SoCal Jet Boats

Discussion => Boat Insurance - Nikki Bostick => Topic started by: Bugginout on April 24, 2018, 07:19:28 PM

Title: Insurance
Post by: Bugginout on April 24, 2018, 07:19:28 PM
So can you insure a boat for all the money you have in it?
Title: Re: Insurance
Post by: fieldsken11 on April 24, 2018, 08:32:35 PM
Make sure itís an agreed policy not a stated policy.  Stated donít mean anything. Agreed means you and them agree on a value and thatís what you get
Some times they might want an appraisal   

I have one with hagerty and itís an agreed policy.  They started out with boats then started doing cars later


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Title: Re: Insurance
Post by: NIKKIKINCAID on April 24, 2018, 09:34:19 PM
The answer is yes and no.
If youíve just purchased a boat and want the purchase price listed as the value thatís not a problem. Or if you bought a bare hull and installed common interior and motor that shouldnít be an issue either. Sometimes people go overboard when building their boat and underwriters canít justify listing them for agreed values if no other boats with the same make/model are even close in price range. I remind people often that there is what we have into something and then there is what itís actually worth.
A lot of times people buy a boat use it for a couple seasons and replace the interior, then want to increase the value listed on their boat. From the underwriters perspective all you have done is replace part of the boat you havenít upgraded it at all, so typically they wonít increase the agreed value. With a motor you can increase value by putting more power in but keep in mind more power means your boat should be moving faster so be prepared for a rate/class increase.


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Title: Re: Insurance
Post by: Bugginout on April 24, 2018, 10:21:03 PM
Overboard building a boat? Is that possible  :screwy: thanks for the quick response
Title: Insurance
Post by: fieldsken11 on April 27, 2018, 05:21:47 PM
Thatís totally different then my experience with it.  I have never had a problem insuring classic boats and cars for an agreed amount. I just donít go overboard on the amount. 
If you think they are going to insure a boat for 100,000 without an appraisal your nuts   If the appraisal comes back as a value and you want to pay the premiums then thatís fine
Title: Re: Insurance
Post by: Bugginout on May 01, 2018, 01:47:36 PM
Bring on the appraiser. Who did you use?
Title: Re: Insurance
Post by: 78southwindtdeck on May 01, 2018, 05:01:20 PM
Go with nikki bostik shes the best

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Title: Re: Insurance
Post by: BlackSheep on May 20, 2019, 12:50:47 PM
Overboard building a boat? Is that possible  :screwy: thanks for the quick response
It is not only possible but likely when one fixes something one finds other things that could be fixed/improved. I have restored boats and cars in the past only to tally up the cost and realize that I could have purchased new, lol. (after the last Corvette and Schiada) I swore never again.
Guess I'm a slow learner because my 1976 Rogers advertised as "Completely" rebuilt ROTFLMAO; I now, not counting the cost of the boat an additional 15k likely more not counting my labor. Guess my labor doesn't count...
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