| Title: | Powerboats |
| Notice: | Introductions 2 /Classifieds 3 / '97 Ski Season 1267 |
| Moderator: | KWLITY::SUTER |
| Created: | Thu May 12 1988 |
| Last Modified: | Wed Jun 04 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1275 |
| Total number of notes: | 18109 |
How many out there have insurance on their boat.
obviously the value of the boat decreases, so how much do you insure
the boat for.
My insurance co sent me a bill for the same value as I originally
paid. I want to reduce the coverage to a reasonable level.
How do you value a used boat?
Bill 273-5217
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 347.1 | appraisals | CLOVE::KLEIN | Fri Apr 21 1989 19:16 | 8 | |
Your insurance company (if it's like mine) wil ask you for a formal
appraisal of the value...theoretically available from an independent
appraiser (which will cost you a fee) or from the originating dealer.
The liability piece is something completely different.
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| 347.2 | What can you afford to lose? | CURIE::FSMITH | Fri Apr 21 1989 19:40 | 22 | |
The real question is how much can you afford to lose in the event
of either damage or total loss. The insurance company will generally
pay you for the 'agreed hull value', whether or not the boat is
'worth' that amount. If you want to have an amount of insurance
that is close to the value of the boat, I would suggest that you
have an appraisal done or you look up the going prices of used boats
of your make and vintage in something like OFFSHORE, which has an
extensive used boat listing by length and maker. This will allow
you to insure the hull for something close to value, but will probably
not be close to replacement cost.
I would also suggest that you consider limiting the liability on
your boat, cars, home(s), plane, and/or other toys to $100,000 and
purchasing an umbrella liability policy which picks up where the
other policies leave off. Typically you can get $1,000,000 of liability
for less than $100. All in all a good deal in these days of ridiculous
suits and subsequent awards by judges and/or juries.
End of paid political announcement. I also do not sell insurance.
Fred Smith
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| 347.3 | Insurance companies are almost as bad as lawyers | DNEAST::OKERHOLM_PAU | Fri Apr 21 1989 20:06 | 14 | |
My policy does not cover replacement value, or the face value of
the policy in the event of a loss. It will only pay up to fair market
value. Also the deductible is 1% of the policy value.
In this scenario you can definately be over insured. A large
policy would not be fully utilized in the event of a total loss
and it also results in a large deductible in the event of a less
severe loss.
I insured my boat at full value the first year and reduced it
after that. I explained my reasoning to the broker and he agreed
with it.
One thing I should mention is that I don't have a mortgage on
the boat. This could possibly give me more freedom to manipulate
this than if this were not the case.
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| 347.4 | -<BLU FOX>- | AKOV13::GRODIN | Wed May 10 1989 19:53 | 14 | |
Good news!!! Just renewed my boat insurance with PRUDENTIAL and
it cost me less than half of what Metropolitan was charging. The
name of the agent is:
Prudential
Richard Cerone
508-535-7770
If he doesn't come up with the same deal, you have my permission
to quote me.
Best Wishes and Good Boating!!!!
Stan Grodin
DTN 244-7057
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