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Insure 36 Yellowfin

Old 03-01-2021, 03:24 PM
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Default Insure 36 Yellowfin

Hi all,
A friend of mine just called to ask who I had my Boat insurance with.
He is purchasing a used Yellowfin and got a big insurance quote.
Can you guys recommend some good options for an insurance company?
I am researching here, but not finding much discussion.
Thank you,
Aflyer
Old 03-01-2021, 03:41 PM
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Charter Lakes. Hands down the best in the biz as far as service (and many times rates) are concerned.
Old 03-01-2021, 03:51 PM
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Thank you for the quick response.
Aflyer
Old 03-01-2021, 04:33 PM
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Charter Lakes doubled my rate last renewal. Progressive had the best rate I found for an agreed value.
Old 03-01-2021, 04:41 PM
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If your friend doesn't have a lot of experience on high speed boats (50+ mph - which a 36' Yellowfin is), he can expect to have hard time finding insurance and if he does, paying through the nose for it.
Old 03-01-2021, 05:45 PM
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Originally Posted by LI32 View Post
If your friend doesn't have a lot of experience on high speed boats (50+ mph - which a 36' Yellowfin is), he can expect to have hard time finding insurance and if he does, paying through the nose for it.
I'm assuming you don't have a lot of experience in purchasing insurance for these types of boats( that's ok as a lot of keyboard cowboys do). . These are the only type of boats I have owned in the last 23 years in Florida, so please enlighten me on your findings. To the OP , pm me on some insurance options if you need.
Old 03-01-2021, 06:00 PM
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Charter was too expensive on our last renewal. NBOA is better.

.

Old 03-01-2021, 06:04 PM
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Insurance rates in florida are going up and up and up. Certain boats like ones with 3 4 or 5 outboards more so as carriers non renew everyone and leave florida. 5 years ago there were many options for carriers which is not the case now.
Old 03-02-2021, 06:17 AM
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I switched from Geico to Progressive and saved almost 50%, I do use a lower "agreed value"
Old 03-02-2021, 06:37 AM
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Do a search tons of posts on this since peoples renewal rates started to double last year.
Old 03-02-2021, 06:39 AM
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Package value is what most insurance companies base their rates on. A 36YF with trips has $60k-100k worth of engines out back. Then the hull and item coverage. Then trailer ($12k-20k). It doesn’t take long for it to be valued similar to a home. You pay to play when you get big boats. Then you add theft and fire and it goes up depending on storage and location. Been a crappy last few years for marine insurance companies. They have paid out the ass in claims for storm damaged boats. You the consumer is bending over to keep them in business. Ask me how much our home insurance policies have went up. Coastal coverage is a riot and still capped at $200k even if your in a million dollar home.
Old 03-02-2021, 08:43 AM
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Originally Posted by Extractor View Post
I'm assuming you don't have a lot of experience in purchasing insurance for these types of boats( that's ok as a lot of keyboard cowboys do). . These are the only type of boats I have owned in the last 23 years in Florida, so please enlighten me on your findings. To the OP , pm me on some insurance options if you need.
By saying you have had these types of boats for 23 years (presumably with no claims), IS the reason you are having no issue getting insurance.
Try calling up a broker and let them know you are new to boating and just bought a 36' Yellowfin with triple 400's on it and let me know who will insure you and for how much? It isn't much different than going to place insurance for a 20 year old male that just bought a 650 hp Z06 Corvette - it is neither easy nor cheap.
Old 03-02-2021, 08:59 AM
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Location is everything. If your friend is in the SE or the Gulf Coast, forget about Charter Lakes. They had several underwriters back out due to last year's unprecedented hurricane season. I got a great rate with Progressive, PM me for contact info.
Old 03-02-2021, 10:09 AM
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[QUOTE=LI32;14526700]By saying you have had these types of boats for 23 years (presumably with no claims), IS the reason you are having no issue getting insurance.
Try calling up a broker and let them know you are new to boating and just bought a 36' Yellowfin with triple 400's on it and let me know who will insure you and for how much? It isn't much different than going to place insurance for a 20 year old male that just bought a 650 hp Z06 Corvette - it is neither easy nor cheap.[/QUOTE

I've had a total loss about 15 years ago. I sent some info to whoever PM'ed me.
Old 03-03-2021, 07:34 PM
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[QUOTE=Extractor;14526978]
Originally Posted by LI32 View Post
By saying you have had these types of boats for 23 years (presumably with no claims), IS the reason you are having no issue getting insurance.
Try calling up a broker and let them know you are new to boating and just bought a 36' Yellowfin with triple 400's on it and let me know who will insure you and for how much? It isn't much different than going to place insurance for a 20 year old male that just bought a 650 hp Z06 Corvette - it is neither easy nor cheap.[/QUOTE

I've had a total loss about 15 years ago. I sent some info to whoever PM'ed me.
Thanks for the tip, all worked out.
Mods please close this thread.
Old 03-03-2021, 07:46 PM
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Make sure he gets an agreed value policy
Old 03-04-2021, 04:32 AM
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What type of insurance? Can he carry a basic liability policy and self-insure the rest?

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