Boat/marine insurance options for older boats

[Seachelle]

Hi, folks!

I'm looking to find a boat/marine insurance company that will insure boats 40+ years old -- any recommendations? I know that a satisfactory survey will be likely required for coverage, but am, more so, interested in finding out the names of companies that offer coverage for older vessels. My current boat/marine insurance company will only insure up to 35 yrs. My marina requires insurance to keep boats at their facility.

Thanks so much for any suggestions!

Fair winds,
~ Chelle
SV Sunflower (Sunny) | 2021 Com-Pac Legacy
https://passagesfromtheheart.wordpress.com

[Al]

I thought I just sent a reply, but don''t see it.

[Al]

Well, if my earlier reply never shows up, the jist was to try Grundy.  They insured our 1928 Catboat.

[crazycarl]

Boat U.S. would insure my 1986 Seidelman, but they wanted a survey.  I went with Proggressive.

I will say that Boat U.S. was excellent when my Starwind 19 was damaged in a storm.  They came out the next day and I had a check for $1200 more than I payed for the boat within 2 days. I was also allowed to keep the boat and trailer, which I stripped and made another $4800 selling the parts.

[Jim in TC]

Our marina, too, requires insurance, which I added to our homeowners policy. It is probably not great insurance, but it does satisfy the marina requirement and is not particularly costly. Worth looking into, perhaps, if you haven't yet.

[TopsailB]

I had coverage with Boat US (which was Geico) for over 10 years.. When our Pearson 34 was sunk by Florence the wreck was removed 2 days after the claim was made, and I had a check for the full agreed upon hull value a week after the title was sent. No questions or hassles. They initially required a survey. 

Currently with Progressive for agreed upon hull value plus 100k/300k/50k liability for both the 1986 CP23D and 1989 CP27. No survey required for either. I switched because even though I had insured with Geico for years prior, they wouldn?t even quote the premium on the new boat purchased several months after the loss.

[wes]

I've been with Progressive the entire time I've owned my 1988 CP27 and CP19. They haven't objected to the age at all. Never filed a claim so I can't speak to that. I appreciated their willingness to insure agreed-upon value rather than blue book.

Wes

[Seachelle]

Thanks, everyone, for all of your input -- I am so grateful! I ended up reaching out to Progressive and the person with whom I spoke, Derek, was incredibly helpful -- excellent customer service to help me walk through the process, over the phone, with the application. (No having to go online and fuss around with all of that malarkey!) I now have an estimate in-hand for a restored 1982 Marshall Sanderling. I am not calling out the mariachi band quite yet, however, but if all goes well, I'm hopeful to have a survey done, in the next few weeks or so, with favorable results. As TopsailB and wes have mentioned, I also went with insuring for the agreed upon hull value for my estimate. Also, I was told, by Derek (per above), that Progressive will insure boats manufactured as early as 1964 -- so awesome news for anyone else looking for "an oldie but a goodie!"

I want to mention that, Al, I also did contact Grundy Marine Insurance. I spoke with Sam Grundy and he was very nice and helpful. He forwarded an application for me to complete, but I didn't get around to doing it as I'm happy with the quote I've received from Progressive.

Again, I want to emphasize my deepest gratitude to you all for your contributions regarding suggestions for insurance coverage! I was previously feeling very defeated about the whole thing -- I just couldn't believe that there were no companies that would offer insurance for these older boats out there. Especially as there are still so many going strong and are just as seaworthy as more modern boats. Not to mention, my marina has vessels on the docks that are way older than the boat I'm looking at. When I inquired about those boats and what insurance they have, my marina also suggested Progressive as well as State Farm. I didn't reach out to State Farm, either, again, as I was very happy with the service and quote Progressive offered.

Here are some decent reads re: insurance for boats, with special mention of older boats as well:

1) https://www.practical-sailor.com/safety-seamanship/insuring-old-boats

2) https://goodoldboat.com/boat-insurance-101/  *** this one I found the most helpful ***

3) https://www.marlinmag.com/story/boats/insuring-older-sport-fishing-boats/

4) https://www.powerandmotoryacht.com/at-sea/how-to-get-boat-insurance-for-older-boats

Fair winds,
~ Chelle
SV Sunflower (Sunny) | 2021 Com-Pac Legacy
https://passagesfromtheheart.wordpress.com