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Old 10-25-2009, 07:42 AM   #1
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Hello again!

I've been putting my budget together and the last complete unkown is the cost of insurance. I intend to buy an older blue water boat (70's or 80's model). For the first couple of years she will sit in a marina in Corpus Christi and I'll take her out for short trips in the gulf and maybe a long trip or two out to Forida and up the east coast US at some point. It will be me and my significant other doing the bulk of the sailing with the occasional outing with friends. Would be great to hear from you on types of insurance you would recommend, reputable insurance companies, and things to absolutely avoid. Also any ways to help reduce the cost of insurance - ie don't sail around florida during the hurricane season! LOL Thanks in advance. jk
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Old 10-25-2009, 02:06 PM   #2
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With daysailing and coastal cruising within the U.S. to be your initial use of a boat, I would suggest that you first contact your home insurance company for a quote. Be sure to read all the conditions. For example, what are hurricane (or "named storm") rules and restrictions? They might be comparable to Florida's restrictions, so it's a good idea to find that out first.

Also, ask some of the other boatowners in the marina you would be keeping the boat in for who they are buying insurance from. Sometimes the local agent makes all the difference in the success or failure of your insurance experience.

You can also seek out insurance brokers and agents who provide boat insurance, such as BoatUS, which usually has quite competitive prices.

You will not know how much your insurance premium will be until you know the make, size, and age of the boat you will acquire. Generally, but not necessarily, insurance companies require a survey for any used boat, and particularly for any boat more than 10 years old. Of course, you should have a survey done when buying a used boat anyway, so it would not be an extra expense.

As a rough guess, boat insurance will cost approximately 1.5% of the insured value. That is a very rough estimate; my experience with insurance prices is limited to our two boats, and those boats are not comparable to what you are looking for.

Good luck in your search!

Jeanne
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Old 10-25-2009, 05:49 PM   #3
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Jeanne,

thanks - I've read recently, well actually today!, that it will cost me between 1 and 2 % of the value so you're right on the money - pardon the pun. Is that an annual cost I'm assuming? I'm looking at a 35.5 Bristol right now but it seems like such a good deal and I'm almost certain it will be sold before I get home next summer. Thanks for your time. jk
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Old 10-25-2009, 07:14 PM   #4
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Yes, that's an annual premium. Be sure you get decent liability coverage.
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Old 11-04-2009, 05:05 PM   #5
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Here in the UK with one of the "best" insurers (ie very flexible) it costs pretty much the same. One area to check very carefully is cruising area covered - this can sometimes be quite vague and it's dangerous to assume - for example standard UK policies may say "La Rochelle to Bergen" but don't specify how far west that covers so you might visit the west coast of Ireland and not be insured (don't expect you'll be this side of the "pond" just yet but you take my meaning re definition of areas).

Another important issue to ask about is single-handed cover. Of course you and your significant other will probably want to use the boat together but how about launch or layup ? or moving to the next port/marina occasionally ? Quite often when we launch one of us drives the car and one the boat. Our current insurance permits us single-handed any time we like. The last policy only allowed it in daylight (which was a bit restrictive in spring/autumn when launching/laying up and trying to catch the tide). The other issue to ask about is whether if you needed to get the boat delivered by a crew what cover you would have.

Best of luck (British ?!)

Penny
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