I bought a beautiful 1965 Chris-Craft woodie. I called my agent to add it to my policy. He laughed. “We don’t touch wood.” I called five other carriers. Four said no. The fifth wanted a $5,000 premium for a $30,000 boat.
Key Takeaways
- The Wood Hull Exclusion: Most modern automated insurers (Progressive, Geico) strictly exclude wooden hulls. They rot, they leak, and repair requires specialized artisans who are dying out.
- Hagerty is the Savior: For classic wood boats, you need a specialist like Hagerty. They understand the value and the risk. They offer “Agreed Value” and often include coverage for restoration.
- Survey is Non-Negotiable: You will need a specialized survey from someone who knows wood (fasteners, planks, rot). A standard fiberglass surveyor will likely fail the boat or miss critical rot.
- Port Risk: If you can’t get navigation coverage, you might be able to get “Port Risk” (coverage only while docked) while you restore it.
The “Why” (The Trap)
The trap is “Cost of Repair vs. Value.”
If a fiberglass boat gets a hole, it’s a $500 patch. If a wood boat gets a hole, it involves replacing planks, steaming wood, and fastening. The labor cost is 10x.
Insurers fear a “Constructive Total Loss” from a minor accident.
The Investigation (I Quoted Classics)
I tried to insure the Chris-Craft.
Progressive / State Farm
- Response: “Decline.” Automated underwriting rule.
Hagerty Marine
- Response: “We love it.”
- Premium: Reasonable (~$600/year).
- Requirement: Must be kept in a covered slip or boathouse. Usage limited (no living aboard, no heavy offshore use).
Heritage Marine Insurance
- Response: Another specialist. Good for “User” classic boats.
Comparison Table
| Feature | Standard Carrier | Classic Specialist (Hagerty) |
| Wood Hull Eligibility | No | Yes |
| Valuation | ACV (Scrap value) | Agreed Value (Collector value) |
| Usage Limits | N/A | Strict (e.g., 20 days/year) |
| Restoration Coverage | No | Yes |
Step-by-Step Action Plan
- Join the Club: Join the Antique & Classic Boat Society (ACBS). Members often get insurance discounts or access to group plans.
- Find the Right Surveyor: Ask the ACBS chapter for a wood-friendly surveyor. A bad survey kills your insurance chances.
- [IMAGE: Photo of a wooden hull survey showing fastener inspection]
- Document the Restoration: Keep a photo log of every plank replaced. This proves the boat is “Sound” despite its age.
- Boathouse Storage: If you keep a wood boat in the sun, it will rot. Insurers know this. Covered storage is key to approval.
FAQ
What about Cold Molded boats?
These are treated better than plank-on-frame, but still considered “wood” by many. Specialists are still required.
Can I insure a fiberglass boat from 1970?
Yes, easier than wood, but still needs a survey.