Financing / Insurance

[Keiffer]

I am currently in the market for a Seaward 25. Depending on the model year I select I am being told from some sources that liability coverage is all I can get on a boat over 15 years old. I am also finding that the minimum amount most people will finance is $25,000.00.

After money down I was hoping to finance around $20K

Any input on either one of these topics would be appreciated.

Thanks
I am new to the fourm - First Post

Keiffer Phillips
Atlanta, Georgia

 

[tommays]

I am able to get coverage on a 1981 and 1970 boat

You will have to have a survey and correct any issues

 

[Steve Dion]

Quite often for a boat this size, you can get a rider on your homeowners policy to cover the vessel.

Check with BoatUS and see what their current status is. Their policies are underwritten by CNA and usually have some of the best coverage at the best prices.

My 1985 H'31 was covered by BoatUS when I sold it and the new owner got a survey and it was reinsured by them.

The cost of coverage varies by your geographic location. West Coast coverage is substancially less than the gulf and SE US area.

If you own a home, you may be able to get a HELOC loan to finance the boat.

 

[tommays]

Boat US has a rules based on size at about 26' My J24 only required a picture survey as it has no through hulls

When i went back to them with the CAL 29 they required a full survey and repiar of issues BEFORE they would write a policy and after having insurance with them claim free for allmost 20 years they were a compleat PITA

I will be going with a local yacht guy as the CAL was and older friends boat and we ended up having to leave it in his name and insurance untill it was moved into my driveway to be repiared

 

[SoSound]

Happy customer!

I was able to get insurance through Boat US on a 1990 First 285 for basically the market value of the vessel. I provided them with a copy of the survey, and they requested a detailed reply from me as to how I was going to address the most significant issues raised by the survey. But, they DID NOT require correction of these items prior to issuing the policy.

In fact, when I returned to Oly this spring, I discovered that after having had my boat hauled for last year's hard winter in the NW; I had freeze damage below the water line. Repairs were made and I paid the bill before realizing as I renewed my policy that freeze damage was covered in Washington... After receiving my claim they sent a surveyor to confirm the details with my service center, and paid my entire claim (minus the deductable, of course).

I ended up spending that money to replace the original Isofurl furler this fall... But it was certainly easier to manage the entire season as a result of the good service that I received from Boat US/CNA on my 20 year old boat!

Dave

 

[bffatcat]

insurance

Ive got a 1975 Pearson 26W no thru hulls It was insured at boat us up until 3 years ago
when I moved it to the company that covers my homeowners for the half the price. Im in new england where there are very few hurricanes and Ive never had a claim either marine or homeowners. They took the boat without a survey report or picture but the boat is only worth
maybe 7000 with a good trailer and thats what I have it insured for. I dont see why taking an
older boat would be an issue for most insurance co`s providied it was sound and passed a survey. There are lots more good old boats than there are new one. I think if you shop around you`ll find something