Insurance

[timjet]

Can anybody recommend a boat insurance company. I've had Boat US insurance for years on primarily sailboats, but several of the people I've talk to in my search for a trawler/motor cruiser have mentioned their are better alternatives.
I live on the Gulf coast of FL.
Thanks Guys

 

[Baker]

Progressive if you are under 38ft(?) and less than $175k

I have a 30ft with agreed value at $100k and pay $1400 per year with them. That is with a $1k deductible with no "named storm" restrictions on the Texas Gulf coast.

 

[Marin]

It depends on what kind of insurance you want. If all you want is basic insurance, like car insurance, the companies that supply these sorts of policies, like Progressive, Farmers, etc. are the best way to go although I have no experience with them regarding boats so can't offer any personal recommendations. We have friends who have had their boat insurance through Farmers and have been very happy with them.

If you want a more comprehensive policy, then a Yacht Policy is the way to do. We get ours through a broker, Anchor Marine in Seattle (although they offer service regardless of one's location). They have changed our insurance provider a couple of times, finding better coverage at lower cost, which is what a broker is supposed to do for you.

 

[Codger2]

My yacht policy is with American Marine in Ojai, CA. My boat is a 2005 Halvorsen 32.

The hull is insured for $175K and the deductible is $1.75K. My premium is $988/yr. If I had a dinghy that is under 16' and a motor , 50 hp or less, it's covered. Like most "Yacht Policies", a host of other items are covered.

Like Marin said, my insurance broker shops for the best deal and this year's policy is with the Travelers. (Less money than last year, same coverage.)

-- Edited by SeaHorse II on Saturday 13th of February 2010 06:59:21 PM

 

[Baker]

Marin, Progressive is an agreed value "yacht policy". They have "grown up". And I did unscientific polling of people's claim experience after Hurricane Ike down here and everyone had nothing but good things to say about the claims experience.

Speaking of which......I had a dinghy motor stolen. My agent(I will refrain from calling her bad names) incorrectly told me that my dinghy would be covered under "personal effects". It wasn't. Progressive could have easily said "Sorry dude but your agent is a dumbass and we will happily show you why it isn't covered". But guess what, they covered it anyway to back up what I was told by my agent. I am now a big fan of Progressive.

They don't have hurricanes in California...hence the difference in price between Walt and I. *I was previously insured with Zurich....good company but they just got too expensive. *I was paying for everybody else's BIG losses. *Progressive limits their exposure by putting a cap on the policies they write.


-- Edited by Baker on Sunday 14th of February 2010 01:03:45 AM

 

[Marin]

I wasn't knocking Progressive, just saying that there are two basic kinds of boat insurance. If Progressive offers full-blown Yacht Insurance policies, great. They may offer "normal" insurance polices as well, like Farmers, etc.

But there's considerable difference between the typical Yacht Policy and the more standard type of insurance. The kind of policy one wants will determine the companies they need to check out.

 

[timjet]

I'm not sure what the difference is between a comprehensive yacht policy and a basic boat policy. I got an online quote from Progressive which now writes all of USAA's boat insurance. The premiums on a '98 Carver 35' ACMY are $1,780 with an "agreed value" of $90,000, $2,500 deductible both collision and comprehensive, $100,000 property damage liability and $100,000/$300,000 medical liability and $1,000 personal effects. No named storm deductible.
This seems high when comparing to Walt and John. I live in the Tampa area and have 18 yrs boating experience all in sailboats. Perhaps this has something to do with it.
I got another online quote from a broker and it was higher with an increased named storm deductible.
This will perhaps open up a whole new discussion, but what do you guys consider sufficient liability. 100/300 seems a little low as well as the $100,000 property damage.I guess you can't get an umbrella policy unless you insure everything with the same company?


-- Edited by timjet on Sunday 14th of February 2010 07:29:10 AM

 

[Baker]

Tim, the reason for the difference is ultimately your location....simple as that. Maybe the size of the boat and it's potential to inflict damage....especially when powered with two 300hp+ motors. They don't really consider speed.....they just know you have over 600hp "down there" and that is a lot!!! *ANd don't compare to Walt. *He is in Cali and they don't have hurricanes. *I truly believe the quote you received was quite fair and that you will have a hard time beating it.

And if you are really considering a 35ft Carver, here is one I have been watching. Sure looks like a great deal for somebody....

http://www.yachtworld.com/boats/200...ht-(diesel)-2056903/Oriental/NC/United-States



-- Edited by Baker on Sunday 14th of February 2010 11:14:11 AM

 

[timjet]

John,
I did seriously consider that boat and was in fact preparing to go see it. However after talking to my broker about it he recommended not going to the trouble. He talked to the listing broker and he said the seller was not willing to negotiate much and the boat had not been cared for near as well as the one I bought. I believed my broker because he had no advantage on either boat. That plus the cost and time to reposition the boat to the Tampa bay area made it difficult to seriously consider. I ultimately purchased mine for just under 90k. That one and the one I bought were/are the only under 39 diesel Carvers with the molded steps from the swimplatform to the sundeck.

The boat I bought (under contract pending survey) is virtually turn key with only one eisen glass panel that will probably need to be replaced. It comes with a servicable dingy but no motor. I have a less than 50 hrs merc 3.5 HP that I will use until I can justify spending the money on a more powerful and dependable outboard.

I was not a fan of Carver before viewing this one but now know every below 39 ft Carver for sale in the Southeast. If I was unable to purchase this one, I was considering the 37 Carver in Sanford. I would have had to reconcile in my mind the Cat 3116's though. This engine in the more powerful version has a reputation for being trouble prone, especially the cooling system.

Another boat to consider if you can get over the very un-nautical Winnabago on floats look is the 34 Mainship of recent vintage. There is one with diesels here in Tampa bay, a 99, went to look at it and talked to the owner. Actually a nice boat with more storage than the Carver. I just couldn't get over the Winnabago look. It has economical 220 HP Yanmars I believe.

 

[Baker]

I like the look of the Mainship if you are talking about the Trawler....but I think you are talking about the MY...in which case I agree....a little too plastic looking.