Highest bid
09-14-2021 | 10:15 AM
#71
Registered
Joined: Nov 2007
Posts: 4,029
Likes: 510
From: Cleveland, Ohio
way off…negative. You only know what you read on offshoreonly. Typical internet researcher with no real world experience.
I own an old boat. 27 years old. Have owned it for 8 years. Also know several people with late 80’s cigarettes.
coverage has never been an issue. it’s the price of coverage that is the stumbling block. Go re-read insurance threads. 90% of them are related to “I don’t want to pay that much for insurance”.
I just switched insurance companies last year. There are several companies that offered coverage including foremost, boat us, progressive, total dollar, and wagner.
These by no means are specialty insurance companies. There are more exclusive insurance companies that offer vintage coverage. Companies that service the wealthy. Not the average joe.
most wealthy people use umbrella policies or leverage there companies…
apples and oranges comparing how I insure a boat vs how herb chambers insured his yacht and collector cars.
I own an old boat. 27 years old. Have owned it for 8 years. Also know several people with late 80’s cigarettes.
coverage has never been an issue. it’s the price of coverage that is the stumbling block. Go re-read insurance threads. 90% of them are related to “I don’t want to pay that much for insurance”.
I just switched insurance companies last year. There are several companies that offered coverage including foremost, boat us, progressive, total dollar, and wagner.
These by no means are specialty insurance companies. There are more exclusive insurance companies that offer vintage coverage. Companies that service the wealthy. Not the average joe.
most wealthy people use umbrella policies or leverage there companies…
apples and oranges comparing how I insure a boat vs how herb chambers insured his yacht and collector cars.
I was one of the people posting. There are in fact TWO companies left willing to touch that policy. Yes, the rates are high, and they will only write a policy that covers $.40/$1.00 of what the boat “should be” worth if you wanted/needed to replace it.
I have insurance to protect against people, not equipment.
I also carry a considerable amount of insurance of all different types for business (products liability, property, land and equipment, licenses, the list goes on). Those companies wanted no part of any insurance in an old performance boat, none.
so it’s both a price thing and the fact they will just not write a policy for a boat of that vintage. Mine doesn’t have much original wood left in it, didn’t matter to them that the boat is almost all new as it says 1990 on the title, that’s all that matters.
look how many 2005 outerlimits are up for sale. Going to be tough to cover those in 2-3 years.
09-14-2021 | 10:19 AM
#72
Registered
Joined: Aug 2007
Posts: 1,422
Likes: 1,062
From: Orlando, FL
Edit: Though I guess they could still come after you after your insurance company taps out.
Last edited by DrFeelgood; 09-14-2021 at 10:22 AM.
09-14-2021 | 10:23 AM
#73
Registered
Joined: Jun 2010
Posts: 4,811
Likes: 893
You & Jupiter are both right, and both a little wrong at the same time.
I was one of the people posting. There are in fact TWO companies left willing to touch that policy. Yes, the rates are high, and they will only write a policy that covers $.40/$1.00 of what the boat “should be” worth if you wanted/needed to replace it.
I have insurance to protect against people, not equipment.
I also carry a considerable amount of insurance of all different types for business (products liability, property, land and equipment, licenses, the list goes on). Those companies wanted no part of any insurance in an old performance boat, none.
so it’s both a price thing and the fact they will just not write a policy for a boat of that vintage. Mine doesn’t have much original wood left in it, didn’t matter to them that the boat is almost all new as it says 1990 on the title, that’s all that matters.
look how many 2005 outerlimits are up for sale. Going to be tough to cover those in 2-3 years.
I was one of the people posting. There are in fact TWO companies left willing to touch that policy. Yes, the rates are high, and they will only write a policy that covers $.40/$1.00 of what the boat “should be” worth if you wanted/needed to replace it.
I have insurance to protect against people, not equipment.
I also carry a considerable amount of insurance of all different types for business (products liability, property, land and equipment, licenses, the list goes on). Those companies wanted no part of any insurance in an old performance boat, none.
so it’s both a price thing and the fact they will just not write a policy for a boat of that vintage. Mine doesn’t have much original wood left in it, didn’t matter to them that the boat is almost all new as it says 1990 on the title, that’s all that matters.
look how many 2005 outerlimits are up for sale. Going to be tough to cover those in 2-3 years.
insurance isn’t about the perception of “value”. All insurance policies are a rip off. If you are willing to write a giant check…the “no’s” turn into “yes’s”. Especially if you have a good relationship with the company.
09-14-2021 | 11:42 AM
#76
Platinum Member
Joined: May 2012
Posts: 11,431
Likes: 3,957
From: Midwest & T-Rock
09-14-2021 | 12:11 PM
#77
Registered
Joined: Feb 2002
Posts: 5,008
Likes: 752
From: Traverse City, Michigan
I have a car insured with Hagerty as a historic vehicle and the car has historic plates. That brings restrictions for its use but doable and a lower insurance rate. Maybe the new owner could get a historic policy for the boat with restrictions on use. Hagerty writes old boats, that's how they started.
09-14-2021 | 12:18 PM
#78
Charter Member # 55
Joined: Oct 2000
Posts: 20,247
Likes: 2,496
From: Omaha/LOTO
09-14-2021 | 01:22 PM
#79
VIP Member
Joined: Feb 2004
Posts: 12,314
Likes: 1,556
From: Maryland
Francine Damiano
Customer Rep Manager
Boat & Yacht Dept.
Total Dollar Insurance
A Foundation Risk Partners Company
1 Pleasant Ave
Port Washington, NY 11050
Telephone #516-833-1571 & Fax 516-704-2285
09-14-2021 | 01:26 PM
#80
VIP Member
Joined: Feb 2004
Posts: 12,314
Likes: 1,556
From: Maryland
I have a car insured with Hagerty as a historic vehicle and the car has historic plates. That brings restrictions for its use but doable and a lower insurance rate. Maybe the new owner could get a historic policy for the boat with restrictions on use. Hagerty writes old boats, that's how they started.
