insurance for older boats

[Snore]

Originally Posted by Buzzy

Is there any suggestions to insurance brokers. I am having a hard time getting my boat insured.

I had no problems getting insurance for my 1980 Tartan 33 through Scott at C&L insurance in Boca Raton. Twelve month policy with the customary increase in deductible for a named storm. Forgot who the policy is with, and the info is on the boat..... Gee maybe I should have a copy off the boat (DOH!). They did require a full survey and mandated several repairs based on the survey. I believe they gave me 60-90 days to make the repairs.

Bill

[lancelot9898]

I found the premiums pretty high along with the deductables for an older boat plus the requirement for a survey every couple of years. Does anyone know of a company providing liability coverage only that would satisfy a marina's requirement for a slip holder to have insurance?

[sailorboy1]

Well now, an old thread that I started before I had ever had a boat. Now I'm on boat #2.

First boat was a 1988 Cal-39. Didn't have any problem getting insurance in 2009. The current boat is a 2001 Hunter 410. Now the weird part; the Hunter is insuranced at twice the value of the Cal, but the yearly insurance is $200/yr LESS!

The story I got was that on the older boats they look at it as replacing old stuff with new stuff when a problem occurs. Seemed crazy to me as either way they still have to buy new stuff. But I just of course went along with it and will wait to see how it takes for my current boat to be "old" and cost more to insure.

[susanna reiter]

Originally Posted by S/V Elusive

<--- Surface fleet Only good thing about a bubblehead was they had a sail on their boat!!!

In any case, getting back to insurance; you can get insurance on ANYTHING ... just a matter of what you are willing to pay.

Well not anything.....but if you are willing to pay a higher premium for less than adequate coverage you probably can. I don't believe Ferro cement boats and most old wooden boats are insurable for loss coverage, the liability coverage is higher than fiberglass boats...most marinas and some mooring fields require liability insurance. All established insurance companies require a survey..one or more....and will then refuse to insure a boat for more than you actually paid for it..despite the survey value and marginally for upgrades installed after purchase....another problem for those bargain shoppers in today's market. In most cases,(United States) you have to purchase supplemental insurance if you take the boat out a certain distance from US Coastal waters....and in most cases you are unable to purchase off shore coverage at all. I am speaking from personal experience, I had US Boat Insurance for years and went thru all the crap w/them and thousands in premiums, never making a claim (thankfully).....anyway, good luck w/this. Most banks, extending loans, insist on coverage of course, and that is just to insure their loan against loss. Banks are just too happy to help you insure through their in house connections..mmmm isn't that nice ? NOT, but it is a "catch 22" for the borrower. Find the best liability coverage you can, and provide your own loss coverage, its your best bet...

[Astral Blue]

Hagerty insurance specializes in insuring older boats. Many insurers do not understand the intricacies of older boats and have underwriting guidelines/rules not amenable to older boats. Hagerty has been able to offer the flexibility and understanding to insure a sound vessel. They aren't the lowest priced insurer, but they will be able to work with you in ways that other insurers can't or won't.

With respect to wanting to own an older boat because you feel it is more affordable... I feel that reasoning has the potential (especially for first time boat owners) to backfire and cost you more money. I own a 1977 Bayliner Victoria. By many standards (especially among Bayliners), the boat is considered a classic. I purchased it with the intent of restoring it and bringing it back to its former beauty. It is now in better condition that it was when delivered from the factory. But this was at a tremendous cost in terms of time, effort, and money. For what I spent, I could have easily purchased a newer boat and saved myself the headache. However, this boat is a classic; and my intent has been to restore a classic. Even restored and turn key, maintaining it is more costly than would be a newer vessel.

The bottom line is: buying old and cheap in the beginning will not save you money. It will cost you more than buying something newer and paying more for it.

Unless you intend to own and baby a classic boat, my advice to you is to buy something newer and less prone to maintenance issues associated with older boats. I love my boat and would not consider owning a newer cruiser, but that's a personal choice. And if I was a first time boat owner, I wouldn't want to be owning and maintaining a "classic" as a first time experience.

Hope this helps...

[svHyLyte]

Originally Posted by jimking100

Don. I got insurance for my '84 Cal39 through Sue at IMIS. The carrier [Mount Joy in PA] specializes in older boats. Don't know much about them but my premium did go up 30% from year one to year two...no apparent reason.

We had insurance through IMIS for 10+ years but our premiums got "Outa Site!!!". A neighbor referred us to "Seaworthy Marine Insurance" which gave us the same limits of liability coverage on an agreed value basis (although the web-site above refers to Actual Cash Value) for our 1986 era Beneteau, with better limits of navigation, for only 55% of our earlier premium. The carrier is a Bershire-Hathaway company with a very good rating by AM Best.

FWIW...