Catamaran Insurance: Reported Costs, and What Impacts!

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Calculating the costs of your catamaran involves considering more than just the purchase price. You also have to consider maintenance, marina costs and the insurance fees of your boat, which can be hefty, especially for larger vessels. So what are the catamaran insurance costs, and how do they differ with the size of your boat?

The standard insurance cost for most sailing catamarans is 1.5% of its value. However, this rate can go as high as 3% or more. Some factors that influence cost include sailing area, length and age of the catamaran, surveyor’s findings.

In this article, I will discuss the various insurance costs for different-sized catamarans, providing examples of how much you would need to pay for some popular catamarans. I will also discuss the insurance costs associated with charter use, ocean crossings, and private use in different parts of the world.

Table of Contents

How Much Are Catamaran Insurance Costs?

A Lagoon 380 Catamaran valued at $399 000 will cost between $6000 and $12 000 per year considering that insurance costs are between 1.5% to 3% of the value of the boat.

On average, therefore, insurance costs will be approximately 2% of your catamaran’s value. Unless your catamaran has a negative past loss experience or you are sailing in a limited market or politically restricted zones, your cost of insurance should be roughly 1.5% of the cost of your catamaran.

These costs also vary by supply, location, and demand.

The table below summarizes the insurance costs you would expect based on the value of your catamaran.

*Catamaran*	*Length*	*Cost*	*Expected insurance cost at 1.5%*	*Expected insurance costs at 3%*
Lagoon 380	38 ft (11.6 m)	$399,824	$5,997.36	$11,994.72
Leopard 42	42 ft (12.8 m)	$689,000	$10,335	$20,670
Lagoon 450F	45 ft (13.7 m)	$635,574	$9,533.61	$19,067.22
Venezia 42	42 ft (12.8 m)	$199,000	$2,985	$5,970

Summary of expected insurance costs at 1.5% and 3%

As shown in the table above, owners of a Lagoon 380 can expect to pay between $5,997.36 and $11,994.72. The latter figure considers the higher limit for insurance costs and the former the lower limit.

As evident from the above table, the cost of insurance will be significantly affected by the value or the price of the catamaran.

As explained by Yacht International, catamaran owners may sometimes enjoy a premium of only 1.2% if the value of the catamaran exceeds $500,000. Accordingly, you may pay lower fees in terms of insurance when your boat is valued over this price.

Other factors such as your relationship with the insurer may also lower the insurance premium rates.

Ultimately, the insurance cost will vary across different underwriters and will be affected by factors such as the age and condition of the boat and the specific areas you want to sail in.

For second-hand catamarans, the percentage for insurance will be based on the survey-assessed value.

Other Factors That Influence Catamaran Insurance Cost

It is vital to pay keen attention to ensure that the insurance also covers ocean crossings, storms, and more. Below, I will discuss how this insurance may vary across ocean crossings, charter use, and private use worldwide.

Ocean Crossings

Based on cost or surveyor-finding, the standard 1.5% to 3% of the catamaran’s value will apply for catamarans insured for ocean crossings. However, you will be required to pay a one-time crossing fee. For instance, the Pacific Ocean crossings require a one-time fee of $500 to $1,000.

You, therefore, have to consider this figure when computing your total insurance fees.

Charter Use

Catamarans under charter use are generally covered under a fleet policy. This policy tends to have better rates as compared to ocean crossings and private use, but this rate will vary from company to company. On average, this rate will fall between 1.5% and 3% of the boat’s value.

Private Use

The annual premium for private catamaran use ranges from 1.5% to 2% of the boat’s declared value. Like charter use and ocean crossings, this will vary across underwriters and regions. With insurance, it is most often worth to seek out several quotes to get the best possible rate.

Regional Differences

The regional differences play a major part in a catamaran’s insurance cost, primarily due to the risks associated with hurricanes and other natural disasters.

There are four main regions insurers consider when setting their premiums and the impact this may have on your insurance costs. They include:

California and pacific islands

Mediterranean regions
Hurricane zones
Non-hurricane zones

I’ll look at each of these a little closer down below.

California and Pacific Islands vs. the Mediterranean Region

The insurance rates in California and the Pacific Islands region are higher than the insurance rates and costs in the Mediterranean region.

While you may expect to pay approximately 1% of your catamaran’s value in insurance costs for the Mediterranean region, this rate doubles for the California and Pacific Islands region.

Hurricane Zone

Your navigation area will play a significant role in the cost of insurance, especially when you sail through the hurricane zone during the hurricane season. This includes the areas south of the Florida and Georgia border, the Bahamas, and the Caribbean.

The hurricane season starts from 1st of june to the 1st of November, during which insurance rates will be significantly higher.

Insurance for navigation areas will generally have higher rates than non-hurricane areas. It is important to note that you may also pay higher rates if you intend to sail in areas prone to strong winds.

Out of the Hurricane Zone

Unlike the hurricane zones, areas falling outside the hurricane zone will have lower insurance costs than those in the hurricane zone. This is especially true for the North of Florida, where insurance costs for catamarans can fall below 1% of your catamaran’s value.

As a rule of thumb, it is essential to discuss with the underwriter your navigation area for more information on what changes it may have on your insurance premiums.

Conclusion

The cost of insuring your Catamaran averages at about 2% of your catamaran’s value. The main factors affecting your insurance costs include the price or value of your catamaran, its age and condition, and your navigation area.

Areas with limited coverage or areas prone to storms or strong winds will generally attract higher rates as compared to non-hurricane areas. Therefore, it is essential to discuss your navigation area with your insurance broker to ensure that you are adequately covered wherever you decide to sail.