Insurance question

midlifesailor · #1 (**permalink**) 05-13-2008

I am looking into insurance on a hypothetical boat purchase and the quote I got from BoatUS places the agreed hull value about $8K below the hypothetical agreed price. I haven't had a chance to call and speak to anyone but wondered if this is common.

I also looked into a hypothetical boat loan and they were more than happy to loan over the agreed price assuming the boat survey backed the value which I think it will.

I had read posts that it was sometimes hard to get financing on nice examples of a particular model boat, because the average boat was worth less and they didn't want to loan more for the pristine example. Are we facing a similar thing with insurance.

Do people accept this risk?

chucklesR · #2 (**permalink**) 05-13-2008

I have a Gemini 105Mc, 2007. My purchase price was 168k (I got a lot of options and add-ons). My insurance is for 178k, @ 890.00 a year (Hartge insurance), brokering for Travellers. So, to answer your question, no - we don't.

Shop around, BoatUS was not even in the running for me.

midlifesailor · #3 (**permalink**) 05-13-2008

Thanks. I submitted for a quote from Hartge.

I'm guessing the extra $10k on your policy covers personal effects and the like?