Go Back   Cruiser Log World Cruising & Sailing Forums > Cruising Forums > General Cruising Forum
Cruiser Wiki

Join Cruiser Log Today

Reply
 
Thread Tools Search this Thread Display Modes
 
Old 04-03-2008, 06:28 PM   #1
Ensign
 
Join Date: Jan 2008
Posts: 7
Default

Good Afternoon everyone, please bare with me if this question has been delt with before. i am shopping for insurance on a Isalan Packet 40 that i will be taking possession of in may. I have found a wide range of coverages and prices. I will be u.s. coastal most of the time for the next 3-4 years but would like to exceed the 75 mile restriction every now and then and maybe stray south to cancun mexico when the fancy strikes. Later on as i gain experience I would like to cruise to more exotic grounds. i would appreciate some tuterage on best methods to insure. If you have a favorite agent or company a phone number referal would be nice. Jim
__________________

__________________
sniper0885 is offline   Reply With Quote
Old 04-04-2008, 09:10 PM   #2
Ensign
 
Join Date: Mar 2008
Posts: 2
Default

hi, we are insured with Pantaenius (find them on Google) and have found them very good and supportive when things went wrong!
__________________

__________________
Corryvreckan is offline   Reply With Quote
Old 04-09-2008, 10:28 PM   #3
Ensign
 
Join Date: Jan 2008
Posts: 7
Default

Quote:
Originally Posted by Corryvreckan View Post
hi, we are insured with Pantaenius (find them on Google) and have found them very good and supportive when things went wrong!
thanks for your reply. I will give them a try tonight. It is amazing the spread of coverages and costs. This is truly an area that it pays to shop around. One company would charge me more than double of an other and i might have taken it if i had'nt shopped. That goof could have cost me thousands. thanks again...jim
__________________
sniper0885 is offline   Reply With Quote
Old 04-09-2008, 10:52 PM   #4
Commander
 
Join Date: Mar 2007
Posts: 130
Default

Quote:
Originally Posted by sniper0885 View Post
thanks for your reply. I will give them a try tonight. It is amazing the spread of coverages and costs. This is truly an area that it pays to shop around. One company would charge me more than double of an other and i might have taken it if i had'nt shopped. That goof could have cost me thousands. thanks again...jim
Try also IMIS in Annapolis - they are the most popular source of insurance coverage for cruising yachts.

http://www.imiscorp.net/
__________________
osirissailing is offline   Reply With Quote
Old 04-12-2008, 03:16 PM   #5
Ensign
 
Join Date: Mar 2008
Posts: 10
Default

self-insure if you can. Not that many sailboats are lost. Your odds of staying afloat for many years will increase if you spend the money on high quality hardware and other maintenance and inspect regularly - you are going to do that anyway, right? We have been taking our chances for 9 years, saving about half the original purchase price of our 43' boat so far. If we had a total loss, I doubt my wife would get on another boat for quite a while anyway... so we would not need a replacement.
__________________
KG4JXT is offline   Reply With Quote
Old 04-13-2008, 02:54 AM   #6
Admiral
 
MMNETSEA's Avatar
 
Join Date: Oct 2004
Posts: 3,067
Default

Hi John,

A very good point regarding quality of hardware and the level of maintenance/inspection to minimize damage and loss.

However, there is one other factor that needs bringing into the equation, and that is when one's own boat is in collision with another boat or property(they - not at fault) , causing injury and damage - which may result in a significant claim for a lot of money. If only 3rd party insurance had been carried !!!
__________________
MMNETSEA is offline   Reply With Quote
Old 04-13-2008, 02:17 PM   #7
Ensign
 
Join Date: Jan 2008
Posts: 7
Default

It had crossed my mind to just forego the insurance but I am not so sure I want to risk the financial loss if something should go wrong. 10 years of insurance is about 10-13% of the overall cost of the boat at its current value. one oooops could far exceed that.soooo as much as the yearly policy cost hurts i think i will insure. jim
__________________
sniper0885 is offline   Reply With Quote
Old 04-13-2008, 03:01 PM   #8
Retired Mod
 
Lighthouse's Avatar
 
Join Date: Mar 2007
Home Port: Durban
Posts: 2,984
Default

The other factor to consider is that more and more marinas and haul-out facilites around the world will not accommodate or haul an uninsured vessel.
__________________


The World Cruising & Sailing Wiki

Help to build this free, online World Cruising Guide.

"Built by cruisers, for cruisers''

I've Contributed to the Cruisers Wiki: Most sections
Lighthouse is offline   Reply With Quote
Old 04-13-2008, 03:56 PM   #9
Moderator
 
JeanneP's Avatar
 
Join Date: Jul 2004
Posts: 2,098
Default

As Lighthouse mentions, liability insurance is being required more and more, so that would be a minimum anyway.

Annual ocean crossing blue water insurance cost us about 2.5% of insured value 7 years ago, I don't know if it would be more now. Our current, coastal cruising policy is about 1% of insured value. We are presently insured through IMIS and though we haven't had a claim, we have been pleased with the efficiency and professionalism of their office.
__________________
In 1986 we went cruising for a few years. After 20 years and 50+ countries and several oceans, we are STILL "cruising for a few years".

SY WATERMELON |
MV WATERMELON (New) | Cruiser's Dictionary, free ebook

= Cruiser's Dictionary, North America,
JeanneP is offline   Reply With Quote
Old 04-16-2008, 11:50 PM   #10
Admiral
 
Trim50's Avatar
 
Join Date: Feb 2006
Home Port: Who cares really...
Vessel Name: T
Posts: 1,215
Send a message via Yahoo to Trim50
Default

Two words on self insurance..."lightning strike" I've talked with too many people that tell me nightmare stories about lightning storms in Panama and Costa Rica.
__________________
[
Trim50 is offline   Reply With Quote
Old 04-18-2008, 12:25 PM   #11
Ensign
 
Footprints's Avatar
 
Join Date: Sep 2006
Posts: 27
Unhappy

Dont know if this will add much value to your question or topic..... however we have opted for the insurance path, as we have sunk everything we own into our boat, so it has now become our life, our home and our solice.

To not insure your home ashore would be classified as insane, and I can only take (and give) the same advice for your most prized possesion afloat.

We have often tossed up the cost of insurance against the cost of not being insured (self insured) and no matter what situations we come up with, insurance always seems to cover the unexpected, which after all, insurance is there to cover. If we were perfect and never at fault or indeed faultless in our endeavours, then insurance companies would not be in business, and this fact alone should be the one driving factor into having insurance.. we dont insure agianst our known competence... rather against the unknown! (vessel or otherwise)

For example...... you have anchored in a nice quiet bay shelted from the prevailing winds with the best ground tackle money can buy...... and the wind shifts so as you are now on a lee shore in 40kts...... and even the best ground tackle money can buy doesn't hold your lifes savings secure and you wake up to the noise of your hull scrapping against the very shore that was providing you protection!!!!! Now my argument is... who's fault is it???? either way insurance is there to cover these circumstances, wether ours or somebody elses!!!!

We pay $2000 (Aust) for insurance on a 12M cat and which is covered up to 250nm to sea from Aust on a $350K cat.... and it is worth every cent in my opinion to cover what I dont know or expect!

JMHO
__________________
Leaving Footprints.... Taking Memories

"Man cannot discover new oceans until he has the courage to loose sight of the shore"
Footprints is offline   Reply With Quote
Old 04-18-2008, 08:51 PM   #12
Admiral
 
Auzzee's Avatar
 
Join Date: Jan 2005
Home Port: Darwin
Vessel Name: Sandettie
Posts: 1,726
Default

Insurance brings out the pessimist in us all....and, of course, the optimism of the insurance industry. When we buy insurance we are betting we have an accident....the insurance company is betting we don't. They win more often which is why (next to religions) they own the world's most expensive real estate.
__________________
"if at first you don't succeed....Redefine success"!


Auzzee is offline   Reply With Quote
Old 04-19-2008, 12:01 PM   #13
Moderator
 
JeanneP's Avatar
 
Join Date: Jul 2004
Posts: 2,098
Default

(sigh)

It seems as if everyone loves to bash insurance companies. Or get what's "only right for all the premiums I've paid." Now, let's see.

Our new, very expensive (for us) boat is insured, and we would have to own the boat for 100 years before our insurance premiums equalled the purchase price/replacement value of the boat. Our sailboat, because we crossed oceans in it, just the two of us, cost more to insure, but it still would have taken about 45 years of premiums to equal the insured value.

Health insurance. My medical bills 12 years ago exceeded $150,000 USD. Without insurance our cruising days would have ended right then. Was it worth it? I'm still alive, so yeah, I think so. And if I hadn't made it, would it have been worth it? Yeah, then too.

Insurance isn't a lottery ticket, it's a safety net when the unimaginable happens, and the price is cheap for the protection it provides.

Insurance companies don't get rich on the premiums. They get rich on the use to which they put those premiums until it is needed to pay out claims. Real estate is a big investment medium for them, as is the equity market. Just as there are medical specialists to treat cancer, heart disease, etc., there are financial specialists whose day is spent investing their company's money in the best way possible. They spend their entire day researching and acting on their research, just as my doctor spends his entire day treating illness (and ideally promoting wellness). I wouldn't trust my investments with my doctor, nor would I trust my health to my banker.

There might be some truth to the comment that you are betting that a disaster will happen, the insurance company that it won't. But if you don't lay the bet, you can't win (at least come out even) when something goes wrong.

I don't mean to be so pedantic today, but the small annual premium has kept many a family from financial disaster.

done.
__________________
In 1986 we went cruising for a few years. After 20 years and 50+ countries and several oceans, we are STILL "cruising for a few years".

SY WATERMELON |
MV WATERMELON (New) | Cruiser's Dictionary, free ebook

= Cruiser's Dictionary, North America,
JeanneP is offline   Reply With Quote
Old 04-19-2008, 12:33 PM   #14
Admiral
 
Auzzee's Avatar
 
Join Date: Jan 2005
Home Port: Darwin
Vessel Name: Sandettie
Posts: 1,726
Default

You misunderstand me, Jeanne. I was not 'bashing insurance companies'. The business of protection trades on our concerns regarding the future safety of the items we are protecting. I am sure the vast majority of us both pay insurance premiums and understand the nature of investment finance.

Cheers

David.
__________________

__________________
"if at first you don't succeed....Redefine success"!


Auzzee is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Liability Insurance For Cruising Us And Abroad Wildernesstech General Cruising Forum 3 04-21-2011 02:14 AM
Insurance Freycinet General Cruising Forum 4 01-21-2011 05:42 PM
Cruising Insurance Trim50 General Cruising Forum 3 03-27-2009 03:59 AM
INSURANCE fasteddie General Cruising Forum 2 11-03-2006 03:32 AM
Insurance for long distance cruising steelfan General Cruising Forum 8 07-17-2005 12:29 PM

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

RV & Travel Trailer Communities

Our RV & Travel Trailer sites encompasses virtually all types of Recreational Vehicles, from brand-specific to general RV communities.

» More about our RV Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


All times are GMT. The time now is 01:53 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.0