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Insurance for Classic, Vintage, and Antique Boats

Learn how to insure older and classic boats

More than seven million people visit our site every year looking for unbiased information about insurance and other related topics. And with great readership comes great responsibility, which means we’re dedicated to providing honest and accurate information.

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Ahoy there! Classic, vintage, and antique boats have a unique appeal that many watercraft enthusiasts find irresistible. These boats are often cherished for their rich history, unique designs, and stunning craftsmanship. However, insuring these boats can be quite different from insuring modern boats .

One of the biggest reasons for the difference in insurance is that classic, vintage, and antique boats may not have modern safety features. This can increase the risk of accidents. As a result, insurance companies may charge higher premiums to cover these boats. In addition, replacement parts may be harder to find for older boats, which can increase repair costs and insurance premiums.

That said, many insurance companies offer specialized coverage for classic, vintage, and antique boats. This coverage may consider the unique features of these boats, including their historical value and the difficulty in finding replacement parts. It's important to work with an independent insurance agent who can help you avoid rough waters and find an insurance policy that’s tailored to your boat and its specific needs.

Classifying Old Boats

According to the Antique and Classic Boat Society, there are five main boat types and classifications based on age:

This classification applies to any vessel constructed before and up to 1918. These boats are incredibly rare and often considered priceless pieces of history. They offer a glimpse into times gone by and represent the best of early boatbuilding techniques and craftsmanship.

This classification applies to any boat built between 1919 and 1942. Antique boats are highly sought after by collectors and enthusiasts alike. They are often considered the pinnacle of classic boat design, featuring stunning woodwork, classic lines, and unique construction techniques. Antique boats can be powered by a variety of engines, from early gas to diesel engines, adding to their charm and appeal.

This classification applies to boats built between 1943 and 1975. Classic boats are a testament to the post-World War II era of boating when leisure time on the water became more accessible and popular. Classic boats are often considered the most recognizable and iconic vessels of their era. They feature sleek, elegant lines and luxurious finishes that reflect the glamour and sophistication of the time.

Late Classic

This classification applies to boats built from 1976 to 25 years prior to the current year. Late classic boats offer a unique blend of modern features and classic styling. They often feature more modern construction methods and materials, such as fiberglass, while still maintaining classic design elements. These boats are popular among collectors and boaters who want the best of both worlds: classic style with modern performance and features.

Contemporary

This classification applies to boats built in the last 25 years. Contemporary boats are the most modern vessels on the market, offering the latest technology, materials, and construction techniques. They feature advanced design elements, cutting-edge features, and the highest level of performance and comfort.

It's worth noting that, in the past, a boat's classification also depended on the hull's material, but that is no longer the case. Even aluminum and fiberglass boats can now be considered “late classics” or “classics.”

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What Is Vintage Boat Insurance? How Does Vintage and Classic Boat Insurance Differ from Regular Boat Insurance?

Vintage boat insurance is a specialized type of coverage designed to meet the unique needs of boats that are 20 or more years old. Since these boats might not have the same modern safety features as newer vessels, insurance companies may require you to limit your boat usage during the boating season to reduce the risk of damage or accidents. This could include limiting the number of trips you take on your boat, as well as the distance you can travel from shore.

Since classic and vintage boats are typically expensive to restore and repair, many insurers offer coverage to protect your vessel while it's being worked on. Some vintage boat insurers may offer referrals to expert repair services from specialized shops, ensuring that your boat is repaired by professionals who understand the unique needs of older boats.

Bear in mind that insurance companies analyze data to minimize their risk, and boats between 20 and 40 years of age that are still on the water are viewed as a greater liability. As a result, some insurance companies may not cover older boats, or may charge higher premiums to account for the increased risk. However, if you own a vintage boat that is well-maintained and operated by a skilled skipper, you may be able to find coverage through specialized insurers who understand the unique needs of watercraft like these.

Are Insurance Rates Higher for Classic and Vintage Boat Insurance?

Insurance rates for classic and vintage boat insurance can be higher than rates for standard boat insurance. This is because older boats may not have modern safety features, may be more expensive to repair, and may be more susceptible to damage due to wear and tear. However, the rates for classic boat insurance and vintage boat insurance are generally based on the value of the boat, which is in line with contemporary boat insurance.

Are There Discounts for Vintage Boat Insurance?

As with standard contemporary boat insurance, there may be discounts available for vintage boat insurance. Some discounts that may apply include:

• Multi-policy discounts: If you have multiple insurance policies – such as home and auto insurance – with the same provider, you may be eligible for a multi-policy discount. This discount may also apply to vintage boat insurance policies.
• Safety equipment discounts: Many insurance providers offer discounts for boats that have certain safety equipment, such as life jackets, fire extinguishers, and navigation equipment, installed. While some older boats may not have modern safety features, they could still qualify for safety equipment discounts if they have appropriate safety equipment installed.
• Lay-up discounts: Some vintage boat insurance policies may require you to limit your boat usage during the boating season. If you're willing to agree to a "lay-up" period where the boat is not used during certain months, you may be eligible for a discount on your insurance premiums.
• Boater education discounts: Completing a boater safety course or obtaining a boating license may make you eligible for a discount on your vintage boat insurance premiums. This discount may also apply to standard boat insurance policies.

It's important to note that the availability of discounts may vary depending on the insurance provider and the specific policy. Additionally, some vintage boat insurance policies may have different eligibility requirements and restrictions than standard boat insurance policies. Working with an experienced insurance agent who understands the unique needs of vintage boats can help ensure that you receive all applicable discounts and the right coverage for your vessel.

Explore Classic Boat Insurance Options with an Independent Insurance Agent

When it comes to classic boat insurance, it's often best to work with specialty insurance companies that focus on or have expertise in insuring classic and antique boats. That’s where an independent insurance agent comes in. They can help you navigate the complex world of vintage boat insurance and ensure that your policy includes the coverage you need for peace of mind.

https://www.iii.org/press-release/iii-know-your-boats-insurance-coverage-from-stem-to-stern-051619

https://acbs.org/acbs-boat-classifications-judging-classes/

https://www.thezebra.com/other-insurance-types/boat-insurance/

https://www.nboat.com/blog/boat-insurance-guide/factors-affect-boat-insurance-rate

https://www.forbes.com/advisor/insurance/best-boat-insurance/

https://finlightened.com/classic-boat-insurance/

https://www.powerandmotoryacht.com/at-sea/how-to-get-boat-insurance-for-older-boats

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Insuring Old Boats

Terms of depreciation waivers are getting tighter..

Editor’s note: Our recent article on marine insurance (see “ Consequential Damage Coverage ,” PS Jan. 2020) prompted  many questions from readers regarding  insurance for older boats. For answers,  we turned to Mark Pellerin of BoatUS  Marine Insurance Program (underwritten by GEICO), who, in addition to answering  these questions, offered this update on changes in its depreciation terms.  Depreciation and other policy details can  vary greatly, so be sure to check your policy  closesly to be aware of the terms of  coverage. For more on marine insurance,  see “ A Sailor’s Guide to Marine Insurance,”  PS October 2012 ).

Drew Frye’s “Consequential Damage Coverage ( PS Jan. 2020) along with subsequent letters from Ron Russell ( PS February 2020) and Gary Golden ( PS March 2020) has put some focus on the issue of boat insurance. As a leading insurer of recreational boats and as one source for Mr. Frye’s story, we recognize that we can do better explaining coverages we offer. With some additional changes coming to all BoatUS Marine Insurance Program agreed value policies (underwritten by GEICO Marine Insurance), we’d like to take a moment to do that.

To address Mr. Russell’s concern, let’s look at the three types of things considered in an “agreed hull value” policy when a partial loss occurs: “hard goods,” “soft goods,” and “machinery.” Note that I am using these terms merely to explain, and this issue confirms that every boater needs to understand their individual policy coverages and terminology.

As owner of a 47-year-old vessel, Mr. Russell states, “I discovered that a change in underwriting at BoatU.S. Insurance meant that I had virtually no hull or damage insurance – despite increasing premiums. That is because, independent of any agreed value, the maximum the policy would pay for any damage was reduced by 10 percent for every year past 20 years of age.” He also asks, “If I lose the mast, or get T-boned by another boat while sitting peacefully at anchor, the policy pays only 20 percent of the actual cost of repairs, less deductible?”

As in the fictional T-bone scenario, fiberglass repairs (including hull damage) as well as damage to things including wood, masts, spars, paint, rails, stainless frames, aluminum T-tops – what would generally be considered “hard goods” – would be depreciated under the existing policy Mr. Russell discusses. To address some of these items, such as the mast, spars, fiberglass, railings and stainless frames, we put into effect an endorsement that waives depreciation on those items in the event of a partial loss. While we do our best to notify customers of this endorsement through customer communications, it is possible that Mr. Russell was not aware of this endorsement. [ Editor’s note: Several readers said they were not aware of any option to waive depreciation. Other insurers, such as Chubb, exempt hulls from annual depreciation, even older ones, without the need for an added endorsement. ]

Depreciation Categories

“Soft goods,” such as a canvas T-tops, canvas enclosures, fabrics, carpeting, cushions and sails, under Mr. Russell’s policy were formerly depreciated upon the twentieth year of manufacture. So if the T-bone accident had damaged his boat’s canvas enclosure (not its stainless frame), Mr. Russell was correct in that depreciation on his BoatUS (GEICO Marine Insurance) policy would reduce the insurance claim payout on these items “by 10 percent for every year past 20 years of age.”

However, starting in mid-March 2020 under the updated GEICO Marine Insurance agreed hull value policy, sails, canvas, carpeting, cushions and fabrics will factor in depreciation beginning with the sixth year from the year of manufacture. While we acknowledge this has been reduced from the twentieth to the sixth year of manufacture, we hope boaters understand that soft goods have the shortest life in the marine environment, and a depreciation waiver may be added to eliminate some depreciation. More on that in a moment.

Beyond “hard goods” and “soft goods,” “machinery,” such as engines, gensets and other onboard  machinery were also formerly depreciated under Mr. Russell’s policy after the twentieth year of manufacture. In mid-March these items will see depreciation applied starting with the eleventh year of manufacture (with depreciation not greater than 80 percent).

Also starting in mid-March 2020, an updated, optional depreciation endorsement will eliminate depreciation for partial losses on both soft goods and machinery up to the twentieth year of manufacture. This will be available upon the policy’s inception and applicable to boats no more than 10 years of age. Current policyholders whose vessels meet the less-than-10-years-of-age requirement may also add this optional depreciation endorsement.

We will no longer offer a depreciation waiver for boats beyond 20 years of manufacture. Our goal is to provide a competitively priced policy while recognizing the cost challenges to replace “new for old” for soft goods more than six years old and machinery more than two-decades old. This approach to depreciation is similar to our policy prior to 2015, whereas instead of depreciation being applied to all partial losses after a certain amount of time, it will only be applied to specific items that do depreciate with use.

We encourage all boat owners to keep receipts documenting when equipment has been repaired or replaced as this can be a factor in reducing depreciation applied in the event of a partial loss.

Salvage Costs

Looking ahead and acknowledging Mr. Golden’s comments that hurricanes are indeed “the largest source of financial loss to U.S. boat owners,” everyone should understand their policy’s salvage coverage fine print. When fires, sinkings, shed-roof collapses, or running up on a shoal damages your boat, you end up with a “salvage” situation. If the boat is not a total loss and needs to be recovered and brought to a repair facility, salvage costs can escalate quickly.

Most boaters assume the cost of raising or moving the boat to a safe location is covered by their policy, but some marine insurers will subtract salvage costs from the insured value of the boat, reducing the funds available to repair the boat or the amount paid in the event of a total loss. Also, in case of a total loss, you may only have a small percentage, perhaps just five or ten percent of the insured value, to pay for recovering the boat, which may not cover the entire salvage bill.

Better policies – including our agreed hull value policies – don’t let you go it alone and provide salvage coverage that is separate but equal to the boat’s hull value coverage. Better insurers also handle the salvage process for you and don’t simply cut a check and run. [ Editor’s note: We found several insurers who cover complete salvage costs separately. ]

Lastly, understand that half of all sinkings occur at the dock when some small part below the waterline fails. However, these parts – an outdrive bellows, for example – most often fail due to “wear, tear, and corrosion” or a lack of maintenance, so the policy won’t pay for a new outdrive bellows. But here’s the rub: As a consequence of the failed bellows, your boat has sunk and is likely a total loss. Who pays for that?

That’s why you need “consequential damage” coverage that pays for losses that often start with a failed part that may be excluded under the policy. The small, inexpensive part that failed may not be covered, but the rest of the repairs or total loss will be, as Mr. Golden said. One caveat: This consequential damage coverage often applies only to specific types of losses, for example, the immediate consequential damage resulting from any fire, explosion, sinking, dismasting, collision or stranding. These are the types of losses that typically cause a constructive total loss scenario.

Thanks for allowing us to explain and to further address some changes coming to our policy. BoatUS and other insurers can and do update their policies from time to time which may result in changes to coverages. It’s critical that every boater fully understands his or her boat’s insurance policy.

Mark Pellerin is an insurance expert with BoatUS Marine Insurance.

Allstate , www.allstate.com

Atlass Insurance , atlassinsurance.com

Boat Us (Geico) , www.boatus.com

Chubb , www.chubb.com

Foremost , www.foremost.com

gowerie (IMIS) , www.gowerie.com

Nationwide , www.nationwide.com

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Boat US/ Geico marine no longer insures boats over 40 years old witch left me high and dry after having insurance through Boat US for over 25 years. Now I an stuck shopping for insurance and paying for a survey. When I got insurance through Boat US i was told if the decided the boat ever needed a survey in the future they would pay for it. Seems pretty Shady to me!

Did you find a company I have a 54 hatteras from 1973 that looks brand new and can’t find insurance?

As a long time Boat US member I called about insurance on my 1986 hatteras and was told they could not insure the boat because it was too old. It is becoming increasingly difficult to find insurance at all and of course marinas and boat yards want to see proof of insurance. Another case of insurance companies controlling how people live.

Remember If you are going to sink…….sink deep

The salvage guy always gets paid first and it comes out of your cut

progressive will insure it, however, I had to under-insure my 48 chris craft at $40K to get it covered and make the marina happy. The ugly part was a 30% increase next year. Really, when you have a big boat nothing gets cheaper. Travelers dropped me after 20 years 2 years ago. The Progressive on line policy build is really cool.

Thanks for the tip!

Our homeowners policy covers a 1986 33′ sailboat, 1976 22′ sailboat, and a 1995 19′ IO with riders at additional premium of about $300/year.

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Classic Boat Insurance: Insuring Older Boats

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Navigating the waters of boat insurance for older boats can be daunting, especially as traditional policies may not adequately cover the unique challenges and risks that come with classic, vintage, or antique boats. Whether you’re safeguarding your wooden vessel or ensuring your insurance is up to snuff for a 30-year-old boat, understanding your coverage options is critical.

Facing the realities of aging vessels requires a strategic approach to insurance—one that balances the charm and history of your boat against the potential for unexpected issues. With the right information on insurance for older boats, including classic boat insurance and vintage boat insurance, you can chart a course for secure sailing ahead.

Understanding the Challenges of Insuring Older Boats

Increasing maintenance and repair costs.

As boats age, they inevitably require more attention and resources to maintain their condition and functionality. If your boat is 30-40 years old and 45 feet or less you’re in the perfect place. Older boats, in particular, may need frequent servicing, part replacements, and repairs to address issues arising from natural wear and tear over time. This increased need for maintenance and repair not only makes owning an older boat more challenging but also contributes to the difficulties in insuring it. Insurance companies recognize these elevated risks and often adjust their premiums to account for the potential higher costs of claims and repairs associated with aging vessels.

Limited Insurance Options and Higher Premiums

The market for insuring older boats is notably more restricted than for newer models. Many insurance providers are hesitant to offer coverage for older boats due to the perceived increased risk of mechanical failures, structural deterioration, and the higher likelihood of accidents or breakdowns. This apprehension is due to outdated systems, aging components, or equipment more prone to malfunction in older boats. As a result, boat owners may find themselves facing  limited insurance options, more restrictive policy terms, or higher premiums  when seeking coverage for their aging vessels.

Assessment and Survey Requirements

Obtaining insurance for an older boat often involves a comprehensive assessment or survey of the vessel. This requirement serves as a critical step for insurance providers to gauge the boat’s condition, systems, and overall seaworthiness accurately. The process includes a detailed inspection of the boat’s exterior, rigging, interior, safety equipment, electronics, and mechanical components. However, the cost of these assessments can add to the overall expense of insuring an older boat. Moreover, the findings from these surveys may significantly impact the availability or cost of coverage, as insurers may require urgent and non-urgent items to be addressed to maintain insurability.

Types of Coverage Available for Older Boats

When exploring boat insurance for older boats, it’s essential to understand the variety of coverage options available to meet different needs and budgets. These options include Actual Cash Value (ACV) policies, Agreed Value policies, and Liability-only policies, each with its own set of benefits tailored to the unique challenges of insuring older, classic, or vintage boats.

Actual Cash Value vs. Agreed Value Policies

• Actual Cash Value Policies  pay out the current market value of your boat, taking depreciation into account. This means that in the event of a total loss, you’ll receive the depreciated market value of your boat, which could be considerably less than its replacement cost or the amount you initially paid.
• Agreed Value Policies , on the other hand, offer a fixed payout based on a value agreed upon by you and the insurer at the policy’s inception. This type of coverage does not factor in depreciation, providing a more significant financial safety net in case of a covered loss. Agreed Value policies are particularly recommended for older boats as they ensure a predetermined payout, which can be crucial for boats that might have a higher sentimental value than market value.

Liability-only Coverage

Liability-only policies cover damages caused to other boats or properties in the event of an accident but do not cover damages to your own boat. While these policies may not offer comprehensive coverage for your vessel, they are a cost-effective way to meet legal requirements and protect yourself against potential liabilities without the higher premiums associated with full coverage.

Specialized Policies for Vintage or Classic Boats

Owners of vintage or classic boats face unique risks due to the age and nature of their vessels. Specialized policies cater to these unique needs by offering coverage options like trailer damage, transportation, and show/event coverage, which are essential for owners who frequently transport their boats or participate in boat shows. These policies often feature higher agreed values to account for the boat’s historical or sentimental value, providing peace of mind to owners of these cherished vessels.

By understanding these coverage options and working with a knowledgeable insurance provider, you can find the right insurance solution to protect your older boat, ensuring it remains a source of joy and pride for years to come.

Factors Affecting Insurance Premiums for Aging Vessels

Age of the boat.

The age of your vessel significantly influences the insurance premiums you’ll face. Generally, as boats age, they are more prone to damage and require more maintenance, which can lead to higher insurance costs. Insurers consider boats to be “older” when they reach a certain age, typically around 20 to 25 years, and this age threshold can fluctuate depending on the type of boat, its condition, and the insurer’s guidelines. For boats over a certain age, typically those older than 20 to 25 years, you may see an increase in premiums due to the increased risk of mechanical failures, structural deterioration, and wear and tear.

Condition and Maintenance History

The overall condition and how well you’ve maintained your boat play a crucial role in determining insurance premiums. A well-maintained older boat is generally safer to operate and less likely to experience accidents or breakdowns, leading to fewer claims. Regular maintenance and proper care can help preserve the value of an older boat, making it less likely to suffer from significant depreciation. Insurance companies often provide discounts or incentives for boat owners who maintain their vessels properly, recognizing that boats in good condition are less risky to insure. Keeping detailed service records is crucial as it provides insurers with a clear picture of the maintenance and repairs performed over time, which can result in more favorable premiums.

Boat Usage and Navigational Areas

How and where you plan to use your boat significantly affects your insurance rates. Boats used for commercial purposes often carry higher insurance premiums due to increased liability exposure. The intended usage and navigational areas of a boat can also impact premiums. For example, boats designed for specific types of water bodies, such as inland waters, coastal areas, or offshore use, are considered by insurance providers when determining rates. Areas with coastal exposure are considered high risk and, therefore, have higher rates, while inland boaters are considered low risk, attracting lower rates. Navigation limits, which vary from company to company, and the size and power of the boat are also factors that influence insurance rates.

Tips for Finding the Right Insurance Provider

When embarking on the journey to find the right insurance provider for your older boat, it’s crucial to navigate through the process with a clear strategy. This approach ensures that you secure coverage that not only meets your needs but also provides peace of mind knowing your cherished vessel is well-protected. Here are essential steps to guide you through this process.

Research and Compare Insurance Companies

• Start by Identifying Your Needs : Understand the specific risks associated with your older boat and what coverage is essential for you. Whether it’s liability coverage, physical damage, or additional riders, knowing what you need helps narrow down your search.
• Gather Quotes from Multiple Providers : Request quotes from several insurance companies to get a comprehensive view of what’s available. This step is crucial for comparing rates and finding the best deal for your situation.
• Evaluate Each Company’s Reputation : Look into each insurer’s track record for reliability, customer service, and claims processing. Online reviews, industry publications, and consultations with boat owner associations can offer valuable insights.
• Check Financial Stability : Ensure the insurance company is financially stable and capable of fulfilling its obligations in case of a claim. Independent agencies like CRISIL or ICRA can provide financial ratings.

Consider Consulting a Marine Insurance Broker

• Leverage Expertise : A marine insurance broker specializes in boat insurance and can navigate the complex landscape to find coverage that matches your needs. They understand the unique risks involved in boat ownership and can tailor insurance solutions accordingly.
• Benefit from Industry Relationships : Experienced brokers have established relationships with marine insurance companies and underwriters, allowing them to secure comprehensive coverage at competitive prices.
• Save Time and Effort : Brokers can handle the legwork of comparing policies and negotiating on your behalf, making the process more efficient for you.

Vintage Boat Coverage with Magnum Insurance

Throughout this guide, we’ve explored the intricate landscape of insuring older boats, emphasizing the balance between recognizing the unique charm of vintage vessels and mitigating the risks associated with their age. Acknowledging the challenges from maintenance and repair costs to the nuanced intricacies of policy selection, the journey towards securing the optimal insurance coverage is marked by careful consideration of various factors. Understanding these dynamics is crucial in safeguarding not just the financial investment in your boat but also the countless memories and experiences tied to its existence.

In navigating these waters, the role of a knowledgeable and versatile insurance provider cannot be overstated. Magnum Insurance stands as an invaluable ally in this journey, offering a diverse array of coverage options through its strong network of carriers. Our commitment to finding you the best coverage at an affordable price is unmatched, providing peace of mind for boat owners   navigating the complexities of insuring older vessels. For those seeking expertise in vintage boat insurance, we invite you to  call, click, or visit Magnum Insurance Agency  for an affordable quote, where your journey towards secure and personalized coverage begins. With Magnum Insurance, your cherished vessel is not just insured; it’s understood and respected, promising smoother sailing ahead in all your maritime adventures.

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Do you need other vintage boat insurance magnum can help.

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Insuring an Old Boat: Best Ways to Insure an Old Boat

Are you considering insuring your old boat? Many companies offer boat insurance but not all of them offer insurance on old boats. However, there are a few questions that you first need to ask yourself. These questions will help you get your hands on the best boat insurance for older boats.

So, for your convenience, we’ll cover all the factors you need to consider before buying insurance for a 30- or 20-year-old boat. Let’s begin.

Best Boat Insurance Companies for Older Boats

After asking friends with old boats about their insurance companies and after some research, I think that the best boat insurance companies for older boats are:

• BoatUS/Geico . A friend of mine has insured a 25-Year-Old Boat but they no longer insure boats over 40 years or 30 years if the boat is over 40 feet .
• State Farm . A guy I know at the marina has his 1969 Morgan insured with State Farm for 20+ years.
• SafeCo by Liberty Mutual . I have heard good things about insuring your boat with them and at reasonable premiums.
• Progressive . Many people use this insurance company to insure their old boats. However, from my experience, their premiums are high and they will ask you to underinsure your boat.
• Pantaenius Yacht Insurance . This is a boat insurance company that is based in the UK. However, it can extend coverage all over the world and I have heard good things about their boat insurance for boats over 40 years old.

The Best Way to Insure Your Older Boat

Since there are various boats out there and multiple factors that affect their insurance, the best way to go about insuring your old boat is to ask yourself the following questions:

What’s the Type of Your Boat?

If you’re an owner of a small and non-motorized watercraft, it might come under your cottage or home insurance. Many homeowner policies out there offer good coverage for smaller sailboats and motors that have an average limit of 25 to 100 horsepower. Apart from that, it might also include coverage in the range of $2,500 to $5,000.

When it comes to larger and motorized older boats, you’ll require special coverage. That’s because the majority of the homeowners’ policies don’t cover marine-specific risks. So, you’ll have to insure them under a different category, such as scheduled property. However, you’ll be charged separately for it.

What is Your Boat’s Worth?

Even though you must have a fair idea of the cost of your boat when you first bought it, you should also find out how much it is worth now.

While you can get a broad assessment with the help of an asset depreciation calculator, it’s better to get a professional valuation of your boat. Many insurance companies also offer a valuation service to their clients to ensure that they get the right level of cover.

How Old is Your Boat Exactly?

The exact age of the boat is also an important factor to consider while determining the type of coverage you require. If you want to get insurance for 30 and 20-year old boats, you should’ve performed regular maintenance on the boat too. That’s because it can increase the boat’s lifespan by an indefinite number of years. Keep in mind that the older the boat the more expensive it will be to insure relatively to the value. Keep in mind that insurance seems to be exponentially more expensive after the boat had its 30th birthday.

What is the Hull of Your Boat Made Of?

When we talk about the hull of the boats, different boats are made of various hull materials. Depending upon the material they’re made out of, these boats are susceptible to various risks to the boat’s integrity. Since the majority of the hulls are made out of fiberglass these days, the insurance companies also prefer older boats and sailboats with fiberglass hulls. However, some companies out there offer insurance on timber, carvel, and steel hulls.

Is the Boat Currently Damaged?

There are two types of damage: structural boat damage and cosmetic boat damage. Since the boat is old, it is likely to suffer damage.

However, structural damage is more important, and therefore, you should fix it before getting your boat inspected by the insurance agent. If there’s any current damage to your sailboat, it’ll damage its valuation. Not only this, but it will also further damage the boat, which will greatly impact your insurance cover.

>>Also Read: Why Do Boat Insurance Companies Require Hurricane Plans?

Where Do You Usually Take Your Boat Out?

It is extremely important to determine where the boat usually travels to get yourself the best boat insurance for older boats. For example, you might be living in a canal village where you use the boat to visit your neighbors, or you might sail the coast to visit another city.

To sum it up, there are different types of dangers with various waters, and as a result, it might affect your insurance policy.

How Often Do You Take Your Boat Go Out in the Water?

Even if your boat is old, there’s a high chance that it doesn’t go out in the water as often as other boats do. For example, it might be possible that you sail only a few times a year or you might like to go out in the water more than once a week.

So, how frequently you take your sailboat in the water influences the chances of damage. Therefore, it might not get you the insurance cover you wanted. However, especially if you are not using the boat very often, consider only insuring your boat for liability. That will significantly decrease your insurance cost and will make insuring your boat easier.

How Often Do You Perform Maintenance?

Like other vehicles, you should perform regular maintenance on your boat. It may include a variety of tasks such as rinsing the boat, washing the entire exterior, checking and flushing the engine, etc.

When you fully maintain your old boat, it’ll increase its lifespan, and your insurance policy will also remain valid.

Insuring an Old Boat: Best Ways to Insure an Old Boat – Final Thoughts

Whether your boat is old or new, there’s no denying that a good boat insurance can protect you from the risks involved when owning a boat and as you probably know, insuring an old boat is a tricky task. We hope the above guide helped you regarding insuring an old boat to get your hands on the best boat insurance for older boats. However, if you still have any queries, please contact us. Happy Sailing!

Peter is the editor of Better Sailing. He has sailed for countless hours and has maintained his own boats and sailboats for years. After years of trial and error, he decided to start this website to share the knowledge.

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Liability-Only Boat Insurance

Saving you money with liability-only insurance.

For many small boat owners or owners of older vessels, liability coverage is the most important reason to insure their boat. This provides coverage for injury or damage to a third party. Our liability only policies also include medical coverage, which often offers higher limits than a homeowner’s policy. This can also cover other types of accidents like a fuel spill that damages someone else’s property.

Many choose this coverage because the cost is generally much less than full coverage and a survey is not required, regardless of age. Additionally, most boat owners will find that their marina requires them to provide proof of liability insurance.

It is important to understand the full breadth of your marine liability insurance. If you do not know what your current insurance covers it might make sense to get a quote from Marine Underwriters. 

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Classic and Antique Boat Insurance: A Comprehensive Guide

Are you ready to set sail on a journey through the world of classic and antique boat insurance?

Well, buckle up and get ready to learn all the ins and outs of protecting your beloved vessel.

This comprehensive guide will break down the basics, help you find the right coverage, and even show you how to lower those pesky insurance premiums.

So, grab a life jacket and let’s dive in!

Table of Contents

Understanding the Basics of Classic and Antique Boat Insurance

You should consider the coverage options when insuring your classic or antique boat. As someone who values the freedom of owning a unique vessel, it’s important to get specialized coverage that caters to the specific needs of your cherished boat. Classic and antique boats often require different types of insurance compared to regular boats, due to their age and historical significance.

When it comes to insuring your classic or antique boat, there are a few common exclusions you should be aware of. These exclusions may vary depending on the insurance provider, but some of the most common ones include damage caused by wear and tear, mechanical breakdowns, and gradual deterioration. It’s crucial to review these exclusions carefully to ensure you have adequate coverage for any potential risks.

To mitigate these exclusions and ensure comprehensive coverage for your classic or antique boat, you may want to consider getting specialized coverage. This type of insurance is specifically designed for vintage boats and can provide protection against unique risks such as damage from restoration work or the high cost of replacing rare parts. By opting for specialized coverage, you can have peace of mind knowing that your prized possession is adequately protected.

Determining the Right Coverage for Your Classic or Antique Boat

Finding the right coverage for your classic or antique boat can be a challenging task, but with careful consideration and research, you can ensure that your prized possession is adequately protected.

When evaluating coverage options for your boat, keep in mind the following:

Specialized Insurance Policies: Look for insurance providers that offer specialized policies specifically designed for classic or antique boats. These policies often provide coverage for the unique risks associated with older vessels, such as damage caused by wear and tear or restoration efforts.

Agreed Value Coverage: Consider opting for an agreed value coverage policy. Unlike actual cash value policies, which may only reimburse you for the market value of your boat in the event of a total loss, agreed value coverage ensures that you receive a predetermined amount that reflects the true value of your boat.

Coverage for Restoration Projects: If you’re currently restoring your classic or antique boat, make sure that your insurance policy covers damages that may occur during the restoration process. This will safeguard your investment and provide peace of mind during the restoration journey.

Factors to Consider When Choosing an Insurance Provider

When selecting an insurance provider for your classic or antique boat, take into account the factors that will have an impact on your coverage.

It’s important to have the freedom to choose the coverage options that best suit your needs. Start by comparing insurance rates from different providers. Look at the overall cost and what’s included in each policy.

Consider the value of your boat and the potential risks it may face. Think about the type of coverage you need, whether it’s for liability, physical damage, or both.

Additionally, consider the deductible amount and how it will affect your premium. Keep in mind any specific requirements from marinas or lenders.

Look for a provider that offers flexibility in terms of payment options and discounts for safe boating practices or multiple policies.

It’s also crucial to research the provider’s reputation and customer service track record. You want an insurance company that will be there for you in case of a claim.

Tips for Lowering Your Classic and Antique Boat Insurance Premiums

To save on your classic and antique boat insurance premiums, consider bundling your policies with a trusted provider. Bundling insurance policies can offer you a range of benefits, including cost savings and convenience.

Here are a few tips to help you maximize your savings:

Shop around for the best bundle: Take the time to compare different insurance providers and their bundle options. Look for providers that specialize in classic and antique boat insurance and offer competitive rates for bundling policies.

Take advantage of discounts for safety features: Many insurance providers offer discounts for safety features installed on your boat. Make sure your boat is equipped with safety equipment such as fire extinguishers, life jackets, and navigational aids. These safety features not only protect you and your passengers but also help you qualify for discounts.

Consider increasing your deductible: By opting for a higher deductible, you can lower your insurance premiums. However, make sure you choose a deductible amount that you can comfortably afford in the event of a claim.

Navigating the Claims Process: What to Expect and How to Proceed

If you have experienced an accident or damage to your classic or antique boat, you can expect a smooth claims process by following these steps and knowing what to expect.

First, it’s important to file a claim as soon as possible. Contact your insurance provider and provide them with all the necessary details, such as the date, time, and location of the incident, as well as any photos or documentation you may have. This will help expedite the process and ensure that you receive the compensation you deserve.

However, it’s important to be aware of the common challenges that may arise during the claims process. Some insurance companies may try to undervalue your boat or delay the settlement. To avoid these issues, it’s crucial to document all the damages thoroughly and gather any supporting evidence, such as repair estimates or witness statements.

Additionally, stay in frequent communication with your insurance adjuster and ask for updates on your claim. By being proactive and knowledgeable about the process, you can navigate the claims process with ease and get back on the water as soon as possible.

Frequently Asked Questions

Are there any specific age requirements for a boat to be considered a classic or antique.

To be considered a classic or antique, a boat typically needs to meet specific age requirements. These requirements vary, but generally, a boat must be at least a certain number of years old to qualify.

Can I Use My Classic or Antique Boat for Commercial Purposes and Still Be Covered by Insurance?

You want to use your classic or antique boat for commercial purposes and still be covered by insurance? Well, guess what? You might just be eligible! Let’s dive into the details and see what you need to do.

Is It Possible to Insure a Classic or Antique Boat That Is Under Restoration?

Yes, you can insure a classic or antique boat that is under restoration. Insurance providers offer coverage for restoration projects, allowing you the freedom to work on your boat knowing it’s protected.

Are There Any Limitations on Where I Can Take My Classic or Antique Boat While It Is Insured?

You can take your classic or antique boat anywhere while it’s insured, right? Well, not quite. There are limitations on where you can go. Make sure to check your policy for the details.

What Happens if My Classic or Antique Boat Is Damaged or Destroyed Beyond Repair?

If your classic or antique boat is damaged beyond repair, you have options. Insurance coverage may include the cost of repairing or replacing the boat. Salvage value of a destroyed boat may also be covered.

Scott is a devoted boat enthusiast and provides invaluable insights, tips, and advice on boat insurance coverage, industry trends, and maintenance. Marine Insurance Now is the go-to resource for seasoned boat owners seeking insurance guidance and aspiring sailors embarking on nautical adventures. Scott's expertise and infectious passion make his blog a must-read for boat enthusiasts and is making waves in the boating community.

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Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

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Can I Get Insurance for an Old Boat?

September 25, 2023

Can you still get insurance for an older boat?

Whether you're a seasoned boat owner or a novice looking to purchase an older boat, understanding how to get insurance for an aging vessel is crucial.

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Defining an older boat

While the definition can vary between insurance companies, most consider a boat to be "older" when it reaches a certain age, typically around 20 to 25 years. This age threshold can fluctuate depending on the type of boat, its condition, and the insurer's guidelines.

The importance of insurance for older boats

Insuring your older boat is not just a legal requirement in many places; it's also a prudent financial decision. Boats, like any other asset, are subject to wear and tear, and the older they get, the more likely they are to experience mechanical failures or damage.

Insurance for your older boat helps protect your investment and ensures you're not left with hefty repair or replacement bills.

What insurers look at in an older boat

• Age of the boat: The age of your boat is a primary factor in the insurer's evaluation. Boats typically become "older" in the eyes of insurers after two to two-and-a-half decades. Older boats are often more prone to maintenance issues and may require specialized parts that are no longer in production, making them riskier to insure.
• Type and make of the boat: Different types of boats and manufacturers have varying track records in terms of durability and reliability. Insurers will consider the brand, model, and type of your boat to assess its risk profile.
• Condition of the boat: The overall condition of your older boat is vital. Regular maintenance, repairs, and upgrades can positively influence your insurance rates. Be prepared to provide documentation and receipts for any recent work done on the vessel.
• Usage and navigation area: How and where you intend to use your boat plays a significant role in determining your insurance rates. If you plan to sail in high-risk areas or participate in activities such as racing, your rates may be higher.
• Safety features: Safety features like fire extinguishers, life jackets, and navigation equipment can impact your insurance rates positively. Older boats equipped with modern safety gear may be viewed more favorably by insurers.

Finding the right Insurance for your older boat

• Shop around: It's essential to obtain quotes from multiple insurance providers. Each company may have different criteria for insuring older boats and varying rates. Letting an experienced insurance broker like Western Financial Group compare quotes will help you find the best coverage at a competitive price and save you time in the process.
• Work with an insurance company that has marine insurance knowledge: Work with an expert in boat insurance who understands the unique needs of boat owners, especially those with older vessels.
• Provide documentation: To strengthen your case, gather all relevant documentation about your boat, including maintenance records, surveys, and photos. This can help insurers assess the condition and value of your vessel more accurately.
• Explore discounts: Some insurers offer discounts for safety measures, such as completing a boating safety course or installing additional safety equipment. Ask your Western boat insurance expert about potential discounts to lower your premiums.

Maintaining your older boat to lower insurance costs

Regular maintenance and upkeep of your older boat can not only extend its lifespan but also help you secure better insurance rates. Here are some maintenance tips to consider:

• Routine inspections: Schedule regular inspections to identify and address potential issues before they become major problems.
• Proper storage: Storing your boat in a secure and sheltered location during the off-season can help prevent deterioration.
• Upgrades: Consider investing in upgrades that improve safety and performance. Upgraded navigation systems, safety gear, or engine modifications can make your boat more insurable.
• Maintenance records: Keep meticulous records of all maintenance and repairs. These documents can be invaluable when negotiating insurance rates.

Special Considerations for Vintage Boats

If your boat qualifies as a vintage or classic vessel, you may need a specialized insurance policy. Vintage boats often have unique characteristics and may require specific coverage.

Remember that each boat is unique, and your insurance needs may vary, so it's crucial to tailor your coverage to your specific situation.

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Boat Insurance for Older Boats: Protecting Your Vessel and Investment

Published May 19, 2023 May 19, 2023

by Andrew Filar

In this comprehensive guide, we’ll explore the importance of boat insurance for older boats and provide valuable insights to help you navigate the process of getting older boats insured.

As boats age, they require extra care and attention to keep them in top shape. One crucial aspect of maintaining and safeguarding your older boat is securing the right insurance coverage.

Whether you’re concerned about protecting your investment or mitigating risks, this blog post has got you covered.

Understanding Boat Insurance

Boat insurance is a specialized form of coverage designed to protect boat owners from potential risks and damages.

Just like car insurance, boat coverage from a reputable insurance company provides financial protection against accidents, theft, vandalism, and liability claims.

For owners of older boats, especially classic boats, insurance coverage becomes even more critical due to the unique risks associated with aging vessels.

Types of Boat Insurance Policies

When it comes to insuring older boats, different policy options are available to suit various needs and budgets.

Actual Cash Value (ACV) Policies

ACV policies take into account the depreciated value of your boat.

In the event of a total loss, the insurance company pays you the current market value of the boat minus depreciation.

While this policy is more affordable, it may not cover the full replacement cost for older boats.

Agreed Value Policies

Agreed Value policies provide coverage based on insured value or an agreed-upon value between you and the insurer.

This type of policy guarantees a predetermined payout in case of a covered loss.

Agreed Value policies are often more suitable for older boats, as they offer greater financial protection.

Liability-only Policies

Liability-only policies provide coverage for damages caused to other boats or properties in case of an accident.

While these policies don’t cover damages to your own boat, they are a cost-effective option for boat owners who want to meet legal requirements without extensive coverage.

What Does Boat Insurance Cover?

Boat insurance provides coverage for a wide range of risks and liabilities associated with owning and operating a boat.

While specific coverage may vary depending on the insurance provider and policy, here are some common elements that boat insurance typically covers:

• Property Damage: Boat insurance typically includes coverage for physical damage to the boat itself. This coverage helps pay for repairs or replacement if your boat is damaged or destroyed due to accidents, collisions, fire, theft, vandalism, or natural disasters. It can cover the hull, equipment, machinery, and other permanently attached items on the boat.
• Liability Coverage: Liability coverage is an essential component of boat insurance. It protects you in case you cause bodily injury or property damage to someone else while operating your boat. This coverage helps pay for legal expenses, medical bills, property repairs, or settlements if you are held responsible for an accident or injury.
• Medical Payments: Boat insurance often includes coverage for medical expenses incurred by you or your passengers due to boating accidents or injuries. It can help cover hospital bills, doctor’s fees, and related medical expenses.
• Uninsured/Underinsured Boaters: This coverage protects you if you are involved in an accident with a boater who does not have insurance or has insufficient coverage to pay for the damages. It helps cover medical expenses, property damage, and other costs resulting from the accident.
• Personal Property: Boat insurance may provide coverage for personal belongings on the boat, such as fishing equipment, water sports gear, electronics, and personal effects. This coverage helps replace or repair these items if they are damaged, lost, or stolen while on board.
• Towing and Assistance: Boat insurance often includes coverage for emergency towing and assistance. If your boat becomes disabled or stranded on the water, this coverage can help cover the costs of towing, fuel delivery, on-water assistance, and similar services.
• Wreck Removal: In the event that your boat sinks or is severely damaged, boat insurance may cover the costs associated with removing the wreck from the water. Wreck removal coverage helps pay for salvage expenses, environmental cleanup, and related costs.

It’s important to note that the specific coverage and limits can vary between insurance providers and policies.

Some policies may offer additional optional coverage, such as coverage for fishing equipment, personal watercraft, or protection against pollution liability. Additionally, some insurers may offer discounts or incentives for safety features, completing boating safety courses, or bundling boat insurance with other policies.

When purchasing boat insurance, it’s essential to carefully review the terms and conditions of the policy, and understand the coverage limits, deductibles, and exclusions. Consider your specific needs, boating habits, and the value of your boat when selecting the appropriate coverage.

Consulting with an insurance professional who specializes in boat insurance can help you determine the right coverage options to protect your boat and provide peace of mind while on the water.

What is the difference between boat insurance and marine insurance?

Boat insurance provides coverage specifically for individual boats and personal watercraft, focusing on protecting the vessel itself and providing liability coverage.

Marine insurance, on the other hand, has a broader scope and covers a range of risks associated with commercial maritime operations, including vessels, cargo, liabilities, and other marine-related assets.

While boat insurance is typically geared towards personal use, marine insurance caters to commercial activities and offers more customization options.

Factors Affecting Insurance Premiums for Older Boats

Several factors influence the cost of boat insurance premiums for older boats. Understanding these factors can help you make informed decisions and potentially reduce your insurance costs.

Age of the Boat

When it comes to boat insurance, the age of the boat is a significant factor that insurance companies consider when determining premiums.

Older boats, typically those over a certain age threshold, are generally associated with higher insurance premiums.

Why is that the case? Let’s delve into the reasons behind the impact of the boat’s age on insurance costs.

Increased Risk of Potential Issues

As boats age, they are more likely to experience mechanical failures, structural deterioration, and wear and tear.

Older boats may have outdated systems, aging components, or equipment that is more prone to malfunction.

These factors increase the risk of accidents or breakdowns, making insurers view older boats as higher-risk assets to insure.

Consequently, insurance companies adjust premiums to account for the potential claims and repairs associated with older boats.

Higher Repair Costs

Repairing an older boat can be more expensive compared to newer vessels.

Replacement parts for older models might be scarce or more challenging to obtain, resulting in increased costs.

Additionally, the expertise required to fix vintage or discontinued boat models can drive up repair expenses.

Insurance companies consider these higher repair costs when calculating premiums for older boats.

Depreciation

Like any other asset, boats depreciate over time.

The value of an older boat is lower than that of a new or recently manufactured vessel.

Insurance companies factor in the depreciated value of a boat when determining coverage limits and payout amounts in the event of a claim.

The lower value of an older boat influences the premium calculation since the insurer’s liability is reduced due to the diminished value of the insured asset.

Limited Availability of Replacement Parts

For older boats, finding specific replacement parts can be challenging, especially for models that are no longer in production.

This factor can cause delays and complications during repairs, increasing the time and cost involved in fixing the boat.

Insurance companies consider the potential difficulties in sourcing parts for older boats when assessing risk and setting premiums.

Historical Data and Claim Patterns

Insurance companies rely on historical data and claim patterns to assess risk and determine premiums.

If older boats of a particular make or model have a higher frequency of claims or a history of costly repairs, insurance providers may adjust premiums accordingly.

This data-driven approach helps insurance companies manage their risks and maintain financial stability.

Despite the higher premiums associated with insuring older boats, it’s important to note that adequate insurance coverage for your aging vessel is essential.

While the cost may be a concern, it is a worthwhile investment to protect your boat and mitigate potential financial burdens resulting from accidents, damages, or liability claims.

Additionally, by properly maintaining your older boat, documenting repairs and upgrades, and implementing safety measures, you may be able to demonstrate to insurance providers that your vessel is well-cared for, potentially resulting in more favorable premiums.

Condition and Maintenance

The condition and maintenance of an older boat play a significant role in determining insurance premiums.

Insurance providers take into account the overall condition and upkeep of the boat when assessing risk and calculating the cost of coverage.

Let’s explore how the condition and maintenance of an older boat can impact insurance premiums.

Reduced Risk of Potential Issues

Proper maintenance and regular inspections are vital for keeping an older boat in good condition.

When a boat is well-maintained, the risk of mechanical failures, structural problems, and other issues is significantly reduced.

Insurance companies recognize that boats in good condition are less likely to experience accidents or breakdowns, leading to fewer claims.

As a result, they may offer lower insurance premiums to boat owners who can demonstrate a track record of proper maintenance and upkeep.

Increased Reliability and Safety

A well-maintained older boat is generally safer to operate on the water.

By following manufacturer-recommended maintenance schedules, addressing repairs promptly, and ensuring that safety features are functioning correctly, boat owners can minimize the risk of accidents and related insurance claims.

Insurance providers consider the safety features and overall reliability of the boat when determining premiums.

Boats with a strong maintenance history and robust safety measures in place may qualify for lower insurance rates.

Documentation of Service Records

Keeping detailed service records for your older boat is crucial.

Service records provide a clear picture of the maintenance and repairs performed on the vessel over time.

When requesting insurance quotes or submitting documentation to insurers, these service records serve as evidence of the boat’s maintenance history and its current condition.

Insurers view well-documented service records as a positive sign that the owner has taken care of the boat, which can result in more favorable premiums.

Impact on Resale Value

Regular maintenance and proper care can help preserve the value of an older boat.

Insurance providers recognize that a well-maintained boat holds its value better and is less likely to suffer from significant depreciation.

This consideration may influence the insurance premium calculation, as the insurer has a vested interest in protecting the value of the insured asset.

By investing in maintenance and demonstrating a commitment to preserving the boat’s condition, owners may be eligible for lower premiums.

Discounts and Incentives

Insurance companies often provide discounts or incentives for boat owners who maintain their vessels properly.

These discounts may vary between insurers but can include benefits for safety features, such as fire extinguishers, life jackets, and navigational aids.

Some insurers may also offer discounts for completing boating safety courses or having the boat inspected by a certified marine surveyor.

Taking advantage of these opportunities can contribute to reducing insurance premiums for older boats.

When seeking insurance coverage for an older boat, it’s essential to emphasize its good condition and maintenance history.

By providing detailed documentation of service records, demonstrating compliance with recommended maintenance schedules, and highlighting any upgrades or improvements made to the boat, you can present a compelling case to insurers and potentially secure lower insurance premiums.

Remember, regular maintenance and inspections not only benefit your insurance premiums but also ensure the safety and longevity of your boat.

By prioritizing maintenance and investing in the proper care of your older vessel, you not only increase its value but also enhance your overall boating experience.

Type and Usage

When it comes to boat insurance, the type of boat and its intended usage are crucial factors that insurance companies consider when determining premiums.

Different types of boats and their specific uses pose varying levels of risk, which in turn affects insurance rates.

Let’s explore how the type and usage of a boat can impact insurance premiums.

The size of the boat is an important consideration for insurance companies.

Larger boats generally have higher insurance premiums due to their higher value and the potential for more significant damages in the event of an accident.

The size of the boat also affects its stability and handling characteristics, which can impact the risk of accidents.

Smaller boats, on the other hand, may be associated with lower insurance premiums as they are typically less expensive to repair or replace.

The horsepower of the boat’s engine is another factor that influences insurance rates.

Boats with higher horsepower engines are generally faster and may be more prone to accidents or incidents on the water.

Insurers take into account the increased risk associated with higher-powered boats when calculating premiums.

Consequently, boats with lower horsepower engines may have lower insurance premiums due to their perceived lower risk.

Navigational Areas

The intended usage and navigational areas of a boat can also impact insurance premiums.

Some boats are designed for specific types of water bodies, such as inland waters, coastal areas, or offshore use.

Insurance providers consider the navigational areas in which the boat will be operated.

For example, navigating in rougher waters or areas prone to storms or hurricanes may increase the risk profile and result in higher premiums.

Boats used exclusively on inland lakes or calm waters may be associated with lower insurance premiums.

Commercial vs. Personal Use

The purpose of the boat, whether it is used for commercial or personal use, can also affect insurance rates.

Commercial boats, such as charter boats or those used for commercial fishing or water sports activities, often carry higher insurance premiums due to the increased liability exposure.

Insurance providers assess the risks associated with the specific commercial operations and the potential for third-party claims when determining premiums.

Specialized Boats

Certain types of boats, such as high-performance boats, sailboats, or houseboats, may have unique insurance requirements and risk profiles.

High-performance boats, for example, may require additional coverage due to their speed capabilities and increased risk of accidents.

Sailboats may have specific coverage needs related to rigging, sails, or equipment.

Insurance providers take into account the specialized characteristics and usage of these boats when calculating premiums.

It’s important to provide accurate information about the type of boat and its intended usage when seeking insurance coverage. Be prepared to answer questions about the boat’s size, engine horsepower, and the locations where you plan to operate it.

Providing precise details ensures that you receive the appropriate coverage and that your insurance premiums are accurately calculated.

Additionally, it’s worth noting that some insurance providers offer specialized boat coverage with options tailored to specific types of boats or usage scenarios. These specialized policies may provide additional benefits or coverage enhancements that cater to the unique needs of the boat.

Consulting with insurance professionals who understand the intricacies of different boat types and usages can help you find the most suitable coverage at competitive rates.

Geographic Location

The geographic location where a boat is primarily kept and operated is a significant factor in determining insurance premiums.

Insurance companies assess the risk associated with specific regions, taking into account factors such as regional weather patterns, susceptibility to storms and hurricanes, and local crime rates.

Let’s explore how the geographic location of a boat can impact insurance premiums.

Storm and Hurricane Prone Areas

Boats located in regions prone to storms, hurricanes, or other severe weather conditions face a higher risk of damage.

Insurance providers consider the likelihood of weather-related incidents, such as high winds, heavy rainfall, or storm surges, when calculating premiums.

Areas along coastlines or in regions known for frequent tropical storms or hurricanes may have higher insurance premiums due to the increased risk of potential claims for boat damage or loss.

Theft and Vandalism Rates

Local crime rates and the prevalence of boat theft and vandalism in a particular area can impact insurance premiums.

Boats located in regions with higher rates of theft or vandalism are more likely to incur losses, leading to increased insurance costs.

Insurance companies take into account the historical data and crime rates of specific locations to determine the risk of theft or malicious damage to boats.

Owners of boats kept in areas with lower crime rates may enjoy more affordable insurance premiums.

Waterway Characteristics

The characteristics of the waterways in a particular region can also influence insurance rates.

Certain areas may have challenging navigational conditions, such as narrow channels, strong currents, or high traffic density, increasing the risk of accidents or collisions.

Insurance providers consider these factors when assessing the risk profile of boats operating in those waterways.

Boats operating in safer, less congested waterways may be associated with lower insurance premiums compared to those operating in more challenging or crowded areas.

Availability of Repair Facilities

The availability of qualified repair facilities in a geographic area can impact insurance premiums.

In areas with limited access to repair services or specialized boatyards, the cost of repairs or parts replacement may be higher.

Insurance companies consider these factors as they influence the potential expenses associated with boat repairs.

Boats located in regions with well-established and accessible repair facilities may have more competitive insurance rates.

Local Regulations and Requirements

Different regions may have specific insurance regulations and requirements for boats.

For example, certain areas may mandate additional coverage options, such as full liability insurance or coverage for pollution or environmental damage.

Insurance providers consider these local regulations when determining the coverage options and associated premiums for boats in those areas.

When seeking insurance coverage for your boat, it’s important to provide accurate information about the geographic location where the boat will be primarily kept and operated.

This allows insurance providers to assess the risk factors associated with that location and provide appropriate coverage options and premiums.

It’s worth noting that while insurance premiums may be higher in certain geographic areas, adequate insurance coverage is essential to protect your boat from potential risks and liabilities.

By selecting coverage that aligns with the specific risks of your location and maintaining proper security measures, such as boat alarms or GPS tracking systems, you can mitigate some of the risks and potentially qualify for discounts or reduced premiums.

Consulting with insurance professionals who have expertise in your specific geographic area can provide valuable insights into the regional risk factors and coverage options available.

By understanding the impact of your boat’s location on insurance premiums, you can make informed decisions to safeguard your investment and enjoy worry-free boating experiences.

Tips for Finding Affordable Boat Insurance for Older Boats

Securing affordable insurance coverage for your older boat is possible with these practical tips:

Research Insurance Providers

Look for insurance companies that specialize in insuring older boats. They understand the unique needs and challenges associated with aging vessels.

Compare Quotes and Coverage Options

Obtain quotes from multiple insurance providers to compare rates and coverage options. Be sure to assess the terms and conditions of each policy to ensure they meet your specific requirements.

Evaluate Deductibles and Coverage Limits

Consider your budget and risk tolerance when selecting deductibles and coverage limits.

A higher deductible may lower your premium but also means you’ll have to pay more out of pocket in the event of a claim.

Assess your boat’s value and determine the appropriate coverage limits to strike a balance between affordability and adequate protection.

Consider Bundling Options or Loyalty Discounts

If you have other insurance policies, such as auto or home insurance, check if bundling them with your boat insurance can lead to discounts. Additionally, inquire about loyalty discounts for long-term policyholders.

Important Coverage Considerations for Older Boats

When insuring your older boat, certain coverage options should be prioritized to ensure comprehensive protection:

Hull Coverage for Physical Damages

This coverage reimburses repair or replacement costs for damages caused by accidents, storms, or other covered perils. Opt for a policy that covers the agreed or appraised value of your boat to ensure adequate compensation.

Protection Against Liability Claims

Liability coverage safeguards you against legal and medical payments and financial obligations arising from accidents where you are at fault. Ensure your policy includes sufficient liability coverage limits to protect your assets in case of a lawsuit.

Coverage for Salvage and Wreck Removal

In the unfortunate event of a total loss, salvage and wreck removal costs can be substantial. Confirm with your insurance company that your policy includes coverage for these expenses to avoid unexpected financial burdens.

Supplementary Coverage for Additional Risks

Depending on your boat’s location and the specific risks it may face, consider additional coverage options. For example, if you live in a hurricane-prone area, adding coverage for hurricane-related damages can provide invaluable peace of mind.

Maintaining and Insuring Older Boats

To ensure the best insurance coverage for your older boat or classic boat, it’s essential to prioritize proper maintenance and documentation:

Regular Maintenance and Inspections

Stay on top of maintenance tasks, including routine inspections, engine servicing, and addressing any issues promptly. A well-maintained boat is not only safer but also more likely to qualify for better insurance rates.

Documenting Repairs, Upgrades, and Improvements

Keep detailed records of all repairs, upgrades, and improvements made to your boat. This documentation can help demonstrate the boat’s improved condition and potentially lead to lower insurance premiums.

Impact of Boat Modifications on Insurance Coverage

Before making any significant modifications to your older boat, consult with your insurance provider. Certain modifications may impact your coverage or require policy adjustments.

Potential Discounts for Safety Features and Anti-Theft Devices

Installing safety features such as fire extinguishers, smoke detectors, and anti-theft devices like alarms or GPS tracking systems may qualify you for insurance discounts. Inquire with your insurer about available discounts for these enhancements.

Frequently Asked Questions about Boat Insurance for Older Boats

Can I insure a boat that is more than 20 years old? Yes, many insurance companies provide coverage for boats of various ages, including those older than 20 years. However, the availability of coverage and the policy options may vary among insurers.

What coverage options are available for older boats?

Older boats can be insured with options such as Actual Cash Value (ACV) policies, Agreed Value policies, or liability-only policies. Assess your boat’s value, your budget, and the level of coverage you need to select the most suitable policy.

How can I find the right insurance provider for my older boat?

Research insurance companies specializing in boat insurance and inquire about their experience in insuring older boats. Request quotes from multiple providers and carefully review their coverage options, customer reviews, and reputation in the industry.

Can I make changes to my insurance policy as my boat ages?

Yes, you can make changes to your insurance policy as your boat ages.

Whether you need to adjust coverage limits, add endorsements, or explore new policies, contact your insurance provider to discuss the possible options.

As your boat ages, your insurance needs may change, so it’s essential to regularly review your policy and make necessary updates.

Boat insurance for older boats is a crucial investment that protects both your vessel and your financial well-being.

Understanding the risks associated with older boats and selecting the right insurance policy can provide peace of mind while enjoying your time on the water.

Remember to consider factors such as age, condition, usage, and location when determining the appropriate coverage and premiums.

By following the tips provided in this guide and maintaining your boat diligently, you can find affordable insurance coverage that safeguards your older boat against potential risks.

So, don’t delay—secure the protection your boat deserves and embark on worry-free adventures on the open seas.

Remember, each insurance company may have different policies and offerings, so it’s important to do your research, compare quotes, and consult with professionals in the field to make an informed decision.

With the right boat insurance, you can navigate the waters with confidence, knowing that your older boat is well-protected.

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Offshore Fishing Boats and Insurance Prices

• By Kim Kavin
• August 13, 2024

When it comes to insurance costs, boaters who fish offshore are learning that extra outboards feed into a stereotype.

“You’re expected to go fast and run the boat like an idiot,” says Tim Derrico, director of sales at HMY. “If you buy an upper-30- to 50-foot center-console fishing boat—especially the fishing boats, more than the cruising boats—they figure you’re going to run offshore and go fast to get where you want to go. You can get insurance, but it’s challenging.”

The difficulty with finding affordable policies has become so acute that insurers are now suggesting that some boat owners forgo windstorm coverage. The logic is that if the owner is well-off enough to pay cash for the boat, then he’s also in a position to self-insure and have a captain with a solid hurricane plan to get out of the way of storms.

“You can cut your insurance in half,” Derrico says. “They’re going to require you to have a hurricane plan, so have that plan anyhow. Just make sure you can get the boat to a safe place where you’re not going to be subject to direct wind or storm surge. Worst case, maybe you get a little dock rash or break some antennas or bend your riggers.”

Other owners are reducing insurance costs by purchasing smaller boats, especially in areas where insurers see the most risk from big storms. “In Florida, for sure,” he says. “You can sell a 60-foot boat in Florida, and the insurance would cost you five times as much as the same boat in New York or Connecticut.”

Anyone shopping for a boat, Derrico adds, should look into insurance costs before anything else: “When you’re ready to buy another boat, on top of the list, the first thing you start dealing with should be insurance.”

Safe Space: How to Be Prepared

Insurers recommend that boat owners haul out their boats, if at all possible, ahead of an incoming storm. Of course, with a major storm, this means there’s usually a crush of people trying to get haulout services at the same time. The best-prepared boat owners prepay to reserve the service, or for a space at an upriver marina or canal considered a good hurricane hole. It’s important to do what the policy requires; insurers will hold a boat owner to a written hurricane plan.

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Do You Need Travel Insurance for a Yacht Charter? (2024)

with our partner, Faye

Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.

Chartering a private yacht is an exclusive experience for a memorable vacation. The last thing you want is an accident, emergency or unforeseen event to affect such a special trip. These kinds of incidents make buying specialized travel insurance important.

More and more travelers choose yacht charters for vacations in places like the Caribbean. But many are unaware of travel insurance plans that cater to this kind of trip and the benefits the insurance provides. You buy travel insurance for a yacht charter to be covered for things like lost luggage, trip cancellation and trip delay but also any damage to the yacht and its equipment.

In this article, we explain why you need travel insurance for a yacht charter, the benefits of this coverage, and the different options, plans and providers available.

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Top 5 Providers of Yacht Charter Travel Insurance

Here are the top five providers of yacht charter travel insurance and what each offers for insurance coverage.

• Travelex: Travelex offers Cruise Travel Insurance suited to a yacht charter vacation. The company’s Travel Select and Travel Basic plans cover cancellations, interruptions, delays, medical emergencies, lost baggage and valuable item coverage.
• Berkshire Hathaway: Berkshire Hathaway’s yacht travel insurance package is called WaveCare and covers cruises and yacht charters. This insurance specifically caters to events that could happen while at sea — with higher medical coverage limits.
• Seven Corners Travel Insurance: Cruise Travel Insurance from Seven Corners has a Basic and Choice option for boat trips and incidents that might affect the trip. It includes medical coverage for illnesses contracted on board, optional cancel for any reason coverage and provisions for travel cancellation and trip interruption.
• International Medical Group (IMG): IMG supplies its Cruise Insurance for cruises and boat excursions through multiple plans: iiTravelInsured Travel SE, iTravelInsured Travel LX, iTravelInsured Essential, iTravelInsured Travel Sport and iTravelInsured Travel Lite. Policies cover lost baggage, prepaid trip costs, and illnesses and injuries, among other events.
• HTH Worldwide Travel Insurance: HTH travel insurance is an option if you’re looking for a standard travel insurance protection plan. The company’s TripProtector Economy, TripProtector Classic and TripProtector Preferred plans give varying coverage limits and include coverage for medical evacuations, lost or stolen personal belongings and trip cancellations.

Protection Against Trip Cancellation or Interruption

Nobody wants to delay or cancel a vacation, but family emergencies, illnesses, natural disasters and political disruptions sometimes force you to reschedule or cancel a trip. Yacht charter travel insurance provides financial protection and reimbursement so you don’t lose money for a vacation you never took because of reasons that were outside of your control. This insurance is useful if you’re worried about the security of your destination or the weather around the location you’re scheduled to visit. It also covers cancellations for personal responsibilities that may affect a yacht-based vacation.

Most charter travel insurance policies include trip cancellation and interruption coverage, often offering 100% of trip costs. Providers like Travelex, Berkshire Hathaway and Seven Corners have various options and limits for travelers that may need to cancel or cut their trip short.

Yacht Travel Insurance for Medical Expenses and Emergency Assistance

No matter what kind of trip you take, travel medical insurance is important, but it can be particularly valuable on a chartered yacht. If you’re injured or get sick while in the middle of the ocean, emergency evacuation or treatment will be much more costly because of how much it costs to secure transportation and the price of emergency treatment.

Good coverage limits on medical expenses and emergency evacuation are important for this charter yacht insurance. The last thing you want to worry about is the expense involved when you need help at sea. Specialized insurance for yacht charters considers the potentially high costs of the trip and often supplies emergency assistance services.

Telehealth Insurance Coverage

Telehealth services use technology for remote consultations and appointments with doctors and other medical staff. It can be useful to have telehealth insurance coverage when you’re on a yacht charter vacation because it means you can speak to a medical expert if you fall ill or get injured without returning to shore. Remotely, a doctor can assess you and decide whether you need more medical attention. Telehealth coverage will reduce unnecessary interruptions of your trip.

Medjet Insurance Coverage 

Medjet is a travel insurance membership that supplies medical transportation services to a hospital of your choice if you’re in an accident or get struck with an illness while on vacation. Instead of having to stay for treatment at the nearest medical facility, Medjet insurance coverage means you can return home to recover instead.

If you need medical attention while you’re away on a yacht charter vacation, medical professionals can pick you up anywhere and get you to the medical facility of your choice.

Protection for Personal Belongings and Equipment

One issue about vacationing on a yacht is the possibility of losing your personal belongings by dropping or knocking them off the boat and into the water. It’s not easy to retrieve items if they’re underwater, so you will want to have insurance on the most expensive items.

Your possessions are also at risk of getting damaged or stolen when you’re on a charter vacation, and yacht travel insurance covers these scenarios. Coverage is also important if you end up damaging any of the equipment on board, as your insurance will cover the expenses to get this fixed and save you from having to shell out for the repairs instead.

Liability Coverage on Yacht Charters

Liability insurance on a yacht charter covers situations where your yacht damages another boat, port facilities or members of the public. Chartering a yacht brings several risks and opens the possibility of being sued if you damage property or injure someone.

Insurance can protect against third-party claims and potential legal expenses. All good yacht charter travel insurance should include liability coverage for accidents.

What Will Your Yacht Travel Insurance Not Cover?

While plenty of travel insurance companies supply comprehensive policies for yacht vacations, they won’t cover everything in their policies. You should consider them when you buy a policy to understand your risks. Here is a list of things your insurance won’t cover.

Pre-Existing Conditions

Most insurance providers won’t cover medical expenses or medical evacuation if the cause of an illness or accident is a pre-existing health condition. If you know you have a medical condition, you should buy more travel insurance to cover any medical emergency related to your situation. Otherwise, you won’t be able to claim reimbursement on a classic insurance plan.

Extreme Sports and Activities

Extreme sports and activities are other parts of a vacation that most general travel insurance policies won’t cover. If you plan to take part in an extreme sport or dangerous activity as part of your yacht charter trip, consider buying special health insurance coverage to ensure you’ll be protected if you have an accident.

High-Value Items and Personal Belongings

While many travel insurance plans cover personal belongings up to a point, they often have value limitations. That means expensive items won’t get covered by your policy. If you’re taking something valuable with you on a yacht vacation, set up special insurance for this item to get it covered if it gets lost or stolen.

Acts of War or Terrorism

Most yacht charter travel insurance plans cover emergency evacuation related to a medical emergency but don’t offer the same kind of protection if you need to leave a country because of terrorism or acts of war. Suppose you plan a yacht vacation to a destination where the risk of war or terrorism is more likely. In that case, you should get added coverage which means you can be evacuated in these kinds of emergencies.

Intoxication or Illegal Activities

You won’t be able to claim reimbursement for medical bills or yacht damage if injuries or damages were caused by someone’s intoxication, drug use or illegal activities. Avoid any illegal or potentially dangerous behavior while chartering a yacht.

Known and Foreseeable Events

If an event is considered “known,” or “foreseeable,” by an insurance provider, you won’t win a claim for damage or injury sustained because of the event. Instead, get specific coverage for specific activities. Also, be aware of the kinds of incidents on a yacht that your insurance won’t cover.

Unapproved Yacht Operators or Vessels

An insurer will decline coverage if an accident or damage happens because someone unapproved operated the yacht or if an unapproved vessel was involved. It’s important that only qualified and protected people operate your yacht charter, and that you’re aware of the coverage limitations when unapproved boats are involved.

The Bottom Line

A yacht charter vacation is a wonderful opportunity to relax, explore the coast or the ocean and enjoy the privacy and luxury of your vessel . However, there are risks associated with this kind of trip, and buying specific travel insurance is necessary to protect your trip and ensure a worry-free and protected yachting experience.

The benefits of yacht charter insurance ensure that you’ll spend your vacation covered for all eventualities with policies that consider the risks and occurrences on a yacht. Whether it’s your first experience on board or you’re a seasoned sailor, buying this insurance is essential .

Frequently Asked Questions About Travel Insurance

What does yacht charter travel insurance typically cover.

Yacht charter travel insurance typically covers any damage that is done to the yacht, the yacht equipment and any third-party damage. It also usually covers any injuries or accidents that happen on the yacht and any lost or damaged personal property that is kept on the yacht.

Can I add additional coverage options to my yacht charter insurance policy?

Yes, you can add coverage options to your yacht charter insurance policy. The extra insurance is a smart choice if you want more medical insurance, you’re planning any extreme or dangerous activities, or you’re bringing particularly valuable equipment and belongings on board.

Are there any restrictions or exclusions in yacht charter travel insurance policies?

Many yacht charter travel insurance policies have exclusions and restrictions that prevent you from being covered for reimbursement. Among them are pre-existing medical conditions, intoxication, illegal activities and damage from unapproved yacht operations.

What is CFAR coverage?

Cancel for any reason, or CFAR, is a trip cancellation insurance that pays out no matter why you decide to cancel your travel plans. If you’ve booked a yacht or catamaran charter and need to cancel your vacation due to an impending hurricane, for the death of a family member or just because you change your mind, CFAR coverage can help you recoup the charter fee.

Methodology: Our System for Ranking the Best Travel Insurance Companies

• A 30-year-old couple taking a $5,000 vacation to Mexico.
• A family of four taking an $8,000 vacation to Mexico.
• A 65-year-old couple taking a $7,000 vacation to the United Kingdom.
• A 30-year-old couple taking a $7,000 trip to the United Kingdom.
• A 19-year-old taking a $2,000 trip to France.
• A 27-year-old couple taking a $1,200 trip to Greece.
• A 51-year-old couple taking a $2,000 trip to Spain.
• Plan availability (10%): We look for insurers with a variety of travel insurance plans and the ability to customize a policy with coverage upgrades.
• Coverage details (29%): We review the baseline coverage each company offers in its cheapest comprehensive plan. A provider with robust coverage earns full points, including baggage delay and loss, COVID-19 coverage, emergency evacuation and medical coverage, trip delay and cancellation coverage, and more. Companies also receive points for offering a variety of policy add-ons like accidental death and dismemberment, extreme sports, valuable items, cancel for any reason coverage and more.
• Coverage times and amounts (34%): We compare each company’s waiting periods and maximum reimbursement amounts for baggage, travel and weather delays. Companies that offer customers reimbursement after fewer than 12 hours of delays earn full points in this category. We also reward travel insurance providers that cover more than 100% of trip costs in the event of cancellations or interruptions.
• Company service and reviews (17%): We look for indicators that a company is well-prepared to respond to customer needs. Companies with an established global resource network, 24/7 emergency hotline, mobile app, multiple ways to file a claim and concierge services score higher in this category. We assess reputation by evaluating consumer reviews, third-party financial strength and customer experience ratings, specifically from AM Best and the Better Business Bureau (BBB).

For more information, read our full travel insurance methodology.

A.M. Best Disclaimer

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .

MarketWatch Guides may receive compensation from companies that appear on this page.
The compensation may impact how, where and in what order products appear, but it does not influence the recommendations the editorial team provides. Not all companies, products, or offers were reviewed.

Nearly 10-year-old case of missing man solved after divers find vehicle submerged at Georgetown County boat landing

C HARLESTON, S.C. (WCBD) — A traveling insurance agent who lived in Mount Pleasant went missing in 2015 with his last phone ping around Browns Ferry Landing. Nearly ten years later, a nonprofit diving crew found his vehicle submerged at the bottom of the boat ramp.

Initial Disappearance

Daniel Riggs was last seen in November 2015, according to a Mount Pleasant police report. His girlfriend called to report him missing after a text conversation where Riggs told her she would not see him again.

His girlfriend told police that the two had been having relationship problems and Riggs had a history of depression. Riggs was out of town on business in Georgetown when he texted that he would never see her again.

She said she thought she got him to calm down “when he finally texted her, “I love you with all my heart,” the report said. However, Riggs’ phone went dead around 7 p.m. that night and had not worked since, according to the report.

Police said the girlfriend told them that Riggs had never disappeared like this before and that he was last seen driving a black Dodge Nitro with Florida Gator stickers on it.

Over the years, Sergeant Ashley Croy with Mount Pleasant PD said the department and other agencies have performed numerous searches in the area of Riggs’ last phone ping.

Those searches consisted of walking on foot, side-scanning sonar, and numerous dive teams canvassing the area for signs of Riggs. They sometimes involved multiple other agencies but to no avail.

Riggs’ case information has been entered into numerous missing persons systems, including the National Missing and Unidentified Persons System (NamUs) .

One day, Riggs’ case was brought to the attention of Rapid Compassion Collective (RapidCC), a nonprofit diving crew that searches for missing people, especially when their cases involve missing vehicles.

Search and Discovery

Fast-forward to August 2024. Adam Brown, a RapidCC member, and Jason Souhrada, a Myrtle Beach-based diver, began their search in Myrtle Beach waterways after receiving a tip that Riggs’s credit card had been charged there shortly before he went missing.

Brown said the duo explored the Waccamaw River and Intracoastal Waterway, finding no signs of Riggs, but they continued their search. Souhrada then got a new tip about the phone ping, so the pair moved their search.

Using newer sonar technology, they scoured Black River, coming across vehicle after vehicle on the radar. Brown estimated there were about 20-30 vehicles decomposing in the water.

The search continued until Brown finally had luck. “At first, it didn’t even look like a car,” he said. But he had a feeling this was Rigg’s vehicle. When getting closer, using an underwater drone, he saw the first two license plate characters that matched the plate for Riggs’ and the Dodge logo on the tire.

After calling the authorities and having it pulled out of the water, they could see that the black Nitro, which was found nose first directly in front of the boat ramp, had a Florida gators front tag.

Police later confirmed the vehicle was registered to Daniel Riggs. The Georgetown County Coroner’s Office confirmed the human remains found in the SUV were those of Daniel Charles Riggs.

How did the private team find Riggs when law enforcement had been searching for years, though?

Brown said it happens more than most realize. Many times, law enforcement searchers are working with limited time and resources.

RapidCC specializes in searches like the one for Riggs and his missing vehicle. Brown not only dives with RapidCC but also runs his own dive channels , where he fishes stolen vehicles, lost treasures, and abandoned items out of waterways.

If you’d like to learn more about RapidCC, click here.

For the latest news, weather, sports, and streaming video, head to WBTW.

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