insurance

[Shayne]

Hi everyone. My insurance is up and the my agent can find no carriers to renew or issue a policy. Only gieco came back at over 12k per year. when i purchased the 1989 hatteras the insurance was only 3,000. What is everyone doing for insurance these days? any tips to reduce the rate.

[Photolomy]

I have to ask. Between the time it was 3000 and now, have you made any claims?

[captcrunch]

Where are you located. Geico does not want anything over 40ft. I can probably help

[Shayne]

Thanks. No claims. I'm in south florida. Boat is permanently in Hillsboro beach but i go to key largo for 5 months per year.

[captcrunch]

South Florida insurance rates have gone crazy in the last few years as market keeps shrinking and geico doesn’t want anything over 40ft on new business anymore. They will offer renewals to existing customers but on average 300% rate increase is the norm. If you have a current survey there are a few options

[JuiceClark]

I wonder if Se FL is more expensive than Sw FL? It's plausable, since life is so much faster over there. Still, one is more likely to smash the running gear on an oyster bar over here.

I got a quote from BoatUS/Geico two weeks ago for the '84 52C I'm considering. It was $5,625 with an insured value of $115k. They said they won't insure that boat for less. (even though they probably won't pay me that much if it's totaled) That seemed about right to me?

I have a 6 pack and have owned 4 boats over 40', but I doubt that matters compared to you ol' salts.

edit: tried to snip and paste the quote page, but it won't post

[captcrunch]

Very recently geico boat us is not writing boats over 40ft. That quote may not be valid anymore. Florida is Florida for insurance purposes

[Flymitch]

Using Oversea insurance out of San Diego. 619-222-1111
overseainsurance.com
No clue if they will insure for Florida.
Last renew, old company stopped writing policies, so they used a new company.
Mine went from $1250-$1800 for $3000 deductible.
Boat is a 75’48’-9” YachtFish, in the water 12 months a year.
I did have a somewhat recent survey, which helped?
Good luck!

[Maurice]

I surprisingly just read an article that said few insurance policies cover "consequential damage". I other words if your boat sinks because a sump pump failed, they will pay for the sump pump, but no the boat. That's why the liability policy alone does not cost much more that full coverage. Must clarify my policy!

[Photolomy]

Thanks. No claims. I'm in south florida. Boat is permanently in Hillsboro beach but i go to key largo for 5 months per year.

Thanks for the reply. It must be the zip code then. I am with geico and it is 2800 a year. I dropped my hull value to 100k. You probably would never self insure your whole boat, but you can alter the amount (possibly). For me, liability is more important, and after that a total loss due to hurricane. I factored that into my decision to buy the boat, and if the premium was as high as yours, it would be liability only for me, or no boat.