Insuring an Old Boat: Best Ways to Insure an Old Boat

By Peter11 mins read

Are you considering insuring your old boat? Many companies offer boat insurance but not all of them offer insurance on old boats. However, there are a few questions that you first need to ask yourself. These questions will help you get your hands on the best boat insurance for older boats.

So, for your convenience, we’ll cover all the factors you need to consider before buying insurance for a 30- or 20-year-old boat. Let’s begin.

Best Boat Insurance Companies for Older Boats

After asking friends with old boats about their insurance companies and after some research, I think that the best boat insurance companies for older boats are:

BoatUS/Geico. A friend of mine has insured a 25-Year-Old Boat but they no longer insure boats over 40 years or 30 years if the boat is over 40 feet.
State Farm. A guy I know at the marina has his 1969 Morgan insured with State Farm for 20+ years.
SafeCo by Liberty Mutual. I have heard good things about insuring your boat with them and at reasonable premiums.
Progressive. Many people use this insurance company to insure their old boats. However, from my experience, their premiums are high and they will ask you to underinsure your boat.
Pantaenius Yacht Insurance. This is a boat insurance company that is based in the UK. However, it can extend coverage all over the world and I have heard good things about their boat insurance for boats over 40 years old.

Best Boat Insurance Company for Older Boats

The Best Way to Insure Your Older Boat

Since there are various boats out there and multiple factors that affect their insurance, the best way to go about insuring your old boat is to ask yourself the following questions:

What’s the Type of Your Boat?

If you’re an owner of a small and non-motorized watercraft, it might come under your cottage or home insurance. Many homeowner policies out there offer good coverage for smaller sailboats and motors that have an average limit of 25 to 100 horsepower. Apart from that, it might also include coverage in the range of $2,500 to $5,000.

When it comes to larger and motorized older boats, you’ll require special coverage. That’s because the majority of the homeowners’ policies don’t cover marine-specific risks. So, you’ll have to insure them under a different category, such as scheduled property. However, you’ll be charged separately for it.

What is Your Boat’s Worth?

Even though you must have a fair idea of the cost of your boat when you first bought it, you should also find out how much it is worth now.

While you can get a broad assessment with the help of an asset depreciation calculator, it’s better to get a professional valuation of your boat. Many insurance companies also offer a valuation service to their clients to ensure that they get the right level of cover.

How Old is Your Boat Exactly?

The exact age of the boat is also an important factor to consider while determining the type of coverage you require. If you want to get insurance for 30 and 20-year old boats, you should’ve performed regular maintenance on the boat too. That’s because it can increase the boat’s lifespan by an indefinite number of years. Keep in mind that the older the boat the more expensive it will be to insure relatively to the value. Keep in mind that insurance seems to be exponentially more expensive after the boat had its 30th birthday.

What is the Hull of Your Boat Made Of?

When we talk about the hull of the boats, different boats are made of various hull materials. Depending upon the material they’re made out of, these boats are susceptible to various risks to the boat’s integrity. Since the majority of the hulls are made out of fiberglass these days, the insurance companies also prefer older boats and sailboats with fiberglass hulls. However, some companies out there offer insurance on timber, carvel, and steel hulls.

Is the Boat Currently Damaged?

There are two types of damage: structural boat damage and cosmetic boat damage. Since the boat is old, it is likely to suffer damage.

However, structural damage is more important, and therefore, you should fix it before getting your boat inspected by the insurance agent. If there’s any current damage to your sailboat, it’ll damage its valuation. Not only this, but it will also further damage the boat, which will greatly impact your insurance cover.

boat insurance for boats over 40 years old

>>Also Read: Why Do Boat Insurance Companies Require Hurricane Plans?

Where Do You Usually Take Your Boat Out?

It is extremely important to determine where the boat usually travels to get yourself the best boat insurance for older boats. For example, you might be living in a canal village where you use the boat to visit your neighbors, or you might sail the coast to visit another city.

To sum it up, there are different types of dangers with various waters, and as a result, it might affect your insurance policy.

How Often Do You Take Your Boat Go Out in the Water?

Even if your boat is old, there’s a high chance that it doesn’t go out in the water as often as other boats do. For example, it might be possible that you sail only a few times a year or you might like to go out in the water more than once a week.

So, how frequently you take your sailboat in the water influences the chances of damage. Therefore, it might not get you the insurance cover you wanted. However, especially if you are not using the boat very often, consider only insuring your boat for liability. That will significantly decrease your insurance cost and will make insuring your boat easier.

How Often Do You Perform Maintenance?

Like other vehicles, you should perform regular maintenance on your boat. It may include a variety of tasks such as rinsing the boat, washing the entire exterior, checking and flushing the engine, etc.

When you fully maintain your old boat, it’ll increase its lifespan, and your insurance policy will also remain valid.