Sailboat Insurance, Ugh...and a few tips (e.73) | ⛵ The Foster Journey

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Getting insurance for our sailboat, Cadence - it's been quite the headache, and we never really knew who to trust. Our first year owning Cadence cost us way more than it should have to have insurance. But after a little shopping around, we saved over 40% for our 2nd year, and now we'd like to share a few of the problems and discoveries we made about sailboat insurance.
Hope you enjoy.
Cheers,
Matt
SV Cadence
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Who Are We?
We're the Fosters, and we just sold our house and purchased a sailboat, Cadence, a Catalina 387. We're on a journey to minimize our life, learn to live on a sailboat, and sail away.
In 2019, Matt quit his public education career of 15 years, and went full-time building his own business. Olivia is ready to explore the world, and so am I...but first, we have to save up, learn about sailing, and figure out a way to leave land.
We're sharing this journey with you in hopes that it'll bring you a smile, provide something helpful, and maybe give a bit of inspiration to live life on your terms - to explore your world.
Join us as we take this journey into the unknown, and share some laughs along the way.
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Опубликовано:

12 сен 2024

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Комментарии : 45

@svbrilliantcut7562 3 года назад

Wow. An entire episode about boat insurance and not one curse word. That's gotta be some kind of record!

@TheFosterJourney 3 года назад

🤣🤣🤣

@tomelerding1399 3 года назад

It’s a shame that we have to spend so much of our hard earned money on insurance. I’d like to know the profit margin on boat insurance. I have a collectible car worth $550K on which I pay about $1000 a year for insurance. Good thing it doesn’t float!

@TheFosterJourney 3 года назад

So true...and I'd like to know those margins too. Can't imagine

@SVFresh2Salty 3 года назад

We just gone through the same issue. We managed to find a policy that allows us to sail to the Bahamas or Mexico. We found most insurance companies only allow you to go 10 or 15 feet longer than the boat you have experience on. So for us coming from a 27 foot boat they wouldn’t allow us to buy a 40foot. Thankfull we found someone that allowed 15 foot difference.

@micheleschultz6558 3 года назад

Wow glad you were able to find a better rate! We're in a super busy time of year, so I may be a little late getting to watch your channel. But want to always remember to cheer you guys on in making these wonderful videos. You'll be heading out soon! :D Praying for fair winds and following seas!! Hope you were able to find some good crew to help you on your journey.

@TheFosterJourney 3 года назад

Thanks!!! Yes, we just looked at the wind, and it might be a lot of motoring across the Gulf of Mexico. 🚤 vs. ⛵ 🤷‍♂️

@JC-21470 Год назад

I am looking to buy a boat as well and researched this some. One thing is... "Do you own your boat or do you have a loan"? If you have a loan you are at the mercy of the Insurance companies, but if you own it you can go with liability only, of course down side to that is obvious, RISK if something happens. I have heard expect 2%-3% value of the boat. As for experience, I have heard one thing you can do is have a license captain provide some training and sign you off. Would be curious to hear comments from EXPERIENCED boat owners about what I have mentioned here.

@SOLDOZER 9 месяцев назад

Boat insurance situation is really fluid even month to month. Before covid they would insure pretty anyone, and cheap. During Covid a bunch of newbies with no experience decided they wanted to buy boats and they shut that down real fast. Even with years of experience I had trouble getting new insurance. I thought they were going to ask for a blood sample to see if I had any viking DNA.

@liveaboardsailor3787 3 года назад

Finding a company that insures live aboards is getting tougher- especially Sailboats. Geico owns BoatUS & it’s the call in the US. Once some time at the helm has been documented, they expand coverage to the Bahamas. Also, you get free towing, which is nice. A good negotiation tactic is to under insure the vessel-I.e.: if your boat is worth $120k, insure it for $80k. That helps. Also, ask that the policy covers your dink- they get stolen (often just the outboard) quite often comparatively. Cruise on!

@DevoutFollowerofYeshua 7 месяцев назад

how about a list of Insurance carriers? ty for your videos ⛵️😊

@TheFosterJourney 6 месяцев назад

Thanks for watching and commenting!! Here's who we know from our own experience and from boat buddies... State Farm (if you're US East coast) American Modern US & Bahamas LLoyds of London (International)

@marierocheleau1984 3 года назад

Well Boat US first year was more expensive but now as more experience ie:ASA101, 103, 104 and Captain 6 pk operator/ await license we are getting better discounts and a couple rebates plus towing !

@TheFosterJourney 3 года назад

Smart move on the 6pk. Our broker recommends it too.

@BOBK-jf4qx 2 месяца назад

I wonder if moving to say Panama or Costa Rica, insuring there, woud alleviate some of these qualification issues?

@barryandrews4316 3 года назад

Choice vid you guys...its taken me a little while to warm to yous..but i am really enjoying watching your travells..Thank you

@TheFosterJourney 3 года назад

Thanks, Barry! Glad you're enjoying the videos 👍

@rexanddonnaboyd 3 года назад

I also have a C-387 based in Waterford Harbor Marina. I started out with Geico and the second year's renewal was a bit less than the first year's premium. One of my concerns, since I want to take a trip up the east coast, is how far off shore I can go from Kemah to Florida. The policy states coverage for the coastal waters of the USA and Canada. With the different definitions of "coastal waters", I called them and could not get a definitive answer. I'm thinking 200 miles but will attempt to tie that down. Otherwise, I've been happy with them. I hope I'm still happy in a couple of months, with my next renewal!

@SOLDOZER 3 года назад

The distance of "coastal waters" is a huge debate and I have never seen anyone able to get a direct answer.

@TheFosterJourney 3 года назад

Interesting. Ours specifically states how many miles.

@SOLDOZER 3 года назад

@@TheFosterJourney There was a big debate about this on Cruiser Forum cause everyone on there had the same issue. Their policy said the same thing...."coastal waters".

@TheFosterJourney 3 года назад

@@SOLDOZER it's kinda crazy isn't it, that they kinda leave it vague?

@Trekking_America 3 года назад

@@SOLDOZER My policy I purchased last year. I think it is American Modern and the policy was my first year of this large of boat a 47 Beneteau. Cost was 4k insured $150 k and with stipilations that we DO NOT go into foreign waters and must stay within 150 miles of The US coast. maybe this helps? Revewing this year I will be shopping since we have a lot of time under our belts now on the water. HAPPY SAILING! :)

@hitchednhandy4514 3 года назад

State Farm in georgia let’s you go to Bahamas with full coverage and not necessary to be above NC in hurricane season. Under 1k for 110k agreed upon value

@TheFosterJourney 3 года назад

Thanks for sharing, that's great!

@SOLDOZER 9 месяцев назад

I bet that was pre C-19. I bet they wont do that now.

@jonataseuuk Год назад

You just won your selves a subscriber.

@TheFosterJourney Год назад

Welcome aboard!!

@petermerrick5644 7 месяцев назад

Who do you use now for insurance. We are looking good insurance for east coast and Bahamas would prefer no date restrictions as far geographical area. Thanks!

@TheFosterJourney 7 месяцев назад

I hear a lot about geo restrictions for hurricane season, but none of the carriers I've worked with have them. State Farm. American Modern. Progressive. The biggest difference I've found with insurance is where the boat is home ported. For example, it's way cheaper in Virginia and Georgia than in Texas - locations also have GEO restrictions. To go outside of Bahamas and US, you'll need to find carriers for those regions.

@johnyalowica8423 8 месяцев назад

What boat insurance company do you use?

@seineasylum6936 3 года назад

We are in a similar boat 😂 as you all were in the beginning. We’re about to go look at a boat that we might buy and I was under the impression that the broker would be able to help us find the best insurance. But it sounds like you guys searched out your own insurance in the beginning? Did the broker offer to help you find insurance before you closed?

@michaelzotzky4378 3 года назад

You need to find an INSURANCE broker to do the shopping for you. He/she will want details on your previous boat ownership history, how much experience, any safety courses. (The state course offered thru BoatUS saved us money on our fishing boat insurance thru Foremost.) You can ask your yacht broker for a recommended insurance broker. Or someone local.

@TheFosterJourney 3 года назад

Yes, the broker helped us find the insurance before closing. But we did try to apply straight with insurance companies, but that just didn't work well.

@davidcrabtree4399 3 года назад

Gamble....tell you where to go..hopefully you don't wreck.. also..this is a big one.. Experience is bull**** pay off your boat and you have way more options..just saying..same with my home..same with boat..

@SOLDOZER 2 года назад

You still need insurance if you plan to park in a marina. And Fosters cant "go where they feel like" cause its all documented on RU-vid...

@jfd4755 2 года назад

Guido

@AlienX69 3 года назад

Sailing is not what it use to be .... now everyone wants a sailing channel. So they can collect funds to maintain their vagabond lifestyle. The ones that have done well have influenced others to try. So a large influx of non qualified people are now boating. Just have a look at the boat FAILS videos to see the stupidity out there. I bought my 1st boat at 25, it was a 1969 26' footer, no frills sailboat, purchase in '78 for 20k, a real charmer. It was so cheap back then. Slip was 1k a year, paid qtrly. insurance was $80 a month.

@TheFosterJourney 3 года назад

I wished we would have gotten into smaller boats in our 20s!