Boat Insurance Vaulations

[Jimm]

I am not, let's say, in agreement with my agent over the value of my 04 Outback, motor. In the process of buying it I looked at several online value estimate sites and came no where close to what she is saying. Does anyone know of a good place to do this that you trust? I found it between 17 & 22,000 and she is saying she found 30,000 which puts my premium much higher that I want. It means I got one sweetheart of a deal, but that doesn't have any bearing on this.
If anyone can search it by serial numbers let me know because that is how she said she came to that number. Thanks

04 Outback LS
Indmar assault carb 310hp

[larry_arizona]

How much is the premium? Boats are pretty cheap heck, for $110k boats, it’s only $500 a year.

How much different is 20k value vs 30k?


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[bergermaister]

Yeah no offense but that sounds way high. Mine came in with an agreed value of $19k which I believe is low. I can challenge it by having the boat surveyed/appraised and a new valuation proposed, I just haven't gotten around to it yet. Any boat/yacht broker or dealer should be able to do it for you. Just don't go to someone who specializes in sailboats or pontoons...

[sandm]

I'm with Larry on this one. our old tige only cost us 340bux a year for a boat that had an agreed value of 70k. and that was with some elevated insurance and liability limits.

boats are relatively cheap to insure so if you're not happy shop around(skisafe.com). insurance is one of those things if you stick with the same agent for 10 years you are likely paying too much. especially if you are claim free.

[Branden967]

I have progressive insurance and they just asked what I wanted to value it at. I figured $34k and it runs me about $250 buck for the year. I thought that was pretty reasonable. I went higher on the boat valve because if that thing sinks it’s taking my wet sounds stereo and about “10” surf boards with it to the bottom of the lake. I’m claiming it all. Hell it may even get the trailer too! ��

[Jimm]

Ok, then something is not right here because the premium she is quoting me is $388 a year fro 30,000. That just seems waaay too high to me based on what yall are saying and what I had been told by others.
There is no way, even with 220 hours the boat is worth 30,000.

Thanks y'all

[sandm]

skisafe.com
online quote in 5 minutes.

[larry_arizona]

skisafe.com
online quote in 5 minutes.

Absolutely look into a boat specific insurance company like skisafe.

I will add:
Boaters insurance Agency and BoatUS


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[Surgical_ass]

Ski safe $360yr 70k

[Jimm]

Are you guys doing Liability only or do you have other things with it? I noticed that the basic plan on Skisafe has "Theft, Fire, etc." and it is coming in at 290. Liability only is like 125

[larry_arizona]

My policy covers liability and replacement value of boat, trailer and gear.

Also included is roadside assistance while trailering and towing and recovery on the water.


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[Creekrat]

Boat insurance is typically done on agreed value which you can have set at whatever amount you want, to an extent. If you have a loan on the boat you need to tak with the lien holder to see the amount of coverages they require you. Other than that, if you value just the boat and motor at 20k but have like 10k of stereo equipment then you can insure it for 30k and should the boat get totaled then the insurance will pay you the 30k. Whatever you choose just make sure that you have coverage for any environmental cleanup as well.

[Branden967]

Boat insurance is typically done on agreed value which you can have set at whatever amount you want, to an extent. If you have a loan on the boat you need to tak with the lien holder to see the amount of coverages they require you. Other than that, if you value just the boat and motor at 20k but have like 10k of stereo equipment then you can insure it for 30k and should the boat get totaled then the insurance will pay you the 30k. Whatever you choose just make sure that you have coverage for any environmental cleanup as well.

Good call on the environmental cleanup coverage. I need to check mine now.

[sandm]

skisafe on our old policy was something like 950k in environmental.

[larry_arizona]

BIA policy

https://uploads.tapatalk-cdn.com/20200708/c1ba2504e2a7ab35102f2814e9b70614.jpg
For some reason, they don’t want me running in Florida inland waters......


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[sandm]

For some reason, they don’t want me running in Florida inland waters......


they have heard the stories........ :)

[larry_arizona]

they have heard the stories........ :)

Florida man stories?


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[bergermaister]

Thead bump. My insurance company a few years back gave me an "Agreed Value" of $19k. Looking at the market today and what I've got I'm quite convinced that is WAY low. However I'm getting estimates of around $300 for an ACMS certified appraisal that I can send in to insurance so they'll raise the coverage. Wondering if that price seems realistic? Never done one of these before.

NADA is currently saying around $35k with my options. However when I spoke with the insurance rep, when they look at NADA they don't consider any of the options/accessories or the fact that the boat has basically been completely restored.

So the official appraisal seems like my only option here. Thoughts?

[vdubnick]

Thead bump. My insurance company a few years back gave me an "Agreed Value" of $19k. Looking at the market today and what I've got I'm quite convinced that is WAY low. However I'm getting estimates of around $300 for an ACMS certified appraisal that I can send in to insurance so they'll raise the coverage. Wondering if that price seems realistic? Never done one of these before.

NADA is currently saying around $35k with my options. However when I spoke with the insurance rep, when they look at NADA they don't consider any of the options/accessories or the fact that the boat has basically been completely restored.

So the official appraisal seems like my only option here. Thoughts?

our old boat was around 40k and allstate was about 330/year, so seems reasonable. there is some flat cost tho, not 1:1 value correlation because now we are only 600/year for a 22 mojo

[zabooda]

You can cover it all with additional cost. I know with vehicles, insurance looks at the VIN and covers just that. I added coverage for my Wrangler but the extra cost wasn't much. I keep pictures and receipts of the added items. Same thing applies to my Razor SxS.

[bergermaister]

So $300 for a certified appraisal - is that reasonable?

[mgswake]

So $300 for a certified appraisal - is that reasonable?

Are they asking you for a certified appraisal because your value and their value are so far off? If you can get your agreed value raised significantly (19 up to 30ish) it might be worth the $300.

Have you tried calling other insurance companies? On my last boat for agreed value I just called and told them what I wanted to insure and they agreed and sent me the bill. Sounds like it is different now with the market being so inflated.

[bergermaister]

Part of the catch is my boat is 21 years old. But it's more like a restored classic car now than some worn out old heap. Makes it trickier to get a fair market value. Hence the appraisal requirement I suppose.