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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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With a reputation as a classic yacht insurance specialist we can arrange worldwide cover for classic, spirit of tradition, one off or production yachts.  The policies arranged can be amended to cover racing, new build, refit or restoration as well as those vessels operating on a commercial or semi-commercial basis. Contact us for a quotation .

For commercial marine activities we arrange insurances covering property, financial loss, Employers Liability, Public & Products Liability and marine hull & liability risks.  Activities include boat builders, boat yards, sailing schools, yacht charter companies and suppliers of goods and services to the marine industry. Contact us for a quotation.

The super yacht insurance policies we arrange include cover for hull & machinery, tenders & toys and may be extended to include worldwide cruising, full P&I coverage and all associated liabilities including crew, charter use and crew medical health plans.  Contact us for further details.

As a specialist broker we arrange insurances for clients engaged in a wide range of marine related activities including circumnavigations, high latitude sailing, offshore cruising and racing, subsea, charter and commercial use.  Insurances can also include separate P&I insurance. Contact us for further details.  

Simon Winter Marine is a specialist marine hull and liability insurance broker. As a specialist broker we can provide coverage for vessels engaged in a wide range of marine related activities including classic yachts, charter vessels, offshore cruising and racing, subsea and commercial use. We also arrange insurances for companies engaged in a wide variety of marine related activities.

Our company ethos is to provide the very highest of standards of service while ensuring insurance cover is appropriate to our client's needs. Being independent ensures competitive premiums and impartiality when handling claims on your behalf.

All policies are underwritten either at Lloyd's, with major UK and European insurers or arranged through specialist insurance brokers and marine insurance agencies. Full details of policies offered are available on request.

Simon Winter Marine Limited Overmass House 6B Beer Road Seaton Devon EX12 2PA

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Sailboat Insurance: The Best Options By Far

Whether you own a yacht, speedboat, or fishing boat, it certainly didn't come cheap. So it's crucial to find the best sailboat insurance that will come to your rescue if something does happen.

Just like your home or car, your boat is probably one of your most prized assets and needs the right insurance as well. Even though boats are widely known for providing their owners with great recreation and adventure, they come with various types of risks. Whether it's an accident, fire, theft, or damage, these are just some of the disasters that can come your way and that can come your way. And even if boat insurance is not a must in your state or area, having your boat properly insured will keep your head above the water and prevent you from sinking. You, therefore, should understand how to protect your sailboat, yourself, and your passengers.

Boat insurance is essential in covering you in case of a loss of damage to your sailboat. It generally covers most types of watercraft including yachts, speedboats, pontoon boats, fishing boats, leisure crafts, paddle boats, and many more. Boat insurance will cover you from various things including collision damage, bodily injury liability, property damage liability, comprehensive coverage, and other additional coverage options.

The fact that sailboat insurance is widely available can make it quite overwhelming when looking for the right boat insurance for you. But to make it a lot easier for you, we've dug deep into the boat insurance industry and highlight the best sailboat insurance options to go for.

Table of contents

How to Find the Best Sailboat Insurance Coverage for You

There are a few things to consider when looking for the best boat insurance coverage for you.

What Does the Boat Insurance Cover?

It's of great importance to know what will be covered by your preferred boat insurance company before taking your boat out on the water. Needless to say, insurance policies and contracts are always very complex, so taking your time and understanding everything is essential. To give you a head start, here are a few things that your boat insurance should cover.

• ‍ Damage to the boat or permanently attached equipment such as anchors
• Damage arising from fire, theft, vandalism, collision, and lightning
• Property damage liability, which is essentially the damage that your boat causes to someone else's property
• Bodily injury liability, which revolves around the expenses incurred when someone gets injured on your boat or by your boat
• Medical payments for expenses incurred by you and your passengers in the event of an accident
• Guest passenger liability, which revolves around the legal expenses incurred when something happens if another person was using the boat with your permission
• Mechanical Breakdown coverage, which pays for the repair of any part of the boat as long as it's not caused by wear and tear

Some of the things that are not included in the insurance include:

• ‍ Normal wear and tear
• Damage caused by sharks or other creatures
• Defective machinery
• Damage caused by mold and insects

Types of Boat Insurance Policy

It's essential to know the type of boat insurance policy that you want. The two common options include:

Agreed Value - This is the amount that is agreed between you as the boat owner and the insurance company. This boat insurance tends to be more expensive since your boat's depreciation isn't taken into consideration. So in case of an accident, the insurer can even end up paying more than the current value of the boat.

Actual Cash Value - This revolves around the insurer paying up to the current actual value of the boat if anything happens. These premiums tend to be lower since the insurer will calculate the depreciation value and pay depending on the actual value of the boat.

Important Things to Know

Here are some important things to know as far as boat insurance is concerned.

• ‍ Navigational Limits  - These are limits that outline where you can navigate your boat and you may not be covered if you venture beyond the agreed territory. Needless to say, your premiums will be higher if your navigation limits are extensive.
• Marine Inspection  - Most insurers will require your boat to be inspected by a certified marine surveyor to assess the condition for the boat and its market value.
• Layup Periods  - These refer to periods when you take your boat out of the water such as during winter when you're not boating. Most insurers will give you credit but you may not be covered if you take the boat out for a ride during the layup periods and something happens.
• Underage Operators  - Do not be tempted to offer your boat to an underage if he/she doesn't meet the age and license requirements in your area.

Best Sailboat Insurance Companies

Progressive.

As one of the leaders in the insurance industry, Progressive has been providing boat insurance for over 35 years. This company has insured over 1 million boats and has a network of independent agents across the country who are always willing to guide you through their policies.

Although Progressive is widely known for providing auto insurance, its boat insurance offerings revolve around covering small to medium-sized boats measuring not more than 50 feet in length with value not exceeding $500,000. Some of the coverage options to expect from this company include collision coverage, comprehensive coverage, bodily injury and property damage liability, medical payments, mechanical breakdown coverage, and many more.

Unlike most boat insurance companies, Progressive doesn't require boaters to provide a navigation plan. As long as your seafaring adventures are within 75 miles of the U.S. or Canadian coastlines, Progressive will offer a solid and reliable plan for your boat insurance. The company's customizable boat insurance is a cherry on the cake as it makes it a lot easier for boaters to bundle their policies and work within their budgets.

Allstate - Best for Budget

Consistently ranked among the best by various rating institutions in terms of financial strength and customer service, Allstate is one of the biggest providers of boat insurance in the country. With boat coverage options as low as $21 monthly, Allstate offers some of the most affordable coverage options in the boat insurance industry.

The company offers many types of boat insurance and pledge to keep their customers in good and safe hands. From your repair costs, trailer coverage, watercraft liability coverage to uninsured watercraft coverage, and many more, the average cost of boat insurance from Allstate is just about $20 a month.

Nationwide - Best Option for Bundling

Offering unique options for each boater's unique boating lifestyle, Nationwide is widely known for offering the best multi-policy options in the boat insurance industry. In other words, it can give you some of the best coverage options for your boat if you decide to combine your home, car, and boat insurance. With this, you'll get amazing extra perks such as rental reimbursement coverage, optional towing, and road assistance if your boat trailer is included in the coverage.

This is a company that will offer you amazing deals and discounts of up to 25% if you choose to bundle your boat insurance with at least one other policy provided by the company. What's more; they offer affordable packages for fishing equipment ($1,000), personal effects ($3,000), and towing ($500). 

United States Power Squadron (USPS) Boat Insurance Program - Best for USPS Members

USPS is one of the few boat insurance companies that strictly offer insurance for boats. This may be quite disadvantageous for those looking for bundling options but it's great if you're looking for a company that puts its total focus on ensuring your safety and that of your vessel while out there on the water.

As such, this company offers automatic coverage for water skiing, hurricane safe harbor reimbursements, and personal effects coverage of up to $1,500. It also offers automatic fuel spill liability not exceeding $854,000. This is a company that offers among the most competitive packages for serious boaters out there. They offer online quotes, same-day coverage, and policy discounts if you pay premiums in bulk as well as round the clock claims processing.

Markel - Best for Anglers

If you're an angler looking for the best boat insurance for your vessel and fishing equipment, as well as other personal effects, look no further than Markel. With its professional fisherman policy, this company offers replacement cost coverage of up to $5,000 for fishing equipment and cost coverage of up to $10,000 for personal effects.

The company also offers discounts for operators aged 40 and above, accident-free discounts, and discounts for anglers or boaters with more than five years of experience. The best part is that you can save up to 35% on your boat insurance premium if you qualify for these discounts.

So whether you're a professional angler or just fishing for fun, Markel offers some of the best boat insurance coverage options for anglers. You'll be in safe hands with just $100 per year but this may depend on the coverage options that you need.

BoatUS - Best for Additional Benefits

Acquired by Geico in 2015, BoatUS has been offering boat insurance through its affiliation with the Boat Owners Association of the United States. It offers all types of coverage options including actual cash value coverage, liability-only coverage, and full coverage at an agreed value.

The best part for considering BoatUS for your boat insurance is that the company has some of the best additional benefits in the boat insurance industry. For example, all policies must include fuel spill liability coverage and supplemental medical coverage. This, therefore, means that the total costs of your insurance premiums will be reduced significantly thanks to these deductibles and additional benefits. You can also get discounts for good driving records and the completion of approved safety courses. For members, there are even more additional benefits.

State Farm - Best for Emergency Services Coverage

As one of the best-known names in the insurance industry in the country, State Farm might be your go-to-guys if you're looking for the best emergency services coverage. The company offers optional emergency services for up to $500 to service your boat, boat trailer, or motor in case of any damage as stipulated in your coverage contract. The company's optional wreck-removal coverage can also be ideal for you if you're looking for reasonable expenses if you're required by law to raise or remove your boat or wreckage.

The company also provides multi-policy discounts, which can be ideal for you if you want to cut down paperwork and combine your home, auto, and boat insurance. So whether you're a proud owner of a yacht or a modest kayak, State Farm can provide coverage options for your unique needs, especially in times of emergency.

Foremost - Best for Flexible Coverage Options

Known for offering affordable boat insurance coverage options across the country, Foremost can be a great option for you if you're looking for a boat insurance company that can offer coverage options that are suited for your unique insurance needs. Some of its unique coverage options include enhanced towing services, hurricane haul-out, additional pollution liability coverage, fishing tournament fee reimbursement, trip interruption service, pet coverage, and many more.

Most of these coverage options are flexibly tailored to lower your premiums and make boat insurance quite affordable. This company is widely known for insuring specialty risks and can easily offer good, better, and best coverage packages depending on how much you're willing to pay and the types of coverage options that you want.

Hagerty - Best for Classic Boats

Just like classic cars, we all know that classic boats are a rarity and you certainly want the best insurer for your unique an exotic classic boat. Of course, owners of classic boats have special needs that might not be the same as other boats, and this requires a company that offers these specialties. Well, Hagerty takes immense pride as one of the best boat insurers for classic boats.

The company not only offers personalized insurance services but also utilizes actual cash value to determine the right coverage limits for your boats. Its agents are also affiliated with well-known boating clubs whose members are generally proud owners of classic boats. So you can consider joining one of these boating clubs and you might be in for significant discounts on your insurance premiums for your classic boat. 

United Marine Underwriters - Best for Personalized Customer Service

Having provided boat insurance across the United States except in New Mexico for nearly three decades, United Marine Underwriters takes immense pride in presenting itself as a specialty boat insurance company that puts a lot of emphasis on customer service, happiness, and safety.

This company offers liability limits of up to $1 million and you get various discounts if you meet certain thresholds. For example, you'll get substantial discounts if you complete one of the recognized boat safety courses that are approved by the National Association of State Boating Law Administrators and the Coast Guard Auxiliary and Power Squadron. The company also assigns you a primary service person to take care of all your servicing needs, which is why it's widely known for its excellent customer service.

Legally speaking boat insurance is not a must in many states unless you come you're planning to boat in Utah, Hawaii, and Arkansas. However, the peace of mind that boat insurance gives you when out on the water can never be underestimated. And because your boat is probably one of your most prized possessions, it's essential to choose the best sailboat insurance option; something that covers all your needs.

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Daniel Wade

I've personally had thousands of questions about sailing and sailboats over the years. As I learn and experience sailing, and the community, I share the answers that work and make sense to me, here on Life of Sailing.

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