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Old 06-23-2021, 09:01 AM   #1
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Arrow Insurance

Any advice on getting insurance for an old boat? I am struggling to get an insurance quote on a boat that I may potentially buy to live on. Looking for insurance companies that will insure me without having owned a boat before? I have a lot of boating experience, just have never owned a boat of my own, they have always been family boats. Any information would be helpful. My boyfriend would also be the main operator of the boat and he has a captains license.
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Old 06-23-2021, 09:55 AM   #2
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Try Peter:



Peter Ricks
Northwest Regional Manager
NOVAMAR INSURANCE GROUP, INC.
WA Lic # 249824

2500 Westlake Avenue N, Suite D
Seattle, WA 98109

Office: (800) 823 2798
Direct: (206) 350-5051
Mobile: (253) 377-0649
Fax: (206) 281-8036
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Old 06-23-2021, 10:26 AM   #3
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We have a Geico live aboard policy, although our premium has increased three years in a row. We are now shopping around.
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Old 06-30-2021, 10:01 AM   #4
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Just called Geico Boat insurance and their limits are 30ft and in my case a 1960 steel trawler is too old so got no quote.

Was looking for liability only agent said 100k is default??
and would have come out for only hundred bucks??


Please chime in on liability numbers that are common or required by marinas
as well as any recommendation for company appreciated


thanks!
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Old 06-30-2021, 10:15 AM   #5
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Talk to a marine insurance broker. On the east coast try Jack Martin or IMIS/Gowrie both in Annapolis. The popular insurance carriers such as Geico, etc. will often not insure you. These brokers know everyone and will find you a suitable insurance carrier.

David
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Old 06-30-2021, 10:17 AM   #6
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Thanks David - will follow up with them and post info into forum for reference
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Old 06-30-2021, 10:33 AM   #7
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Quote:
Originally Posted by Meander View Post
Just called Geico Boat insurance and their limits are 30ft and in my case a 1960 steel trawler is too old so got no quote.


Interesting, because we're 37'. Must be why our renewal went up.
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Old 06-30-2021, 10:49 AM   #8
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Just for completeness sake - called BoatUS Marine Insurance for quote which sounded pretty much like Geico - answer no quote for size steel hull and age - fyi
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Old 06-30-2021, 10:52 AM   #9
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Try Peter, contact info in post #2. We just sold our 41’ President and we had Geico on it. They wouldn’t insure the buyer because it was over 30 years old but we were grandfathered in on it. We just got a quote on a 41’ Formula from Boat/US, or Geico. Probably the age of the boat and not having owned a boat before will make it tough for you. Good luck.
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Old 06-30-2021, 12:18 PM   #10
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Quote:
Originally Posted by OliviaLubeck View Post
Any advice on getting insurance for an old boat? I am struggling to get an insurance quote on a boat that I may potentially buy to live on.
Try to not tick too many of the companies' uninsurable boxes. Here (Australia) they are wooden vessels, non-marina (ie pole) moorings, ex commercial vessels, >30yo, storage in cyclone areas. The more boxes ticked, the less likely insurance will be offered, exemptions become excessive or pricing becomes rediculous.

Good luck
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Old 06-30-2021, 12:28 PM   #11
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Quote:
Originally Posted by Meander View Post
Just for completeness sake - called BoatUS Marine Insurance for quote which sounded pretty much like Geico - answer no quote for size steel hull and age - fyi
I believe BoatUS insurance IS Geico. But I could be mistaken.

Our Geico policy renewal just increased 50%!!!! And that's with no claims...
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Old 06-30-2021, 12:32 PM   #12
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Here in the PNW, marinas are requiring between $500,000 and $1,000,000. As I was checking out marinas in BC, I saw required liability as high as CA $2,000,000.
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Old 07-02-2021, 07:25 AM   #13
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that is a lot - GEICOs default here up on East Coast was 100K - not that I got one anyways
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Old 07-02-2021, 07:27 AM   #14
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So just got info back from Pete - watch out for pitfalls - some statements are correct some are perhaps wrongly communicated between agent and underwriter or misunderstood by- mind the boat is in good shape 1960 steel Gladding Hearn 44ft hull low draft skeg - - I am not an idiot (pilot,airplane owner, big rig driver) granted little experience on boats - home port marina is in SC bordering NC so nowhere near hurricane zone - marina is attended - I will move there so not sure what absent owner risk means - guess they took my current MA address - make sure about surveyor mine is associate with some other surveyor organizations who would know beforehand



PETE, NO/LITTLE EXPERIENCE, ABSENTEE OWNER. SURVEYOR IS NOT NAMS OR SAMS AND REPORT IS VAGUE USING A 2017 ULTRA SOUND FOR A DIFFERENT OWNER. MOVING TO CAT EXPOSED AREA THERE ARE TOO MANY HIGH RISK ATTRIBUTES WE WILL NOT BE QUOTING. RB
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Old 07-02-2021, 07:52 AM   #15
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In the windwards and leewards most require $1m liability. Would also make sure you’re covered for spills.
Named storm coverage has gone through the roof if you stay in the zone if you can find it. We decided get out of the zone during that season. Mostly returning to New England but went below the zone on occasion.
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Old 07-02-2021, 07:56 AM   #16
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I too am worried about insurance companies making older boats uninsurable for just too many reasons.


However, I do know that a huge number of boat owners misrepresent themselves as often as some of the boating acquaintances I have do...I certainly understand insurance companies wanting to be absolutely sure about their customers.


The most common one seems to be the usage thing from not being liveaboards and they are...or the opposite of where the boat really is used or how often they visit it or prepare it for storms.
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Old 07-02-2021, 08:14 AM   #17
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To my limited knowledge now a days many vendors want to see you below 12 40N or above 40N during hurricane season. Sandy and others have expanded the zone. The underwriters aren’t boaters. They’ve taken a beating in recent years so fewer are writing policies. They can and are avoiding any policies where they feel they can’t adequately assess risk or it would take too much effort to do so. Given the field is less competitive and higher risk it’s has gotten much harder to get a decent policy.
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Old 07-02-2021, 08:24 AM   #18
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Realize above could be misconstrued. To clarify many put you in a lower risk group for named storms above 40N. You’re still considered at risk. Below 12 40 or for some 12 you’re out of the zone.
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Old 07-02-2021, 08:28 AM   #19
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My broker told me 2 summers ago when I was in Myrtle Beach for the summer that a secondary zone for hurricanes had been set up from around 40N to around Hatteras.


Looking at hurricane historical data it sure makes sense as parts of NC have a higher incidence of strikes than Florida from Canaveral to Jax.
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Old 07-02-2021, 10:24 AM   #20
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I've been an agent for 33 years. I don't have a license in GA, so I would suggest calling a local Allstate agent to ask them specifically your question. With that said, I can offer general advice. If you can find one no more than 30 years old and NOT wooden, that would be good. Hagerty is a good insurance company for classic boats. Ref. Live a Board, most companies will not touch that with a ten foot pole. If the boat is over 30 feet, you'll need a survey that is 2 years old or less. The boating experience is good. They will also consider your driving record. The guidelines will be different State to State and Coastal versus Inland Lakes & Waterways. Find an agent that is an avid boater in your State. They are more likely to help you. Happy Boating.
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