Now that I am quickly approaching the day that I will begin using the Formula on a regular basis the question comes up about insurance.

My considerations are General Liability, Accident and Theft/Loss.

The liability should be relatively easy to figure out but how can you put a value on a 34 year old boat? I am building a lot of value into the boat with updated power and propulsion systems along with re worked cockpit, cabin and electronics not to mention a new trailer.

I used to restore and show old Muscle Cars and we bought what is known as a "Stated Value Policy". Owners of collector cars would have a survey of the vehicle performed and would agree to a stated value in case of theft or loss. The policy limits were set and a premium was established to secure coverage.

Is there this type of coverage available for Power Boats? Who under rights these policies and who would I speak with in South Florida to work something like this up?

I shudder at the thought of loosing all my investment of capital both monetary and intangible with a theft or other loss.

Progressive and Geico both quoted me a "agreed Value" policy for my boat. I ended up insuring my 79 F18 formula with an agreed value of $8000. That way I dont loose.

I am a Progressive Policy holder with my cars and I got an online quote from them on a $25K agreed to value on mine. Premium is about $1800 per year which seems a bit high to me. I keep the boat on a trailer 12 miles inland from the coast in a gated community. I'm going to check Boat US as well and would like suggestions from others.

In the quote there was a 75 mile "Coastal" limit. I wonder if that includes the portions of the Bahamas that are within 75 miles of the SE Coast of Florida?

Old boat in Southern FL = not easy... unfortunately.

Your best bet is to call up Progressive as they do not have survey requirements and will write a policy in Southern FL. Where you will have a hard time is if you've put big engines in the boat. (basically, anything bigger than what came stock).

The only carrier I know that would possibly consider in South FL aside from PRogressive would be Markel. (www.markelinsurance.com). I think in South FL they will want to exclude wind but I do not write for them so I cannot be positive on that. You would need to contact a Markel agent for that. You can find an agent close to you by going to Markel's website and searching for an agent.

Best of luck to you.

Went through the same on my '85 Sonic.
Also a Progressive auto customer. I don't think I go over the $15K value level and that was w/hellacious deductibles.
Went to Boat US at I think $17K (1/2 what I'd like) value w/reasonable deductibles at 1/2 the cost.

Allstate would not do agreed value on my boat, best bet is keep all your receipts, document everything with pictures. I had my surveyed and gotten a value so that may also help.