New Owner Insurance Question

[boozubay]

Hi everyone,
been lurking here for a while ready all the great information. I bought my 1980 61MY in Salem, Ma in April and brought her home to Dunedin, FL near Clearwater/Tampa.

I bought a policy with Boat US and am wondering if the numbers are good or bad.. Seems high to me but looking for your wise advice.

We are being charged $7200 annually.

Finding a policy during the purchase was a chore so I just went with them. Now that we are home and settled we are ready to get some feedback and quotes...

Thanks!

Dan

 

[jim rosenthal]

What was the surveyed value? It seems high to me, but I don't live in that area and I know the premiums are higher in FL because of storm risks- at least I think so.

 

[boozubay]

Surveyed at $130. She needed a ton of clean up and needed some systems fixed. We have fixed everything and she is beautiful. 99% interior wood is flawless... The PO had so much garbage on her that the surveyor could not even get to some areas hahah Took a week and a dumpster to clean her out before we left to come home.

I think that is low and will be getting another survey once all the remodel is completed and electronics are updated.

So basically, we are paying $7200 for hull value of $130

 

[captcrunch]

There are a few markets that will do this I may be able to help. Boat is/geico in general is expensive

 

[Capt.Z]

Boozubay

PM me for my number. I keep my 53 in Mad Beach. Youre paying quite a bit and can put ya in contact with some good options as I just finished insurance shopping myself.

Adam

 

[Yachtsmyth]

Following this- we have a1979 yacht fish and paying more than that. value 185k w a 3% ded. shopping to renew soon.

 

[RonNP]

Just for comparison
I'm on the west coast
Agreed upon value of $350,000
Annual premium $2900

 

[madhatter1]

Also in Mad beach. Call atlas on the other coast. I think we’re just over 2 K for 86K value on our 46. Written through Progressive and include towing insurance.

 

[Sadey]

Oh man. 1989 60 260k. 10,000 through Geico. Still shopping

 

[Boatsb]

Russ or Jim at Atlas in cocoa Florida are good contacts

 

[Photolomy]

It may have a lot to do with the (perceived) condition of the boat. I am on the east coast and my policy with BoatUS/Geico was $3100 for $130k. I recently dropped it down to $100k and also got a discount because I have car insurance with Geico, and the policy is now $2600.

 

[Briankinley2004]

I am in Tarpon Springs just North of you and just renewed with Geico. Wallace, Welch and Willingham in St. Pete wrote the policy with Betty Southard as my agent. With a hull value of 88K I am paying just under 3K and that includes part time charters. I do get a discount for my captains license. I think its a couple hundred. I would call Betty especially being so close.

 

[boozubay]

Thank you all for the input. I will be making some calls today and let you know the outcome.

 

[dar636]

Ouch! Regional differences are crazy.

Pacific NW, 76 Yachtfisherman at $305K value: $3811 annual. Twin River Marine Insurance agency, underwriters: U/W Division. IMU Ocean Marine