Boat Insurance - The Hull Truth

chuckb · 03-29-2006, 12:20 AM

What are you guys getting charged for full coverage? I have been quoted $950 and $1100 for $25,000 in coverage. I have a good driving record and no claims except on my home for Katrina. What gives? This is rediculous.

496 Cubic Inches · 03-29-2006, 12:23 AM

I have USAA and for $35K in coverage I pay about $265 per year. I also have a $100 dedectable.

aceswerling · 03-29-2006, 12:51 AM

It's about where you live and how you use your boat. Hurricane prone areas are getting slammed by insurance companies all over the place.

You think this is bad? Windstorm coverage in the Keys is about to go to $11K/year for $500K of coverage. Seriously.

bzalmano · 03-29-2006, 01:44 AM

GO USAA, I knew my dad had a reason for spending 25 years in the USAF ;-).

SeaJay · 03-29-2006, 08:19 AM

Also, stolen boats are a bigger problem in some areas which influences the cost of insurance.

Onewolf · 03-29-2006, 08:31 AM

I don't think USAA writes boat policies above $50K anymore (it could be even less $ now). We have Progressive and we are paying $1650 for $100K agreed value on the coast of East Central Florida. This includes the 125nm offshore endorsement.

Tailgunner · 03-29-2006, 08:51 AM

Practical Sailor just did a report on boat insurance.
http://www.practical-sailor.com/pub/...es/5257-1.html

I am not affiliated with them in any way.

chuckb · 03-29-2006, 07:04 PM

I think the reason my qoute is so high is because Im one of two owners.

halkman26 · 03-29-2006, 07:31 PM

I just got a quote from Progressive today for my new Maycraft. $25k in liability; cash replacement value and uninsured boater insurance - $222 for the year. They even called the dealer for me regarding some info I was missing.

BeanCounter · 03-29-2006, 07:47 PM

Halkman26, $25,000 in liability coverage is really light. It is not that much more to increase the liability coverage. $25,000 will not get you far in the event something happens. Take it for what its worth but I would ask Progressive.

Knot Tight · 03-29-2006, 09:53 PM

He is correct that 25k in liability is not even close to enough. 300k should be the base liability on anything bigger than a ghenoe. It won't cost you a whole lost more.

tripleplay1 · 03-29-2006, 10:01 PM

I am in the insurance business and it has to do with where you are and it cost a lot less to insure an outboard than an inboard or I/O. I have not had great luck with profitability insuring boats. The cost to repair or replace has sky rocketed. It is also usually cheaper to insure a newer boat of the same value.