Insurance for older boats
- Thread starter Cederholm
- Start date
Try progressive. No claims. Happy? does insurance make anyone happy?
Last time I looked into it, there were regional differences. So what someone else uses may not work for your needs. Things like being able to sail to Canada, Towing, etc.
Using a broker who can search various insurance companies for your needs is great.
My current insurance company doesn't take USA customers, so I can't help there. But I can tell you that my current insurer requires surveys done every few years. My previous insurer wanted them done yearly.
Length of boat makes a difference. 30ft is apparently a breakpoint, so your 27ft boat could be easy.. Your 30ft not so much.
For example, regardless of age, my c22 didn't require a survey. They simply asked me what it was worth. When the broker said I now needed a survey done regularly, they said that both insurers had that rule apply at 30ft and up. The other insurers wouldnt insure at all because it was too old.
Using a broker who can search various insurance companies for your needs is great.
My current insurance company doesn't take USA customers, so I can't help there. But I can tell you that my current insurer requires surveys done every few years. My previous insurer wanted them done yearly.
Length of boat makes a difference. 30ft is apparently a breakpoint, so your 27ft boat could be easy.. Your 30ft not so much.
For example, regardless of age, my c22 didn't require a survey. They simply asked me what it was worth. When the broker said I now needed a survey done regularly, they said that both insurers had that rule apply at 30ft and up. The other insurers wouldnt insure at all because it was too old.
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Based upon what @Leeward Rail said about boat length, my experiences may not be worth much. All of my boats have been 26' or less but... I always had an easy time with it. I have car, house and everything else bundled with State Farm. So every time I flip a boat I just called my guy and asked him to add my new boat and cancel my old one and he does... easy peasy.
One other thing that might make my experience very different. I only get liability (property damage & medical), and environmental (salvage and cleanup). I also have towing on my policy. I'm not asking for the boat to be replaced if it gets totaled.
I left Geico/Boat US and switched to Chubb last year. They insured my well maintained ‘82 Hunter 30 after getting a very good survey. Bundling with your home and auto carrier is also a possibility.
Whoever you go with, read the policy. I mean read it multiple times. Watch out for slippery language on exclusions and depreciation (big on older boats), assume nothing, and ask questions until you understand what coverage you are actually getting.
Whoever you go with, read the policy. I mean read it multiple times. Watch out for slippery language on exclusions and depreciation (big on older boats), assume nothing, and ask questions until you understand what coverage you are actually getting.
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Are you looking for Agreed Value Hull insurance or liability?
Insurance companies are hesitant to insure low value boats. They can't charge much in premiums and the cost to repair even a small accident can cause the boat to be total constructive loss, i.e., it costs more to repair than the boat is worth. If that happens, you get paid and they have a damaged boat they have to deal with.
Try liability only, you may have better luck.
Insurance companies are hesitant to insure low value boats. They can't charge much in premiums and the cost to repair even a small accident can cause the boat to be total constructive loss, i.e., it costs more to repair than the boat is worth. If that happens, you get paid and they have a damaged boat they have to deal with.
Try liability only, you may have better luck.
I got insurance for my 1988 O’Day 322 through my home and auto broker….State Farm.
Never had a claim, so can’t say how good they are, but they are good on Home and Auto, so I am hoping the relationship means something should I ever need them. The boat is not worth that much, so if pressed, I would probably just get liability and pollution coverage if SF refuses to insure the hull. I have an agreed upon value policy ($30k) which is probably too much at this point but they have not asked me to lower it.
I guess that my policy premium is based on the $30k, so they don’t care.
Greg
Never had a claim, so can’t say how good they are, but they are good on Home and Auto, so I am hoping the relationship means something should I ever need them. The boat is not worth that much, so if pressed, I would probably just get liability and pollution coverage if SF refuses to insure the hull. I have an agreed upon value policy ($30k) which is probably too much at this point but they have not asked me to lower it.
I guess that my policy premium is based on the $30k, so they don’t care.
Greg
Wherever you land with insurance make sure salvage and pollution mitigation are included in your policy.
I've heard more than a few firsthand stories of folks who had boat insurance from their auto carrier (Allstate) filing a claim getting a check (small One) for the boat and being told salvage is on them.
I've heard more than a few firsthand stories of folks who had boat insurance from their auto carrier (Allstate) filing a claim getting a check (small One) for the boat and being told salvage is on them.
I have a nice local insurance agent. I thought my agreed value insurance was getting too expensive so I went to another local insurance agent for a competitive quote. Turns out that both agencies simply go to another broker who insures boats. That broker is the same guy for both agencies. So, the broker marks up the quote from an insurance company. My insurance agent marks up the quote from the broker. Does not matter which agent I go to, I get the same insurance, marked up twice. I always carried enough insurance to replace my good old boat in the case of a total loss with another used boat of about equal value. I am rethinking this and may get a much cheaper liability policy instead next time. Should my boat suffer an unlikely total loss, at my age, I probably would not look for a replacement anyway. Let my sports car go a few years ago. Might be time for new hobby that is easier on the budget and the body. Maybe just travel the world...
What is the issue(s) with Chubb? I have had a sailboat and large, older power boat insured with them.
Kinda happy this year because I got an E-mail from Progressive, "Congratulations, On reviewing your policy we are able to lower your rates this year" $120 less (equals $20 in pre-pandemic dollars). I've had the boat for 12 but the insurance policy for 20 because agent told me not to cancel policy between boats. I just called when I sold a boat and they made policy "inactive" no charges until I called with replacement boat. So your history of a policy with them gets longer and it must make their actuaries feel better.
That makes a lot sense. Insurance companies like stability and predictability, that's how they make their money. BoatUS/Geico rewards stability by reducing the deductible each year that no claim is filed. And it costs money to continually solicit new clients. At least in the life insurance world the agents receive most of their commission in the first few years of a policy. As the policy matures the selling agent receives increasingly smaller service fees.Kinda happy this year because I got an E-mail from Progressive, "Congratulations, On reviewing your policy we are able to lower your rates this year" $120 less (equals $20 in pre-pandemic dollars). I've had the boat for 12 but the insurance policy for 20 because agent told me not to cancel policy between boats. I just called when I sold a boat and they made policy "inactive" no charges until I called with replacement boat. So your history of a policy with them gets longer and it must make their actuaries feel better.
