Another boat insurance query old boats

[C08]

My catamaran is 48 years old and I have the impression that insurance companies are reluctant to insure boats over 40 years old. Is this correct? Any companies ok with older boats?

 

[lustyd]

I never had a problem on my old boat which was built in 1969. They'll want a survey if it's of any value, but I've not heard of an issue around age.

Always used GJW as they're always recommended on this forum

 

[C08]

thanks that is one to know.

 

[Tranona]

Old boats per se are not a problem for most insurers. Mine is 45 years old and I had quotes from all the main insurers although all required a survey evidence of action and a valuation to support the agreed value. Currently with GJW at a very modest premium and renewal the same as last year. I used to be with Bishop Skinner with an earlier and older boat and they required a survey when it turned 50 years.

If you are currently insured best to stick with the same insurer as there is nothing they like better than a claims free customer who automatically renews. Changing insurers is fraught with problems. However be aware that a survey is likely shortly, but don't ask, wait to be told.

 

[madabouttheboat]

With my most recent boat purchase, which is 40 years old this year, I have decided to just insure 3rd party. The requirement for an expensive survey every 5 or so years against the risk of loss and the value of the boat, if it is lost, just makes me think i'll take the risk on myself. My insurance for this year was under £100. I reckon I have saved around £1000 this year alone in survey and premium costs. I have had fully comp boat insurance for around 25 years continuously and never once claimed a penny.

Now sit back and watch me eat my words

 

[oldmanofthehills]

My insurance company never seemed to worry. Older boats are generally over specified in terms of GRP so all they care about is survey and renewal of rigging. I bought current boat based on survey notes for an abortive purchaser plus my critical eye, and insurance merely asked me for confirmation survey the next year once I had sorted the rigging and such stuff as bothered me

 

[C08]

With my most recent boat purchase, which is 40 years old this year, I have decided to just insure 3rd party. The requirement for an expensive survey every 5 or so years against the risk of loss and the value of the boat, if it is lost, just makes me think i'll take the risk on myself. My insurance for this year was under £100. I reckon I have saved around £1000 this year alone in survey and premium costs. I have had fully comp boat insurance for around 25 years continuously and never once claimed a penny.

Now sit back and watch me eat my words

We did that with our dogs insurance. When the cost became astronomical we stopped the insurances and bought them premium bonds. Over not many years we had a notional kitty of £6 and never dipped into that apart from the last few months.

 

[oldharry]

With my most recent boat purchase, which is 40 years old this year, I have decided to just insure 3rd party. The requirement for an expensive survey every 5 or so years against the risk of loss and the value of the boat, if it is lost, just makes me think i'll take the risk on myself. My insurance for this year was under £100. I reckon I have saved around £1000 this year alone in survey and premium costs. I have had fully comp boat insurance for around 25 years continuously and never once claimed a penny.

Now sit back and watch me eat my words

Third party is fine if another boat is involved, but check the small print carefully to see that it fully covers consequential losses. Harbour boards won't hang about waiting for quotes and liability before bringing in divers and heavy salvage gear to remove a sunken boat that's creating a hazard to other users. That, plus any pollution control and clean up can tick up costs way above the value of many smaller old boats. As owner you will be held liable if your insurers can wriggle round it!