Biggus

iTrader: (1)

ttt

WakezoneINS

The carriers that will do a 20 year old boat right now are far different from 2007 when this post started. However, here is the deal on older boats:

Under 65mph - not usually a big hurdle. Most carriers will take an older boat that is under 65mph top capable speed.

Once you get into the 70's and higher.... the ability to find a carrier willing to insure the boat is hard. First and foremost, every carrier will want a NEW survey on your boat. Second, the rates are pretty high on older boats. Those carriers that do write older boats, charge accordingly. Third, if you can get away with a liability only policy you will save yourself on premium. Perfect example.....

Someone just called me on a 1988 Fountain (Value $24,000). Only carriers willing to write coverage are Progressive and Lloyds for this one.

Full Coverage (Physical Damage and Liability):
Progressive rate: $2622 - AGreed Value
Lloyd's rate: $2150 - Actual Cash Value


Liability Only coverage:
Progressive: $466
Lloyd's: $700

You can save dramatically by self insuring yourself (setting aside the premium you would actually pay for the $20,000 loss on the boat) while still covering your biggest exposure, the liability.

MrCIG

iTrader: (1)

I have StateFarm on my 1985 Cigarette 850.00 a year Inland Water and Great Lakes only

A friend of mine has Erie Insurance he got a very good rate on a 1981 boat


Mark

ChristianGott

stace..
good advice/ideas....
... be careful with statefarm...my 1987 26' rumrunner tripped all kinds of flags...causing most of my policies to be "ear-marked for termination"...s/f and i are still fine, but i now insure the sutphen with boatus....1k annually
$0.02...c
btw...what dollars on the liab coverage?

cigracing1

I just got my 1986 Cigarette 24 Firefox insured with “Agreed Value”. It wasn’t cheap but it’s what I wanted. I did have a survey done last week plus receipts from the recent restoration to show how much I have invested in it.