Insurance on older Seacrafts

Lars Koster · #1 03-16-2003, 10:17 PM

What is the best way to go about getting reasonable insurance on a older Seacraft? When calling the big insurance companies their quotes are 2x what they should be because they can't benchmark off the bluebook figures for value.
Is a survey the way to go?
Any comments would be appreciated.

Standing Room Only · #2 03-16-2003, 10:24 PM

I'm with State Farm and they went by blue-book on my original unrestored boat. Now, they require a Marine Survey to be submitted, which I will get before the boat hits the water. Only way for them to get an accurate value.

FELLOW-SHIP · #3 03-17-2003, 09:44 AM

FIRST OFF YOU WILL NEED TO GET A SURVEY TO ESTABLISH THE TODAY’S VALUE OF THE BOAT. THEN THERE ARE TWO WAY TO INSURE THE BOAT SOME COMPANIES WILL OFFER BOTH WAYS. THE BEST AND THE MOST COSTLY WAY IS THAT THE BOAT IS COVERED FOR “REPLACEMENT COST” THAT MEANS NEW FOR OLD. UP TO THE TOTAL INSURED VALUE OF THE BOAT, MOTOR AND TRAILER. THE SECOND WAY IS CALLED “ACTUAL CASH VALUE” THAT MEANS THE VALUE LESS DEPRECIATION. THUS A 5 YR OLD MOTOR IS WORTH LESS THAN ONE STILL IN THE BOX. THE COST OF THE INSURANCE WILL BE EFFECTIVE BY HOW IT IS COVERED.
FELLOW-SHIP [img]images/icons/cool.gif[/img]

Briguy · #4 03-17-2003, 11:05 AM

I was at West Marine a few months ago and filled out a request for a quote on my '78 23'. I listed my equipment,new motors and trailer with a replacement value of $25,000.00. My quote at that value was $475.00 per year. I consider that very reasonable. Try them out.

ocuyler · #5 03-17-2003, 11:16 AM

We have several boats insured, all with specific stated values for boat/motor and trailer. The 32' Carver aft cabin is obviously just boat only.

In other words, as long as it's "reasonable", your premium is in direct relation to the stated value. If you have a good agent, a survey may not be required.

Otto

JohnS · #6 03-18-2003, 01:49 AM

I have always insured my boats with an "agreed value". Never had an issue with any of the companies. The boat that I just sold I had insured with West Marine. They gave the best rate and seemed to be the most reliable but, then again, I have never had a claim either so, who knows. If the boat is totally restored, then I would get a survey, or two for that matter, and go with that. Surveys are cheap when it comes to getting your boat insured.

John