Collector Marine Insurance – Things to Search For in Classic Marine Insurance

Collector Boat Insurance is essential for the classic or antique boat enthusiast. Collector boat owners are among the safest, most conscientious boaters on the water. They deserve the most competitive rates, the most comprehensive insurance coverage and the best benefits available in the industry.

What are Collector Boats?

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They are usually wood hull boats, over 25 years old, that are meticulously maintained, hand built or restored. However, fiberglass or concrete hulls also qualify. Power boats as well as sailboats can be classic boats. Also, new, “one-off” custom built boats can qualify as a classic boat.

Collector Marine Insurance – Things to Search For in Classic Marine Insurance

Collector Boats can be:

o Runabouts

o Utilities

o Launches (including steam)

o Skiffs

o Wooden canoes

o Mono-hulled sailboats

o Cruisers and trawlers

o Home-built or kit wooden boats

o Excellent reproductions of classic wooden boats

Here’s what to look for in an insurance policy for your Collector Boat:

o Year Around Coverage – Many Southern boaters cruise year-round. Look for coverage that does not require a “lay-up” period.

o Agreed Value – Physical damage coverage amount that YOU set, not set by the insurance company.

o Wreck Removal – If your boat sinks, this coverage pays for recovery.

o Towing and Assistance – just like towing for your car.

o Personal Property coverage – for skis, life jackets, etc.

o Pollution Liability – This is very important coverage if you spill oil or gasoline into a waterway. Cleanup could run into many thousands.

o After-market and Electronics Equipment – some policies don’t cover aftermarket parts. Make sure yours does.

o Hurricane protection.

o Transport trailer coverage – If you’re hauling your boat on a trailer behind your vehicle, the trailer needs coverage. Instead of buying a separate policy for the trailer, put the coverage on this policy as a rider and save money.

o Collision Coverage and Other than Collision (OTC) Coverage – this coverage takes care of your classic boat if you run into something. OTC covers things like fire, smoke, windstorm, theft, lightning, hail, animals and vandalism.

o Increased limits on Liability – Carry at least the same liability limits on the boat policy as you have on your auto policy. Also look for “Liability Only” coverage if you do not wish to buy Collision or Comprehensive coverage.

o Uninsured watercraft – pays you if you have an accident with an uninsured watercraft owned or operated by another person.

o Medical Payments – this is usually “good neighbor” insurance for injuries to others.

o Broad Eligibility – some insurance companies exclude certain models or types of boats.

o “Restoration” coverage – whether you’re restoring the craft yourself or using a professional facility, make sure you’re covered in case of fire or theft with a Port Risk policy that can be incrementally increased as the project progresses.

Collector Boat insurers also offer a variety of discounts, such as:

o Multi-Unit

o Multi-Policy

o Safety Course

o Prior Insurance

o Renewal discount for maintaining continuous coverage

You will also find a wide choice of deductibles and payment plans available. Choosing higher deductibles will lower your premiums. Flexible payment plans will help you manage your budget.

By using these strategies, you’ll have the best chance at having fun cruising the waterways in your Collector Boat!

Collector Marine Insurance – Things to Search For in Classic Marine Insurance

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