Do Insurance Companies Insure A Boat For Its Value Or Insure It For What You Paid For It?
Read the fine print, it can be either way and the rates will vary
But usually insurance companies insure it for book value less depreciation!
Read the fine print, ask the agent.
A friend of mine had good homeowners insurance. When he tools got stolen they would either cut him a check at a fixed price OR he could go out on his own nickel buy ALL the tools and they would reimburse him.
He, of course, went out and bought the very best this time!
Replacement value for the size and type of boat is probably what you want.
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8 Comments to Do Insurance Companies Insure A Boat For Its Value Or Insure It For What You Paid For It?
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I just rebuilt a 1973 hull spent 60 thousand ,but can only insure for 20 thousand,the 1973 on the title is killing me,I’m having a marine survey done trying to increase my coverage,by proving value
Insurance companies require a survey of the boat and that determines the value that it is insured for.
It will depend on the policy you get. Generally you are looking at either fare market value or replacement cost. Replacement cost is normally the most expensive.
It depends on what type of premium you want to pay, You can insure for current value or replacement value
Depends on the insurance company and or the policy.
I know my boat is insured for replacement value.
Most insurance companies unless you ask will only insure for fair market value or NADA value.
Make sure and go over the policy with your agent, and tell him how you want it covered…DO NOT skimp on the Liability insurance. Oops almost forgot some companies will not insure a boat with more than a 200 HP motor or one that will go over 60 MPH.
Good Luck and be safe on the water.
I just dealt with this issue 2 months ago… I bought a new boat for about 10,000 under MSRP and the insurance company is only insuring me for what I actually paid. It’s criminal and am currently looking into other companies that specialize in boats and actual value. Read the fine print.
Fair market value..just like a car
what it costs unless you told them you got it cheap tisk tisk tisk shouldn’t ah said anything