My dream boat is the Mac 65, and there's one available that I'm considering. But I'm trying to budget what it'll cost to own the boat (after purchase). I need an estimate of what insurance might cost - $100k hull, $500k liability. Not a quote, an estimate. Agents will only quote, and only with a current survey. Can anybody help me?
If you can get Agreed Hull Value insurance you can expect premiums to run between 1 and 2% of the AGV. That's assuming you are a good risk and a company is willing to insure the boat.
Welcome to the forum!!
dlochner has it right. If you want a quote suggest getting them from insurance broker(s) who can obtain quotes from a number of underwriters. You should be able to get a quote with the insurance binder PENDING a survey and signed compliance form indicating when you will complete the survey recommendations. That is what I have done on every sail and motor boat BEFORE purchase.
I do have requests in to hear what the current owners are paying - you'd think that would be an easy question for someone trying to sell a boat. I contacted an agent at NBOA, and was told that the only company that would quote this boat that's over 20 yrs old is LLoyds, and they require a current survey to quote. So I'm hoping that somebody's cousin walks the dog of someone that owns a Mac 65, and can ask them.
There are many more companies that can quote a 20 y old boat like Markel, Chubb, BoatUS, Progressive and others. I just purchased a 37 year old boat and got several quotes BEFORE I even got a survey. You can solicit competitive quotes through several brokers. The survey is ONLY required prior to binding the policy.
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Go to a dedicated marine insurance company and ask for a quote. Marine insurance is a different kettle of fish from the type of insurance most independent agents quote. As @sail sfbay suggests Boat/US, Progressive, Markel, and Chubb are worth looking into. Ask others in your area which agents are they using.
The marine insurance companies may give you an estimate before a survey, but they won't commit. If you have a particular boat in mind you might ask who insures it and follow up with that company.
The marine insurance companies may give you an estimate before a survey, but they won't commit. If you have a particular boat in mind you might ask who insures it and follow up with that company.
Insurance from a legitimate marine insurer will run you about 1% per thousand of agreed $ valuation.
i.e. if the *Agreed Value is 75K, you will pay approx $750. per year. At 100K, you will pay approx. $1000/year.
Seems obvious, but be sure that the proposed purchase will actually pass a survey. At least 95% of boats over 30 years old will have deck delamination because no past owner has ever re-bedded all (!) of the deck fittings. They just allowed it to deteriorate, and allowed the value to fall until it finally went into free-fall. (sigh)
*If the insurer will not agree in writing to the value, walk away.
I presume that the normal cost of docking/mooring a boat of that length has been factored in to your future plans. And, when traveling to other marina's and YC's, the limits on where to dock and at what cost.
"Good luck storming the Castle!"
i.e. if the *Agreed Value is 75K, you will pay approx $750. per year. At 100K, you will pay approx. $1000/year.
Seems obvious, but be sure that the proposed purchase will actually pass a survey. At least 95% of boats over 30 years old will have deck delamination because no past owner has ever re-bedded all (!) of the deck fittings. They just allowed it to deteriorate, and allowed the value to fall until it finally went into free-fall. (sigh)
*If the insurer will not agree in writing to the value, walk away.
I presume that the normal cost of docking/mooring a boat of that length has been factored in to your future plans. And, when traveling to other marina's and YC's, the limits on where to dock and at what cost.
"Good luck storming the Castle!"
Just to add about marine insurance cost...........in my experience it ranged from 0.75 - 2% of the boat's valuation, i.e., agreed value or purchase price based, for my sailboat and 2 - 3% for my powerboat ALL prior to survey and purchase. At the end of the day, get a quote and go forward with it and then solicit new quotes at the end of the insurance term (usually 1 year).
The Mac has no core, that thing is solid fiberglass, I have read it is quite flexible as a result. My 25 year old boat is via Boat US / Geico
Boat US kicked me out because it's over35' and over 20 yrs. I'm just going to budget $150/mo and move on. Figuring $300/mo for standard maintenance. Next to figure out where in Hernando Beach I can reach at mid-tide (hopefully lower). May have to go south toward Tarpon Springs...