Insurance value?

[MacIntosh]

I have state farm insurance on my 03 classic. Im happy with the agent and the company, not looking to change. I added a new ultrex and a 12' talon this spring, and looking around at what it would realistically cost to replace my very high-condition boat I think I was under-insured to begin with. My agent suggested I "go to a boat dealer and ask what its worth" as a way to document a value so in the event of a claim the company doesnt fight me on it, but the boat dealers around me that I have worked worth are utterly clueless and I dont trust them. The nearest basscat dealer is 4 hour drive away and Ive never worked with them. The one Ive heard good things about is a long way away. NADA doesnt have a way to account for high-dollar add-ons like newer side image sonars, talon, high-$ trolling motor, etc, so Im not sure what the best way to get a insurance value is. I do know that I need to value the boat and motor as one unit, and the trailer as a second unit. Any insight from the collective wisdom here or from basscat?

[billnorman1]

My State Farm has an "Agreed upon" value system. I tell them what it's worth, they bill me accordingly.

[flybyy1]

I am State Farm as well, mine is based on agreed upon value.
boat/motor:
trailer
add ons
and yes, I highly recommend that you specify your accessories and values.
if it's listed it takes away any grey area.

i would value all the accessories at what u paid for them, since just a couple years old.
and let the boat/motor be NADA retail value

just my thoughts
gene

[Pathornton]

You can put a seperate value on contents against damage and theft, and its much more reasonable than adding coverage to the boat. I have 12000 coverage on contents. Covers trolling motor, graphs, rods, tackle. Only cost $50 year more than the standard $1000 content coverage

[MacIntosh]

My State Farm has an "Agreed upon" value system. I tell them what it's worth, they bill me accordingly.

Mine is the same, but my agent told me that regardless of what I was paying, on a claim for significantly more than the boat is really worth I could get paid at a lower value. Im not worried about getting screwed per se, just not interested in paying a higher premium than I should be.

Do you guys consider the trolling motor and talon--bolted to the boat--part of the boat or "contents"? Guess thats a question for my agent.

[95202DCX]

You can put a seperate value on contents against damage and theft, and its much more reasonable than adding coverage to the boat. I have 12000 coverage on contents. Covers trolling motor, graphs, rods, tackle. Only cost $50 year more than the standard $1000 content coverage

What Paul said ^^^!

[flybyy1]

Do you guys consider the trolling motor and talon--bolted to the boat--part of the boat or "contents"? Guess thats a question for my agent.[/QUOTE]
yes sir!, the underwriters will see all of those as contents

[Bass Cat Boats]

If it totals, then odds are everything totals.

[riverrat29]

I have a 2007 Puma and an agreed value policy with a 10k endorsement for fishing equipment. I also have another endorsement the lower unit that covers general loss and mechanical failure. According to my agent all items that are attached to the vessel are part of the vessel and its value. So when I upgraded electronics this year we added the value to the policy itself which gets sent back to the underwriting and they agree to cover the vessel at the added agreed value. I use Bob at Workdwide marine and my premium is areound $430.

[BHT]

Do they break the coverage down into different categories?
1. Boat, motor, trailer
2. Additional boating equipment endorsement ($ you specify)....policy may come with some standard, I.e. $3,000 is part of the policy, it if your equipment is greater than you need the endorsement to offset the difference in $x,000.00
3. Personal effects ($ you specify)-policy may or may not have any standard, if it does it will be lower typically, I.e. $500

[Hogbus]

I have State Farm for my house, cars,motor home and golf cart. Same agent for 30 plus years. I use Bob at worldwide for my Bass boats. They understand and will advise accordingly. Good luck. JD

[basscat tyler]

So I switched to State Farm last May. They asked me how much it was worth. I told them $9k. $1000 for trailer, $4000 for boat and $4000 for motor. Boat was a '94 Eyra with 175 Mercury EFI. A week later on go on a fishing trip and it's gets damaged in a storm. Slammed into rocks and swamped. Called my agent and he advised me to take it to a repair shop for a quote. I get a quote for $6400. They assigned me an adjuster from Texas. He has me send pics and quote from repair shop. Nobody personally came to look at it. After a week or so he calls me back to let me know they're going to total it. He asked if I wanted to buy it back and I told him no. He calls me back 10 minutes later and said that I can do whatever I want with it. They wanted nothing to do with the thing. Keep in mind that only the boat hull was damaged. They let me keep boat, motor, and trailer. Which I ended up selling for $3000. So I bought that boat and used it for 6 years and ended up making $3k off it. Just a little story on how State Farm took care of me even though I was an extremely new customer

[OldTimer57]

BCB: Not so sure on the "everything totals". I saw a boat where the hull split down the keel due to hitting an underwater obstruction. He was insured by Traveler's. They totaled the boat, he had to deal with the trailer and motor. Sold it to the salvage guy that bought JUST the hull from the Insurance company. Thought that was about the most idiotic thing I have ever seen. Didn't get to hear all the discussions, but this guy was quite irate and vocal here locally. The "you keep the trailer, outboard, batteries, etc" was really a bit of a stretch. I'd hate to have my car insured with 'em. "please remove your motor and transmission and wheels, we are totaling the body."

Best bet is to decide on what you want, get it in writing, and then you are set. Agreed value is the ONLY way to go. They will pay you what you ask, but you have to pay them what they ask for the policy. :)

[MacIntosh]

BCB: Not so sure on the "everything totals". I saw a boat where the hull split down the keel due to hitting an underwater obstruction. He was insured by Traveler's. They totaled the boat, he had to deal with the trailer and motor. Sold it to the salvage guy that bought JUST the hull from the Insurance company. Thought that was about the most idiotic thing I have ever seen. Didn't get to hear all the discussions, but this guy was quite irate and vocal here locally. The "you keep the trailer, outboard, batteries, etc" was really a bit of a stretch. I'd hate to have my car insured with 'em. "please remove your motor and transmission and wheels, we are totaling the body."

Best bet is to decide on what you want, get it in writing, and then you are set. Agreed value is the ONLY way to go. They will pay you what you ask, but you have to pay them what they ask for the policy. :)

I have heard of this three times now, and this is spcifically why they force you to value the hull, engine and trailer separately. Seems like its par for the course to me, or at the very last it's not unrealistic, which is exactly why I asked the question.

[ChrisS22]

I totaled a boat hitting a under water obstruction in 2014. Eventually everything was totaled but initially SF tried to get me to keep the engine and just total the hull. I was scared to death of engine/LU because it also struck the object but showed minimal damage. Finally, I told the SF representative.. if you can find me that engine at the value you want me to accept for it I'll buy every one you can find.

They totaled boat and motor and all electronics, I got to keep the trailer because by law if your boat isn't on the trailer when the accident occurs its yours to keep.