Best Insurance on jumping in boat size

Cool*Runnings

New Member
Jun 12, 2017
4
Panama City Beach, FL
Boat Info
195 Searay Bowrider 1995
174 cc Sailfish 2000, Lowrance HDS 9 Gen 2
In Search of a Sundancer in th
Engines
3.0L w/Bravo II Drive
90hp yamaha outboard
Hey guys I am looking at purchasing a 1996 Searay 370 Sundancer and have gotten turned down by two companies and over a $4k quote from another. Who would y'all recommend trying to get that number down. Largest boat I have owned is a 21ft but have operated larger which doesn't seem to matter which the companies I have contacted. They are Boat US, Progressive, and Seatow. Any advise is greatly appreciated. Thanks
 
You're out of the "boat" insurance range and now into "yacht" insurance. Time to get a carrier that has yacht policies.

I just bought a 37' boat (42' overall ). Previously had a 34' and 27'. They asked about all my prior experience, not just ownership. Most of my quotes were on in the $2700-$3000 range for $625k agreed value policy. But I'm also in New York with a shorter season with the boat on land 1/2 the year. I know the further south you go the more expensive the coverage. I went with New Hampshire insurance, but Travelers was also competitive. I got quotes from both Sea Tow and Boat US for kicks - prices were much higher than others. You could also get a quote from NBOA. You might want to get an insurance agent that can help get you several quotes as well.
 
NBOA in Sarasota has always been the lower premium for the best coverages
What year is the boat. Some companies do not insure old boats. We got dropped from a provider 2 years ago because they no longer insured old boats. Found agent who found me coverage for 1K a year.
 
Thanks to the storms the last several years several of the NBOA companies are no longer writing coverage on the Gulf Coast. That is only one strike against you......the other is your experience level. Most companies won't write new coverage on a boat more than 10 ft longer than your previous largest boat. Having a safe boating course helps, but you still may need to hire a licensed captain to ride with you the first few weeks you run the new boat. The difference between a 34 and a 37 isn't that great, nor is the handling difference between the 2 boats. I suspect you are more likely dealing with underwriters who are still stinging from Hurricane Michael losses last year. Another factor is understand the hurricane plan for the marina you plan to keep the new boat in and be able to discuss it with the agent/underwriter you approach for coverage.

Good luck with it..........
 
I have almost zero experience being I have owned all of one boat for a whole 5 months so take this with a grain of margarita salt.... but I got mine through Progressive. Without much shopping around mind you. They partner with USAA where I have my other insurance items.
 
I just got a quote from my Marine insurance broker going from an 06 44 Searay to a 2000 51 foot Carver. Agreed value at $270,000 all risk came in at $1992 from Travelers. I was paying $1800 and change for my 44 with Agreed Value of $346,000. Going up in size and down in value along with insurance on the rise in general I think I'm happy with the quote
Carpe Diem
 
Thank y'all so much for the reply's I will give those few a try. I had forgot about USAA
 
Another one to try is Chubb and ask for the select policy.
I agree. I switched from a 31' (01) sailboat to a 37' powerboat (08) in October. Sailboat was with Boat US / Geico so I got a quote from them for the 37'. It was about twice the cost. I was referred to Chubb, and they got me a policy with the same coverage at the same cost of what I was paying for the 31' sailboat. Definitely helps to shop around.
 
Mine is with StateFarm. I did that because everything I have is insured by them. I looked into BoatUS and found their prices way to high for a 1988. StateFarm has allowed me to increase the insurance as new electronics were placed on the old girl
 
Mine is with StateFarm. I did that because everything I have is insured by them. I looked into BoatUS and found their prices way to high for a 1988. StateFarm has allowed me to increase the insurance as new electronics were placed on the old girl
You might want to read the fine print in your State Farm policy. My friends boat caught fire in October and was a total loss and sunk to the bottom of Lake Michigan. His policy was only written for 10% salvage of total insured value. Boat insured for $70K, lowest price for salvage was starting at $23K. DNR called him everyday asking when he was going to remove the vessel’s remains. This would be a good thing to double check. Don’t get me wrong I have State Farm for everything but my boat. Boaters insurance is the way to go.
 
You might want to read the fine print in your State Farm policy. My friends boat caught fire in October and was a total loss and sunk to the bottom of Lake Michigan. His policy was only written for 10% salvage of total insured value. Boat insured for $70K, lowest price for salvage was starting at $23K. DNR called him everyday asking when he was going to remove the vessel’s remains. This would be a good thing to double check. Don’t get me wrong I have State Farm for everything but my boat. Boaters insurance is the way to go.

I will go by my agents office and go thru it again. No harm in checking it out
 
Interesting comment Frank. I didn't have any problems going from our 320 to our 500. I insure with NBOA.

He is looking for coverage in Panama City Beach FL. This is a high traffic, tourist-oriented area loaded with commercial and military operators and frequently hit by tropical storms and hurricanes. Risks are significantly higher than in most other areas and so are underwriting requirements.
 
He is looking for coverage in Panama City Beach FL. This is a high traffic, tourist-oriented area loaded with commercial and military operators and frequently hit by tropical storms and hurricanes. Risks are significantly higher than in most other areas and so are underwriting requirements.
I assume no hurricanes, tropical storms and the fact that my boat is out of the water 6 months/year would make a difference :)
 
Frank is spot on about experience level. When I jumped up from my 310 Sundancer to the 450 Express Bridge, most companies wouldn't touch me. Liberty Mutual, Travellers and others said come back for a quote after you've had it 5 years. Marinemax arranged insurance for me with some company I'd never heard of and I switched to Geico a year or so after because they would take me, their rate was $500/yr lower and they required no new survey.
Florida presents other challenges as mentioned above. I had to go through 5 insurance companies just to get insured on my home that I bought here last June. Auto, Home, Boat all costs more here in FL.
 

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