Boat Insurance Questions

[abl1111]

I posted awhile ago w/ regard to boat insurance and someone got back to me w/ Progressive Insurance. Progressive said they will not insure a 1975 boat.

Boat US is jerking me around saying I need a surveyor. I just got off the phone w/ one of their recommended surveyors ( who just so happens to be a family friend ), and he said that the survey usually means nothing to an insurance company - they require it, but they still will use a BUC, or NADA value of the boat w/ maybe an extra 15% on top of that.

I am into my boat for some $$$ and want it insured for the value of it based on $ invested.

Anyone have an insurance company they recommend ? Or advice on this process ? I live in New York ...

Thx,

alan

[FELLOW-SHIP]

Ha Abl
A Survey tells the Insurance Co the Value of the boat AT THE TIME OF THE SURVEY. That’s like a home inspection/survey that banks do before they lend you the $$$. The problems come lets say 5 to 10 years later AFTER depreciation of the boat takes place. There are 3 ways that can be used to pay claims
1. ACV – actual cash value “after depreciation” – cars, boats and such like.
2. R.C. – replacement cost – “new for old or no depreciation”- houses
3. Stated Value – “agreed value after a Appraisals” – rings, collectables, art, etc.
You can get some insurance companies to write a Stated Value or Agreed value policy for boats but will cost more $$ I think Progressive might do that one with a Survey to confirm the value. Hope that helps.
FellowShip [img]/images/graemlins/wink.gif[/img]

[abl1111]

FS,

Which insurance have you got ? I'm sure you're 'in the same boat' as me in terms of $~investment~$!

I have never insured a boat before, but this one needs it. The problem is that the actual value of my boat ( all the work, and $ put into it ) does not fit the underwriter's normal calculations.

It's silly the way it works ! A 25K, newer Bayliner can be more valuable then a mid 70's SeaCraft w/ over 25K invested in it ! A survey should be the bottomline on the value of the boat - not some convenient equation...

[jfmacks]

Statefarm gave me insurance for my 1977 seacraft......$420 a year.....replacement value of $35,000
Jim

[ssmith949]

I just asked this same question, so I am sorry to repreat. but did you set the value at $35,000 or did the surveyor or insurance company. What if you had more in your boat than that.

[jfmacks]

I set the $35000......I guess you can set it for more.....I figured what the replacement value was & thought 35k was good enough