Best Insurance on jumping in boat size

Discussion in 'General Discussion' started by Cool*Runnings, Jan 25, 2021.

  1. Cool*Runnings

    Cool*Runnings New Member

    4
    Jun 12, 2017
    Panama City Beach, FL
    195 Searay Bowrider 1995
    174 cc Sailfish 2000, Lowrance HDS 9 Gen 2
    In Search of a Sundancer in th
    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
     
  2. b_arrington

    b_arrington Well-Known Member GOLD Sponsor

    Feb 21, 2007
    Setauket, NY
    Back Cove 37
    AB Ventus 9VL
    Cummins QSC 8.3 600
    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.
     
  3. brewster16

    brewster16 Active Member SILVER Sponsor

    658
    Aug 9, 2009
    Long Beach Island, N.J.
    '07 44 Sundancer
    Twin Cummins QSC 8.3
    NBOA in Sarasota has always been the lower premium for the best coverages
     
    dvx216 and RBB like this.
  4. northern

    northern Well-Known Member

    Jan 17, 2007
    Anacortes Washington
    380 Aft Cabin 1989 Charts Timezero radar Furuno
    Twin 454 strait shaft
    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.
     
  5. fwebster

    fwebster Well-Known Member TECHNICAL Contributor PLATINUM Sponsor

    Oct 6, 2006
    Middle Tennessee ; Panama City Beach, FL
    1996 450DA
    3116 Caterpillars
    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..........
     
  6. ErikE

    ErikE New Member

    9
    Dec 26, 2020
    Northern Michigan
    1986 Sea Ray 340 SD
    Twin 454
    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.
     
  7. Carpediem44DB

    Carpediem44DB Well-Known Member

    Aug 18, 2015
    Sanfransico Bay area
    Recently sold and currently buying a 2000 Carver 506
    2006 44 DB Sedan Bridge
    Cummins QSC 8.3 500 HD
    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
     
  8. Cool*Runnings

    Cool*Runnings New Member

    4
    Jun 12, 2017
    Panama City Beach, FL
    195 Searay Bowrider 1995
    174 cc Sailfish 2000, Lowrance HDS 9 Gen 2
    In Search of a Sundancer in th
    3.0L w/Bravo II Drive
    90hp yamaha outboard
    Thank y'all so much for the reply's I will give those few a try. I had forgot about USAA
     
  9. Mauler34Rod

    Mauler34Rod Member SILVER Sponsor

    89
    Aug 26, 2020
    Lake Michigan IL/IN
    2001 380 Sundancer, Raymarine radar, chart plotter and gps
    496 Mercruiser 8.1 w/ V Drives
    Another one to try is Chubb and ask for the select policy.
     
  10. b_arrington

    b_arrington Well-Known Member GOLD Sponsor

    Feb 21, 2007
    Setauket, NY
    Back Cove 37
    AB Ventus 9VL
    Cummins QSC 8.3 600
    USAA won’t do a boat that big. I checked with them.
     
  11. The Dark Side

    The Dark Side New Member

    19
    Oct 16, 2020
    Middle River, MD
    2008 Larson 370
    Volvo 8.1's
    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.
     
  12. dwna1a

    dwna1a Well-Known Member PLATINUM Sponsor

    Apr 23, 2012
    James River
    88 Weekender 300 "Seahorse"
    Twins 350
    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
     
  13. spikedaddy99

    spikedaddy99 Well-Known Member PLATINUM Sponsor

    Jun 11, 2008
    Prentice, Wi
    2005 500 DB
    QSM-11
    Interesting comment Frank. I didn't have any problems going from our 320 to our 500. I insure with NBOA.
     
  14. Mauler34Rod

    Mauler34Rod Member SILVER Sponsor

    89
    Aug 26, 2020
    Lake Michigan IL/IN
    2001 380 Sundancer, Raymarine radar, chart plotter and gps
    496 Mercruiser 8.1 w/ V Drives
    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.
     
  15. dwna1a

    dwna1a Well-Known Member PLATINUM Sponsor

    Apr 23, 2012
    James River
    88 Weekender 300 "Seahorse"
    Twins 350
    I will go by my agents office and go thru it again. No harm in checking it out
     
  16. fwebster

    fwebster Well-Known Member TECHNICAL Contributor PLATINUM Sponsor

    Oct 6, 2006
    Middle Tennessee ; Panama City Beach, FL
    1996 450DA
    3116 Caterpillars
    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.
     
  17. spikedaddy99

    spikedaddy99 Well-Known Member PLATINUM Sponsor

    Jun 11, 2008
    Prentice, Wi
    2005 500 DB
    QSM-11
    I assume no hurricanes, tropical storms and the fact that my boat is out of the water 6 months/year would make a difference :)
     
  18. ENstig8or

    ENstig8or Active Member GOLD Sponsor

    214
    Jun 4, 2013
    New Jersey/North Fort Myers, FL
    2003 Sea Ray 450 Express Bridge.....

    2016 Sea Ray 21 SPX BR
    Cummins 480CE (450)
    Mercruiser 4.3L (21 SPX)
    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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