Insurance for the old boat
 

Is there a way to insure our classics? After the transom rework, paint, upgraded everything I'm into this quite a bit. Any ideas on cost? Who? Motors are 30 and have at least 10,000 in sandpaper and beer.

Boat US has fairly decent insurance. I use them for my 1972. You might need a survey.

If BoatUS will not insure it, try Hagerty's. They specialize in antique cars but have been known to also insure classic boats.

I have Boat US. No survey required. Declared value policy.

numerous insurers ... look in the back of any boating mag..

Charter Lakes here

Thanks everyone!

Boat US as well, and you can increase the value by providing receipts for what you have done

I just got a quote for liability only for my 74 Tsunami.Funny this topic came up as I'm just opening the quote as I type this.
So here it is. (This was from Boat US)


* $300,000 Property damage/bodily injury
* $854,400 fuel and other spill liability
* $5,000 medical payments limit per person each accident
* $25,000 supplemental family member(to above)limit per person each accident
* $300,000 uninsured boater

*** Annual premium for above only $240.00 per year*****

They told me the book value on my 74 is 1,300.00 and yes it could be insured for hull value and contents as well,but the cost was very high.As mentioned I also was told that if I had receipts for all the materials and extras those would allow it to be insured to the amount spent.

that is a lot less than mine(about $700/yr), but I think most of the difference is because mine includes a reasonable amount for replacement value and limited Bahamas coverage. I sent them a bill of sale and some receipts and they took my word for it. If you have none of that, a survey would probably do the trick. Boat US seemed like reasonable people to deal with.

Yes my quote is liability only.There is nothing for hull replacement value and nothing for damaged equipment,stolen property,etc etc,so if that horrible scenario were to happen,I'd be screwed,and possibly suicidal.
At this point my thoughts were for liability.
I have most of the receipts for all the equipment and material that i bought for the restoration,so at some point I'll have to make that decision as to which plan I'll go with.
It would be more than three times the cost to have coverage on the hull and equipment.I try to justify not having full coverage because I only spend a total of 30-35 days a season on the boat,but I know that's not a realistic way to look at it.

After I struck an underwater dredge pipe, they sent out an "independent" surveyor to look at my transom. He tells me it's probably just the straw that broke the camel's back, due to the age of the boat. My reply back to him was that they knew the age of the boat when they took my premiums.
The surveyor and the company agreed to pay to take the motor off and have the repair shop look, after the cap was removed. I then get a letter from the company stating that they would pay for the exploring, including removal of the fuel tank, but would not be paying to repair the transom, if it was found to be bad. I called the person that wrote the letter and asked why they needed to remove the fuel tank. As it turned out, the guy had written the letter about another boat and had forgot to take out the part about removing the fuel tank. I was not at all happy about hearing this and told him so (kind of a form letter). I also told him I was not happy with his surveyor, as he did not even bother to look under the hull.
The transom did not need to be replaced. They fixed the cap and the next thing I knew I got a check. So, I'm still with boat us.

btw. I noticed on my policy this year, that my cruising area was limited to the inland and coastal waters. So I looked up the definition of coastal waters and it appears to be 12 nm. This didn't sound to good, so I called and talked to the underwriter and he assured me that as long as it was a reasonable distance, not 200 miles that it was ok. I would have to notify them of a trip to the Bahamas.

I've got Boat US with similar terms to those mentioned already. I went through a claims process with then when our prior boat sank at the dock. They were great. It would take a lot to get me to switch now. They were very fair and responsive, beyond my expectations.

Good discussion. I've had Progressive for I guess 14 years, not sure why I picked them, however I'm very sure money was a big factor. Now that I know a bit more about who owns Progressive and their outside the left wing views I'm going to do some shopping this year.

For both boats it's about $900 per year full coverage, liability, uninsured boater, collision, 75 miles navigation, personal effects and fishing equipment to $2,500 with zero deductible. The agreed value on the SeaCraft is $20,000 and the Pathfinder $25,000. I'm hoping someone like BoatUS or Charter Lakes can match those premiums or get real close!!!!

I saved all my reciepts. I figure I will not be paid for the labor in installing the transom. The materials alone were expensive. 2 sheets of coosa, epoxy, glass. I guess labors a lost thing. Sad very sad. I'm not sure I would do it all again even if I was reimbursed. The aluminum top on the boat is worth 6k as I contacted the person who made it in 1989. I figure at least 60k on the boat. 2800.00 for the fuel tank. Radar and chartplotter. Etecs are ordered. Theres 30k. Adds up quick. I'd hate to see all of this go to waste on a boat that's only worth 3k to the bank. So what's a 55 Chevy worth? 1200.00?

I wouldn't use Progressive even if it was free.for the reasons you mentioned.
If you get a deal with Boat US let us know.From the discussion I had with Boat US I don't think you'll be able to match the price you currently have for that kind of coverage,but I hope you do.
Let us know how you made out,maybe I'll have to try charter lakes as well.
good luck.

Pretty sure Charter is underwritten by Progressive

Travelers is who underwrites my Charter Lakes policy.

You can if you look around 500 per yr gets about 16,000 worth of ins

An update.

I just received my Progressive renewal policy, both boats is $1,029 full coverage, no deductible with $111 deduction if paid in full ($918). However Progressive pissed me off with the "Notice of underwriting and rating decision" page. They say I did not get the best rate because of "credit history". Let's see here, they used Experian as their credit source and I have an 836 rating with them and a 871 FICO score, so they can kiss my ass!!

Anyway, I contacted Charter Lakes and they are a bit cheaper however there is deductibles I now have to deal with. They do have the "disappearing deductible" so that is good.

Thanks for the information on other insurance companies and I'll keep you up on the process.

Boat US, 1971 20' Seafari:
Full coverage with Agreed Value of $8250 boat & motor (sterndrive), plus $2500 boat contents (fishing & safety equipment, electronics), and $750 trailer value. Survey required. (A friend who is a Marine Surveyor did this for me in return for a blackened redfish dinner). They told me the max coverage without survey is now $5,000 hull value

$300,000 Property damage/bodily injury,
$854,400 spill liability,
$5,000 medical payments limit per person each accident w/ 10 person limit per accident, $25,000 supplemental family member limit per person per accident,
$300,000 uninsured boater,
$500 deductible ($1000 named-storm deductible),
Unlimited Saltwater/Freshwater towing out to 25 nm offshore, including trailer towing coverage
Total premium $455 annually, ($428 when paid in full up front)

Coverage limits are to 75 nm offshore, except we specifically added as a rider inclusion of the Florida Middle Grounds to 100 nm offshore, for an additional $23. This rider therefore limits the ports of departure for the Middle Grounds to between the Suwanee River and John's Pass. (I can't just take off for the Middle Grounds from Destin - as if I had the range!)

She told me that Bahamas coverage cost is dependent on planned destinations and season for trip, but would probably cost from $35 to $100 per trip with a filed float plan required for coverage.

Hagerty
 

Anyone have experience with the guys. Expensive.

I decided that for Insurance, I'd go with Hagerty for my 41 year old Tsunami.Buddies of mine use them for their classic cars and have had good luck with them.

I got a quoted price of $298.00 which gives me $10,000.00 agreed coverage for the boat and liability of $300,000 per accident, $854,400 (coast guard.minimum) for fuel spills,$5,000 personal effects, $300,000 per accident uninsured boater, $5,000 medical payments per person,and $25,000 per family member.

Overall I thought this was a fair price.I think I will raise the personal effects however to 7,500 which will add a bit more but not all that much to the cost.There is a $100.00 deductible on personal effects.
I'd like to have double the agreed coverage,but this at least will give me halfway decent coverage for a very reasonable fee.

All they needed was some photos showing the condition of the boat,so I sent them a link to a photo bucket file, and that satisfied them.As mentioned,they are underwritten by Essentia insurance.

"I wouldn't use Progressive even if it was free.for the reasons you mentioned"

I'm with ya John, I'm going with Charter Lakes when my Progressive policy runs out May 23rd. The coverage is very similar and it's about $75 cheaper for both boats total. I just can't see giving my money to an outfit that politically I don't agree with. In my case the damn money is too hard to come by!!! They changed my limits to 75 miles on the SeaCraft no problems, nothing $$ extra and they also have the "diminishing deductible" for liability.