I am getting ready to pull the trigger on a 1982 61' Hatteras cockpit motor yacht and checked with my insurance guy in Florida for a quote. I am going to keep the boat in St Maarten year round, and have a very good resume of vessel ownership experience and no claims ever. I have owned a string of larger, newer boats over the years and worked in the marine business for over a decade and have run everything up to 100'. Quote for $250,000 value was around $10,000. I am wondering what you guys are doing for insurance and what you are paying for similar age and value of vessel.
Big shock as I thought it would come in around $4k - $5k a year. It also seems that since Irma there are very few companies who are writing policies on older boat in the Bahamas and Caribbean.
What to do, what to do?????
Welcome to the Hatteras Owners Forum & Gallery. Sign Up or Login
+ Reply to Thread
Results 1 to 10 of 16
Thread: insurance quote HELP
-
05-04-2018 01:10 PM #1Senior Member
- Join Date
- Sep 2013
- Posts
- 165
insurance quote HELP
-
05-04-2018 01:23 PM #2
Re: insurance quote HELP
I use Atlas out of Cocoa Beach FL for my 65c. I started with my 41c, then 45c and now 65c so my experience did not require a captains license. They did jump this last renewal, but I am full time Florida at about 4500 dollars per year.
Hope this helps,
Have a great weekend,
Tim
-
05-04-2018 08:10 PM #3
Re: insurance quote HELP
That sounds about right. I am paying $3800/year for 88K in coverage. you are triple that in value. Mine is a 55 Hatteras. I shopped multiple companies and my agent did too. Only found two that would cover me. I have a captain license and experience so I think being in a hurricane zone was the issue for me. The coverage on my catamaran on a trailer is $2k per year for 50K but that includes charter coverage. If you do the math though that would be 10K for 250K
-
-
05-04-2018 10:16 PM #5Senior Member
- Join Date
- Apr 2005
- Posts
- 511
Re: insurance quote HELP
I use Jack Martin & Assoc. Just got a quote for $7100 on agreed value of $330k from GEICO. Home port is Tampa. No claims in over 20 years.
Bruce
Freestyle
1986 62 CPMY (54 with 8 foot extension)
Tampa
-
05-04-2018 10:44 PM #6
-
05-04-2018 10:45 PM #7
Re: insurance quote HELP
is no FL coverage mean you are not covered in Florida?
-
Re: insurance quote HELP
It s hard to understand the logic behind insurance premiums... florida is no more at risk than the carolinas, cheaspeake, NJ or even southern new england. If you average losses over the last 10 years, florida is probably on the low side even with irma. Premiums arent based just on risk but also on what the market will bear.
Same with values... im paying $1700 for a 26' sailboat valued at $75k or sbout 2% of the value. Some of the numbers mentioned in previous posts are as high as 4%. Yet premiums / value ratios on higher valued vessels drop drastically to well below 1%
Doesnt make a lot of sense...Pascal
Miami, FL
1970 53 MY #325 Cummins 6CTAs
2014 26' gaff rigged sloop
2007 Sandbarhopper 13
12' Westphal Cat boat
-
05-05-2018 10:14 AM #9Senior Member
- Join Date
- Jul 2007
- Posts
- 1,001
Re: insurance quote HELP
We have a new policy through Jack Martin via the MTOA. $5400 a year, $350k agreed value, good from Maine to Texas. Boat is currently kept in JAX. This is our first saltwater boat, we have insured a 24' skiboat and 50' houseboat in the past with no claims.
MTOA membership is not expensive and is well worth it IMHO.
-