Insurance and value

[kingair]

Well after my 6 month rebuild, I am looking for a new value of my boat. USAA will only give me book value which is a little over 4700.00 (hull only). The boat is worth way more than that. If I want new insurance, USAA has partnered with progressive and I can get 19K (boat and motor) for 475.00 per year. If I get a survey or appraisal, USAA will take a look and make a decision.

What do you all suggest I do.

Thanks

[one4water]

Find an insirance company that offers a "declared value" or "replacement value" policy. I have had policies like that on cars and bikes before where you tell them the value and that is what it is insured for. Of course you need to prove it is worth that much but receipts and work records and photos take care of that. It does get prorated as the years go by but its better than book. It is not cheap either.

I have Allstate and for the first 3 years I am covered to replacement value. I hope to never have to find out if it is accurate or not.

[Ludicrous]

Get the survey and go with USAA. Never a problem with USAA claims. They are ranked quite high among repair shops. (and most claims will involve repair vs. total loss)

Also: Progressive seems to be doing a 180 on their claims handling. They must have finally read the Unfair Claims Settlement Practices Act. I'm impressed so far...

Edited August 6, 2009 by Ludicrous

[Back-Lash]

Recently I just had a claim , this is whatI learned , according to the adjuster that I had with american modern ins .

that if you have a survey done to your boat that the ins company will up the insurance coverage other than just a book value .

The book value does not take into consideration any improvements .

At first I thought I was gonna get the shaft but with help from the Adjuster & Rick Tudor in Angier Nc ,my agent I got complete sastifaction

[aftergolf]

Contact Adam Meyer at Charter Lakes Insurance. They do a great job, have multiple companies that they write and have very good service.

Charter Lakes Marine Insurance

Work (866) 629 2248

Work (910) 256-4148

Fax (910) 256-6844

E-Mail adam@charterlakes.com

P.O. Box 1648

Wrightsville Beach, NC 28480

[rchanner]

Give Boat US a look, too. I used to have USAA (underwritten by progressive) and I switched to Boat US and my premium dropped almost 40% (from $530 to $329) and that was going from a replacement value policy to an agreed value policy...boat US calls it "Angler's best" and it includes $5k coverage for my fishing gear.

Boat US Quotes

[Fishinspot]

I've got USAA also and they have been good with me.

[pmagrady]

Find an insirance company that offers a "declared value" or "replacement value" policy. I have had policies like that on cars and bikes before where you tell them the value and that is what it is insured for. Of course you need to prove it is worth that much but receipts and work records and photos take care of that. It does get prorated as the years go by but its better than book. It is not cheap either.

I have Allstate and for the first 3 years I am covered to replacement value. I hope to never have to find out if it is accurate or not.

Not bustin your balls, but I should correct your information incase others take it at face value. You are wrong about the terminology used in policies.

Market Value = replacement value. In the event of a total loss they look up the market value of the boat at the time of the loss. Every year your boat value depreciates, so the value of the claim decreases each year.

Agreed Value is the amount on the policy, regardless of the market value at the time of the loss. That "agreed value" is established at the beginning of your policy. On new boats its the cost of the boat. Used boat values are established and agreed to at the beginning of the policy too. The "agreed value" is the market value at the inception of the policy. The insurance company will often require a survey to establish the market value. If they agree to insure you today for 100K and you have a total loss in 2013, they will pay 100K. This will be paid even if your boat is only worth 80K in 2013.

I think Kingair wanted a policy that would cover the loss of his boat at today's market value, but based on the fact that it has been re-built or refurbished. The insurance company has their book with used boat market values, but they don't have a way to value a used, but refurbished boat. That book does not exist. Kigair should pay for a survey and then bring it to an independent agent. That agent will get quotes based on the value the surveyor assigns. Then he should buy the "Agreed Value" coverage to avoid being paid less at claim time.