Insurance?

[Ken]

I'm shopping for insurance for "Celeste". I recall a thread a few months ago on this topic but cannot find it now. I have a quote for $223 a year for $15,000 coverage on the value of the boat and motor plus $500,000 liability. This is from Progressive through PEMCO. How does that compare with what others are paying for finished boats? Thanks for your input!
-Ken

[RJY007]

You might try BoatUS for a quote. Caution advised re Progressive. Goggle the complaints....thats why the rates are relatively low.

I have Travelers which also covers spills and towing.....$120K boat and $1000/year so its hard to compare to your situation

[Bflaherty]

I know my father uses Haggerty for his 1953 Chris Craft Racing Runabout (valued at 75k I believe). He found that state farm had a great rate for liability and such but wouldn't offer coverage for "market value" of the boat, they only wanted to cover book value, which on most older boats is either unknown or so little you couldn't buy a new hull with the pay out.

I am actually meeting with my state farm agent this afternoon regarding my '69 Chris Craft Cavalier. I will post what kind of rate they come up with...

[Marvelous]

I just insured mine through my insurance Co. who then went through Proggressive. I am paying $163.00 per year for $15,000 replacement cost and that was with the 1982 Merc now with the new Optimax i am going to try and raise it.

I just wonder how many boaters ( who own there boats outright ) even have insurance? I feel comfortable to at least have insurance.

[Marty Loken (Norseboater)]

Insurance

For any boat worth more than $10,000, I'd recommend Hagerty. They go along with your stipulated value, and classic boats are in their DNA...whereas a lot of other non-marine insurance companies just look at old boats as a terrible and stupid risk to take--from their perspective.

(Hagerty seems to appreciate that classic-boat collectors take better care of their craft than members of the general public might care for their generic, newer mass-production boats. Also, we don't tend to blast across lakes at 50 mph in pitch darkness, with no running lights or life jackets, after drinking way too many beers.)

- Marty

[El Blanco]

Insurance

What would be the deductible or do they just call it a total lost?? Has anyone ever filed a claim?? Just wondering:eek:

[Marty Loken (Norseboater)]

Hagerty Claims

George -

Afraid I can't answer your questions on claims. It's been six years since I've had Hagerty insurance, and I've never filed a claim or known anyone else who has, either. (I forget what the deductible was.)

Usually, with old-boat insurance, the key question is what value will the insurance company accept for the boat in the event of a total loss--which in most of our cases would probably be triggered by an accident while towing, theft, fire or sinking. With Hagerty and a few other marine-insurance companies you stipulate the value and once they accept that figure, that's what'll be paid in the event of total loss.

Another marine-insurance company that deals with classic boats is Hackworth & Company. (Google their name and you'll find contact information.) It's been 20 years since I've used Hackworth, so I have no current details.

I don't bother buying specific insurance for any boat worth less than $10,000, and it's not because I can afford a loss in that amount. It's simply that I can't afford to pay the premiums for my motley fleet of under-$10,000 (mostly project) watercraft.

- Marty

[Marvelous]

I'm shopping for insurance for "Celeste". I recall a thread a few months ago on this topic but cannot find it now. I have a quote for $223 a year for $15,000 coverage on the value of the boat and motor plus $500,000 liability. This is from Progressive through PEMCO. How does that compare with what others are paying for finished boats? Thanks for your input!
-Ken

I googled Progressive yeah lots of complaints but a lot of gulable people. I then went to the BBB and Hagerty "0" in last 36 months with Progressive "1" in last 36 months.

I called just for a quote to compare my $163 per year $15,000 replacement
Progressive insurance with Hagerty but they are closed for the Holiday. If i remember right they were higher last time i checked. I do know Progressive would not cover me if my boat was wood? By the way i also carry an umbrella policy to cover anything else that may arrise.

I just hope all boaters in this group have some sort of insurance no matter what they operate in public. Just never know!

[El Blanco]

Insurance 2

Thanks Marty for the info. The reason I askesd is becuase many moons ago I was towing my buddies boat with my truck. I was in Issaquah on front street on a Saturday dead stopped!! Bang a lady drive my friends jet motor into the transom.The insurance companny claimed it a total lost. That said do you think a classic boat that was hit and the claim was a total lost...even I don't think my buddies boat was a total lost........That you could repair the boat...and get it insured again???? It a classic boat were talking about...I would sure hate to toss my baby away...:eek: Just wondering

[Lootas1]

Had an old boat once that needed a new engine. Put one in, cleaned up boat and was towing it to mainland to sell. Figured it was worth a couple thousand bucks. The ball on my trailer hitch came off and boat and trailer rammed the back of my truck denting it. Then it snapped the lightweight safety chains and boat and trailer flew over a bank and crashed into a tree some six feet off the ground. Boat was totaled. I salvaged outdrive, motor and trailer and sold them for around $1,000. Hadn't insured boat. Learned years later that my truck insurance would have covered the boat being towed. Now I only carry liability on my boats through State Farm. Paying $79 a year and don't recall how much liability I bought but it was whatever my agent recommended. If I destroy another boat, I figure I don't deserve to get paid for it!