Determining boat value for insurance policy - Moderated Discussion Areas

  ContinuousWave
  Whaler
  Moderated Discussion Areas
  ContinuousWave: The Whaler GAM or General Area
  Determining boat value for insurance policy

search | FAQ | profile | register | author help

Author Topic:   Determining boat value for insurance policy

Mike Brantley posted 05-27-2003 04:39 PM ET (US)
Quite foolish I know, but I don't have any insurance on my boat. She's not extremely valuable, but there's no good sense in not having liability coverage in place in case the worst happens.
Anyway, I'm calling around for quotes, and the company (Allstate) that has my home policy is offering me what seems like a good price for a policy that is full-coverage. It's the same price as the liability-only quote I got from the different company (Geico) that has my auto policy. Given that, I might as well get full coverage, which will include an agreed-upon value for the hull and engine.
Now comes my question... What value do I assign my boat? It is a 1982 15 Sport with a 1982 50hp Johnson. The quote is based upon a $4000 value for the hull and $2000 for the engine. Not sure if the "hull" value includes things like electronics, bimini top and other items that are affixed to the hull. $2000 sounds high for my old engine, but is $4000 high enough for my hull?
If my boat was lost this weekend but all hands were safe, I would be upset and would be out of the boating game for some time. But it would not ruin me. If someone was badly hurt or killed in an incident involving my boat, that could ruin me. So I am very keen on getting some liability coverage in place. The full coverage option is mainly enticing because it seems relatively cheap for this level of coverage.
I'm also awaiting a quote from BoatUS.

prj posted 05-27-2003 05:40 PM ET (US)
'88 15' Striper w/ '90 Johnson 70hp vro and galvanized trailer: Agreed upon value (well above NADA offerings and very close to purchase cost) was $6,000. USAA is the provider.
I believe this broke down to $4,000 for hull, $1,500 for outboard and $500 for trailer.
Point of reference...
Mike Brantley posted 05-27-2003 09:59 PM ET (US)
Thanks. It sounds like the agreed upon values my agent and I discussed are in line then (although I sure wouldn't give $2,000 for my motor). I didn't even think about the trailer, but I'll discuss that with him, too.
Still haven't heard back from BoatUS, but I'll call 'em back tomorrow. So far, Allstate has Geico beat by a country mile.
newt posted 05-27-2003 10:29 PM ET (US)
I got three quotes this year, and the winner was Boat US. I don't remember all the details, but I did have all three companies price comparable coverage. I set the replacement cost on my '84 Montauk, '03 Mercury 90 2s, and '84 trailer at $11,500 or $12,000, or something in that ballpark. The value that BoatUS set was lower, so I did pay more to get the coverage I wanted.
ratherwhalering posted 05-28-2003 01:08 PM ET (US)
Mike, you may want to overvalue your boat, depending on what your plans are to restore it. My insurance company, USAA, let me value my boat when I got the policy, but will not now let me increase its value, even though I have restored and upgraded (almost) the entire boat. I now find myself with $6,500.00 worth of insurance on a boat that is worth thousands more.
Mike Brantley posted 05-28-2003 01:58 PM ET (US)
Good thought. Once my seat cushions arrive next week, I'd say the boat itself is about as retstored/upgraded as it will get. But the motor is another matter. I'm going to want to repower this rig as soon as I can afford to do so.

Hop to:

Contact Us | RETURN to ContinuousWave Top Page

Powered by: Ultimate Bulletin Board, Freeware Version 2000
Purchase our Licensed Version- which adds many more features!
© Infopop Corporation (formerly Madrona Park, Inc.), 1998 - 2000.

Author	Topic: Determining boat value for insurance policy
Mike Brantley	posted 05-27-2003 04:39 PM ET (US) Quite foolish I know, but I don't have any insurance on my boat. She's not extremely valuable, but there's no good sense in not having liability coverage in place in case the worst happens. Anyway, I'm calling around for quotes, and the company (Allstate) that has my home policy is offering me what seems like a good price for a policy that is full-coverage. It's the same price as the liability-only quote I got from the different company (Geico) that has my auto policy. Given that, I might as well get full coverage, which will include an agreed-upon value for the hull and engine. Now comes my question... What value do I assign my boat? It is a 1982 15 Sport with a 1982 50hp Johnson. The quote is based upon a $4000 value for the hull and $2000 for the engine. Not sure if the "hull" value includes things like electronics, bimini top and other items that are affixed to the hull. $2000 sounds high for my old engine, but is $4000 high enough for my hull? If my boat was lost this weekend but all hands were safe, I would be upset and would be out of the boating game for some time. But it would not ruin me. If someone was badly hurt or killed in an incident involving my boat, that could ruin me. So I am very keen on getting some liability coverage in place. The full coverage option is mainly enticing because it seems relatively cheap for this level of coverage. I'm also awaiting a quote from BoatUS.
prj	posted 05-27-2003 05:40 PM ET (US) '88 15' Striper w/ '90 Johnson 70hp vro and galvanized trailer: Agreed upon value (well above NADA offerings and very close to purchase cost) was $6,000. USAA is the provider. I believe this broke down to $4,000 for hull, $1,500 for outboard and $500 for trailer. Point of reference...
Mike Brantley	posted 05-27-2003 09:59 PM ET (US) Thanks. It sounds like the agreed upon values my agent and I discussed are in line then (although I sure wouldn't give $2,000 for my motor). I didn't even think about the trailer, but I'll discuss that with him, too. Still haven't heard back from BoatUS, but I'll call 'em back tomorrow. So far, Allstate has Geico beat by a country mile.
newt	posted 05-27-2003 10:29 PM ET (US) I got three quotes this year, and the winner was Boat US. I don't remember all the details, but I did have all three companies price comparable coverage. I set the replacement cost on my '84 Montauk, '03 Mercury 90 2s, and '84 trailer at $11,500 or $12,000, or something in that ballpark. The value that BoatUS set was lower, so I did pay more to get the coverage I wanted.
ratherwhalering	posted 05-28-2003 01:08 PM ET (US) Mike, you may want to overvalue your boat, depending on what your plans are to restore it. My insurance company, USAA, let me value my boat when I got the policy, but will not now let me increase its value, even though I have restored and upgraded (almost) the entire boat. I now find myself with $6,500.00 worth of insurance on a boat that is worth thousands more.
Mike Brantley	posted 05-28-2003 01:58 PM ET (US) Good thought. Once my seat cushions arrive next week, I'd say the boat itself is about as retstored/upgraded as it will get. But the motor is another matter. I'm going to want to repower this rig as soon as I can afford to do so.