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Old 09-02-2008, 12:06 PM   #1
momof3
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Default Boat Insurance

Unfortunately my insurance company for my boat will no longer offer replacement value, only the current value of the boat. Does anyone know of any insurance company that will offer replacement value on a boat?
If something was to happen to the boat now we could not afford to replace the same boat brand new : (
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Old 09-02-2008, 12:21 PM   #2
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Momof3

Good Luck... you will need it!

Not to be the bearer of bad news, but nobody offers replacement value on a boat... the best you can get is an agreed value. This will set a value on the boat above book value, but nowhere near replacement value. Usually in order to get an Agreed Value Policy, you will definitely need to have the boat surveyed. I think a professional survey runs around $30 per foot, so a 20' boat would cost around $600 or so. The boat needs to be in like new condition, preferrably a few years old or recently restored (with reciepts for the work). If you have had any insurance claims at all on your boat policy, you probably will not be eligible... did I mention it will be expensive

Hope this helps!

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Old 09-02-2008, 12:35 PM   #3
Dave R
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We have an agreed value policy from BoatUS with no survey. My boat is a 2000 model. I assume that someday soon they will drop the agreed value and go with blue book. Maybe once it's 10 years old???
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Old 09-02-2008, 01:18 PM   #4
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I have great experience with travelers I have a 88 with agreed value no survey, they have the most well rounded coverage options I have seen
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Old 09-02-2008, 01:48 PM   #5
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Default Progressive

Hi momof3;

I am 80% sure that my policy with Progressive is for "replacement value". Check with them...

Dan
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Old 09-02-2008, 02:01 PM   #6
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Default Re: Progressive

momof3;

Here's what progressive says...


Total Loss Replacement coverage is available for new boats up to one model year old. If a total loss occurs, this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.

For boats more than five model years old, the Rating Base is paid, which must be increased if additional equipment that increases the boat's value is attached by the policyholder.

This coverage requires a sales receipt to determine the Rating Base.

Total Loss Replacement coverage is not available for personal watercraft.
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Old 09-02-2008, 02:33 PM   #7
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Default agreed value

Agreed value is most likely the best you are going to get. But beware know what you insurance carrier requires for proof of value. I know mine was set as when I bought my boat with the sales price, and in case of a claim I would need to produce the bill of sales. But some insurances as mentioned ask for survays etc...... I suppose in some respects it is probably also based on the value of the boat..... a small runabout like mine, there probably isn't enough variation in worth for the insurance company to worry about, unless it was a real junker when I bought it. But I suppose if you have a big cruiser, and depending on how it was equiped could greatly affect that agreed upon value.....I am not sure how long the insurance company will continue to insure me for the agreed upon value, I never really thought to ask, but I am sure sooner or later I will get something from them saying we need to re-evaluate the agreed value of the boat......
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Old 09-02-2008, 03:00 PM   #8
sa meredith
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Default new boat?

[QUOTE=ishoot308;80635]momof3;

Here's what progressive says...


Total Loss Replacement coverage is available for new boats up to one model year old. If a total loss occurs, this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.

For boats more than five model years old, the Rating Base is paid, which must be increased if additional equipment that increases the boat's value is attached by the policyholder.


Momof3...
Perhaps this the case with you? Have you owned the boat since new? Maybe you had replacement value, and now after a few years, they will no longer offer replacement to you? Just a guess.
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