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    Financing and Insurance-gctid476797

    I hope I've got this in the right forum. I'm looking to purchase a 38xx to liveaboard. Does anyone have any recommendations on finance companies and insurance providers that don't have too many issues with liveaboards and won't take me to the cleaners? I plan on keeping the boat in south Louisiana for the forseable future, at least until I retire. Thanks.

    #2
    Yup- you're in the right place

    Financing- generally, on older vessels, credit unions have been the better bet, as they don't usually care about the use of the boat. Most major marine lenders (Key Bank, BofA, Suntrust, Essex, Newcoast) either restrict liveaboard usage or (Key Bank) require a higher down payment and escrow setup. Credit unions simply want you to perfect the note. All lenders will require a hauled survey as part of the purchase process.

    Insurance- like above, some major carriers do not permit liveaboards, while others have little/no problem with it- it's all in the policy language. Make sure you obtain an "all risk" policy vice a "named perils" policy.

    We've been a liveaboard since 2009 here in Seattle.

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      #3
      The absolute last place in the world I would go is BofA...actually the universe.

      My 3 cents

      Vic

      Ft Myers
      Vic Stewart SN
      Past Commander
      Cape Fear Power Squadron
      Ft Myers Power Squadron
      1998 2859 7.4 L/B2
      Raw water cooled

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        #4
        Vic Stewart wrote:
        The absolute last place in the world I would go is BofA...actually the universe.

        My 3 cents

        Vic

        Ft Myers
        +1

        But, in the end, banks are a necessary evil.

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          #5
          did you look up the 45 in tarpon springs on CL ?
          1988 3270
          135 hinos
          Seldovia ALASKA
          KEVINS UPHOLSTERY
          KEVINSBOATTOPS.COM
          Marine canvas/Upholstery
          since 1975

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            #6
            Thanks for the input. Still researching options. @ Alaskan Adventurer; I'm kinda stuck on the 38xx. Big enough for me to hang my hat, yet small enough to park where I want to keep her. Thanks again.

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              #7
              Cajun Viking,

              Talk to Pete (Pau Hana) who replied to you earlier in this thread. He does not toot his own horn on the forum, but if you have marine insurance questions, talk to him. He is an expert in this field, and will find you what you need. He saved me over $500 a year (with better coverage) for my 3888.

              Ed

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                #8
                Thanks, I'm keeping all this info in mind. Long story short, always wanted to liveaboard and had started the minimizing process sometime ago. Unfortunately had a house fire in April (solved the minimization). Now just trying to tie up loose ends with the insurance and the property. So, thinking why not make the move!! Gathering info and contacts to help make the dream a reality. Thank you all again. And if anyone has anymore insight, please, feel free to post. Still a little ways off, but the thirst is strong...LOL.

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                  #9
                  The 38 is a great platform- it was my first liveaboard. IMO it's big enough to live on and small enough to handle by yourself if necessary.

                  Pull the trigger sooner rather than later - you won't look back!

                  Comment


                    #10
                    I am late getting into this thread but...

                    I have found some insurance companies have added coverage for live-aboards that makes sense to me.

                    Like a tenant policy, extra coverage for stuff, even while away from the boat, for a small added premium.

                    Some marinas ask to see the live-aboard endorsement on your insurance policy.

                    I am surprised to find some marinas are not zoned for live-aboards. Zoning is one aspect I never would have considered as an issue. Many marinas here on Vancouver Island have waiting lists. So I have a boat purchased and very few choices as where to park her.

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                      #11
                      Vic Stewart wrote:
                      The absolute last place in the world I would go is BofA...actually the universe.

                      My 3 cents

                      Vic

                      Ft Myers
                      I'll throw in 7 cents, and make that nugget of wisdom worth a dime! BofA is tooooo shady!

                      Comment


                        #12
                        Pete, newbie here. In transition in Chicago with my only daughter in college and my house on the market.

                        Have been shopping on the west coast and have no idea where to start for insurance.

                        My biggest previous boat is a 26' single.

                        I'm looking all the way up to 4788's.

                        I may live aboard.

                        I am planning to an extensive captains / operation course no matter but would do so early for insurance.

                        Will be buying boat outright.

                        Any good advise on where to start as far as insurance companies ?

                        Comment


                          #13
                          "martyg" post=537941 wrote:
                          Pete, newbie here. In transition in Chicago with my only daughter in college and my house on the market.

                          Have been shopping on the west coast and have no idea where to start for insurance.

                          My biggest previous boat is a 26' single.

                          I'm looking all the way up to 4788's.

                          I may live aboard.

                          I am planning to an extensive captains / operation course no matter but would do so early for insurance.

                          Will be buying boat outright.

                          Any good advise on where to start as far as insurance companies ?
                          Hi, Marty,

                          You're starting off with the right attitude- doing research, obtaining training, and looking before leaping. With regards to insurance, it's all about getting the insurer the right information so underwriting sees a complete picture, vice just a few lines of info.

                          Where will you be boating?

                          Comment


                            #14
                            I'd like to take this opportunityto give Pete some major prop here too. I'd been meaning to switch my insurance over for some time and when I ran into him at the boat show a few weeks back he said "Lemme get your information and a quote or two" By the time I get home from the show he's got the quote done, a few emails and the next day he's got a rider and policy ready. A few days beyond that and I'm completely shipped over to a better policy at an even lower rate. Painless, factual and very responsive.

                            If you're in need of a policy or have a question asked about your current policy, Pete is a great resource.

                            Thanks again Pete!
                            Custom CNC Design And Dash Panels

                            iBoatNW

                            1980 CHB Europa 42 Trawler- "Honey Badger"

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                              #15
                              Hi Pete...were buying a 4788 can you help me with insurance..pm me and lets talk...could really use the the insight you have...thanx..Paul

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