Boat insurance for Restored boats, not your usaual Fair Market Value estimate

[DanielR]

Im restoring 1992 Maxum bowrider.
Fair market value for it is ~5K.
I put new engine in it, less than 20hrs on it with fresh water cooling.
Restore includes new stringers/transom, deck, all gelcoated.
New bolster seats, removed back-to-back seats for sport (bench) seating.
Wakeboard tower, trim tabs, new steering, new shifter, new gauges, new cockpit...etc.

Now if i insure it and give them value price, in case of the total loss I will be given only fair market value, not the insured value.

Most of the people get the boats for cheaper than Market Value, so they profit already. I put double (actually i dont want to know) of whats its worth trying restoring it to be 2011 worthy.
How do i go about getting covered on whats its worth now.

 

[nikon]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Just ask for an agreed value...for a $10,000 agreed value vs market value for my boat it's ~$6 difference a month.

 

[ezmobee]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

I just this morning did a quote with Progressive on my '76 Starcraft. It had a selection for market value or agreed value. I chose agreed value and put in $5k.

 

[DaNinja]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

I just this morning did a quote with Progressive on my '76 Starcraft. It had a selection for market value or agreed value. I chose agreed value and put in $5k.

I have several friends with classic show cars. One of the with over a dozen now. All of their cars are insured with agreed value insurance.
::looks up market value on a '34 Plymouth::

 

[jayhanig]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

That's what I just did on my 1985 Galaxy. I only paid $1900 for it initially but I've got an agreed value on it for $7000. That's enough to cover the new transom, rewiring, radio & electronics, steering, fuel system and whatever other things I threw on it since I bought it.

I used Progressive. Their on-line site allows you to try all sorts of combinations with immediate feedback on the effect on cost. They obviously weren't scared off by my boat's age. One word of caution: be absolutely honest in describing it or yourself. Don't give them the excuse to avoid paying simply because you claimed a boating safety class you never attended.

 

[sschefer]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Yep, My MonArk was insured at agreed value, I asked for 20,000 was told 10,000 was max so I insured the contents separately for 5,000 for a total of 15000 if it sank. They didn't ensure the blood, sweat and tears so you have to go "out of pocket" again for them things.

 

[JimS123]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Maybe its where I live, or maybe its the insurance companies I do business with, but every agreed value policy I have required an appraisal.

My car is a mint showroom condition low mileage 1980 limited edition coupe cost $7100 new. NADA Classic or Hemmings Book value is about $4k, but its insured at $8k. My classic boat cost $820 new in 1952, but its unsured at $10k.

I just went thru all of this AGAIN a few months ago. I explored a few different insurance companies to see if I could get better rates, and sure enough I did. The appraisals cost $125 each and he came to the house.

 

[Friscoboater]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

We insured for agreed value on our boat, but they said after the first year they would go on fair market. Why is that?

 

[Jeep Man]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

My insurance company uses fair market value. If you want more, they will accept a certified appraisal from a registered appraisal company.

 

[dingbat]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

I've had agreed value policies on my last two boats. My current boat is on an agreed value policy along with a $20K fishing gear and electronics rider. Never a question of value. Never needed an appraisal.

 

[metriccrescentwrench]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

I've had agreed value policies on my last two boats. My current boat is on an agreed value policy along with a $20K fishing gear and electronics rider. Never a question of value. Never needed an appraisal.

OK, don't keep us in suspense - who is it?

 

[DaNinja]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

We insured for agreed value on our boat, but they said after the first year they would go on fair market. Why is that?

Not sure, maybe we need to start sharing company names.

 

[Lion hunter]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Has anyone ever filed (and collected) on an agreed value policy without an appraisal?

 

[jayhanig]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Maybe its where I live, or maybe its the insurance companies I do business with, but every agreed value policy I have required an appraisal.

Progressive gave me agreed value without a survey or appraisal.

 

[JimS123]

Re: Boat insurance for Restored boats, not your usaual Fair Market Value estimate

Progressive gave me agreed value without a survey or appraisal.

Oh, I'm sure its done a lot. I'm not too warm and fuzzy about Progressive in the first place.

OK, so my 59 year old boat is a preserved classic and I CAN get $10,000 for her if I wanted to sell. On the other hand, I know where I can get one just like her for 50 bucks. The thing is that this one has sat outside for the last 20+ years and doesn't have a stick of wood left that isn;t rotten. So, if I get that 10K agreed value policy, what's to stop me from lighting her on fire and collecting a $9550 profit?