Insuring and on older boat

[dbillingsly]

I have an insurance question that has been nagging me for some time. Some threads come close, but do not seem to fully address my question.

We are considering a variety of options for a boat, a trawler being one of them. I would dearly love a new premium Nordhaven, Krogen, etc. boat but it is not likely in the cards since I don't even play the lottery, and I have no rich uncle. Thus I find older Grand Banks and similar boats to be in or at least closer to my price range. I have always heard that it is either impossible or prohibitively expensive to get insurance on an older boat, but I don't where the line is drawn between insurable and not. Is it just age, or does the brand of boat also play into the equation? Even a late1980s Grand Banks is still $300K or so, thus I think you would have to insure it and if financed you must.

Does any one have experience with this? Or, are there simple too many variables for an easy answer? Finally, do boat insurers have set rules for such situations, or is it an underwriter’s prerogative?

Thanks

Dave Billingsly
Albuquerque

[Joli]

With a clean survey you will have no trouble. Our boat is 34 years old and we had no trouble getting insurance for the agreed upon value.

[delmarrey]

Ditto Joli.

Plus with a power driven boat you'll want insurance even more so. It really comes down to the construction and maintenance of the boat. Wood boats have a lot of trouble due to their age.

If you're getting a loan, a bank will not usually approve it unless it does pass a good survey and there is a substantial down payment to cover what the insurance did not, in case of a loss IME.

[mickmul]

Over here it's a five year survey even when insured for an older boat, to get renewal. Mine was surveyed this year so ok for a while. Also, perhaps not with motor boats, but certainly with sailing boats, cruising grounds may be limited, and singlehanding often excluded. Good luck with the search!!

[Weyalan]

My boat was built in 1984. Insurance works out at about 1% of her current value per annum (which includes racing coverage).

[CSY Man]

1979 boat, insurance about 3.5% of agreed value.
Including hurricane season and hurricane belt, etc.

(33 foot sailboat, well maintained and 4 year old survey)

Insurance have been going up 300% in the last 6 years due to
storms and losses in Florida.

[rebel heart]

1975 Hans Christian. We pay $1100 a year for (nearly) full coverage, carrying $300K liability and a $1000 deductible for losses.

[CSY Man]

1975 Hans Christian. We pay $1100 a year for (nearly) full coverage, carrying $300K liability and a $1000 deductible for losses.

Half price for being out of the hurricane belt....?

[rebel heart]

Originally Posted by CSY Man

Half price for being out of the hurricane belt....?

It's a coastal (150 miles) policy, limited to the United States. It's all we need for the next couple of years. I work for an insurance company, so I've managed to get a few hookups.

But we (my current boat and my company) don't have anything for bluewater insurance; there's a link someone keeps posting that they really like. I'm planning on checking into that when the time comes.

On the last boat (Ericson 32) I did a lot of sailing into the great wide yonder, but no insurance for that one. Never had anyone ask, except for the marinas when I got back to the US.

[CSY Man]

It's a coastal (150 miles) policy, limited to the United States. It's all we need for the next couple of years. I work for an insurance company, so I've managed to get a few hookups.

Yeah, Coastal...?
Not sure we have that on the East Coast.
It is either This or That, but if ya want insurance from June to November, ya better stay North of N40 or South of N12 or something to that effect.

In my past life as a live-aboard in the USVI I had no money for insurance, or any other luxury so I bought big anchor and big chain instead.
It solved the problem, but I sold boat and moved out a few months before HUGO.

(Big and famous 'cane back in the days)

Nowadays I don't have the balls to own boat and sail without insurance in the hurricane season/belt...Back then in my bumfuzzle 20s I did have the balls...

[hellosailor]

"Yeah, Coastal...?
Not sure we have that on the East Coast."
For sure we do. Down in Florida with island-hopping so tempting, it might not be an attractive option. But further up the coast--where there's nothing offshore but Bermuda and Europe--the 150 mile policy allows you to take offshore routes between destinations, but they know you're still going to be within 24 hours of land, and well covered by mainland SAR assets.

[captain chris]

Hi,
I own a CSY 44 W/O cutter. We had a forum @ Topica that disappeared. Are any of you here?
BRGDS
Chris Dixon

[Pblais]

Topica died? A quick check at Topica: Maintenance shows it is under maintenace. I use to have a CSY 33 (just sold it last fall) and we have one member here that still does have a 33. A few other CSY owners drift through here as well. If you like to Cruise you'll find lots here.

[captain chris]

Paul-Thanks for your help!
Doing a major refit on my 44 csy and there is invauable info from the other owners.
BRGDS
Chris Dixon

[TabbyCat]

Does any one have experience with this? Or, are there simple too many variables for an easy answer? Finally, do boat insurers have set rules for such situations, or is it an underwriter’s prerogative?

Yes, you can insure an older boat. For boats older than 25 years, some companies will require a survey to just give you the quote; other companies will give you a quote on an older boat, bu it will be subject to the underwriter reviewing the survey - prior to binding the coverage. If you'd like more details, send me a private message.