dennyp123

What kind of rates are you guys seeing and with whom? I got a 1990 34' and I'm shopping for coverage. Thanks.

Jammin'

I have been going through this recently. I initially insured my boat with Progressive which limits hull coverage to $20K for a boat older than 20 years and is an actual cash value policy. They also have a top speed limit of 70 mph. At the time, my boat met that criteria with the Merc 420's. The problems with the policy are that I will have much, much more than $20K in my boat and it is an ACV policy so they will depreciate a 20 year old outdrive and just give me a depreciated cost of replacement for such things. With the re-power, they may cancel or not renew the policy as well. I've been told that if damage is greater than 50% of the insured value, they may want to salvage the boat.

I have tried State Farm, Total Dollar, Stacy Shute, Bob Luellen, Sy Goldberg, American Family and Shawn Wilson and none have been willing or able to give me a quote for an agreed value policy. Nothing. No insurance at all.

I have a quote now for a $50K agreed value hull coverage, inland waterway use, 2% deductible, $1m liability, $500k environmental clean up, 6 month lay up for $3400 a year with Markel.

The boat will not be back together and in surveyable condition for a little while yet. In the mean time I still have the Progressive coverage (for abut $750 a year) and I have increased the liability coverage to their maximum of $500K combined limit.

Some other background. Boating 22 years with no claims and pretty continuous coverage, excellent credit, prior performance twin engine coverage.

You'd think it would be an excellent risk.