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

[FELLOW-SHIP]

I used Nationwide and Insured it for $32,000 which is what I put into it. I also bought a $165. locking device for the wheel and a tong lock plus it is on the side of the house with a wooden gate in front. Although my boat looks like new she says SeaCraft 77 on the sides. Most thieves down here would pass on my boat and go for a new contender of something like that. I guess they are more into stripping and selling than classic personal valued boats.
FellowShip [img]/images/graemlins/smirk.gif[/img]

[abl1111]

Thx all.

Remember though, what Fellowship was saying about the current agreed value vs. (3-5) years down the road. You may have an agreed value on the boat for 30K-35K 'today', but if something happens (5) years from now - they will use the " book value" and not that past agreed upon value.

Unless, maybe, ... I'm thinking out loud ... - you made sure every year that it was put in writing, the value of the boat... hmmm, any ideas ?

Either way thx, I will try to call these guys today.

-alan

[ScottM]

Most thieves down here would pass on my boat and go for a new contender of something like that. I guess they are more into stripping and selling than classic personal valued boats.

Not to hijack this thread, but reading Fellow-Ship's post made me think of a story I heard recently. While down in Stuart at Wildfire Marine the week of the Dania flea market, Mike at Wildfire pointed out a 28' Hydrasports CC behind his shop that was having it's transom replaced. Just 2 months earlier, the owner had Mike close in the transom, put on a bracket, and put 2 brand new engines on. The owner picked up the boat and put it at his dry storage marina. He came back to the boat a couple days later to see the entire transom cut away with the bracket and motors gone!! [img]/images/graemlins/shocked.gif[/img] Imagine explaining that one to your insurance adjuster.

[Scott]

Alan let us hear what you find out .... as I'm curious to hear how this pans out ...

He came back to the boat a couple days later to see the entire transom cut away with the bracket and motors gone!! [img]/images/graemlins/shocked.gif[/img]

I cant imagine going over to my newly restored boat and seeing the entire ass-end removed [img]/images/graemlins/shocked.gif[/img] ….I assume via chain saw ….. That had to hurt!!!!!
[img]/images/graemlins/mad.gif[/img] [img]/images/graemlins/shocked.gif[/img]