Boat insurance for older boats?

[Cory20]

My car was hit in a traffic circle not too long ago. Minor damages, no injuries and I was found to be 85% responsible. I am going to stress here that someone changed lanes into me in a 2 lane circle, but that is a different story.

I was towing my boat at the time and do not have any boat insurance. Since it is an '81 I haven't been able to find anyone that I can carry more than just liability with. I was thinking, with my terrible luck with fender benders, traffic cops, and traffic law in general...If I'm towing my boat and something happens and the other driver's insurance company denies my claim I need to have some insurance of my own here.

If anyone knows any companies that offer insurance to older boats please let me know.

Thanks

Cory

edit: mods- I meant this for the bass boating forum, sorry.

[George Welcome]

http://www.skisafe.com/antique.stm

[Sam]

George hit it on the head, as usual.

Here is the major concern of standard insurance carriers.

From the prespective of physical damage to your boat, it is totally depreciated.  This means that there is no "value" to the hull and therefore the insurance carrier cannot properly price the coverage or estimate the hull's value.

Since the boat is 27+ years old, any loss would be a "total" or a "constructive total" loss and the insurance company would have a problem setteling the claim as the value of the boat would be zero.

Now, if you vlaue the boat as an antique, since it is over 20 years old; get a formal hull appraisal; meet underwriting requirements which may include a sea-worthy certificate, known as a Survey; you can then insure the boat for its appraised value and recover up to that amount if the boat is damaged or destroyed.

I hope this explains the situation to you and maybe we have a marine underwriter on the forum that can go into deeper details from an insurance standpoint.

However, if the carrier George suggests will insure the boat for physical damage I suggest you transfer the pure risk exposure to the insurance company.

Also be sure to have at least $1,000,000 of Liability insurance on your boat. The cost is very small after the first $100,000 liability premium and strange things happen on the water all the time.

[Wayne P.]

While towing, your boat and trailer is covered by your auto insurance unless you have some fly-by-night insurance company coverage.

[Sam]

Yes Wayne, but that is for third-party liability insurance, not comp or collision on a trailer and watercraft.

You need to have the boat, motor and trailer covered for physical damage losses on it's own marine insurance policy.  

Please check with your agent if you think your boat, motor and trailer are covered for physical damage if they are involved in an accident while being towed by a licensed motorized vehicle on public or private roads.

If the agent says they are covered, get it in writing and put the letter in a safety deposit box for future reference.  

[Micro]

I wanted to say something here, but Sam already gave all the answers.   >

[Team_Dougherty]

While towing, your boat and trailer is covered by your auto insurance unless you have some fly-by-night insurance company coverage.

This is true. I have it in writing it is on the deceleration page of my car insurance. Check yours.

[Micro]

While towing, your boat and trailer is covered by your auto insurance unless you have some fly-by-night insurance company coverage.

This is true. I have it in writing it is on the deceleration page of my car insurance. Check yours.

Most auto policies only cover a trailer for liability, not physical damage (collision and comprehensive), UNLESS you add the trailer to your policy.  If you do, your trailer would then be covered for physical damage.  If the trailer is showing on your dec sheet, then it was added to your policy and you are being charged a premium for it.  

[Sam]

Please understand that each insurance contract has different parts which explain what is and what is not covered.

Each section is independent of any other section.

What you are reading is the liability section of the insurance policy.

Please find the Physical Damage wording and read what it has to say.

Micro is totally correct so don't read about liability coverage and apply it to your physical damage coverage.

And don't blame me or Micro for this situation.  Other than Boiler and Machinery policies all insurance policies are written by lawyers.  B&M contracts were written by engineers and they are very difficult to figure out.

So that explains why your homeowners, auto, boat and personal articles floater are difficult to understand even though the new verison are in English and try to be easy to read.  

[J_Zink]

I have a 1986 Champion bass boat with a 1987 Yamaha OB.  The whole thing is valued by the ins company at $5500 replacement.  There's a $250 deductable.  I've got $100,000 in liability.  I pay $167 a year.  This is through Safeco.

[Cory20]

Thank you for all the replies everyone.  I've learned a lot more from this thread than just where to look for some insurance.