Insurance

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Bugginout

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« on: April 24, 2018, 07:19:28 PM »
So can you insure a boat for all the money you have in it?
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fieldsken11

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« Reply #1 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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NIKKIKINCAID

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« Reply #2 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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Bugginout

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« Reply #3 on: April 24, 2018, 10:21:03 PM »
Overboard building a boat? Is that possible  :screwy: thanks for the quick response
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fieldsken11

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« Reply #4 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
« Last Edit: April 27, 2018, 05:33:05 PM by fieldsken11 »

Bugginout

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« Reply #5 on: May 01, 2018, 01:47:36 PM »
Bring on the appraiser. Who did you use?
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78southwindtdeck

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« Reply #6 on: May 01, 2018, 05:01:20 PM »
Go with nikki bostik shes the best

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