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Insurance getting outta hand.

Old 01-21-2023, 10:56 AM
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Default Insurance getting outta hand.

I picked up a Cobalt 198 with a 350/ 2barrel duo/prop 2 years ago. Super clean to have a tag and go by myself. . Agreed hull value 10k, 3k on trailer ,1k personal ,100k /each person liability, 100k fuel/spill etc and 3k tow. Was $421 , then last year went up to $468 and just got renew and now $560. Thats almost 35% in 2 years.


I know to many on here those numbers are missing a few zero's .

I am tired of getting nailed in the azz with insurance. Between auto, home life, boat it is getting ridiculous!!!!!

Health insurance....what health insurance. What's that??? .... Sarc/

Rant off/.

Last edited by open87; 01-21-2023 at 11:01 AM.
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Old 01-21-2023, 11:05 AM
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I would not use agreed value, it just cost you more. Boat may not be worth that and if so it just cost more. Once my Formula cruiser went below what it would cost me to replace, I changed policy to just liability.
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Old 01-21-2023, 11:05 AM
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Originally Posted by open87 View Post
I picked up a Cobalt 198 with a 350/ 2barrel duo/prop 2 years ago. Super clean . Agreed hull value 10k, 3k on trailer ,1k personal ,100k /each person liability, 100k fuel/spill etc and 3k tow. Was $421 , then last year went up to $468 and just got renew and now $560. Thats almost 35% in 2 years.


I know to many on here those numbers are missing a few zero's .

I am tired of getting nailed in the azz with insurance. Between auto, home life, boat it is getting ridiculous!!!!!

Rant off/.
Ha! The costs of boating have exponentially increased ie: cost of boats themselves, maintenance, gas, slips (in CT we're around $185/ft which includes a $25/ft credit for winter storage) which is outrageous, shrink wrap, repairs all are out of control. I purchased a Pursuit with outboards and I'm out tens of thousands above and beyond the purchase price and I haven't even used it yet. I can see a few years of this and getting out of the hobby all together sans a little Whaler with a 50 maybe to go out and jump in the water and catch a few fish...maybe. It's been a few years since I've had a boat and I'm already planning my exit.
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Old 01-21-2023, 11:39 AM
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Foremost insurance on our top gun before I dropped them was $4500 a year. Mind you we boat 4 months out of the year…criminal
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Old 01-21-2023, 12:51 PM
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My Tiger is with David Wagner. I have a higher deductible (I think about 5k), but my coverage limits are 500k I believe with all the standard coverages (towing, etc.....). Pair of 800's.

Mine has ticked down every year given I hadn't had any claims. I think it's down to about 850 or so per year. I'm not sure I even have a layup period, but I only boat may-October at the most.

Obviously insurance rates really aren't comparable across different people's scenarios, geographies, credit, but might be worth shopping it around some...
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Old 01-21-2023, 01:06 PM
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Originally Posted by AllDodge View Post
I would not use agreed value, it just cost you more. Boat may not be worth that and if so it just cost more. Once my Formula cruiser went below what it would cost me to replace, I changed policy to just liability.
Went with agreed value due to condition of vessel. It was garage kept off Lake Conroe Tx . Fresh water lifetime. Kept inside at shop where I work. . i have only put 9 hours in the 2 years still under 400 total hours for a 1993. Except for a few minor scuffs and chips from original owner , some stitching on engine hatch starting to separate you would think it was on showroom floor. Turn key , it's worth that agreed value.

I can't imagine other members here on insurance on the new boats, trucks , toys , big houses ,etc.


Deductables hull and equipment $1,250

Trailer-$200

Pesonal effects $50




Last edited by open87; 01-21-2023 at 01:10 PM.
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Old 01-21-2023, 01:12 PM
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Being that insurance is regulated by each state and not the government, it'll depend on where you live. I can tell you in Florida right now, everyone is paying a FIGA tax fee per calendar year for everything other than auto insurance. This tax is due to recent hurricanes this past season and several insurance companies going belly up in the aftermath. Long story short, if you live in Florida, you are paying your portion to help offset those costs associated with this issue. I know, not your responsibility but the state mandated that, nobody else. Rates have increased no doubt so if you need help finding some options, I'm a marine finance & insurance broker based in TX but can quote anywhere. We have tons of options so just let me know, THX!
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Old 01-21-2023, 01:14 PM
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I pay $12.50/month for Liability-only on my 1996 Sunsation, through State Farm.
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Old 01-21-2023, 01:16 PM
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Here is policy, , again its not like we can't afford it , it's the principle of going up that 35% in 2 years. The hurricanes obviously don't help or all the other claims made .

Reading the thread about the new Donzi 22 for $220k .. can't imagine what that would be .








Last edited by open87; 01-21-2023 at 01:29 PM.
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Old 01-21-2023, 01:27 PM
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My recent quote, with CHUB thru Ace American 2023 280 OSX
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