Insurance Value, 81 newport with 03' 90 yamaha

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Author Topic:   Insurance Value, 81 newport with 03' 90 yamaha

flawton posted 06-13-2003 05:23 PM ET (US)
I was working with my insurance agent today and we were trying to come up with a realistic value on my boat for insurance purposes. We came up with $7,750. $2,500 for hull, $5,000 for engine, and $250 for the trailer.
Is this realistic?
Aas a side note, I began laughing hysterically when the agent tried to get me to cover my rig for sinking. I guess some people just don't get it.
lhg posted 06-13-2003 05:57 PM ET (US)
Not knowing the condition of the boat, I would guess that you could sell an un-powered Newport here in a day, for $2500.
Boat value is too low, unless it's a beater.
Same for the trailer.
elaelap posted 06-13-2003 07:42 PM ET (US)
Sounds much too low to me. Hell, what would you have to pay to replace that motor alone?
I've got my not-pristine-by-any-means '71 Katama with '02 50 hp 4 stroke Yamaha, crappy trailer, and various decent electronics insured for $13,500.
But then, I'm a damn lawyer and have to deal with insurance companies every day of my miserable existence...and I NEVER underinsure anything.
Tony
Bigshot posted 06-16-2003 11:31 AM ET (US)
Would say $10k. You don't want to overinsure because it costs more but with $10k you could replace it easily. Watch your deductible.
Tom2697 posted 06-16-2003 12:40 PM ET (US)
Don't forget to add in all the extras that are on the boat. My father did not do this and when his boat was stolen, he calculated that he lost in excess of $2000 in add-ons....anchor and line, dual batteries, fire extinguisher, flare gun, tools, electronics (useless unless you have the mounts and the sensors), loose tackle, etc. He always removed everything that "was of value" but try adding this "not-of-value" stuff up and you will see that they add up quickly. Or, make certain that you have everything covered under your homeowner's policy.

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Author	Topic: Insurance Value, 81 newport with 03' 90 yamaha
flawton	posted 06-13-2003 05:23 PM ET (US) I was working with my insurance agent today and we were trying to come up with a realistic value on my boat for insurance purposes. We came up with $7,750. $2,500 for hull, $5,000 for engine, and $250 for the trailer. Is this realistic? Aas a side note, I began laughing hysterically when the agent tried to get me to cover my rig for sinking. I guess some people just don't get it.
lhg	posted 06-13-2003 05:57 PM ET (US) Not knowing the condition of the boat, I would guess that you could sell an un-powered Newport here in a day, for $2500. Boat value is too low, unless it's a beater. Same for the trailer.
elaelap	posted 06-13-2003 07:42 PM ET (US) Sounds much too low to me. Hell, what would you have to pay to replace that motor alone? I've got my not-pristine-by-any-means '71 Katama with '02 50 hp 4 stroke Yamaha, crappy trailer, and various decent electronics insured for $13,500. But then, I'm a damn lawyer and have to deal with insurance companies every day of my miserable existence...and I NEVER underinsure anything. Tony
Bigshot	posted 06-16-2003 11:31 AM ET (US) Would say $10k. You don't want to overinsure because it costs more but with $10k you could replace it easily. Watch your deductible.
Tom2697	posted 06-16-2003 12:40 PM ET (US) Don't forget to add in all the extras that are on the boat. My father did not do this and when his boat was stolen, he calculated that he lost in excess of $2000 in add-ons....anchor and line, dual batteries, fire extinguisher, flare gun, tools, electronics (useless unless you have the mounts and the sensors), loose tackle, etc. He always removed everything that "was of value" but try adding this "not-of-value" stuff up and you will see that they add up quickly. Or, make certain that you have everything covered under your homeowner's policy.