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04-18-2021, 08:40 PM
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#1
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Veteran Member
City: Bonita Springs FL & Norwalk, CT
Vessel Name: "At Last" and "Coquina Cat"
Vessel Model: 48’ Offshore Yachtfish and 27' Glacier Bay
Join Date: Jun 2020
Posts: 41
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Insuring an older boat
From what I gather finding a company to insure an older boat can be difficult.
I am looking to buy a trawler or motor yacht in 45’ to 60’ range to cruise and live aboard six months a year. My budget has me looking at 20 to 40 year old models. I found a 50 plus footer that I’m very interested in, and called my trusted insurance guy to give me a quote. He said, “sorry, I don’t have anyone who will write a policy for a boat older than 30 years.
I called Boat US insurance / GEICO and they said, “no problem, we insure boats up to 40 years old, as long as it’s fiberglass.” After providing all the particulars, the quote was declined. “Sorry, we only insure boats under 40 feet that are over 30 years old.”
I was told to try Markel. I called them and they said, they only handle boats up to 26 feet, but I could talk to one of their independent agents. I have a call into one.
Does anyone know anything about Markel? Are there another companies you suggest I should be talking to?
I’m open to wood, steel and aluminum boats also. Anyone who will insure them? Are there companies that still insure wooden boats? How about steel or aluminum?
I am thinking there are people to write the insurance, but I’m concerned about high premiums. Any idea how much of a premium I should expect to pay?
I’ll be doing most of my cruising on the eastern seaboard and also in the Great Lakes and down into the Caribbean.
Any help you can provide would be most appreciated.
Thanks.
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04-18-2021, 08:53 PM
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#2
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Guru
City: Inside Passage Summer/Columbia River Winter
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 8,046
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Try talking to an insurance broker. Peter at Novamar. He has help a lot of folks here on TF.
253 377-0649
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04-18-2021, 10:53 PM
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#3
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Guru
City: Between Oregon and Alaska
Vessel Name: Charlie Harper
Vessel Model: Wheeler Shipyard 83'
Join Date: Jun 2016
Posts: 3,021
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If your range is US & Canadian waters out to 25 miles, try:
https://www.hagerty.com/Insurance/Cl...Boat-Insurance
They do older boats including wood.
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04-19-2021, 02:25 AM
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#4
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by Capt. Kirk
From what I gather finding a company to insure an older boat can be difficult.
I am looking to buy a trawler or motor yacht in 45’ to 60’ range to cruise and live aboard six months a year. My budget has me looking at 20 to 40 year old models. I found a 50 plus footer that I’m very interested in, and called my trusted insurance guy to give me a quote. He said, “sorry, I don’t have anyone who will write a policy for a boat older than 30 years.
I called Boat US insurance / GEICO and they said, “no problem, we insure boats up to 40 years old, as long as it’s fiberglass.” After providing all the particulars, the quote was declined. “Sorry, we only insure boats under 40 feet that are over 30 years old.”
I was told to try Markel. I called them and they said, they only handle boats up to 26 feet, but I could talk to one of their independent agents. I have a call into one.
Does anyone know anything about Markel? Are there another companies you suggest I should be talking to?
I’m open to wood, steel and aluminum boats also. Anyone who will insure them? Are there companies that still insure wooden boats? How about steel or aluminum?
I am thinking there are people to write the insurance, but I’m concerned about high premiums. Any idea how much of a premium I should expect to pay?
I’ll be doing most of my cruising on the eastern seaboard and also in the Great Lakes and down into the Caribbean.
Any help you can provide would be most appreciated.
Thanks.
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Find a quality marine broker and let them advise you.
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04-19-2021, 07:41 AM
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#5
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TF Site Team
City: Jacksonville
Join Date: Nov 2008
Posts: 11,671
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Join MTOA or reach out to some of their members. The new owners of our last boat just got insurance . I don’t remember the name but it is a major marine insurance company. The boat was 42’, fiberglass, 34 years old and in Florida.
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04-19-2021, 08:41 AM
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#6
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by Capt. Kirk
From what I gather finding a company to insure an older boat can be difficult.
I am looking to buy a trawler or motor yacht in 45’ to 60’ range to cruise and live aboard six months a year. My budget has me looking at 20 to 40 year old models. I found a 50 plus footer that I’m very interested in, and called my trusted insurance guy to give me a quote. He said, “sorry, I don’t have anyone who will write a policy for a boat older than 30 years.
I called Boat US insurance / GEICO and they said, “no problem, we insure boats up to 40 years old, as long as it’s fiberglass.” After providing all the particulars, the quote was declined. “Sorry, we only insure boats under 40 feet that are over 30 years old.”
I was told to try Markel. I called them and they said, they only handle boats up to 26 feet, but I could talk to one of their independent agents. I have a call into one.
Does anyone know anything about Markel? Are there another companies you suggest I should be talking to?
I’m open to wood, steel and aluminum boats also. Anyone who will insure them? Are there companies that still insure wooden boats? How about steel or aluminum?
I am thinking there are people to write the insurance, but I’m concerned about high premiums. Any idea how much of a premium I should expect to pay?
I’ll be doing most of my cruising on the eastern seaboard and also in the Great Lakes and down into the Caribbean.
Any help you can provide would be most appreciated.
Thanks.
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Good morning, Kirk,
Insuring older boats is getting more challenging, to be sure! That said, there are insurers that will insure older boats of the usual construction (no ferro-cement/ no fiberglass over wood not original to the vessel). The area the vessel is moored in, the navigation territory, and the overall experience (ownership and operational) of the vessel owner will also be strong decisioning factors in the underwriting process
Markel has a very broad appetite and will offer coverage on a wide variety of boats; we also have other markets available. PM me if you need assistance.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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04-19-2021, 09:32 AM
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#7
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Guru
City: Southport, FL near Panama City
Vessel Name: FROLIC
Vessel Model: Mainship 30 Pilot II since 2015. GB-42 1986-2015. Former Unlimited Tonnage Master
Join Date: Oct 2007
Posts: 4,977
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I have Markel on my 30-footer through USAA right now. I had them for my 1972 wooden Grand Banks 42 before that clear up to 2015. So I don't get that they only insure up to 26 feet.
__________________
Rich Gano
FROLIC (2005 MainShip 30 Pilot II)
Panama City area
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04-19-2021, 10:55 AM
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#8
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Guru
City: Alexandria, VA
Vessel Model: 2000 Wellcraft
Join Date: Sep 2013
Posts: 1,467
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We have Geico full coverage through Boat U.S on our 42 foot 48 year old fiberglass boat. They just renewed it a month ago.
But, my wife and I have a lifetime of boat ownership and operating experience. Maybe that’s the difference.
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04-19-2021, 11:36 AM
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#9
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by Group9
We have Geico full coverage through Boat U.S on our 42 foot 48 year old fiberglass boat. They just renewed it a month ago.
But, my wife and I have a lifetime of boat ownership and operating experience. Maybe that’s the difference.
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You’re grandfathered in (don’t let your policy lapse!)
New business for GEICO is no older that 40 years over 30’.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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04-19-2021, 12:09 PM
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#10
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Guru
City: San Diego
Vessel Name: SEA WOLF
Vessel Model: 1979 CHB 41 Trawler
Join Date: Feb 2020
Posts: 996
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Quote:
Originally Posted by Pau Hana
You’re grandfathered in (don’t let your policy lapse!)
New business for GEICO is no older that 40 years over 30’.
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That's good to know! Our 41' 42yr old vessel is covered by them - they wrote the policy less than a year ago after we moved from a 33yr old 41' vessel.
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04-19-2021, 12:22 PM
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#11
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,119
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Paul....
How hard is it to get liability, salvage and environmental for these older boats?
If so, is getting out of the hurricane zone any help?
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04-19-2021, 01:00 PM
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#12
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by psneeld
Paul....
How hard is it to get liability, salvage and environmental for these older boats?
If so, is getting out of the hurricane zone any help?
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In the dental chair- will reply shortly..,
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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04-19-2021, 01:07 PM
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#13
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by Pau Hana
In the dental chair- will reply shortly..,
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Wifey B: Hope he's not on Nitrous Oxide when he replies. Or maybe that would be entertaining.
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04-19-2021, 01:11 PM
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#14
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,119
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Usually just talking about insurance I would rather be in the dental chair....
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04-19-2021, 01:59 PM
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#15
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Veteran Member
City: San Diego
Vessel Name: Annabel Lee
Vessel Model: '79 Californian 34
Join Date: Dec 2020
Posts: 33
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I just bought a '79 Californian (42 years old) and had all sorts of trouble getting it insured. Turned down by multiple agencies.
Then I called Progressive and we were done in 20 minutes. We have agreed value, etc...
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04-19-2021, 02:44 PM
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#16
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by psneeld
Paul....
How hard is it to get liability, salvage and environmental for these older boats?
If so, is getting out of the hurricane zone any help?
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Not too hard- the only difference is that (generally) no survey is required for liability only. The experience of the owner, as well as the hull construction and nav territory, will still be factors.
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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04-19-2021, 03:21 PM
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#17
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Quote:
Originally Posted by Raaf
I just bought a '79 Californian (42 years old) and had all sorts of trouble getting it insured. Turned down by multiple agencies.
Then I called Progressive and we were done in 20 minutes. We have agreed value, etc...
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What were the reasons for the declinations? Progressive will offer agreed value on older boats, but only up to a point. Their ancillary coverages aren't great, either.
All that said, Progressive is another tool in the box, as they definitely have their place...
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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04-19-2021, 05:05 PM
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#18
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Guru
City: Alexandria, VA
Vessel Model: 2000 Wellcraft
Join Date: Sep 2013
Posts: 1,467
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Quote:
Originally Posted by Pau Hana
You’re grandfathered in (don’t let your policy lapse!)
New business for GEICO is no older that 40 years over 30’.
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Definitely won’t let it lapse! Just to be sure! It actually went down a little this year. Maybe some credit for going through a hurricane with zero damage!
I also think that a lot of the time, it’s just whatever way the wind is blowing that day as to coverage and rates.
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04-19-2021, 06:16 PM
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#19
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Master and Commander
City: Vallejo CA
Vessel Name: Carquinez Coot
Vessel Model: penultimate Seahorse Marine Coot hull #6
Join Date: Sep 2010
Posts: 12,559
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Liability insurance is the most important coverage rather than insuring the value of an old, depreciated asset.
__________________
Kar-KEEN-ez Koot
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04-19-2021, 08:24 PM
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#20
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Veteran Member
City: San Francisco
Vessel Name: Barbary Ghost
Vessel Model: Grand Banks 32
Join Date: Nov 2020
Posts: 59
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Call your local State Farm rep. They have more discretion to underwrite policies. Nobody would insure our 50yr old Grand Banks, and those that would were quoting crazy rates for crap policies. One phone call to our local State Farm rep and we had a comprehensive policy lined up within 24hrs for very little money. They were amazing.
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