Hello All. I'm in the market for an older c-dory and I'm ready to pull the trigger on one, but I'm having issues with buying insurance. I'm interested in an older boat (1982, 22 ft), but the insurance appraisals are all coming in at around 5 to 6K. I sure would love to find a 22 ft c-dory in decent shape for that price! Any of you with older boats run into a similar issue? I haven't had a survey done yet (I will), and maybe that will help to resolve the issue, but I'm worried about the gap between the insurance appraisal (which was done online) and the actual market price for c-dorys.
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Insurance for older boats
- Thread starter johnr
- Start date
DuckDogTitus
New member
johnr":giego6ab said:Hello All. I'm in the market for an older c-dory and I'm ready to pull the trigger on one, but I'm having issues with buying insurance. I'm interested in an older boat (1982, 22 ft), but the insurance appraisals are all coming in at around 5 to 6K. I sure would love to find a 22 ft c-dory in decent shape for that price! Any of you with older boats run into a similar issue? I haven't had a survey done yet (I will), and maybe that will help to resolve the issue, but I'm worried about the gap between the insurance appraisal (which was done online) and the actual market price for c-dorys.
my insurance insured my boat for $20k MORE than my bank appraised it at and did not require a survey. Mine is a 1988.
20dauntless
New member
Check with Boat Insurance Agency in Seattle. They'll shop a number of underwriters for you. I told them how much I wanted to be insured for. $525 a year for a $65,000 agreed value policy, $650 deductible, and the highest liability coverage anybody offered.
DuckDogTitus
New member
anchorout":1rgla6ll said:So who are you insured with?
I believe its Heritage. my annual premium is $3XX, I can't recall exactly but it was way under my budgeted $50/month so I was happy. bank appraised the boat for like $9k with trailer and i know I'm covered for closer to $30k if its stolen or sinks and that covers something like $5k in personal effects in addition to listed gear (downriggers/gps/motors/etc.). I can PM you my guys contact info if you'd like, i'll have to get it from my wife. My insurance agreed with me when I told him the current market value of the boat, the trailer, and the motor separately. the bank didn't care.
When I got my C-Dory I initially found that the book values were coming in too low. This is because the average bank probably uses NADA guides and there are not enough C-Dory transactions for good price data (compared to other boats). Someone who uses BUC values will get closer. However, you need to find some loan place that deals a lot with boats.
When I got my loan it took some research on the part of the bank to get a value. They couldn't just look it up while I was on the phone. They did come up with a value that I was happy with in the end and gave me the loan. My insurance company did not question the valuation of the boat. I think I pay about $300/yr for insurance for year-round use.
You can get a reduction in the insurance if the boat is laid up for part of the year. But with a C-Dory if you can't use it where you are, you can easily take it someplace where you can.
When I got my loan it took some research on the part of the bank to get a value. They couldn't just look it up while I was on the phone. They did come up with a value that I was happy with in the end and gave me the loan. My insurance company did not question the valuation of the boat. I think I pay about $300/yr for insurance for year-round use.
You can get a reduction in the insurance if the boat is laid up for part of the year. But with a C-Dory if you can't use it where you are, you can easily take it someplace where you can.
DuckDogTitus
New member
mine also has tow coverage, I forgot to mention that. Up to $500 on the water.