Most people have enough invested in their boats to want boat insurance to cover accidents and be able to recoup that investment. There are a few, just a few, old boats that don’t depreciate in value. These classics, mostly older wooden boats, do appreciate as they age. So, how do you use and enjoy a classic boat while still insuring yourself against loss if the cataclysmic happens? Most insurance will pay based on a NADA/bluebook value with depreciation deducted. If you want to cover yourself for a set value, you may want to purchase classic boat insurance.
I just did the same thing, insuring my classic ’65 Mustang with Hagerty classic car insurance—they sell classic boat insurance too. Of course, you’ll want to establish the condition of the vessel — photos and a recent survey will get you started — and consider the replacement cost before settling on a value to insure your boat for. Hagerty made this easy, they did not require an appraisal, but simply asked a few questions about use and desired insurance value. I sent them some pictures and actually saved about 25% off my old standard car insurance to boot. If you have a classic boat that is appreciating, it makes sense to invest in classic boat insurance that provides you with an agreed value. If you suffer a covered total loss, you get the full value of your policy without depreciation.