Baller Cnewbert Posted June 24, 2021 Baller Share Posted June 24, 2021 The high demand for new and used boats in the past year combined with a very limited supply has resulted in an escalation of used boat prices as most everyone here is aware. It might be a good time to review your boat’s insurance coverage. Based on an evaluation of the replacement cost for a similar boat in model year, hours, condition and extras to our 2020 Prostar, our local MC dealer estimated a replacement cost $20,000 higher than we had it insured for. Our insurance underwriter accepted their estimate, so should the unthinkable happen and our boat get totaled, at least we have a chance of replacing it with something of similar high quality. Link to comment Share on other sites More sharing options...
Baller BraceMaker Posted June 25, 2021 Baller Share Posted June 25, 2021 Just be sure to really read what they say in the full policy. I've seen people think they have an agreed value particularly on collectors cars but which are written as a stated value policies. And then after a claim had the insurance challenge the stated value. Particularly on rare un-restored vehicles. Link to comment Share on other sites More sharing options...
Baller Cnewbert Posted June 25, 2021 Author Baller Share Posted June 25, 2021 @BraceMaker thanks for that heads up. I’ll see if I can decipher the policy language to assure that it is an agreed upon value as opposed to a stated value. Link to comment Share on other sites More sharing options...
Baller BraceMaker Posted June 25, 2021 Baller Share Posted June 25, 2021 Yup just check it out. Sometimes if they don't make a stink about the value they don't actually plan on paying it - a red flag is if the added value doesn't drive up the cost of the policy. Link to comment Share on other sites More sharing options...
Baller_ RichardDoane Posted June 25, 2021 Baller_ Share Posted June 25, 2021 it's even more important to pay a little more for an increase in the liability coverage amount. Who cares about $25K in boat value when you're being sued for $2M. Link to comment Share on other sites More sharing options...
Baller BraceMaker Posted June 25, 2021 Baller Share Posted June 25, 2021 @RichardDoane depending that can be something best addressed on your umbrella policy. Usually you have to get to some minimum amount on the individual item like 500K of liability on the boat/car/house - and then after that you can get the liability on the umbrella for less than on the boat. Link to comment Share on other sites More sharing options...
Baller Cnewbert Posted June 25, 2021 Author Baller Share Posted June 25, 2021 @BraceMaker it is agreed upon value. I have that in writing from the agent. It was only a $68 increase in the premium. Thanks again for advising me to check. Link to comment Share on other sites More sharing options...
Baller Mateo_Vargas Posted July 6, 2021 Baller Share Posted July 6, 2021 A buddy of mine just had his PS209 stolen and only had it insured for $15k. He will have to pay double that in the current market to replace it. Link to comment Share on other sites More sharing options...
Baller Cnewbert Posted July 6, 2021 Author Baller Share Posted July 6, 2021 @Mateo_Vargas that is a bummer! But that was the reason for my post. I was certainly underinsured until someone else brought this up on a FB ski group. Very sorry about your friend’s boat! Death to all thieves! Link to comment Share on other sites More sharing options...
Baller JayG80 Posted July 6, 2021 Baller Share Posted July 6, 2021 Worse for home replacement values. Link to comment Share on other sites More sharing options...
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