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Go Back   SailNet Community > General Interest Forums > Boat Review and Purchase Forum > Boat Buyers & Sellers Forum
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Old 02-04-2010
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hard to buy/insure boats older than 20 years?

I hope this is the right forum for this question. Also, if it has been answered before, a link would be great... a quick search revealed nothing specific.

I've heard in a number of places that it is very difficult, bordering on impossible, to buy a boat older than 20 years (or to own one if it crosses the 20 year age while you own it). The reasons given are that insurance companies simply won't insure boats past 20 years old, and loan companies won't give loans for boats that old. I'm wondering if this is true, and if so, why? There are tons of boats for sale on yachtworld that are over 20 years old -- I bet most of them are over 20 years old. Is that because they're selling, or are they still on there because no one will buy them? If it's the latter, why are they not priced lower? What is magic about a boat turning 20 that makes it such a big risk? Should I not even be looking at boats of that age to buy?

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Old 02-04-2010
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How many insurance companies have you checked with? As far as my experience goes as long as there is a survey by an accredited surveyor and any faults found are fixed insurance is not a problem well past 20 years and age is not a factor at all in most cases.
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Old 02-04-2010
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go to IMIS they insured us 5 yrs ago new boat to us it was 25 yrs old no prob at all
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Old 02-04-2010
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I bought my 1986 Omega last year. Neither the loan company or the insurance company mentioned anything about its age.
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Old 02-04-2010
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We have no problems insuring our 45 year old boat. You need to talk to a marine agent. Heritage marine and Hagerty come to mind.

Disclosure: we have insurance through Heritage- agreed value coverage.
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Old 02-04-2010
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No problems for us finding insurance for our 1978 Irwin. We paid cash so I can't speak to the ease of finding a loan for an older boat.
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Old 02-04-2010
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I will add myself to the group who had no issues getting insurance. My boat is a 1974. I did pay cash for it, so I can't speak to that. However, I would think if you can get it insured for at least what you owe on it a bank will loan you the money.
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Old 02-04-2010
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My boat is 31 years old and a little known manufacturer. I am getting reasonable quotes and just dickering over the conditions.
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Old 02-04-2010
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No problem here with insuring a 1977 sailboat. Like others, I paid cash so can't speak to financing. However, I believe the greater issue with insurers you will find is the survey of the boat, repairs as needed to assure seaworthiness, and your level of experience. Good luck...MGM
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Old 02-05-2010
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I really can't comment your country's insurance policies but here in Portugal there's at least one insurance company which does not consider age as a reason to increase or otherwise affect boat insurance pricing.

They simply rely in the fact that if a given boat has it's 5 year inspection (the certificate of navigability) up to date then there's no reason to suspect that it is less sea worthy than a more modern a similar boat.

For instance, my 24ft trimaran, which was first launched in 1964, pays exactly the same as a 24 footer built last year...
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