insurance for a project boat...

[TBubrick]

One of the prerequisites for embarking on this path is the consideration of how to insure the completed project. What may start as an investment very small will inevitably become much larger. So, what have you guys to say about how to navigate this process?

What starts as a 15000 investment rapidly becomes a 100,000 labor of love winning all kinds of awards...gucci..

So, insuring at a value of 100K gets a bit pricey, and knowing insurance is a poor bet lobsided in favor of the insurer...

what advise if any can you offer?

[Bigshrimpin]

Agreed hull value with Boat US. Insure it for whatever value you want. I did 20k agreed hull value on my 1973 23 with the new 4 stroke + 2k for the trailer. It costs me about $500/year.

Charter Oaks wanted and itemized list and receipts of materials used. F'that.

[wattaway2]

I’m with you Big boat us had no problem with insuring my ‘73 -23cc for 23,000w trailer when I had the new 300 etec installed called them up and they had no issue increasing it another 20,000 they did ask for me to email them pictures of the boat and engine along with serial #’s but some how that just seemed logical.

[TBubrick]

Insurance is a necessary evil, it just caught me by surprise a bit. Makes sense but the quote I got was over 3000 for the year based on what I guess I might have invested in the end.

[bumpdraft]

I would say to document everything you do to it, receipts and all. Had a claim with boat us and their response at first was "well, you have an old boat". Well duh, you knew the age of the boat when you took my premiums all those years. I finally got the issue resolved, but I did not care to hear those words.
I own a 1971 Plymouth Satellite that I bought new. I restored it, but it also has sentimental value to me. I had to send pictures and got insurance company to up the value. I also read car forum posts that people show restoring a Satellite and "cloning" it into a Roadrunner. Roadrunners and GTX's bring more money when selling, but if it is not original, they don't bring the money. I don't know if the collector car thing is germane here, but just saying.

[dginge]

Allstate insured my boat and I made a claim last year for a lightning strike that came through my onboard charger at the end of my pier. They were extremely reasonable and good to work with. I got a lot of upgrades in the meantime but it pretty much fried my whole electrical system

[Ed]

The owner of that 20 Seacraft we just restored was able to get it insured for what he wanted through Grundy's Insurance Classic Boat Program.

Gwendalyn Grundy
Classic Boat Program
Address: 400 Horsham Road | P.O. Box 1957 |Horsham, PA 19044
Phone (215) 674-1856

[bigeasy1]

I use Hagerty classic boat insurance(same co.as Hagerty classic car ins).I have an agreed value of $12,000.00 for $307.00.
I only trailer about 1/4 mile to the launch so I opted for no ins. on the trailer. I have not filed a claim yet (thank god) but they are very nice to deal with on the phone.
I don't have the paper work with me but if I remember correctly it's liability of $300,000 per accident, $930,000 for fuel spill, $300.000 uninsured boaters,and other coverages.
etc.Im not cheap but now I know what all the other old geezers mean they say over and over "I'm on a fixed income"
By the way All they(Hagerty) asked for was some pictures sent to them showing the rebuild and a couple finished project pics. no survey was required.

Like I'm sure others do every so often I look at what Ive got into the project and that's a scary thing, but what the heck as someone on this site once said screw the economics, they never make sense when we're dealing with boats.It's all for that labor of love.

Good luck