Boat insurance on a 30 to 35 year old boat

MARRSY · #1 (**permalink**) 08-24-2007

Hi All,
I've done some searches on sailnet but didn't find this topic. If it's been discussed sorry about the repost. My question is how hard do you think it will be to obtain insurance for a boat up to 35 years old. Purchase price will be 40 to 60 grand. I plan to register the boat in either Mass or RI and spend about 7 months down in Florida. Thanks

sailingdog · #2 (**permalink**) 08-24-2007

Good luck getting insurance, if you're spending over half the year in Florida. Florida insurance rates are astronomically high after the last few years of storms... in fact, as I understand it, many insurance companies flat out stopped insuring boats in Florida.

TrueBlue · #3 (**permalink**) 08-24-2007

I've heard that most marinas in FL (if not all) will not accept boats unless they're insured - plus listing the marina as an insured party.

sailingdog · #4 (**permalink**) 08-24-2007

TB-

That's becoming true in many places, both inside and outside of florida. My marina requires $300000 in liability coverage for any boats there... but the marina doesn't have to be listed as an insured party yet.

Cruisingdad · #5 (**permalink**) 08-24-2007

You can try boat US. You can also try United Marine Underwriters. UMU is a marine insurance brokerage. Ask for Tom Jackson. There are may others.

Yes, SD is right that if you are in FL during hurricane season, you better ge ready for a very high insurance rate... if they will cover you at all. Tom told me at the time that he was not taking any more Fl policies. Perhaps that has changed - or if you are experienced and are out of their during the hurricane months, he may have more flexibility.

http://www.unitedmarine.net/

http://www.boatus.com/insurance/

- CD

TrueBlue · #6 (**permalink**) 08-24-2007

Quote:

TB-

That's becoming true in many places, both inside and outside of florida. My marina requires $300000 in liability coverage for any boats there... but the marina doesn't have to be listed as an insured party yet.

Mine does - been that way for 8 years now. But NEB has some very expensive floating real estate - which they could hold a burning/exploding boat liable for.

Cruisingdad · #7 (**permalink**) 08-24-2007

Quote:

Originally Posted by TrueBlue

Mine does - been that way for 8 years now. But NEB has some very expensive floating real estate - which they could hold a burning/exploding boat liable for.

TB,

You don't think it is because of the way you drive the boat, do you? (smile)

Just kidding.

- CD

MARRSY · #8 (**permalink**) 08-24-2007

Thanks for the replies... I plan to use the boat in Florida and other southern locations out of hurrican season... If I insure it in Mass or RI and take it to Florida or anywhere else for that matter will it be covered? From what SD says it sounds like I won't get insurance at all for a boat 30 plus years old and if I bring it to Florida it won't be insurable - just wondering about all the boats out there that fit that criteria. There seem to be alot. Are they all not insured? I plan to take the boat along the east coast probably coming back to Mass area in the summer. So I guess I'm better off buying a slightly smaller boat from 1990 up but will I be able to go to Fl and the bahamas or will that be uninsured? Thanks again

sailingdog · #9 (**permalink**) 08-24-2007

MARRSy-

There is a reason so many boats were abandoned following the hurricanes... many were not insured and it was cheaper for the owners to abandon them than it would have been to take responsibility for them and dispose of them themselves. From what I've been told, Massachusetts has just recently changed the law, so that it is easier for marinas and harbors to take ownership of abandoned boats and sell them or otherwise dispose of them. Hopefully, that will help eliminate the floating eyesores and unmaintained hazards that the abandoned boats soon become.

Also, it really depends on what kind of insurance you're looking for. If you're looking to get an Agreed Value Yatch policy with full coverage, it may be difficult, especially if you'll be spending over half the year in Florida. If you're looking for a liability only policy....then that is more readily available IMHO.

Again, whether you'll be able to go to Florida and back really depends on what boat you get. A 1990's era Flicka, which is only 24' LOA IIRC, would easily make it down to Florida and back... a Catalina 22 would be a bit iffier...

MARRSY · #10 (**permalink**) 08-24-2007

Hi SD good point - I'm looking at 35 - 38 ft. I spoke to united marine and they seemed to think I could get some coverage for what I was looking for - might just cost more money. Without knowing to much about the subject I would be interested in having the insurance requirments to be able to dock in Marinas from time to time. Not really planning on picking any particular port right now but the ability to go state to state.