Insurance providers?
 

Just curious what some of you folks that have restored and repowered are using for insurance. Is it agreed value? Did you get a survey/appraisal along with current market conditions? Just curious of some experiences…. Thanks

I use Boat US/Geico. Agreed upon value at around $80k for my 27 Seacraft with new Hondas...which is the most I could get. Here is the kicker, some agreed upon value policies (Geico is one) still depreciate the cost of repairs. The only time you get the full value is if the boat is a total loss. On the flip side, if you slam your boat into the dock and it needs $8k in repairs, you will get the $8k minus depreciation. I believe this is a fairly new policy adjustment but I could be wrong

Boat US/Geico agreed value for my '87 18' SF with 2013 90 Etec of $7500 boat and $1200 trailer. Insurance is $297 per year with a $500 deductible.

Ed is right on the depreciation EXCEPT if you can demonstrate or prove an appreciating value, in which case they simply waive the depreciation, but do not give you any consideration for an increase in value.

I decided to go with the gecko again since it was a lot cheaper than my car insurance company. I just got in under the wire on the age of the boat they told me that they don’t insure boats 40 years and older. As long as I kept the policy it is grandfathered in.

I just had a brutal go with Progressive trying to insure my 1979 seavette. Long story short I was able to get insuracen on a stated value for a number well below what the boat is worth now that is restored but at least I have coverage. If I want to increase the coverage, Progressive is asking me to pay for a survey. good luck

Ugh, sorry to hear. It’s looking like the best way to start the process is right after everything is done and when the motor is brand new to get a survey/appraisal. I have someone in mind and they are aware of the documented restoration work.