10 Best Classic Boat Insurance Companies

Classic boat insurance is a type of insurance policy that covers classic, antique, or vintage boats. Typically, these are boats that are more than 25 years old and have historical or cultural importance attached to them.

A classic boat insurance plan can cover a variety of risks, such as damage due to a storm, fire, theft, and collisions, as well as liability for physical harm or property damage caused by your classic boat to others.

Best Classic Boat Insurance Companies — Classic Boat Insurance

Policies may also include coverage for restoration and replacement costs for original components and fittings.

Classic boat insurance plans frequently have specific requirements for how the boat is kept and used, such as requiring the boat to be stored in a specific manner or to be used only for certain types of activities.

Best Classic Boat Insurance Providers

Here is a list of the 10 best classic boat insurance providers in the USA.

1. Hagerty Insurance

Hagerty Insurance is a well-known insurance company that specializes in classic car and boat protection. Since 1984, the firm has built a solid reputation in the classic boat community.

Classic boat insurance from Hagerty covers boats that are at least 25 years old and have been restored or preserved to their original state. Coverage is available for a variety of watercraft, including wooden boats, sailboats, powerboats, and more. The following are some of the main features of Hagerty’s classic boat insurance policies:

Hagerty policies include agreed value coverage, which means that the policyholder and the insurance company agree on the boat’s worth at the time the policy is issued. This increases the likelihood that the policyholder will receive full compensation in the case of a covered loss.

Policyholders have the option of choosing their own repair shop or using one of Hagerty’s suggested repair facilities.

Emergency towing and roadside help are included in Hagerty policies, as is coverage for emergency labor and repairs.

Personalized service: Hagerty is well-known for its excellent customer service, and policyholders have access to a dedicated staff of specialists who understand the special requirements of classic boat owners.

2. ACE Group

Due to their unique construction, materials, usage, and difficulty in replacing, classic boats necessitate substantial insurance knowledge.

The Heritage Marine Classic Coverage ProgramSM by ACE offers a comprehensive insurance package tailored specifically to the requirements of all kinds of classic boats and their owners.

Along with comprehensive coverages, Classic Coverage Program members receive custom benefits such as reasonable rates, simple payment schedules, and devoted service from a knowledgeable and experienced staff, many of whom are classic boat owners themselves.

All qualifying wooden vessels, as well as certain vintage aluminum, steel, and fibreglass boats, are eligible for the vintage Coverage Program.

The Heritage Marine Classic Coverage Program was created by experienced boat owners and marine insurance professionals, and this knowledge is reflected in the complete coverage and niche benefits that, when combined, provide a full range of classic boat insurance protection.

3. BoatUS Insurance

Classic boat insurance is available from BoatUS Insurance for boats that are 25 years old or older and have kept their original design and construction. This coverage is specifically designed to suit the requirements of classic boat owners.

The traditional boat insurance contract covers physical harm, liability, medical payments, and uninsured boaters.

Physical damage coverage guards against harm to your boat caused by accidents, theft, fire, and other covered events. If you are found responsible for causing damage to someone else’s property or injuring someone while operating your boat, liability coverage shields you from financial loss.

Medical payments coverage reimburses you and your passengers for medical costs incurred in the event of an accident. Uninsured boater coverage protects you if you are in an accident with someone who is not covered.

BoatUS Insurance also provides a variety of optional coverage options, such as agreed value coverage, which guarantees that you will receive the full insured value of your boat in the event of a total loss, and salvage coverage, which covers the cost of salvaging your boat in the event of a covered loss.

4. Foremost Insurance Group

Foremost Insurance Group is a business based in the United States that offers a variety of insurance products, including classic boat insurance. Classic boat insurance is intended for boat owners who own older or antique vessels, as well as vessels with distinctive features or modifications that may necessitate specialized coverage.

Foremost’s classic boat insurance plans cover physical damage to the boat, liability coverage in the event of an accident, and uninsured boaters. Additional coverage choices, such as personal property coverage and towing and assistance, are available to policyholders.

To acquire a Foremost classic boat insurance policy, boat owners must usually provide information about their boat, such as its age, condition, and value. The insurance premium will be determined by variables such as the value of the boat, the owner’s boating expertise, and the deductible of the policy.

5. Safeco Insurance

Safeco Insurance provides classic boat insurance, which is intended to protect antique, classic, and vintage boats. This coverage is meant for pleasure cruising, recreational activities, or display reasons on boats.

Safeco Insurance’s classic boat insurance coverage can cover a variety of boats, including wooden boats, antique boats, classic fibreglass boats, and more. This coverage includes the following important features:

The policy includes agreed value coverage for your boat, which means you and your insurer will agree on the boat’s worth up front. In the event of a complete loss, you will be compensated for the agreed-upon amount less any applicable deductible.

Liability coverage: If you are found liable for damage to another person’s property or injury to another person while operating your boat, the insurance may include liability coverage.

Roadside assistance: Many classic boat insurance plans, including Safeco Insurance’s, include roadside assistance in the event that your boat trailer breaks down while you’re driving.

6. American Modern Insurance Group

American Modern Insurance Group offers a specialized insurance policy for classic boats that is designed to protect owners from a range of risks that are unique to these types of vessels. Classic boat insurance policies are tailored to meet the specific needs of vintage, antique, and collectible boats that are often used for recreational purposes.

Some of the key features of classic boat insurance policies offered by American Modern Insurance Group include:

Agreed Value Coverage: Classic boat insurance policies typically provide agreed value coverage, which means that the insurer and the owner agree on a specific value for the boat at the time the policy is purchased. In the event of a total loss, the owner is guaranteed to receive the agreed-upon value.

Salvage and Wreck Removal: Classic boats are often more difficult and expensive to salvage and remove in the event of an accident or sinking. American Modern Insurance Group’s classic boat insurance policies typically include coverage for these expenses.

Lay-Up Period: Many classic boat owners only use their vessels for part of the year. Classic boat insurance policies may include a lay-up period during which the boat is not in use and is not insured. This can help owners save on insurance costs during the off-season.

Navigational Limits: Classic boats are often restricted to specific bodies of water or geographical areas. American Modern Insurance Group’s classic boat insurance policies may include navigational limits that reflect the boat’s intended use.

7. The Hartford Insurance

The Hartford Insurance offers Classic Boat Insurance to protect antique, classic, and vintage boats that are at least 25 years old. Classic boats are unique, irreplaceable, and often hold sentimental value to their owners. The policy provides comprehensive coverage for the hull, machinery, and other equipment of the boat, as well as liability coverage for damages or injuries caused to others.

Some of the key features of The Hartford Insurance Classic Boat Insurance include:

Agreed Value Coverage: The policy provides coverage for the agreed value of the boat, which is determined at the time of policy issuance.

Lay-up Period: The policy offers reduced premiums during the off-season when the boat is not in use.

Choice of Repair Shop: The policy allows the owner to choose their preferred repair shop to fix any damages to the boat.

Personal Effects Coverage: The policy covers personal effects that are lost or damaged while on the boat.

On-Water Towing and Labor: The policy covers the cost of on-water towing and labor if the boat breaks down or is damaged.

Fuel Spill Liability: The policy provides coverage for any fuel spills caused by the boat.

8. Gowrie Group

Gowrie Group also offers Classic Boat Insurance, which is specifically designed to provide coverage for antique, classic, and wooden boats. The policy is designed to protect the owner’s investment and to provide peace of mind while operating the boat.

The policy covers the boat for physical damage, including damage caused by fire, theft, vandalism, and collisions. Liability coverage is also provided for bodily injury and property damage to third parties.

Gowrie Group Classic Boat Insurance offers several additional benefits, including:

AGREED VALUE COVERAGE. Agreed Value coverage on your hull and equipment to protect your investment.
SURVEY WAIVED. Survey waived for yachts that are maintained by a classic yacht insurance specialist.
PAINT BOTH SIDES COVERAGE. If one side of yacht is damaged, claim coverage includes repainting of both sides.
RACING COVERED. Occasional racing is covered.
RANGE OF DEDUCTIBLES. With credits offered for deductibles higher than 2%.
HURRICANE HAUL COVERAGE. Coverage included for up to $2,500.
EMERGENCY TOWING. Expenses covered up to $25,000.
12-MONTH NAVIGATION & EXTENDED RANGE. No lay-up dates and extended US navigation including Canada (with limits).
CONSEQUENTIAL DAMAGE. Consequential damage coverage is included.
SPECIALIST CLAIM REPAIR WORK. Insurance claim repair work can be done by a classic yacht specialist.
COVERAGE BEYOND YOUR LIMIT. In the case of a claim, defense costs are covered in addition to liability limit.

9. Global Marine Insurance Agency

Global Marine Insurance Agency is a company that provides insurance services for various types of watercraft, including classic boats. They specialize in providing coverage for marine vessels, as well as for their owners and operators.

Classic Boat Insurance is a specific type of insurance that covers boats that are considered to be “classic” or “vintage.” These boats are typically older and may have unique features or be of historical significance.

Classic Boat Insurance policies may provide coverage for a range of risks, including damage to the boat, theft, and liability for accidents that occur while the boat is in use.

Coverage may also include protection for the boat’s equipment and accessories, such as sails, engines, and electronics.

10. Atlantic Specialty Lines

Atlantic Specialty Lines offers classic boat insurance for owners of antique and classic boats. This type of insurance provides coverage for damages and losses related to the boat, including damage from accidents, theft, and weather-related incidents.

Classic boat insurance also typically includes liability coverage, which can protect the owner in case they are found responsible for an accident that causes property damage or injury to another person.

Conclusion

It’s important to note that classic boat insurance policies may have specific requirements and restrictions. For example, the boat may need to be maintained and operated in a certain way to be eligible for coverage.

Additionally, some policies may have limits on how often the boat can be used or restrictions on where it can be operated.

Boat owners should carefully review the terms and conditions of any insurance policy before making a purchase to ensure they understand what is covered and what is not.

They should also be sure to ask any questions they have and clarify any uncertainties with their agent or broker.