Insurance Value

[kas232ca]

I recently renewed my boat insurance through Geico and it got me thinking. The policy states an agreed value of 42k. I based that figure on what I paid for it plus the items I have added (spare props, etc).

So, I guess my question is, could I replace this boat for the low 40k range not including a trailer, or should I bump up the agreed value?

2006 232, 8.1 420hp, 180ish hours. Excellent condition. The only current thing it needs is some very minor gel repair that is going to happen next month for a couple of scratches and a chip in the bow.

I know that used boat prices were crazy last summer due to the "Covid premium" but not sure if that will continue.

[dustinm]

My limited dealings with a "total" is that the extra items you have are personal and can be claimed outside of the agreed value.

btw I dont think you would ever be able to find a replacement for a hotrod like that - probably an R3? Very cool.

[tgrace98]

With the difference in pricing I would probably bump it to 50k. It really shouldn't change your policy rates much. I pay literally the same for my 2019 R7(132k value) as I did for my 2002 262(40k value)

[CaptainTom]

I tried to get the agreed value more than the purchase price once and my request was denied. Insurance company said that this incentivizes insurance fraud because you can get a windfall if your boat is a total loss. But, I didn't press the issue so maybe it can be done. Sounds like what you want is replacement value.

I have always had great success getting boat insurance through the www.charterlakes.com brokerage. Give them a call/email and explain your situation. I saved almost $1000 switching from Geico to a carrier they found for me with the same coverage.

[kas232ca]

I just sent an email to BoatUS/Geico to see what it will cost and if they will do it. My total premium for boat and trailer was only $423.00 for agreed value of 42k for boat and 5k for the trailer. 500k liability. We have a personal umbrella policy that would kick in after the 500k in liability.

[TechieTechie]

That's an excellent question. Can I thread jack/pile on? Anyone insure an old but pristine Cobalt? It look me almost 2 years to find mine and I have no idea about a replacement value. They don't make the model (or style) any more.

[kas232ca]

So BoatUS/Geico came back and said the fair market value is 36k-39k. A quick search on Boattrader does not seem to back that up. BoatUS/Geico said they would need to see receipts of improvements or have a survey to increase the agreed value. Hmmm....

[Table Rockin]

So BoatUS/Geico came back and said the fair market value is 36k-39k. A quick search on Boattrader does not seem to back that up. BoatUS/Geico said they would need to see receipts of improvements or have a survey to increase the agreed value. Hmmm....

Perhaps practice has changed since Spring 2018 but when I purchased mine I added $20k to the replacement value over and above what I paid. No receipts or any other type of documentation was required. We use Progressive.

[Krob1114]

I went from $15k boat to $100k boat. Using BoatUS, premium only went up $300 or so.

[Big Block Power]

I went from $15k boat to $100k boat. Using BoatUS, premium only went up $300 or so.

I only pay 300.lol