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Catalina/Capri 25/250 Sailor's Forums

Catalina 25 Specific Forum

Boat Insurance

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Cbucki1
1st Mate

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USA
47 Posts

Initially Posted - 04/18/2008 : 09:04:55

Hey Folks,

I am having trouble finding reasonably priced insurance for my 1977 Catalina 25.

My old boat (a 1978 Catalina 22) only cost $180 per year, so I was shocked to get a quote for $400 per year to insure the Catalina 25.

Any suggestions for companies that provide good coverage at a reasonable price?

Thanks in advance.

Chuck

chuck buck
Summit Oasis
78 Catalina 25
Denver Colorado

Edited by - on

JimB517
Past Commodore

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USA
3285 Posts

Response Posted - 04/18/2008 : 10:07:11

BOATUS is $110/year here in southern CA.

Edited by - on

newell
Navigator

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USA
113 Posts

Response Posted - 04/18/2008 : 10:30:29

My insurance through Boat US is not much more than $200.00

newell

Edited by - on

skrenz
Captain

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USA
351 Posts

Response Posted - 04/18/2008 : 12:31:06

Like many things in insurance, there are many variables that you can change in addition to ones that you cannot change. The ones you can't change are where you live and where you sail. Also, boat insurers look at your driving record in addition to your claim record for previously insured boats.
What you can change is the level of liability protection and the deductible amount. It also depends on what amount you are insuring the boat for. Higher dollar amount of coverage equals higher premium. That said, rates vary all over the map. I originally asked my agent who covers the house to quote me a policy for the boat under the same company. That quote was much more than Boat US for the same level of coverage sailing in the same area and using the same personal history. My quote from Boat US too was around $200.

Something to consider on a boat of this age insured with Boat US is that under the "Boat Saver" policy: "All Boat Saver Policy losses are subject to depreciation". "We will pay for the reasonable cost of repairs or replacements, in accordance with quality marine practice, less depreciation. All partial losses are depreciated. Depreciation shall be calculated at ten percent (10%) each year for all covered parts beginning with the year of manufacture. The cost of labor is not depreciated. In all cases, a 10% residual value shall remain regardless of the age of the parts."
So if yours is a 1978 boat that depreciates 10% a year, the best you can expect to receive for repair or replacement is 10% of the cost of materials.
Even their full coverage option repays depreciated values for certain items: " We will pay the reasonable cost of repairs with depreciation applied to the repair or replacement of the following items: inflatable dinghies, paint and finishes, protective covers, fabric or sails." Everything else is "covered on a new for old basis".

So for example: you break your mast. A new one is $2000. Under the Boat Saver Policy, which costs you say $122 premium, the most you would get from the insurance company is $200 for your mast. But under the Full Protection Policy, which costs you say $197 premium, you would receive the full cost of the mast or $2000. But with either policy if you destroy an original sail, the best you can expect is 10% of the cost of replacement.

Edited by - on

piseas
Former Treasurer

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USA
2017 Posts

Response Posted - 04/18/2008 : 13:03:21

Chuck, who did you have insurance with? Either way, you should be able to ask the agent/rep why there is such a discrepancy. I know, I am an insurance agent. I myself went with BoatUS.
Steve A

Edited by - on

jerlim
Master Marine Consultant

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USA
1484 Posts

Response Posted - 04/21/2008 : 10:49:40

I'm w/ Progressive, for $180, BOATUS was 50% higher...

Edited by - on

Bruce Baker
Captain

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USA
402 Posts

Response Posted - 04/21/2008 : 15:21:24

I pay $228 to State Farm. Unfortunately, they don't know squat about sailboats. But they've paid two claims, so I stick with them.

Edited by - on

Deric
Captain

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USA
408 Posts

Response Posted - 04/21/2008 : 21:35:44

I haven't checked insurance prices yet with my home insurance company, I am still recovering from my trailer registration fee: $157 bucks.

Considering I only tow the boat to the slip and back, it makes for a $75 per trip - 20 minute drive.

OH joy, I cant wait to learn how much the insurance is going to cost me. Good thing I read this thread so I'll be mentally prepared for numbers - - gotta have it though.

I like the State Farm approach as Bruce mentioned.

KA CHING!

Edited by - on

dmpilc
Master Marine Consultant

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USA
4593 Posts

Response Posted - 04/21/2008 : 22:59:06

We've got our home, auto, and both boat policies (C-22 and C-25) with The Travelers. Rates are very reasonable; no claims yet, thankfully. Interesting thing is they will put multiple cars on one auto policy but only one boat per boat policy.

Edited by - on

Dave5041
Former Mainsheet Editor

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USA
3758 Posts

Response Posted - 04/22/2008 : 00:50:58

Practical Sailor did an article on insurance, and it came down to where you sailed. The cost differences and coverage in each region from a variety of insurers quoting on the same boat was incredible. You have to do your homework for your region. I currently have BoatUS for about $200 a year for the Great Lakes including winter layup and trailering plus $30 a month extra for my winter sojourn to Florida.

Edited by - Dave5041 on 04/22/2008 00:52:17

DaveR
Master Marine Consultant

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USA
2015 Posts

Response Posted - 04/22/2008 : 08:56:22

Have you noticed none of us guys from FL want to talk about insurance?

BoatUS wanted $1000!!! I'm SELF insured! I figure we went for 40 years in the Daytona Area without a hurricane and I'm hoping we'll go another 40. But all we have to do is go 10 yrs and my boat is paid for!

Edited by - on

Frank Hopper
Past Commodore

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Pitcairn Island
6776 Posts

Response Posted - 04/22/2008 : 10:01:33

State Farm ben berry berry good to me. When my Hobie 17 was destroyed by high wind I had a check within days.
Hurricane region people should pay ten times what Kansas pays, at least. When we have bad weather a couple of cats will die, when a hurricane hits it is big boat carnage. I think Dave is right, I would self insure if I sailed in Florida. The money would be better spent on a trailer.

Edit: Except your marina may require proof of insurance and if they do then... there you are.

Edited by - Frank Hopper on 04/22/2008 10:02:22

Dave5041
Former Mainsheet Editor

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USA
3758 Posts

Response Posted - 04/22/2008 : 11:28:55

Right Frank, I must insure in Florida for marina requirements. I also have to file a hurricane plan for a trailerable boat in January, February, and March and list my anchors, rodes, and dock lines. My official hurricane plan is one sentence: "I will load the boat on the trailer and go north."

Edited by - on

Ed Cassidy
Captain

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USA
365 Posts

Response Posted - 04/22/2008 : 15:54:37

Does liability insurance cost increase because of the threat of a hurricane?

Ed

Edited by - on

jesse camp
1st Mate

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USA
84 Posts

Response Posted - 04/22/2008 : 16:47:28

Hello 25 Fans,
If you keep a boat in a marina in Florida, you need liability
insurance, In case your boat damages the dock during a storm.
I also trailer, and went with Progressive at about $370/Year.
Peace of Mind.
Later for ya

Jesse Camp 87 SR SK 25 5550

Edited by - on

Dave5041
Former Mainsheet Editor

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USA
3758 Posts

Response Posted - 04/22/2008 : 18:01:50

Ed, the insurers divide the country into regions and statistical data provides a risk for each. Hurricanes are big and catastrophic, tornados are small and catastrophic and insurers are in the business to make money. One hurricane can generate hugh payouts while ten thunderstorms would be modest at the worst.

Edited by - on

John Bixby
Navigator

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118 Posts

Response Posted - 04/23/2008 : 07:42:37

I have boat US on my 77
It covers the followng
Boat and equip 7K
Liability 300K
Fuel spill liab. 800K
Uninsured boater 300K
Plus I have Boat us towing.
Premium is 589 a year. I was less than half that before
Katrina and Rita hit the Gulf Coast. We lost two
boats in our marina during Rita. One of the draw
backs to living on the third coast.
John on Ms Achsa 77 FK SR

Edited by - on

John Bixby
Navigator

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118 Posts

Response Posted - 04/23/2008 : 07:51:30

I left this out. Boat US is one of the few companies that
will insure a 1977 boat. Several wouldn't even quote
on a boat that old. Also, your marina may require that you
name them on your policy.
john on ms achsa 77 FK SR

Edited by - on

DaveR
Master Marine Consultant

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USA
2015 Posts

Response Posted - 04/23/2008 : 08:14:40

Dave B said; <blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">insurers divide the country into regions and statistical data provides a risk for each<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Unfortunately they don't do a very good job at risk assessment. The area between Jacksonville and Oak Hill FL is probably the safest area on the east coast of America but the Insurance companies choose to ignore the statistics and lump us in with Miami so they can pay their ceo a few more million each year.

Edited by - DaveR on 04/23/2008 08:15:40

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