Insurance question

[SailingLoto]

I watch a lot of YouTube while not able to sail, especially Chasing Latitudes. He constantly talks about not being able to insure older boats.
I have insurance on my 83 catalina 25. It was cheap, but it's a small, inexpensive boat. I see others sailing older boats. How do they insure theirs? Is it as hard to find as he makes it seem? Is it just full coverage that is unobtainable?

I'm hoping to relocate to the gulf coast in the next 8-10 years and buy a bigger boat. I'm trying to educate myself on the aspects of these things prior to moving.

Thanks!

 

[kappykaplan]

I bought my 1983 Pearson in 2008. Markel America continues to renew the policy.

 

[jssailem]

I have a 1974 Cal 35 Cruiser. Geico (BoatUS) has renewed my policy since 2016.

 

[Crazy Dave Condon]

@kappykaplan and @jssailem

what are your policy limits with specific attention to liability?

 

[Ralph Johnstone]

He constantly talks about not being able to insure older boats.

He's probably just smoking crack. My insurance company (Premium Marine) requires an inspection and report by a marine surveyor every 20 years. As long as the inspection turns out to be good, I'm insured.

I have to wonder if the fellow from Chasing Latitudes has an older boat which can't pass a surveyor's inspection.

 

[kappykaplan]

what are your policy limits with specific attention to liability?

Agreed value on the hull
Protection and Indemnity 500,000
Uninsured Watercraft 500,000
Oil Pollution Liability 997,100

 

[dLj]

I have a 1984 41 foot boat. Because it is over 40 feet it is hard to insure. I carry an insurance policy through a company that just told me they are getting out of marine insurance. The new company is at home, I'm waiting to read all the fine print.

If you are going off shore, as I'm guessing Chasing Latitudes is doing, it is VERY difficult to get insurance. It is also very expensive. So if they have an older boat, and are going off shore, and if their boat is 40+ - they will have a very difficult time getting insurance.

dj

 

[JoeWhite]

My H25.5 1984 was automatically coveted by my homeowner policy. I did not have to buy insurance for the boat.

 

[kappykaplan]

what are your policy limits with specific attention to liability?

Agreed value on the hull
Protection and Indemnity 500,000
Uninsured Watercraft 500,000
Oil Pollution Liability 997,100

Oh, and confined to the Chesapeake Bay . . .

 

[SailingLoto]

He's probably just smoking crack. My insurance company (Premium Marine) requires an inspection and report by a marine surveyor every 20 years. As long as the inspection turns out to be good, I'm insured.

I have to wonder if the fellow from Chasing Latitudes has an older boat which can't pass a surveyor's inspection.

He's a delivery captain and boat buying consultant by occupation. Not your typical YouTube vlogger. He is big on buy a boat less than 20 years old and as big and nice as your budget allows, and obviously new boats have a longer LWL and wider beam for more living space. His logic makes sense to me. It gets you on the water vs refitting in a boat yard and spending money, possibly ending upside down in an old boat.
I've always been handy and thrifty. I am relatively young at 42, I wouldn't mind a minor refit. The insurance was a concern.

 

[ggrizzard]

Boat US for 30 Years for my 79H30C sailing in the North Atlantic, Bahamas and Gulf of Mexico.
No inspections/surveys so far!
Agreed hull value $17,500
Protection and Indemnity $500,000
Oil Pollution Liability $997,100
Unlimited Towing up to 50 miles off shore.
Named Storm Damage - All bets are off, Furgetaboutit, No way Jose, Read the Bold Print!

 

[dlochner]

All liability insurance is based on a number of factors, including but not limited to, the insured vessel/vehicles age and condition, the owner's driving record, the owners credit score, the owner's claim history, and in sailing the owner's experience as well as other factors. It could be any or a combination of those factors that are preventing him from getting insurance.

 

[Ralph Johnstone]

I am relatively young at 42, I wouldn't mind a minor refit. The insurance was a concern.

If your looking at going for an older boat, I would make a list of insurers and question them all about insurance for older boats. From my experience here in Canada, no problem with older boats with a survey but the one thing I saw from other's comments here, is the same statement on my policy: offshore ventures are strictly verboten :

Far too much to see in the coastal waters which keeps me away from the offshore waters.

 

[Crazy Dave Condon]

I asked my question to elicit these responses which I suspected. What @dlochner ssid is considered as to age, experience, etc. which indicates how responsible the captain is. In most cases off shore is off limits. Laws vary from country and to country. These are correct responses. I use to be an insurance investigator before being a sailboat dealer. Shop around for insurance

 

[Crusty Ol Salt]

I am not sure how it works in your marina, for mine I have to provide a certificate of insurance to rent a slip.

'96 H280 - its only 28 years old.

 

[kappykaplan]

for mine I have to provide a certificate of insurance to rent a slip.

Same here . . . And for the yard where the boat is stored on the hard for the winter.

 

[LaDonaMina]

I have my slip in a private marina and have full coverage insurance on my 1985 H285. It’s been through Hurricane Matthew damage and insurance paid entirely the damage done and they continue to insure me to this day. State Farm out of Florida and no hiccups to date and under $450/yr with agreed total loss coverage amount. Couldn’t be happier for now and love our ‘LaDonaMina’.

 

[Ralph Johnstone]

I am not sure how it works in your marina, for mine I have to provide a certificate of insurance to rent a slip.

We're not quite that smart. Our marina only asks you to check a box to confirm your have insurance. The marina manager told me he felt it would be offensive to the boatowners if the marina asked for "proof" of insurance. You "know" that many of the floating garbage scows in the marina do not have insurance. The insurance premium far exceeds far exceeds the cost of the boat.

 

[LaDonaMina]

I am not sure how it works in your marina, for mine I have to provide a certificate of insurance to rent a slip.

'96 H280 - its only 28 years old.

On my Sea Ray 260 boat the marina requires the policy be sent to them and a separate rider that covers the marina. The policy must also be sent to the marina each year you renew the slip besides the required coverage minimums… Insane but it’s the cost of boating unless you own the slip or on your own waterfront slip.

 

[LaDonaMina]

Named Storm Damage - All bets are off, Furgetaboutit, No way Jose, Read the Bold Print!

My boat was damaged during Hurricane Matthew and I had full coverage and actually only several of us has full coverage while the others didn’t. My boat was hauled out and repaired, painted and got her back on the same insurance with no issues.
My Sea Ray is in a covered marina (boat storage racked) but never sustained any damage from hurricanes but I imagine the same would apply if she did…