Boat insurance!

[jordan]

So I got my insurance renewal this week and the insurance company claims my 1976 F-32 is only worth $14,000.00. They want a new survey to raise the replacement value, even though I just had one 2 years ago and that one valued the boat at $ 25,000. I know the economy has not helped matters, but I told them I have done many improvements to the boat.
Any one else having this problem? I hate to spend $400.00 to prove them wrong.
Looking at getting a quote from BOAT US for insurance, what do you guys think? We all here know that Trojans are far superior to all other boats, but obviously the insurance companies don't.

[jddens]

I have US Boat insurance and my boat is insured for a specific value, that happens to be what I paid 2 years ago (considerably more then it's present value). When purchasing my insurance we agreed on the value and the insurance is priced accordingly.....

[Tuck]

which insurance company is it we're talking about?

i have state farm (due to the fact that my first, small boat was easily insured with them), but am thinking of going with a boat insurer such as boat u.s. myself sometime soon.

i freaking hate insurance companies.

they're part of the freaking reason this country has gone to hell in a handbasket.

what they're telling you now...your boat WAS worth X, but now we think it's worth Y...and you gotta go spend $400 to prove us wrong or you can bite us....is a perfect example of why if i thought i'd have a kid who'd grow up to become an insurance agent, i'd have myself castrated and then beat the crap out of my former testicles with a baseball bat just to make sure they couldn't produce.

[gjrylands]

I have US Boat insurance and my boat is insured for a specific value, that happens to be what I paid 2 years ago (considerably more then it's present value). When purchasing my insurance we agreed on the value and the insurance is priced accordingly.....

I also have Boat US insurance and the value of the boat was fixed when I took out the policy. I wouldn't want to put them to the test. Insurance companies are very good at finding loop holes. That being said, I would still recommend you get a quote from them. I think they require a survey, but since you will need one from your present insurance company it wouldn’t hurt to check.

My first boat was lost in a storm when it broke off its mooring. The insurance company’s idea of “fair market value” and mine weren’t even close. I wound up biting the bullet and accepting there offer. I hate dealing with insurance companies.

[Old Flame]

I have had Allstate insurance on my boats since 1989. I live in Delaware and boat in the Chesapeake Bay. When I bought my 1985 36 Tricabin in 1998, I insured the boat at $70K. My policy includes $7K for boat equipment, with their maximum $500K liability and $5K p/p medical. I added Allstate's "Repair Cost Option" which provides full coverage for partial losses with no depreciation for the boat's age - just a $250 deductible. My yearly premium is only $568!

Two caveats: If the boat is a total loss, I know I will only receive the market value, not the 'insured value'. Also, there is no additional coverage available for spillage; spillage costs would come under the Liability limits. Allstate's rates may be different in other states and boating areas, but would be worth looking into.

[ready123]

For a 1978 F32.
Mine is $778 Can for All risk including animal & insect damage, waived depreciation on partial losses, latent defect coverage, Boat is $45,000 agreed value, $360 single deductible hull & machinery, with Power Squadron savings and lay up warranty for Nov-Mar. Includes tender & Outboard coverage too.
St. Paul Fire & Marine Insurance

Oh and it has $1,000 identity Fraud Expense coverage too.

[jordan]

Markel is the company I've used up until now. They quoted $780.00 per year at $ 14,000.00 value! Boat US came in at $375.00 per year valued at $ 23,000.00. Still not what I feel the boat is worth, but quite a difference. Both want a new survey, guess I'm not going to beat that. My vote is Boat US.
Jim