insurance/ boat value

mad-hatter · 05-19-2007, 05:44 PM

Is there a boating blue book to determine value when looking for ins quote, or do they just believe what you state as value ? Then what do they payoff on when boat is totaled? Thanks as always, Jim

chrisrack · 05-19-2007, 06:04 PM

Not really Mad -hatter. Larger boats are required be be surveyed by a private agency where this agency then defines the value of the boat. This prevents insurance fraud (ie, a guy has a boat that is worth $5k and insures it for $50k, boat sinks, burns, explodes etc and then he tries to get the $50 from the insurance agency).

I'm not certain who the insurance agencies define value for smaller boat though.

mad-hatter · 05-19-2007, 06:14 PM

Thanks. I got a quote from geico and the agent said they DO have a nada book for boats. However there is a substantial difference in value from the book and what I think its worth. Guess that normal huh??

jigger · 05-19-2007, 06:41 PM

I just hope the insurance book it better then what the state places a value on a boat. I just got my tax bill for it. It is a 2001 CC with a Merc. Optimax 150 on it. The state says it is only worth $900.00

lilarry · 05-19-2007, 07:07 PM

I had the same question and called BoatUS Insurance to ask them. They said they're insurance considers the value of the boat to be the amount you declare. That is the amount they will pay, and that is also the amount they base their premiums on. For example, if the boat is only worth a hundred bucks, but you insure it for $100k, they will pay the $100k. However, you must pay premiums based upon the $100k.

BOOMER · 05-20-2007, 12:41 AM

What you want is an Agreed Value Policy. If you insure it for an agreed value of 100k and have a total loss they pay 100k.

prockvoan · 05-20-2007, 08:58 AM

Boats older then 10 years will have to have a survey from most insurance companys.Been there done that.Now once you have insurance on it,you don't have to get it done again till you drop or transfer over to another company.NADA does have a value for boats.It is only a guide line.Different parts of the country will be different prices of the same boat.