insurance cost skyrocketing

[Terry Forshier]

I just got the new 2010 insurance bill from Boat US. I have an 88 model, live in Florida, and insured at $45,000. to keep premium low with large deductable. It was over $2000. An increase of about 25%. My homeowners insurance went up 33% over last year. It came in mail the same day.  Planning a relaxing retirement to Sunny Florida? Maybe time to rethink.

[Steve Sayian]

Terry,

I'm with Traveler's and my cost is just under $800.00 for 2010.

The policy covers areas from Eastport, Maine to Cape May, NJ.

It also has a lay-up clause from 10-31 through 5-1 each year.

[Stephen Butler]

Welcome to Florida's insurance scene!   This is exactly why we finally decided to have only liability and personal injury insurance and self-insure the hull.  When we looked for "reasonable" coverage, i.e., not a bare-bones policy with a moderate deductable, we were looking at an annual premium approaching 8% of the value of a 15 to 20 year old boat, stored on the hard for 10 months of the year. 

[John Langford]

Forget hurricane alley and think about the Pacific Northwest where I consider myself lucky to be paying $800 per year for comprehensive coverage (including two tows per year!) for a boat that is always in the water. However, that could change after the next earthquake and Tsunami pile everybody up on the beach!

[sailingdream]

I'm in Lake Ontario and as with John in the comprehensive, I have mine insured for 100K and pay 850$. Since I'm a live aboard I also pay an extra $500 for the winter.

[pablosgirl]

I'm with Progressive on the Texas gulf coast (Galveston Bay).  My cost is $896 over 4 payments for a full time in the water policy.  If I had chosen the single payment option it would have been $795 annually instead.  The policy covers the boat up to 75NM off the coast of the US and Canada and I insure the boat for 40K with a $500 deductible for collision and comprehensive and 300K for liability.

[Stephen Butler]

Interesting...your Progressive bill for full coverage in Texas will only cover personal liability and medical in Florida waters, and only out to 50 km.  Florida is NOT the place for reasonable insurance.

[karista]

I'm in Lake Ontario and as with John in the comprehensive, I have mine insured for 100K and pay 850$. Since I'm a live aboard I also pay an extra $500 for the winter.

I would be interestet in knowing what Insurance Company you have, that provides you $100000 coverage for 1990 boat.

[Bobg]

I pay $354.00 for $55,000 $550 Ded, Boat and Equip,  $300,000 Liability Each Accident Body and Property Damage, $800,000 on Spill and Fuel Liability, $300,000 Uninsured Boater.  I guess I am doing ok price wise, there is no Layup clause, I suppose they know I can't sail in the winter though.  This is through BoatUS

[steve stoneback]

Our boat is insured for 65K and the trailer for 7K with Allstate for $315 per year.  Includes towing, $300,000 liability and $250 ded.

Steve

[Mike and Joanne Stimmler]

Steve,
You have a trailer? How does that work and what do you tow it with?

Mike

[David Urscheler]

A very large truck, no doubt!  I'd like to see the ramp!

Terry, I'm doing a little better here in Miami with Boat US. $1,600.00/year for 55,000.00 hull, 300,000.00 liability. We keep it it a marina which is considered hurricane "sheltered". They're giving me a "no claim" discount of 5%. I thought I was getting a good deal until I read the previous posts. Yikes!

Dave

[Terry Forshier]

my 1988 is docked at my home at the end of a canal. VERY sheltered. I had a lightning strike last year that did $7000 worth of covered damage. I suppose that is why my premium went up nearly $500. What can one do about a lightening strike? I am considering changing coverage but there are few (if Any) other options for SW Florida boats. (I am with Boat US) I do not know if I can just get liability or not? No loan on the boat. Really though, I think the insurance companies are really giving it to us in Florida. I know they had losses due to hurricanes but look at all the years with no claims , so what did they do with all that extra money then? I took a 20% deductable and insured at a low hull value. I do use the boat year round but even doubled you guys up north it is more. Just wanted to share my frustration.

[Stephen Butler]

We did a rather thorough search of insurance rates a few years ago, and there was no place in the U.S. where rates were even close to those then in Florida.  We even checked with Lloyds of London, and were given a much better rate if we were to sail 60 km or more off shore from Florida and base the boat in the Bahamas.  So, if one wants to sail in Florida waters, one pays for it.  There simply are no other options, at least ones that we know about.

[steve stoneback]

Mike,
Yep, everyone in our marina uses a trailer.  We don't have a choice, there is no boat lift.  There are a few boat bigger/heavier than our 34 but we are pushing the limit for trailering. 

Actually I pull it with my 4X4 Chevy pickup (in 4 low), but only about 2 blocks from the boat storage yard to the ramp.  When we get to the ramp we use at least 2 pickups hooked together with tow straps to back it down the ramp. At waters edge we block the trailer, unhook, drive 40 ft. forward and hook up a 40,000 lb. tow strap and then pull forward a few inches to remove the blocks and then back up about 40 ft or until the boat floats off the trailer.  Actually it's quite simple.

When we haul, driving the boat onto the trailer which it totally under water is not quite as simple.  Although, it is the same process in reverse.

Clear as mud right?

Steve