Boat Insurance Questions
 

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

Re: Boat Insurance Questions
 

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]

Re: Boat Insurance Questions
 

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...

Re: Boat Insurance Questions
 

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

Re: Boat Insurance Questions
 

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.

Re: Boat Insurance Questions
 

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

Re: Boat Insurance Questions
 

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]

Re: Boat Insurance Questions
 

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

Re: Boat Insurance Questions
 

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.

Re: Boat Insurance Questions
 

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

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]

Re: Boat Insurance Questions
 

I’m not sure at other parts of the U.S. but here in Florida when you register your boat you don’t have to mention the motor’s or their identification numbers. In some ways that’s good when you change out the motors with new ones, but in other ways steeling 2 new outboards with no registration on a particular boat is a great motivation for people to steel boats for parts like $15,000 a piece for new power. After all how long does it take to remove for bolts and a few plug in’s or if you are in a real hurry just back up the truck under the two motors then one pull on the handle of a chain saw and $30,000 worth of Yamahas go plunk in the back of your truck.
FellowShip [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/frown.gif[/img]