Yacht insurance for older vessels

[Sailboattraitor]

Greetings! I own a year 2000, 3700SCR. I am becoming a bit annoyed with the rising cost of my insurance premium each year. It has risen $100.00 per year for the past 5 years. My auto and home insurance don't even do that. I have never had a claim on any vessel that I have owned over the past 35 years. As I am shopping around for new insurance, I am discovering that most companies that will insure vessels do not insure a vessel if it is more than 10 years old. Any suggestions? Who do you insure your vessel with? [I know, I know . . . I should not end a sentence with a preposition. ] Thank you in advance for any thoughts.

[Patrick Bodkin]

I am not very happy with my Boat Insurance Company (State Farm) myself. We've had auto, home, and liability insurance with them for years yet they hit us with a 25% increase within the first 2 months that we owned our 2008 2900SE after some underwriter dweeb saw that we were 1st time boat owners and threatened to cancel our policy if we didn't pay the surcharge. It is now on my "to do" list to shop all our Insurance business around because of the manner in which we were dealt. My 1st call will be to USAA because of family military connection. GEICO keeps sending me insurance quotes because of our BOAT USA towing policy.

Good luck

[Jorgeinseal]

I have a 2001 4100 with Progressive, in California

[jparsons121]

I’m with Progressive as well thru NBOA in Florida.

[golfwins]

I have been very happy with Ski Safe. Their rates are close if not unbeatable based on researching companies for my 2003 2700. My boat is at a marina on the water (lake). Your situation may be different.

[shrew]

I don't like going with a multiline insurance company that underwrites Property, automotive, RV's and boats in a single policy. They tend to be jack of all trades. I also don't like direct-line insurance (e.g. Geico, Progressive) There is no competition.

I prefer going with an independent agency that represents a variety of insurance companies. They will be able to negotiate the companies to find the best policy for my needs.

For the boat I choose to do business with an independant agency that only writes marine policies and represents a variety of insurance companies. Many of those insurance companies only underwrite marine policies.

https://maritimeinsuranceinternational.com/

[2004_3300_SCR]

@Patrick: FWIW USAA doesn't underwrite boats anymore - they established a partnership with Progressive for watercraft, and you receive an association discount for going to Progressive through USAA.

USAA, at least in NJ, does not have the greatest rates right now. My cars had been insured with them since 1991, but late last year I moved them over to State Farm (I moved my homeowners over in 2009 because that rate was $1k lower for comparable coverage). When I moved the cars, I got better coverage (added a PLUP umbrella policy) and saved close to $2000 through a combination of bundling discounts and lower rates. State Farm also looks to be a little lower on the watercraft too, so I may move the boats over as well. YMMV since rates differ by geography and individual situation.

[Patrick Bodkin]

Thanks for the information. I lived in South NJ for 10 years from 1999 - 2009 and know all about paying the highest auto insurance rates in the Nation because of the high #'s of high class autos and theft rackets from the Northern Part of the Garden State. Add in the highest property taxes in the Nation, the high cost of living, and high income taxes the real estate "Exit Tax" if the home sale proceeds are sent to an out of state address, and it's no wonder why everyone who can is leaving the State.

[biggerseagar]

Look into becoming a united States power squadron member . We have our own insurance based on your education level. Very reasonable.

Roger

[Patrick Bodkin]

Thanks, I look into it.

[2004_3300_SCR]

@Patrick lol... NJ is indeed "a great place to be from." Too many binding ties right now but I'll be out of here first chance I get.