Insurance for old boat

[Tagmann101]

I just purchased a 1980 Endeavour and am trying to get it insured. So far companies either don’t want anything to do with it or want an outrageous amount to insure it.

Does anyone know of a decent low cost insurance company? I’m in Florida escaping winter. Thanks all.

[Group9]

We have it with Geico for our 47 year old boat. It went up a little this year, but it still seems reasonable, compared to things like my home and car insurance, and my life insurance.

[Mike OReilly]

Sorry to hear about your troubles Tagmann. Group's suggestion seems like a good one.

I've never had an issue getting insurance for my now 43-year-old boat up here in Canada -- nor have I heard of anyone having a problem. This 'won't insure old boats' phenomena seems to focused in a few regions; mostly the USA.

Anyone know why?

[S/V Adeline]

Originally Posted by Tagmann101

I just purchased a 1980 Endeavour and am trying to get it insured. So far companies either don’t want anything to do with it or want an outrageous amount to insure it.

Does anyone know of a decent low cost insurance company? I’m in Florida escaping winter. Thanks all.

We insured our 1979 Allied through State Farm.

[Checkswrecks]

1985 boat with Progressive was no problem.

[PatMc57]

My 1975 boat is insured with Progressive here in the Chesapeake. $300K Liability required by the Marina. It is not, however, insured for any damage to my boat itself..."Collision"..if it was a car..

[Group9]

Originally Posted by Checkswrecks

1985 boat with Progressive was no problem.

We have Progressive Liability Only Insurance on our center console (a 1991). It's very reasonable. It's like $15 a month (and it covers our dinghy, too).

[blakeney]

We have our insurance in Canada with PREMIER.
1964 Alberg -- $50,000 full coverage --- $800.00 per year

[dennismenace111]

Originally Posted by Tagmann101

I just purchased a 1980 Endeavour and am trying to get it insured. So far companies either don’t want anything to do with it or want an outrageous amount to insure it.

Does anyone know of a decent low cost insurance company? I’m in Florida escaping winter. Thanks all.

What is excessive? I live in Ft Lauderdale and own a 33 year old Watkins 29.

Because Im in a Hurricane zone 365 days a year, my insurance is around $1200 and thats not for alot of coverage.

[Bill O]

Try Allstate.


Bill O.

[Tetepare]

Originally Posted by Group9

We have it with Geico for our 47 year old boat. It went up a little this year, but it still seems reasonable, compared to things like my home and car insurance, and my life insurance.

Have you read the fine print? Geico/ BoatUS Have massive deduction for boats over 20 years old. Something like 10% per year past 20. It was introduced into my policy when Geico took over BoatUS so I dumped them. There is a long thread on this.

[MJH]

Originally Posted by Tagmann101

I just purchased a 1980 Endeavour and am trying to get it insured. So far companies either don’t want anything to do with it or want an outrageous amount to insure it.

Does anyone know of a decent low cost insurance company? I’m in Florida escaping winter. Thanks all.

Getting insurance is one thing, what is actually covered when you need it is something else.

In response to Practical Sailor advising everyone to READ YOUR POLICY (February 2020) a recent post in Practical Sailor noted that BoatU.S. (now underwritten by GEICO) will cover the "Insured Value" if the boat is "lost absolutely" (not abandoned).

However, reasonable repairs will be paid less depreciation. "Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age."

So, my understanding is that for boats manufactured before 2000, you will only be reimbursed 20% for repairs less deductible.

I will review my coverage and shop around before renewing this year.

How does your insurance company compare?

~ ~ _/) ~ ~ MJH

[Hobiehobie]

We have just been searching for insurance for our 13 year old boat currently in Trinidad (ie below the hurricane belt for the past summer) but now sailing her north up the Caribbean to BVI then to NY for the Summer via Bermuda. Most companies did not even offer coverage for this float plan (geico, Boat US, Pantaenius).

Of the few we found, premiums were high at 1-2% of hull value ($650k) with exclusions on all aged parts which basically means in the event of major damage you’d get a measly pay out. Reducing the exclusions by taking a Premium Yacht rider meant paying a total premium of $14k a year. so we decided to self insure until we get to US waters and the try again for something reasonable. There are lots of things we’d rather do with $14k!

[Mazu]

Offshore Risk Management is a broker out of Cocoa Florida which insured my 1973 Morgan since 2011. They promptly paid a claim suffered in Hurricane Irene while in Puerto Rico. Theresa McNeil is ht contact. 305-743-7711 USA or 284-494-8925 Caribbean

[Bill O]

Originally Posted by Hobiehobie

We have just been searching for insurance for our 13 year old boat currently in Trinidad (ie below the hurricane belt for the past summer) but now sailing her north up the Caribbean to BVI then to NY for the Summer via Bermuda. Most companies did not even offer coverage for this float plan (geico, Boat US, Pantaenius).

Of the few we found, premiums were high at 1-2% of hull value ($650k) with exclusions on all aged parts which basically means in the event of major damage you’d get a measly pay out. Reducing the exclusions by taking a Premium Yacht rider meant paying a total premium of $14k a year. so we decided to self insure until we get to US waters and the try again for something reasonable. There are lots of things we’d rather do with $14k!

So what is your definition of "self insure"? Does this just cover your boat and no liability?


Bill O.