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Insurance - no insurance?

rolf

rolf

Rolf Peterson
I sailed my boat from Lake Superior to Pensacola and my insurance rates went up 3.5 times. I have insurance through Boat US (who is now using Gieco) for the the last 7+ years and now have no deductible because I've make no claims. I'm looking at 2400 / year for East coast and Florida for a 45,000 agreed values. I am planning on going to the Bahamas and Caribbean this winter, so my rates will go up along with restrictions, I guess. I've always figured my insurance was for losing the boat completely and so haven't ever considered making a claim for the small stuff. I'd like to keep my boat somewhere on the ocean for the next 5 years or so, using it 4-6 months at a time.

Does anyone go without insurance?
Are these normal numbers?
Does anyone skip insurance?
Who do you insure with?
 
My rates in Louisiana are high too but I found BoatUS to be higher than all others. I pay about $1500 with American General.
 
American is my broker. My insurance says GMIA - American Reliable Yacht Program
Total loss value is $50,000.
 
I have Boat US and also never make small claims. I think State Farm wants my business since they have my home and car insurance, but I thought I'd stick with folks that specialize in boat insurance. Never been a fan of Geico, since an accident where other car had Geico.
 
Amazing differences. On the pacific coast, I pay $450 a year with BoatUS. But I am going to Central America in the fall, and they will not insure me south of the US border. I have to get offshore and international insurance. Am shopping around. Any suggestions?
 
I'be been talking with IMS, their rates are a bit better than Boat US except I'll need a survey again and with that cost and going to Bahamas/Caribbean I'm over what I pay Boat US. I'll have to call American. I know I'll need a survey unless I stick with Boat US.
 
Rolf - This exact thing happened to me when I called Boat US to tell them that I was heading south from the Chesapeake to Florida. My rate went up 150%. When I left for the Bahamas, I let my policy lapse. While my policy was lapsed, they switched to Geico. When I called them to reinstate my policy, the rate had gone back down to nearly the original Chesapeake Bay price. The primary difference with the new policy is that my cruising area doesn't have any restrictions, whereas before I was limited to the Chesapeake. Weird. But, I'll take it.
 
I used ORM(Offshore Risk Management) Florida for my Catalina 38 in the Carribean, about $1500 for 13 years, no claims. Stated value 50k. My Morgan 38-2 has been with BoatUS since 1989, current premium $600 for 55k. No claims. The Cat 38 is now with Progressive, back in Mass. Insured for 40k, at this value no survey required, premium $ 650. All my records are clean. No claims anywhere.

Dick
 
I finally called boat US and talk to them about my plans and my rate went up $75 to include all the Caribbean and Lesser Antilles as well as the Bahamas. For now I guess I'm going to go with it and keep the insurance. Thanks for all the replies. It's been informative for me and I hope the same is true for others.
 
Keeping the boat in Jacksonville, Fl., I just renewed my insurance with IMIS, out of Grasonville, Md 2 weeks ago. It's covered for East Coast, Florida, and Bahamas year round. Hull is at 45k, and liability of 300k. Uninsured boaters for 100k. My last bill was 1710.00
 
The major thing you want is the liability insurance. I don’t think of any of the 38 Morgan‘s:have sank. As some of you know I kept the Carolina 38 in the Caribbean for 14 years. It was fully insured all the time. But again the major thing you need is liability. You don’t want to get caught up in a situation with another boat. Liability insurance only is available
 
That's what I have. $300k of straight liability and then my umbrella kicks in up to $2 Million. Not as worried about the boat itself as protecting other assets.
 
When upgrading our insurance to come south this winter, we were flat out rejected by BoatUS (and everyone else) due to the age of the boat. It seems if you already have them they will grandfather you in? But would not consider a new-to-them boat of this age. Ended up finding a smaller outfit out of the UK that would take us. Can never remember the name but if anyone is interested I will find it and pass along.
 
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