Insurance for old boats

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redeye1962

Petty Officer 1st Class
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Jul 6, 2008
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I was denied insurance because my boat is too old. Is this typical?
 

mike-the-cobra

Petty Officer 2nd Class
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Re: Insurance for old boats

I can tell you AAA will not insure them once they reach 20 yeards old...
 

Chris1956

Supreme Mariner
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Re: Insurance for old boats

Allstate has the same policy. I think if you had the boat documented, they would insure it.

BTW - If you insure a newer boat with Allstate, and it gets to be old, they will still insure it, as long as you own it.
 

OldePharte

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Re: Insurance for old boats

You might try BOAT/US. They have an agreed upon hull value policy.
 

RotaryRacer

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Re: Insurance for old boats

My regular insurance company for cars and home wouldn't insure my boat b/c it is older than 20 yrs.

My agent also represents Progressive and they insure my boat with no problem for a very reasonable rate for a fair agreed to value. I don't know if they have a limit of something great than 20...like 30 yrs or something. Give Progressive or a local agent a call and see if they will insure a boat as old as 1965.
 

Lion hunter

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Re: Insurance for old boats

Alot of companies won't insure for old boats for loss. And in truth it's not much use paying for loss insurance on a boat that's real old and fairmarket value maybe $1K. I would even bet if there was a loss they would use NADA, which is very low. Ususally you can get liabilty to protect yourself while on the water. If it's hooked to your truck the vehicle insurance covers it, and if in your yard the homeowners takes over.
 

arks

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Re: Insurance for old boats

My last 2 boats were both over 20 years old. They were both in great condition, so NADA guides were worthless in determining their value.
My insurance agent did some checking and discovered they (State Farm) will write "agreed value" policies. This kind of policy simply insures the vehicle for a pre-determined amount. The insured value will not change with time (unless YOU decide).
Anyway, my 23 footer was insured for $18K. I had to provide pictures and reciepts for some of the more expensive enhancements (like the new engine, outdrive and trailer).
Over the 18 years I owned that boat, I made a couple of claims and there was no problem at all.

My current boat is 34' twin engine cruiser and (for whatever reason) they needed a marine survey before insuring it. That was no problem for me because I had one done before buying it. The survey estimated the current value of the boat, so State Farm insured it for that amount. I've owned this one for over 5 years now and I'm kind of surprised they haven't requested another survey be performed- I've heard that is typical to confirm the boats' current value. I'm not positive, but I'm thinking we might have stayed with the "agreed value" type of policy....which would explain why they haven't asked for another survey.

Oh, BTW- I keep a completely separate "umbrella" liability policy for ALL my "owned" things- house, land, cars, boats, etc.
 

Bifflefan

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Re: Insurance for old boats

I have Allied/Nationwide Ins. on my cars and boat. mines 33 years old. they just asked me how much coverage i wanted and i told them a value. thats what its covered for.
 

rbh

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Re: Insurance for old boats

but you do have liability insurance on it?
rob
 

redeye1962

Petty Officer 1st Class
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Re: Insurance for old boats

From what I understand I cannot even get liability for it.
 

arks

Lieutenant Commander
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Re: Insurance for old boats

From what I understand I cannot even get liability for it.

Yeah, you can.
I don't think you understand liability coverage. Talk to your agent and they'll clarify things for you.
 

woosterken

Lieutenant
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Re: Insurance for old boats

Red,
check this out...............
http://www.hagerty.com/
or progressive I have them on my "74 mfg agreed value and liability is only $100.oo a year in ohio

woosterken
 

Lion hunter

Lieutenant Commander
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Re: Insurance for old boats

You can get liabilty insurance on darn near anything. It will not cover any damage to your boat, but it will protect you and your assets should you be at fault for an accident.
 

bigskiohio

Master Chief Petty Officer
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May 3, 2008
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882
Re: Insurance for old boats

1973 starcraft value 2000.00 progressive 125.00 a year in ohio
 

VaBlue

Cadet
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Aug 25, 2009
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Re: Insurance for old boats

Progressive will insure my 1965 Glasspar G3 for ~$120/yr. Go to their website and do it all today... It'll let you choose the coverage amounts.
 

skargo

Banned
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Sep 14, 2008
Messages
4,640
Re: Insurance for old boats

Allstate wouldn't insure my boat, as they don't offer insurance for boats over 30 years old.
I went with an agreed value policy from BoatUs. Full coverage is in the neighborhood of $220 a year.
 

This_lil_fishy

Master Chief Petty Officer
Joined
Jul 23, 2008
Messages
841
Re: Insurance for old boats

Yeah, my insurance was the opposite. They'd insure my 30 year old boat with an outboard, but wouldn't insure anything with an inboard motor. The insurance companies all have their own arbitrary set of rule that they follow, regardless of the reality of life.

Check around for marine specific brokers, they help out the most. My $25K boat is actually about $500 less a year to insure then my ol' $1500 boat with the marine insurer.

Ian
 

bbockoven01

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I have a 1942 80ft wood hull boat I live in Washington state. I had insurance through American family. A month passed I come to find out the office was closed down for writing faulty policies and I have 45 days to find new insurance because they were going to cancel my policy. I have tried everything I now. I cant pull the boat out because no will insure it on the water or on dry dock. I can put it on dry dock for an out of water survey but I have to have insurance for them to take it out of the water any one have any ideas od what I can do thank you.
 

MTboatguy

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Not suppose to post to old threads, this one is 6 years old, you need to start your own topic!

Bad, bad, bad.

:eek:
 

shrew

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Not suppose to post to old threads, this one is 6 years old, you need to start your own topic!

Bad, bad, bad.

:eek:

AND...the question has really been answered. The marina handling the hauling and dry storage doesn't care about Comprehensive. They only care about the liability to their property and other boats in the yard. That is Liability Only. Many insurance companies will write these types of policies. Check with Boat US and Progressive and other companies listed. Get a liability only policy to start. I'm sure nobody wants to touch a 73 year old Wooden Boat with a Comprehensive Policy on the end of an 80 ft pole.
 
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