Insurance

[rappareems]

I received my insurance renewal the other day and was a bit shocked at the coverage for "Boat and Boating Equipment", $41,000.  I have a 1986 Tall rig that has always been in fresh water and probably would be asking around $52,000 if I was going to offer it for sail.  When I called the insurer, Boat US, they told me they use two sources with both putting the valuations from low to mid $30's.  I am having my local insurer shop for some numbers currently.  Any suggestions?  $41k seemed a bit low to me.

Mark

[Jeff Kaplan]

mark, my 1986 is insured thru travelers for $45,000, hull value. insurance and what you will sell the boat for are two different things. i paid 45,000 in '04 and have since put thousands into the boat, thinking too, that if i sell her i will ask in the low 50"s. it's possible, i will know tomorrow, that my boat will be totalled, due to an explosion at a chemical plant next to marina that i store the boat for the winter. if totalled, i will only get 45,000 less deductable. if so, i plan to strip the boat of all i have added. point, shop for rates. i found boat us expensive...jeff

[foursailing]

Mark - Take a look at yachtworld.com - looks like the 86's are going in the 40's - though there's one for 19 if don't mind a soggy deck and blistered hull!

[Ken Krawford]

Mark, it took me over a year to sell my 1988 tall rig fresh water only for $47,000 and this was one year ago.  I was also slightly surprised and disappointed with the market.

[RV61]

When I purchased my 1986 in 2003 the insurer wanted to only insure her for only 39k until I provided a copy of the survey and then they insured  for what the surveyor's opinion of the market price and in this case it was 46K prior to me adding new electronics and refrigeration and the list goes on and on..... I would need to revisit the valuation with a new survey if I wanted to insure at whatever the market is today ,hopefully it is higher as required by my insurer . I decided I did not want to pay for a new survey and I am not in the market to sell and will take my chances that I do not ever lose the whole boat. 

[Jeff Kaplan]

rick, a new survey is exactly what it takes to increase the hull value for insurance. i too, didn't do it. hopefully my gamble will pay off, if not, out comes the tools to start removing everything...jeff