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.