Classic Boat Insurance: Understanding Value & Coverage

Classic boat insurance recognizes that a classic boat may not depreciate at the same rate as a newer boat does. Regular boat liability insurance does not supply all of the needed requirements for a classic boat. It is best that you ensure that your policy stipulates for agreed value boat insurance. This will guarantee that if something should happen to your boat that you are covered for the actual amount that you could sell the boat for on the market, not the amount that the insurance says it is worth.

Antique Boat Insurance

Antique boat insurance works like classic boat insurance, it protects the actual value of the boat, not the amount that has depreciated. Different antique boats will have different values, based on their condition and workmanship. Agreed value insurance should be part of a boat insurance policy.

Depreciation Values

Boats depreciate based on year, make, model and the hours of use. Boats that are considered classics or antiques do not depreciate at the same rate as other boats. In fact, in the right conditions, antiques might appreciate instead of depreciate.

By making sure to purchase boat insurance from an insurer that will specializes in antique or classic boats, you will be sure to protect the value of your boat as well as the integrity should any repairs be needed.