for insurance. I applied for quotes at several place, mainly to shop around. Some required more in depth info and inspection. Others just wanted my check. If it's liability only, what do they care what shape it's in? I think I have Progressive right now. IN the spring, I'll shop again because I'm paying too much. Probably BoatUS or Seatow/SeaInsure.

 

[tommays]

In my experience its more size as a boat like my J24 (1981) only required me to mail in good pictures of the boat

About 25' or 26' the better insurance company's (ones that will actuality pay a claim) want and insurance survey

 

[Joe]

Call boat U.S........ they're the best. Of course, I don't live in a hurricane area so they've never asked for anything more than my written statement of value.

 

[Rick Webb]

Start with Your Homeowners or Car Insurance Agent

If you go with a company who does primarily home or auto make sure salvage is included in your policy.

Were your boat to sink in the slip they may pay for the boat but you will be on the hook for removing it from the water.

 

[Roger Long]

If this doesn't convince you nothing will.

http://forum.woodenboat.com/showthread.php?121957-Need-salvage-advice

This poor fellow who is living paycheck to paycheck may end up having the government chasing him for year to collect on a bill that could end up being enough to buy a couple of boats, let alone the insurance for them.

 

[Steve Dion]

If you own your home, check to see if you can add the boat to your home owners policy.

 

[catsailor]

I had a similar age 27' boat that was covered by the same company that does my house (Stae Farm) insurance. They did require a survey, due to the age. If she is in good shape a good survey result will actually lower the rate. If she is a coffin ship....

 

[Panta Rei]

I suggest going to your home owners insurance. I did with my O'day 39 and got a great rate. My liability is covered by my home owners insurance.The rate for the boat is $190 per year. No survey, no questions. American Family. I will be double checking the salvage coverage.

 

[rardiH36]

Thanks for this thread which prompts me into some investigation of my own.

I insure my 36' 1980 boat as line item added to my homeowner's insurance policy. The group is also one of the leading auto insurers in the country. Boats aren't be insured independently by them ... just added to the homeowners policy. Price is a reasonable about $225 per year. And they didn't ask for a survey when I insured 3.5 years ago. I know that I will be covered for normal type of damage/injury to others, and for the insured value of the boat. But I have always been concerned about coverage for ancillary costs such as salvage and environmental fines in the case that the 15 or so gallons of diesel fuel that I normally keep in my tank happens to spill as a result of a mishap or failure. These potentially could be very large in $ value. And the terms of the homeowner's policy are at best vague as to whether they would be covered.

So, I also will be trying to get some confirmation of coverage from my home insurer.

 

[Sailm8]

I just switched to Progressive and it pained me to do so. I have two boats (my navy according to my wife) and the switch from Boat US saved me $1000/year. Not small change. Boat US gave me great service, first on the scene after hurricane Charley, and no hassle with the claim. Normally this would be enough reason to stay but a buck is a buck these days. Hope I never have a claim.

 

[JVB]

I'll bet your marina manager doesn't care if you have hull insurance and just wants you to have liability insurance. So go to State Farm or just about any insurance company and pay $50 or $60 per year for only liability insurance. If you own the boat outright and it is not used to earn a living, you can afford to lose it. A large part of your insurance premiums goes for overhead, not loss payouts. So the loss risk is smaller than the premium indicates. Take the risk yourself, as you do when you invest in the stock market, and save lots of money over the years.

 

[Ross]

I carry liability only because i can spend the price of hull insurance on those things that will help to keep my boat safe. If it distroyed than I won't have a boat any longer. If someone else distroys my boat I might end up with a second house and a new boat.

 

[RECESS]

I have a 1980 O'Day. I completed the entire insurance for the boat over the phone with Progressive.

 

[kenn]

I shopped around for insurance and found the price spread was huge. Guess which I picked. On our small boat, a survey wasn't necessary. I do have replacement insurance, but it is capped to an agreed small maximum, which is fine by me.

 

[Joe]

Your homeowner's policy may cover liability and hull... but my marina here in San Diego requires 600k environmental protection and their name on the policy... how's that work?

 

[Prime Time]

I have a friend who had liability insurance only. When his boat went hard on the beach and was totaled, the insurance actually paid the haul away fee.

 

[gpd955]

When I bought my '79 Catalina 30 no one would insure it because of the age but I found ACE Marine Insurance and they had no problems with it, provided I had a survey done. At the time, the big auto insurers weren't in the marine business in NJ like they are now but if you are having trouble, give them a try. I use Foremost now because ACE and the other companies couldn't give me the deductible minimums that my credit union required.

http://www.acemarineinsurance.com/AceinaRoot/ACEMarine/

 

[Maine Sail]

Chris or Scott Smithwick at Smithwick & Mariners Insurance can find coverage for you quite easily. They work with many underwriters and can match you to a good policy for you boat.

Smithwick & Mariners Insurance

 

[rgranger]

I have state farm homeowners and just added liability for the boat. It was not very expensive. Of course I buy old fixer-uppers and fix them so I only get liability. I can always find another $1000 boat and fix it up.