Insurance

[Captain Cigar]

I am looking at a 1977 53MY. I am trying to find the cost of insuring that boat. Boat U.S / Geico wont write anything bigger than 53. Progressive doesnt write it either. State Farm May not write it because of the age of the boat plus I am going to be in SW Florida (Ft. Myers Area). She said if State Farm does write it the premium is over 10000. per year. The cost of the boat is about 200000.

Who do you guys use in SW Florida for insurance?

 

[JD5652]

I'm in SWFL... on the Manatee River... Riviera Dunes. I have a 1976 58 LRC and pay about $6500/year through State Farm.

 

[Captain Cigar]

I spoke to State Farm. Im so far still in Atlanta and all of my insurance (cars, home, boat, motorcycle, liability etc) with State Farm. She wasnt sure if they would even insure it and if they did the premium would be most likely over 10000.00 a year. She will get back to me tomorrow. Maybe you were grandfathered in.

 

[madhatter1]

Call Keely at Darla Pettaway State Farm Agency in Bradenton FL. 941-462-2434.

 

[Captain Cigar]

Will do

Thanks

 

[Captain Cigar]

I'm in SWFL... on the Manatee River... Riviera Dunes. I have a 1976 58 LRC and pay about $6500/year through State Farm.

Thanks

 

[captcrunch]

It’s a very limited market but I can get it done. A good current survey and storm plan is key

 

[JD5652]

I spoke to State Farm. Im so far still in Atlanta and all of my insurance (cars, home, boat, motorcycle, liability etc) with State Farm. She wasnt sure if they would even insure it and if they did the premium would be most likely over 10000.00 a year. She will get back to me tomorrow. Maybe you were grandfathered in.

Only been with State Farm since 2023. I too researched just about every carrier and got a very high rate plus very high deductible or a flat out "NO".

I have a different agent than Madhatter, but seems State Farm is the best game in town around here these days.

 

[zigzag930]

JD,

I just received notice from my insurance co, that I will no longer have insurance during a named storm in FL. Just great. How is State Farm with respect to storms? Are there any exclusions or requirements to move the boat, haul it, etc?

Thanks,
Jim

 

[rsmith]

This is killing the values of these big boats. It’s to the point I reached a long time ago. Liability only no loans and figure you put the money into loss protection and figure it’s a toy not a piece of your investment portfolio. If you lose it it’s just a toy. 30 years ago after Hurricane Andrew hit Miami the insurance companies decided they didn’t like 20 year old boats if you understand how an actuaries mind works maybe you can explain women. But they jumped my insurance to over 4k on 100k hull. 4% of hull is just stoopid. In the last 30 years pocketing the money I figure I’m at least 120k ahead. Way more than that if you figure the extra cash got dumped in my IRA and investments

 

[JD5652]

JD,

I just received notice from my insurance co, that I will no longer have insurance during a named storm in FL. Just great. How is State Farm with respect to storms? Are there any exclusions or requirements to move the boat, haul it, etc?

Thanks,
Jim

Zig -

I have no exclusions for named storms. Do not need to move the boat or haul. At 9 knots, we're not outrunning anything...

 

[rwaldrop13]

We're in Ft Myers and lost Pau Hana to Ian. Our insurance was thru Concept, a subsidiary of Lloyds. Only insurer we could find when we bought her in 2020. However, even with named storm coverage, approved storm plan and loss of entire marina, they fought us on paying out loss. I would try to stay with a US company if possible. Also be aware, the only reason we won is I called the state insurance commission and the state CFO's office as well as the governor's office. 2 weeks to the day from those calls they paid the claim in full less deductible, after 7 months of arguing with me.

 

[jmooney]

This is killing the values of these big boats. It’s to the point I reached a long time ago. Liability only no loans and figure you put the money into loss protection and figure it’s a toy not a piece of your investment portfolio. If you lose it it’s just a toy. 30 years ago after Hurricane Andrew hit Miami the insurance companies decided they didn’t like 20 year old boats if you understand how an actuaries mind works maybe you can explain women. But they jumped my insurance to over 4k on 100k hull. 4% of hull is just stoopid. In the last 30 years pocketing the money I figure I’m at least 120k ahead. Way more than that if you figure the extra cash got dumped in my IRA and investments

I have been liability only for at least 15 years. Spent the difference though. The one big thing RSSmith mentions is the effect on prices . It puts a big limit on the retail price if you can’t get insurance. Amazing that a small to medium center console sells for two or three times our boats .

 

[SEVEN]

Try Chub insurance. They specialize in Boat insurance.

 

[krush]

Liability only....and save the premiums. They gonna refuse to pay or drop you right when you need them anyway!

 

[madhatter1]

Liability only....and save the premiums. They gonna refuse to pay or drop you right when you need them anyway!

Not going to argue with this. Back in 06 when they wanted $7K a year to insure our 34 for $35K I went no insurance. Havn't spent a dime it 18 years. Surue it makes sense to have liability but I said f**k em. But when relaunched in hopefully a couple months it will have liability.

Rate on our 46 for $132K agreed value plus $1M liability is fair. If it goes whackadoo I'll do liability only.

 

[SEVEN]

Not sure about other states, however, in California if you do not have insurance, you cannot enter into a marina or another yacht club without proof of insurance.

 

[Bob Bradley]

Not sure about other states, however, in California if you do not have insurance, you cannot enter into a marina or another yacht club without proof of insurance.

It seems that in California there are a lot of things that you can't, or must, do.

 

[Eddieclemons]

Here in Middle Tennessee you will need proof of insurance to stay at most marinas. Some ask for it short term, but most just when you sign an yearly agreement. It's going to come up, but you could probably dance around it, but it will limit your travels.

 

[SEVEN]

I guess it’s not always about California.