Insurance sticker shock

[JohnnyMac]

We are in the process of deciding whether to move our boat to Pensacola or leave it on the Great Lakes, using it only in the summer. I got an insurance quote from BoatUS answering one of the monthly spams they send out touting their rates. The quote was 7 times higher for BoatUS in Pensacola than State Farm on Lake Erie. Is $3100 reasonable for a '99 Hunter 380 that I valued at $79,000.

Also, I noticed fuel spill insurance coverage over $750K. Really, 35 gallons of diesel and 5 quarts of oil would cost to clean up?

Thanks for your input

 

[DougM]

Another reason to leave the boat in fresh water. Insurance quote is almost as much as the cost to ship the boat to Florida. Cheaper to fly from Florida and use the boat up north.

 

[Five0]

We also are on Catawba. We had our 31 Pearson in Florida for 3 years. Our Boat US insurance also increased about that percentage. Spent 3 winters living on the boat in the keys. The cost of insurance, storage and yearly commissioning was more than what we now pay to rent a place at the beach.

 

[seadaddler]

Progressive

I also got very high quote from Boat US but have had Progressive since moving to Florida full time in 2008,I also have them insure 2 new cars and motor home and would use for my house but they don't do homes in Florida.
I have never had a claim and they give me a discount for that every year I have checked with other boaters who have progressive and had claims in Fl. and been very happy.
Give them a call and check here for help getting Progressive.
Nick

 

[Nereussailor]

If you lived in Florida, you would pay about half of that. Insurance companies don't like it when you don't live where your boat is.

 

[JohnnyMac]

I would be living in Florida but my current address is Ohio. I thought it might be problematic to have an address different from my BoatUS membership# on the RFQ. $1500 less could sway the decision and is actually what I had expected.

 

[Steve Dion]

You may not be comparing apples to apples with these two different policies.

Most of the "auto insurers" use the "Actual Cash Value" when insuring a vessel. The marine insurers (like BoatUS) use "Agreed Value". I am guessing that you don't want to have a total lass with an actual cash value policy.

http://www.finweb.com/insurance/boa...reed-value-vs-actual-value.html#axzz2flVsbqsM

I would suggest that you check with BoatUS insurance where you are currently located and see if there is any difference.

We are insured with BoatUS in the California Delta/SF Bay and are paying about $700/yr for $80k Agreed Value.

 

[kloudie1]

For my Hunter herre on Lake Pontchartrain, I have Progressive. The policy was half what Boat U.S. wanted .. It is an agreed value policy. Policy costs about $1200 per year for all the normals plus "coastal navigation" , up to 75 miles offshore. Prior to Hurricane Katrina, it was about 30% less.

 

[JackK]

After a constructive loss claim through BoatUS, I had to shop around when I bought the new boat. It really pays to look. Progressive was cheaper for a larger boat than BoatUS. A little homework saved me a lot.

 

[reworb]

That price seems high. I have a 2004 Benteau with an agreed value policy of $60,000. I paid $900 this January. I believe the rates are higher in Pensacola than they are here in Ft Myers that with a higher value would make your rates higher than I pay but it certainly should not be more than triple. I have Seaworthy Insurance (they underwrite Boat Us policy here), lots of people around here praise Progressive's claims service.

I do know being an out of state resident ups the cost as they know you will not be here in Hurricane season. Are you a Northern resident who comes to Florida in the winter or a Florida resident who goes up north in summer? If the former you may want rethink your "home". There is no state income tax and you have more protection against huge real estate tax increases.

 

[Terry in Naples]

I am fla resident with c34. 1988 boat us insurance is about$1800 yr. boat in canal in back of house. It would be about 1/3 up north.

 

[shemandr]

I am fla resident with c34. 1988 boat us insurance is about$1800 yr. boat in canal in back of house. It would be about 1/3 up north.

Really? $600 for a 25 year old 34' boat? Seems to me it would be more like $1,000 up North here with a restriction using it from Nov. to April and North of Cape Hatteras in coastal waters.

 

[capta]

You are talking about Florida, the state most likely to have a major hurricane that damages or destroys your boat.
That's it in a nutshell.
If you kept your policy from another state and did not inform the insurance company that the boat has moved, they would most likely not pay any claim, so that's not a viable solution, either. They have got us coming and going and even with half a century of professional experience, just two claims in that time, numerous licenses and certifications they will not consider any of that in their quotes.
I hate betting against myself and my ability to keep my boat safe, but I liveaboard full time.

 

[rufus1138]

i live aboard in pensacola full time, value of my boat hasnt got me shopping at the moment, just dont have insurance, if i were to get insurance tho i would definitely do the research to find out if the company has offered home owners insurance in florida in the past, the only reason is that i know a few people that had various insurance companies refuse to honor claims after hurricane damage and the state told them to pay or move out of the state (farmers), after watching that happen i wouldnt give any of those companies a dime of my money, i dont have them for any of my insurance policies.