Insurance

[phil4321]

im thinking of buying a used 1980 - 1990 ish catalina 30 (or something like it around 30 feet) and am wondering approximatly how much i can "look forward" (lol) to paying per month in insurance on a boat this size.

also what sort of variables determine how much you will pay (ie, expirience,safety equipment type of licence ect)

one other thing, is there any courses you can take where once you have completed them it will put a small dent in your insurance payments?

thanks alot

[Spike_dawg]

Experience counts a lot. Also the boat and age. Big thing is the area you boat in. When I hit Hawaii my cost went up 6 times what I paid in Mexico and California. Supposedly because Hurricane Iniki, 10 years ago. $400 for replacement coverage (they'll buy you a new boat if it sinks) in San Diego. You do the math for Hawaii.

You can take free classes through the CG Auxillary and there are also a couple of free internet courses for navigation. This might help. A boat survey will also be required and the critical items corrected.

[Jack Tyler]

Phil, my experience leads me to a different conclusion than SD's.

The primary variables in what your insurance will cost are:

1. The hull value for which you insure the boat

2. The boat's permanent location and the nature of its berth (or mooring)

3. Will the boat be stored ashore in the winter (less risk)

4. The geographic limits in which the boat will remain insured, and related to that...

5. Whether the boat will be present inside an area the underwriter & carrier view as exposed to cyclonic storms

6. Whether you purchase the insurance from a broker (who will add a fee, ~10%) or direct from the carrier; and finally

7. Which carrier you choose

Both formal instruction and prior experience may influence the premium you pay but IME not to a large degree. What they may accomplish is helping you qualify for coverage when you are otherwise not an ideal risk (e.g. if your vessel was older rather than newer).

Policy language usually stipulates explicitly what obligations you have for managing your vessel in a seamanlike manner so e.g. carrying all the USCG or other regulatory safety equipment that's required doesn't get you 'extra credit' with the carrier; it's assumed and a claim will be voided if you failed to do so.

Jack

[JeanneP]

Where you cruise - coastal, blue water, is the biggest factor, I've found. blue water, you need to show competency and experience.

figure 1% (coastal) to 2.5% (blue water) of replacement value for a surveyed boat, experienced crew. You really don't get to choose the value - it's market value, essentially, but not more than you paid, usually.

Best source of information will be the owners of the boat you are thinking of buying - that's the track record for that boat, specifically.

[phil4321]

this is just what i was looking for.

thanks alot

[Spike_dawg]

Good luck with the Catalina. I had a 34 and it was a lot of fun to sail.