Insurance

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Banks10

Cadet
Joined
Jun 2, 2009
Messages
13
Okay, what do I need to know about insurance and boat restoration. I know this depends on what type of boat, but I'm looking to restore a 15-20' runabout. Since I have zero boating experience, what is an annual cost for insurance?
 
oops!

oops!

Supreme Mariner
Joined
Oct 18, 2007
Messages
12,932
Re: Insurance

i am canadian....our laws are different.

it is my understanding that if you restore a boat.....it is insured the exact same way as a second hand boat.

if you restore a boat and try to re register it as a new boat.....a hull inspection is required....new regie numbers are given and it is insured as a new boat after an appraisal....

this is just hearsay as i am not in the us.
 
oops!

oops!

Supreme Mariner
Joined
Oct 18, 2007
Messages
12,932
Re: Insurance

and welcome to i boats! :)

best moderated forum on the net with all the answers you could ever want on a boat.....answers directly form the best!....(not including my self....lol...would u trust someone called oops?....BAAAA HAAAA HAAA)

cheers
 
erikgreen

erikgreen

Captain
Joined
Jan 8, 2007
Messages
3,105
Re: Insurance

Most of the times I've dealt with this in the US, insurance companies don't care if the boat is new, used, or rebuilt. All they care about is that you have a good credit history, your boat is legally equipped, and they usually require an inspection for insurance above basic liability.

So for my 1961, if I restore it, I'd just have to pay for an inspection and submit the results.

Erik
 
4

4runneradam

Petty Officer 1st Class
Joined
May 7, 2007
Messages
203
Re: Insurance

I inquired about insurance through Progressive, and its pretty cheap. I forget the number, but a lot less than my auto policy. I'm going to get insured once my boat is back on the water.
 
chrishayes

chrishayes

Senior Chief Petty Officer
Joined
Apr 9, 2009
Messages
691
Re: Insurance

My neighbor and I had this conversation. He has basic liability which also covers his boat for things like a motor that falls off after hitting a tree stump...etc. And he pays 200 a year. I will certainly be using his guy if my multi policy doesnt do boats. I have Am Fam.
 
K

koberlee

Seaman
Joined
May 10, 2007
Messages
52
Re: Insurance

I have my boat insured through State Farm as well as my house and autos.
When I put the insurance on the boat they let me pick the value to insure the boat for and didn't even request an inspection. I had them come over and snap a few pictures because it is an older boat in great shape so no one questions a claim some day.
I think I pay less than 300 for the whole year with a 250 deductable.
 
rucaradio

rucaradio

Petty Officer 2nd Class
Joined
Aug 23, 2008
Messages
184
Re: Insurance

I'll be getting a policy on mine when it gets back in the water.. if, for nothing else, to cover any medical expenses for my passengers or any other passengers that might be injured in another vessel. In this day and age of sue happiness it is a MUST to have as many "liabilities" covered as possible.

While I'm still working on my restore my agent told me it's covered against theft or damage under my homeowners.

.....and there's been a couple days I was praying a tree would fall on her! lol
 
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wca_tim

Lieutenant Commander
Joined
May 28, 2007
Messages
1,708
Re: Insurance

i have liability with state farm along with home and auto. I think it is 44 a year. we take a log of kids and friends boarding and sking, etc... from time to time. Oh, and I was honest about the stroked small block in a boat rated for a v-6.... Basic liability is a must, but in my experience unless you have a LOT invested it'll cost more in the long run if you turn in a claim for much anyhow...
 
danond

danond

Lieutenant Junior Grade
Joined
Jun 11, 2007
Messages
1,118
Re: Insurance

180/year with a $250 deductible for full coverage through HUB insurance, but the boat is just a rider on my homeowners insurance, so I'm sure that makes a difference.
 
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