boat insurance

[Fyffe]

I seem to be having a problem getting anyone willing to write a policy to insure a 1978 seacraft. Does anyone know of or could recommend a carrier that will write a boat policy in Florida? thnx..

[Keyscruz]

Boat US

[Old'sCool]

Charter Lakes, with survey.

[nestorpr]

Progressive did it for a 1970 Seafari in hurricane alley (Miami). About $80/month 1.5 years ago.

[Fyffe]

Just got off the phone with Boat US - they will insure but only with a prior survey. Survey would be ~$250 from several local guys. Is a survey required for boats 30yrs old now?

Boat US quote contingent on survey was $440 pa with $460 deductable ,9k stated value (max they would go to), 300k liability, $1100 trailer, 800k epa/fuel spill, $1000 med.

Apparently you can get 10% deducton for becoming a member and doing thier online boat traing class.

So - ~36 a month...

[whitly]

ditto the Boat US thing. you may have to press the "agreed value" thing, but i just went through the same thing for a '76 seafari i recently acquired.

actual quote:
SUMMARY OF COVERAGES
Boat and Boating Equipment (Agreed Hull Value) : $20,000.00
Boat and Boating Equipment Deductible : $250.00
Boating Liability : $300,000.00
Fuel and Other Spill Liability : $800,000.00
Medical Payments : $1,000.00
Boat Trailer : $.00
Trailer Deductible : $.00
Personal Effects : $.00
Personal Effects Deductible : $.00
Uninsured Boater Protection-Limit each Accident : $300,000.00
Commercial Towing Assistance - Each incident/Annual limit : $250/500

TOTAL ANNUAL PREMIUM : $252.00
STATE SURCHARGE : $.00
BOAT U.S. MEMBERSHIP (Required if not a Member) :$19.00
TOTAL ANNUAL COST : $271.00

[BigLew]

It's been more than 10 years since I called BoatUS for insurance. Circumstances have not required me to.

When I was insured with them, in the event of a claim they simply asked for three estimates and authorized the repair. There was no waiting a week or two (boating time) waiting for an adjuster. Further, they were at least 10% less than the average quote I had gotten elsewhere.

Up here in the northeast the boating season is short and one or two weeks is in lot of "lost" boating time.

Good luck and be well.

[McGillicuddy]

That Boat US Rate is very reasonable. Just remember, insurance is first and foremost, fiscal responsibility in the event of a catastrophe.
The boat is replaceable - the lost lives or serious injury is what will bury you financially, in the event of a suit. Frankly, no one will give you a fair restoration value on an older boat, classic or not, without billing you a small fortune if there is no lien holder on the boat. And I don't think the VISA counts Liability bang for the buck is what will keep you afloat in the event of a tragedy. In the financial pyramid, the first line of defense is insurance. The most important part is liability. Focus on that. Boat US and a few others seems to understand that, that's why "agreed value" rates are reasonable. Don't get hung up on replacement value... P.S. I hate paying for insurance nearly as much as taxes and interest, but just that one time I needed it and had it, has saved me from a lifetime of debt I would still have now if I hadn't had it... Andmake sure you get the vessel assist or sea tow or whatever the program they have up there is, too. Good Luck.

[Fr. Frank]

State Farm. '72 Seafari w/ 2006 Mercury Optimax.
BUC values: hull $4700, Motor $6100, kicker motor $250, equipment $1050, trailer $900, TOTAL BUC VALUE as of 5/1/08 = $12,900

Insurance Agreed Value for boat & equipment $12,500
$356.74 per year. $29.72 per month
Hull Deductible: $250
Boating Liability coverage: $100,000/$300,000
Fuel and Other Spill Liability : $500,000/$1,000,000
Medical Payments : $5,000.00 each person
Boat Trailer coverage: $2,500
Trailer Deductible : $100.00
Personal Effects coverage: $1,000
Personal Effects Deductible: $100
Uninsured/Underinsured Boater Protection: $100,000 (includes medical)
Commercial Towing Assistance - declined (would have cost addl $180 per year and I have SeaTow)