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Insurance on older models

Phillypete

New Member
Hey y’all,
I recent became the owner of a 1978 ericson 27. Is there an insurance company that covers sailboats that are over 40 years old? Geico will not give a policy to a boat that old.
Any suggestions would be appreciated.
Thank you.
Peter
 

Loren Beach

O34 - Portland, OR
Senior Moderator
Blogs Author
Not due to the boat's age, but I dropped Geico (dba BoatUS) last year. I found a marine insurance broker that placed my new policy with another 'name' insurer. I also had a current survey in hand, so condition of the boat was not an issue. Interestingly enough, the specialty broker got me a slightly better rate, too. https://www.boatinsurance.net/index.php
If Oakland is too far away, they might have a referral to suggest in your area. Anyway.... do shop around.
And welcome to the Ericson ranks. I used to crew some on an E-27. A very fast boat considering it's generous cruising interior. (IMHO)
 

frick

Member III
I took my survey to my local independent insurance agent. Hooked me up to Adirondack (underwriter) and I stay with them for 20 years... My boat, and 1971 E29
 

Gaviate

Member III
All very interesting, I currently insure with Boat U.S. (Geico) and just renewed, nothing about age of vessel. They do however only provide coverage for my purchase price of the boat 4 years ago. I have not pursued increase for improvements to date, nor will I. I accept that any catastrophic loss will be just that, and maybe another dive site! I do maintain liability coverages for other people's property which is what insurance should be intended for in my book. If I wreck my boat (stuff) to bad for me, If I wreck other people's stuff, bad on me.
Cheers!
 

Loren Beach

O34 - Portland, OR
Senior Moderator
Blogs Author
I should clarify one detail about my leaving Geico. When I spoke to a rep about increasing my agreed value post-re-fit, I was told that existing customers are grandfathered in even if their boat is currently becoming too "old" to qualify for a new policy. Any significant policy changes and they would probably still drop me.

Having had the experience just a few years prior with Geico where they unilaterally reduced my Agreed Value with no notice (and then restored it only when I complained), I knew that they were untrustworthy. Structurally untrustworthy.

Post re-fit, they would only raise my value partially to where it needed to be to protect our investment. After all, insurance exists to protect an investment, and in case of a loss, to restore me to where I was pre-loss.

A secondary "detail" is that I had a thorough survey done, with comps for establishing value, before we launched. That document helped a lot, IMHO. The new insurer liked it, anyway.
After all the business of the insurer is reducing risk, and a restored EY-built boat has less risk to them... so they presumably look forward to keeping my premium $ in their reserves.

(Imagining insurance company nabob resembling Scrooge McDuck, swimming around in his/her "reserves" money bin... ! )
 
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Filkee

Sustaining Member
I did get Government Employee Insurance Company to increase my value by about $6k by sending them a bunch of receipts a few years ago.
 

Alan Gomes

Sustaining Partner
Just as another data point: I have had good luck with BoatUS (Geico) when it comes to claims. Last December I was at Catalina when a gale with gusts up to 45-knots blew through the cove I was in. Despite tying up the dinghy properly (as far as I could tell), both bow and stern to the side of my boat, a strong gust picked it up and flipped it upside down. The motor was attached and it submerged the powerhead, trashing the motor. Geico handled the claim promptly and wired the money to my account very quickly to buy a brand new one. Because the motor was (barely) less than 10 years old, they gave me the full cost for a new one without depreciation. And in my case there was also no deductible.

That's the only claim I have had to file with them so far--thankfully--but the process was painless.
 

Vaporware

New Member
In the past three years I had two major claims with Geico on my 1982 Yamaha 33. The second claim was a constructive total loss where they paid the agreed policy amount. The claims were handled very well except for the last part of the second claim where the salvage company they hired was slow taking possession of the boat.

Although Loren was disappointed that I didn't buy an Ericson, I bought a 1981 Merit 25 one design as there is a sizable local fleet. It cost a fraction of the amount I got for the old boat. It is insured with State Farm. I don't believe State Farm offers agreed value policies, but the value of the Merit is low enough that I could afford it if there were a loss. The annual cost is $89 for $5,000 of property damage coverage and appropriate liability coverage tied into my umbrella coverage. The policy was issued by my regular agent.

Check with the agent who insures your home or car. You might find acceptable coverage.
 
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