Insurance Question - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #1  
Old 01-07-2009
donhaller's Avatar
Senior Member
 
Join Date: Dec 2008
Location: Chesapeake Beach
Posts: 128
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 6
donhaller is on a distinguished road
Insurance Question

When insuring a boat should it be insured for the purchase price or what it costs to get another similiar boat? For example if I paid $1000.00 for a boat that shows a NADA for around $6,000 to $9,000 what should it be insured for? The boat is in good sailing condition with no major issues. Should it just be insured for the price paid or what its worth on the market?
__________________
Chesapeake Beach, MD
C&C 25 MKI, Hull No. 039
Reply With Quote Share with Facebook
  #2  
Old 01-07-2009
tommays's Avatar
Senior Member
 
Join Date: Sep 2008
Posts: 4,254
Thanks: 1
Thanked 26 Times in 26 Posts
Rep Power: 7
tommays will become famous soon enough
My current boat is 28 years old and i did and agreed value on the hull of 8000 dollars and a agreed value on the trailer of 4000 dollars


As i keep putting it in better condition i will raise the value on the hull to what one in replacement condition is going for as many people have put a lot of work into older boat and NOT raised the value enough to cover it if it is lost
__________________
1970 Cal 29 Sea Fever

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

1981 J24 Tangent 2930
Tommays
Northport NY


If a dirty bottom slows you down what do you think it does to your boat
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
  #3  
Old 01-07-2009
SailKing1's Avatar
Senior Member
 
Join Date: Feb 2002
Location: VIrginia Beach
Posts: 771
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 13
SailKing1 is on a distinguished road
You will probably find that the insurance company will require a survey before they insure the boat. This will help them determine the value and whether the boat is insurable.
Reply With Quote Share with Facebook
  #4  
Old 01-07-2009
WouldaShoulda's Avatar
AEOLUS II
 
Join Date: Oct 2008
Location: From The Land of Pleasant Living
Posts: 2,756
Thanks: 3
Thanked 12 Times in 12 Posts
Rep Power: 6
WouldaShoulda is on a distinguished road
If one pays -5k for a boat they should consider insuring for liability and salvage only.
Reply With Quote Share with Facebook
  #5  
Old 01-07-2009
whimsy
 
Join Date: Jan 2009
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
awol58 is on a distinguished road
Insurance

Quote:
Originally Posted by donhaller View Post
When insuring a boat should it be insured for the purchase price or what it costs to get another similiar boat? For example if I paid $1000.00 for a boat that shows a NADA for around $6,000 to $9,000 what should it be insured for? The boat is in good sailing condition with no major issues. Should it just be insured for the price paid or what its worth on the market?
Most companies insure based on actual cash value (cost new less depreciation) unless the do it on agreed value (the most that they will pay) or replacement cost (usually needs to be newer than 10 years with survey). So, that said, you want to insure the vessel for what is would cost you to replace with same of like and kind. Most company adjusters are going to find three examples,one of less value, similar value and greater value and then make an offer.

Owner, insurance agency with 25 yrs writing P & I, Hull coverage
Certified Insurance Counselor.
Reply With Quote Share with Facebook
  #6  
Old 01-07-2009
Senior Member
 
Join Date: Aug 2006
Location: wherever
Posts: 5,262
Thanks: 8
Thanked 17 Times in 16 Posts
Rep Power: 11
xort has a spectacular aura about xort has a spectacular aura about xort has a spectacular aura about
Boat US let me name the 'value' I put on it. This was near the value the surveyor put on it but more than I paid for it. It was over the value they usually quote for this boat. it is largely surveyor dependant.
Reply With Quote Share with Facebook
  #7  
Old 01-07-2009
doubleeboy's Avatar
Senior Moment
 
Join Date: Jul 2008
Location: Seattle, WA -Eugene OR
Posts: 598
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 7
doubleeboy is on a distinguished road
I throw this out for what its worth.... I just got quotes today for our new (to us) boat pending the survey this weekend. Boat US was double the cost for same coverage as my homeowners/car insurance provider quoted me. I also called a couple independent brokers, they could not touch the price Nationwide would give me. Its worth a call to your car or home insurance company and see what they can do.

michael
Reply With Quote Share with Facebook
  #8  
Old 01-07-2009
Junior Member
 
Join Date: Jul 2007
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
sabre386raven is on a distinguished road
I had coverage quoted by State Farm while they were quoting me on auto and home insurance today. They were half as much as my "marine insurance" which has some high deductibles.

Is there any reason for not going with such a deal? I can also get an umbrella policy that covers any of the 3 (auto, home, boat) and just have to deal with one insurance company. They also said I had no "limits of navigation" or "limits of named storms". Is this a good idea to bundle all my insurance needs?
Reply With Quote Share with Facebook
  #9  
Old 01-07-2009
danjarch's Avatar
Siren 17
 
Join Date: Jun 2007
Location: Grapevine TX
Posts: 1,914
Thanks: 1
Thanked 5 Times in 5 Posts
Rep Power: 8
danjarch will become famous soon enough
The question of having your auto insurer cover your boat has to do with wether they cover the boat them selves or go through another company. Just about all insurance companies will tell you they will cover your boat, but if you ask a few more questions, you'll find out they are buying coverage though another insurer.

For me I use USAA for my cars but they get they boat coverage from progressive. USAA wanted $265. When I called progressive, they quoted me $154 if I remember it correct. This was for a 24', 30 year old bristol corsair with $300,000 liability. It wasn't worth getting full coverage in my opinion. Paid less then 3k for it and figured if it was lost I'd just buy something else.
__________________
!! WARNING !! The above information is to be used by intelligent people only. If you are Stupid, could be considered a moron, or otherwise. You are instructed to disregard this information and seek the help of a licensed and bonded professional.
Reply With Quote Share with Facebook
  #10  
Old 01-08-2009
whimsy
 
Join Date: Jan 2009
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
awol58 is on a distinguished road
Read the policy

When it sounds like a good deal it usually isn't. Read the insuring agreement in the policy. You may find that you are paying for coverage that you will never get. Particularly the numerous policies out there that say..."we will only pay that sum which is the lesser of the agreed value or actual cash value". IMHPO, I would not insure my boat with a company that also insures motorcycles, houses, cars, jet skis, motorhomes, etc. I would only insure my boat with a true marine insurer. They are the ones that talk about P & I(Protection & Indemnity), Hull insurance, etc. Companies with the names like Travelers Marine, Chubb & Sons, Old United Casualty, etc.
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Boat Insurance DonQuijotedelMar General Discussion (sailing related) 1 11-20-2010 01:37 PM
Perils of a Pleasure Boat Insurance in Spain DonQuijotedelMar General Discussion (sailing related) 10 07-24-2007 10:05 PM
Perils of a Pleasure Boat Insurance. DonQuijotedelMar General Discussion (sailing related) 4 07-12-2007 11:03 PM
small and comfortable and bluewater.... can it be done jasonwillis711 Boat Review and Purchase Forum 9 07-11-2007 11:49 AM
Pleasure boat insurance in Spain DonQuijotedelMar General Discussion (sailing related) 0 07-07-2006 03:56 PM


All times are GMT -4. The time now is 05:19 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.