Best Insurance Co.???

[argonaut]

Whatever you do, DO NOT cue your quotation request as a motorsailer~! Just enter the Mac as a "sailboat" and then enter 50hp for the motor. I'll bet that changes your quote by a bunch!

I did exactly that, sail, and 50hp, and trailered and parked at home.
Low quote was $1k... one was $1300/yr for an old fart like me with a good driver record, (zero tickets).
Far as Allstate, I have homeowners with them but the local rep said they weren't writing boat policies.

[Frank C]

Well then .... maybe the Tampa policy was just the lucky forecursor to this year's weather??? Sounds like you Sou'Easters might have insurance challenges for the next few years ??? Good luck!

ETA: I just submitted a couple of quotation requests for the Pacific Coast and for SF Bay. Will advise.

Second Edit: Wow - quick response from Boat US with Agreed Hull Value at $30k (depreciable), 60hp outboard, and half-a-mil liability. I feel one advantage of using BtUS is that they understand the risks, and that the Mac is "peanuts" compared to their average insured values - one example - name another insurance carrier who specifies coverage for fuel spills?

This quote is slightly LESS THAN my current coverage with them! ... worthy of quoting verbatim, as follows:

Type of Boat : 26X 2000 MACGREGOR 26
Cruising Area : San Francisco Bay, not beyond 30 miles of Mile Rock

SUMMARY OF COVERAGES
Boat and Boating Equipment (Agreed Hull Value) : $30,000.00
Boat and Boating Equipment Deductible : $300.00
Boating Liability : $500,000.00
Fuel and Other Spill Liability : $500,000.00
Medical Payments : $1,000.00
Boat Trailer : $750.00
Trailer Deductible : $50.00
Personal Effects : $500.00
Personal Effects Deductible : $50.00
Uninsured Boater Protection-Limit each Accident : $500,000.00

TOTAL ANNUAL PREMIUM : $136.00
BOAT U.S. MEMBERSHIP (Required if not a Member) : $14.00
TOTAL ANNUAL COST : $150.00

You may eliminate all depreciation in this policy. The company will
still have the choice of replacing the damaged property with new or
a comparable rebuilt item and the policy deductible still applies.
To select this option add $50.00. Available with yacht policy only.
Further information regarding special conditions and requirements will
be mailed with a formal quotation.

Memo: I believe my current policy is a little higher (~ $200) but it includes SF Bay & tribs, Pacific Coastal (excl Mexico) plus all US inland waters (excl Gt Lakes). That broad coveage is what I wanted to support my trailering ability without "stopping to think" - i.e. I can tow to Lake Tahoe, Lake Mead, Lake Powell, SoCal, etc. The straight coverage listed above is too limiting - SF Bay & tribs only includes the Bay and California Delta.

[Dimitri-2000X-Tampa]

I did the BoatUS online quote thing and got back a $1K quote for all-hazard for a 26x in Atlantic coastal including Florida Eaast & West coast.

Why would that be so much higher than $600 for a Mac in Daytona Beach or $250 for one in Tampa?

Did someone get a $250 BoatUS policy in Tampa? I checked once and BoatUS was very high, maybe not $1K but certainly around twice what I am paying through some other underwriter. I think BoatUS has much better prices outside of Florida.

[maddmike]

Boat Insurance?

Now that's an interesting new concept!

What kind of rate do you suppose I can get single handing Zeno's Arrow through the Pacific? (considering they could not stop laughing when I tried to partially insure the boat out to the Bahamas, not to mention the Virgin Islands and Trinadad. MM

[Jack O'Brien]

I was with BoatU.S. until I wanted to go to Bimini. My coastal Florida coverage wouldn't cover near Bahamas unless I paid an extra, big fee for a few months coverage. I switched to Allstate Floridian which covers "U.S.A., Canada and within 100 nautical miles of either." My policy costs $428 for the "Premier" policy. We have two cars and house with State Farm and their cost for boat was higher than Allstate. My Allstate agent writes a LOT of boat coverage. Very clear, easy to read policy. I have "new boat" and "safety course" discounts. My coverage:

Boat...............$20,000............premium...$263
Motor.................5,000...............................42
Boat Equipment...2,500...................included
Trailer.................1,000..............................41
Deductible.......................$250 each occurence

Liability............300,000..............................76
Medical................5,000 each person.............6
Uninsured boats 300,000..................included
Emergency Svc.....1,000 boat or trailer.....included

My agent: Bradley Ins. Group, Margate, FL 33063 954-077-4500

[Catigale]

I have the Boat US coverage for inland sailing for about $220 IIRC. It doesnt cover me south of the GW bridge (NYC) on the Hudson or on the Greats or Cape Cod, I sail there and just assume the risk. I worry less about something happening to me while sailing. more about the boat while it is docked on the Hudson and Im not around.

On the topic of fuel spillage - you really need this coverage IMHO. The fines for creating a sheen, if the EPA/State DEC decides to come after you are astronomical (The Admiral deals with this all the time in her profession) and it is all too easy to have a leaking hose on a tank just as the DEC guy is going by. WADR to our government officials, sometimes they get on a moral high horse about stuff like this without a scientific leg to stand on.

On edit - removed fish fines which were inaccurate

[argonaut]

I was trying to see if the high rates were Florida/Gulf Coast or across the board.
Jack's $440 rate is more in line with what Progressive wants locally, BoatUS wants twice that for their "BoatSaver" econonomy policy and triple the price for their "Yacht" policy based on agreed hull value w/o depreciation.
I can see reasonable increases after two straight years of hurricane losses, but at those rates pretty soon I've bought my boat all over again, and as Jack mentions they're very picky about where you go if it's Florida. Maine to Florida policies cost far less. Sad that insurors had to pay claims but what about the thirty or forty years owners had paid into insurance they -didn't- file claims on, and all the other states where there is scarcely ever a loss? These are national companies. Insurance is risk versus return, the insurance companies were all too happy to insure Florida and Gulf state folks when they weren't paying claims, I see little difference in raising the price of gas being pumped during a hurricane and raising insurance rates in affected areas right after. We know neither one will return to a realistic number until someone complains.

(edited... spelling)

[trapeze]

Here is a look at my Progressive coverage for Florida.

BODILY INJURY & PROPERTY DAMAGE LIABILITY $34.00
BI $100,000 EACH PERSON - $300,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY - $100,000 EACH ACCIDENT $23.00
UNINSURED BOATERS $48.00
$100,000 EACH PERSON - $300,000 EACH ACCIDENT
MED PAY/WATERSKIER'S MED PAY $5,000 EACH PERSON $23.00
COMPREHENSIVE $75 DED AGREED VALUE $208.00
RATING BASE $15,000
COLLISION $75 DED AGREED VALUE $77.00
RATING BASE $15,000
DISAPPEARING DEDUCTIBLE INCL
WRECKAGE REMOVAL INCL
FUEL SPILL LIABILITY INCL
$2,000 REPLACEMENT COST PE $100 THEFT DED $18.00
EMERGENCY WATERCRAFT TOWING & LABOR $54.00
$1,000 EACH INCIDENT
COASTAL NAVIGATION - 50 MILES INCL
ROADSIDE ASSISTANCE INCL

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------


Premium by Watercraft $485.00
Total Policy Premium $485.00

[Frank C]

Boat Insurance? Now that's an interesting new concept!

Maddmike's comment raises a question, as does Catigale's comment - sailing bare when passing his insurer's geo-limit ... I suppose insurance in the USA is (initially) occasioned by either of two "fear factors" and in both cases, we are insuring to replace the asset - the least of the risks.

• 1. if you fork over $30k in cash, you hate to ponder its evaporating in smoke, or roadrash.
  2. if you borrow the money, you're forced to insure

My boat's now six years old. Replacing it would be closer to $___ (insert your guess ... maybe $22k?). It's not so shiny anymore, so initial concern over signing a $30k check was probably excessive. Much more important now is the question of liability.

This is where Stephen's comment comes into focus, especially regarding the USA legal system. An inadvertant highway wiggle can "cause" a $120k Mercedes to hit a guardrail ... and the related risk to life & limb is untold? A leaking fuel fitting can induce multi-hundred-thousand dollar fines or clean-up? Years of equity appreciation (either real estate or securities) are risked each time we drive for groceries or motor to a secluded cove.

And just the cost of legal defense can be staggering. The insurance system is as flawed as many others in the USA, including healthcare, education and retirement, each are just the tip of an iceberg. But liability insurance is basically a contribution into a common legal defense fund

I can't be happy about it, but neither can I imagine going without. IMO - check into the cost of just insuring your liability while boating and trailing ... and go BARE on the asset.

[Chip Hindes]

Once again, I believe I'm with Frank. I say I believe because I'm not sure what he means by "Go bare on the asset" unless it means skip the boat repair/ replacement policy and go for liability only. If that's the case, I don't fully agree, though I admit there are arguments to be made against insuring something, let's face it, we can do without...

But regarding liability, I certainly agree on the foolhardiness of "assuming the risk" by being uninsured or going outside the coverage area. Forget the $120K Mercedes example; there are plenty of boats out there that make that kind of money look like chump change. What about medical payments for somebody badly injured on your boat or the one you hit? Etcetera.

[Frank C]

Right! To clarify the point I was trying to make ... if my insurance quotes were as high as those in the Southeast, I'd buy only the liability coverage and just self-insure the boat. There's little reason (maybe NO reason) for liability costs to vary much by location.

Therefore, if my full coverage quote in CA is only $150 per year, it seems logical that anyone, anywhere, should be able to find liability-only coverage for an annual premium of a hundred bucks.

Don't know what has occasioned these 'agreements' during latter months this year, Chip,
but it's bound to change again next year - for sure!

[They Theirs]

We bought Full Coverage: Purchased through our auto insurance broker. We were able to pay less than the BoatU.S. and supposedly it has the same coverage for about 15% discounted premiums.

Almost $300 per year.

[Dimitri-2000X-Tampa]

I can't find my paperwork but I believe I pay 290/yr on the Hurricane coast. That covers me on the road or water and if I recall correctly, it either includes Bahamas or there is a small add-on for that. I remember it not being too much. Small insurance company in St Pete that only does boat insurance. So, almost twice as much as yours in California Frank, but I'm pretty sure the majority of my cost is for liability. Afterall, that is hundreds of thousands of coverage compared to like 18K the boat is insured for if I total it with no other vehicle involved.

[Catigale]

Im pretty sure my policy covers liability and fuel spill anywhere, only the boat loss is regional..

but Im sure going to read it again this winter and make sure.

If Ive been sailing Cape without any liability coverage and I had better rethink this.

Legal system sucks, but not sure there is a better one I know of.