Classic boat insurance

Most insurers start by looking at a boat's age. GEICO says plenty of companies group boats along these lines.

Think of these brackets as a typical pattern, not a hard rule. Every company draws its own boundaries, which means one insurer may call your boat a classic while another treats it as just an older boat.

For a collectible boat, no difference between policies matters more than this one. Under agreed value, you and the insurer fix the boat's worth at the start of the policy. If a covered total loss happens, you get that amount in full. Hagerty's classic boat policies follow this approach.

Stated value works another way. Hagerty points out that many programs pay "up to" the insured figure, meaning the full sum is not guaranteed. So when you weigh up quotes, find out which type each one is. Two policies showing identical values on paper might deliver very different payouts.

Cover built for older boats may include agreed value and restoration cover, GEICO notes. Some classic policies may have usage limits, so check what a quote allows before you buy. If you expect to be out frequently, read those limits with care.

Several features in Hagerty's classic program go beyond what standard boat policies tend to offer:

• Agreed value cover
• Cherished Salvage
• Emergency protection
• Cover for spare parts and tools
• Trip interruption

Hagerty's policy also covers your boat with unlimited overland transportation anywhere in the United States and Canada, including while it's on the trailer and in storage.

Once a boat passes 40 years, insurers frequently class it as an antique, and some run dedicated programs. In 2009, Travelers launched a program for antique and classic runabouts. It pays the agreed value in full, with no depreciation and no deductible, after a total loss. Your deductible is the share of any claim you cover out of pocket before the insurer steps in.

That program also covers antique boats going to shows, with no cap on mileage, as long as the boat rides its own trailer within the U.S. and Canada. Owners who exhibit their boats may find this just as valuable as the protection on the water.

A wooden hull shrinks the pool of insurers willing to help. GEICO will not write boats that have wooden or steel hulls. So some of the biggest names are off the table from the outset.

Insurers that specialize in classics are usually a smarter first stop. Hagerty says a collectible wooden boat kept in good to excellent condition will likely qualify for its classic program, which accepts original Chris-Craft, Century, and Gar Wood boats. Condition really matters here. A well-maintained boat stands a stronger chance of acceptance.

Wood is not a requirement for classic status. Collectible fiberglass boats built before 1990 also fit within Hagerty's classic program. If you own a fiberglass boat built before 1990, it may qualify for Hagerty's classic program, so ask about it as well as a standard policy.