Boat Insurance

Finding Insurance for Your “Seasoned” Boat

By Martin Frobisher

Finding boat insurance

She may be beautiful to you, but what will the insurance agent say? Chances are you can find a policy to insure your aged boat if you dig a bit.

It’s easy to get insurance for a new or slightly used boat, but what about those vintage models some of us love? Here’s a brief guide on finding companies that will cover your investment in one of the classics.

Insuring older fiberglass boats can be a bit more challenging compared to covering newer vessels, as insurers might have specific requirements or limitations. And, the premiums might be somewhat higher relevant to the boat value—older boats are prone to more ills that can put them on the bottom, so the insurer has to factor in the risk. In addition, some older boats have collector value—and could in actuality be worth much more than they cost new.

Chris Craft was among the early builders in fiberglass—this 1977 model is pristine.

Chris Craft was among the early builders in fiberglass—this 1977 model is pristine.

Tips for Insuring Older Fiberglass Boats:

  1. Get Multiple Quotes: It’s a good idea to obtain quotes from several insurance providers to compare coverage options and premiums.
  2. Provide Detailed Information: Be prepared to provide detailed information about your boat, including its age, condition, and any upgrades or modifications.
  3. Consider Agreed Value Coverage: For older boats, agreed value coverage can ensure you receive a predetermined amount in the event of a total loss, rather than actual cash value which considers depreciation.
  4. Check for Discounts: Ask about discounts for safe boating practices, completed safety courses, or membership in boating organizations.

The age of tailfins occurred in boats as well as cars.

The age of tailfins occurred in boats as well as cars. Finding an insurer for this one might be a struggle.

Consulting with an insurance broker who specializes in marine insurance can also be beneficial, as they can help you navigate the options and find coverage that suits your needs for an older fiberglass boat. United Marine is one of the better known and has a very informative website: https://www.unitedmarine.net/boat_insurance/guide.

This one may be beyond insuring, but if your old boat still floats, you can probably find a company that will insure it.

This one may be beyond insuring, but if your old boat still floats, you can probably find a company that will insure it.

Several insurance companies specialize in or offer coverage for older fiberglass boats. Here’s a list of companies that are known for providing insurance for older boats, including those with fiberglass hulls:

Marine Insurance Companies

1. Hagerty Marine Insurance:
•    Specialization: Hagerty is well-known for insuring classic and antique boats, including older fiberglass models.
•    Coverage: Offers agreed value coverage, which ensures that you receive a predetermined amount if your boat is a total loss.
•    Website: Hagerty Marine Insurance

2. Geico Marine Insurance:
•    Specialization: Geico offers boat insurance and can provide coverage for various types of boats, including older fiberglass models.
•    Coverage: Provides flexible coverage options and discounts for safe boating practices.
•    Website: Geico Boat Insurance

3. Progressive Marine Insurance:
•    Specialization: Progressive offers a range of marine insurance options and is known for its comprehensive policies that can cover older boats.
•    Coverage: Offers agreed value and actual cash value options, with discounts available for various factors.
•    Website: Progressive Marine Insurance

4. State Farm Marine Insurance:
•    Specialization: State Farm provides insurance for various types of boats, including older fiberglass boats.
•    Coverage: Offers a range of coverage options and additional features like coverage for accessories.
•    Website: State Farm Boat Insurance

5. BoatUS (Boat Owners Association of the United States):
•    Specialization: BoatUS offers insurance specifically for boats and has options for older models, including fiberglass boats.
•    Coverage: Provides various coverage options, including agreed value coverage and options for different types of losses.
•    Website: BoatUS Insurance

6. American Modern Insurance Group:
•    Specialization: American Modern provides specialized marine insurance and covers various types of boats, including older fiberglass models.
•    Coverage: Offers multiple policy options and additional coverage for classic boats.
•    Website: American Modern Insurance

7. Markel Marine Insurance:
•    Specialization: Markel offers comprehensive insurance for boats, including those that are older or used.
•    Coverage: Provides flexible coverage options and a focus on personalized service.
•    Website: Markel Marine Insurance

Don’t forget liability insurance, which protects you from legal damages, in addition to conventional insurance on the boat, trailer and motor.

Don’t forget liability insurance, which protects you from legal damages, in addition to conventional insurance on the boat, trailer and motor.

A final note: in addition to insurance for damages to your boat, you’ll want to buy a solid liability policy that will handle any accidents where you are at fault and could be sued. Most comprehensive insurance companies offer this coverage as well.