Boat Insurance Question-How much is my boat worth????

[AlanW]

Boat (& trailer) is 2000 model Coral 191. Motor is a 1999 model Merc 200 EFI but was new & unused when rigged to this boat. I bought the rig in July 2004 for $15,800. That seemed to be about the right actual market price of the boat at the time.

I have the boat insured through my homeowners policy. For some reason, the insurance company assigned the value of $19,640 to the rig. Going on 4 years later, it is still insured for $19,640.

If my whole rig was totaled, and they actually gave me $19,640 for it-that would be great. However, we know if that happened, their adjusters would probably pretty quickly determine the real value + depreciation and come up with a pay-off much less........right?

So I think my boat is over-insured and I am paying more than I need to. Customer Service Dept at the ins. company insists they can't help me with this because they don't determine values, etc. yada, yada, yada...They refer me to the Claims Dept and I ask them please look into it and see what my boat is really worth.....they think I'm crazy and say they can't do that unless/until there really is a loss...yada yada yada...they don't see a problem.

I try this 3 times and finally get out of them FOR ME to tell them how much I think the boat is worth and they will insure it for that amount.

What do you guys think?? Looking at the NADA site, it is kind of confusing and unclear on an exact value, and most of these boats came with a 150 on it and that is how the value seems to be figured.

Should I give them a value that you guys can sort of settle on, or keep trying to get THEM to determine a value?

Oh, I'm paying $389.00 a year with a $100 deductible....how does that seem?

[Backlash Ar]

Alan, I'm sure the Cobra group can come up with a reasonable amount for your rig but we'll need more info....like what non standard amenities do you have on that Coral? (GPS, colored locator, ladder, etc). My inclination is that you ARE over insured but if you're waiting for the Insurance Company to tell you that...it's not gonna happen. Your bopat is worth between $12,200-$12,500 unless it has some extra amenities.

Do you have an Agreed Value policy? (If you do then both parties agreed to what value your boat would be worth should it get totaled). The catch to an Agreed Value Policy is that after a certain amount of time (usually 5 years) the company will no longer pay the Agreed Value should you total your rig but will start depreciating it. The cost of your policy is also determined by how much Liability Coverage you have, Amount of insurance on personal effects you have, and what your deductible is. What company are you insured with? $389 seems a little high to me. Mine through Boat U.S. is $421. Also, the area of the Country you're from has a bearing on the cost.

[AlanW]

Larry,
I think Corals pretty much came with everything on them standard except fishing graphs. My trailer has the cut-out sidelights & spare, the boat came with a cover, the snap-on roof, 58lb MG TM, 2 matching fishing seats & poles, and bow seat cushions. I have added a $220 Eagle sonar/gps unit and changed out the old cassette/radio & speakers to better speakers & cd player/radio.

My auto and homeowner+ boat insurance is through AARP/The Hartford. Their auto insurance rates are great if you qualify. I have been very pleased with them in that respect, plus you get a further discount for auto+ homeowners with them.
As you probably know, AR state law says you must carry $100,000 liability on boats.

Compared to the rates they're giving me on everything else, the boat part does seem a little high, but my deductible is only $100. But I am wondering if the over-insured part is what is making it higher than it seems it should be. No claims so far either. $12,000 to $12,500 does seem about right for that size & age rig.

[Backlash Ar]

Alan...In my pricing I included the additional amenities on your Coral: Custom boat cover from Deans, 3 bank onboard charger, locator and flasher, hydraulic steering, trim and tilt w/gauge, 3 blade SS prop, and a ladder. I think my pricing is pretty close but my bigger concern is that you may be paying too much on your insurance if you have it insured for $19K+. If you want to save a bunch, cut back on what you have it insured for and boost your deductible to $500 (that $100 deductible is nice but it's costing you a lot more than you think).

It's difficult to come up with an exact value on your boat because, for one reason, once people buy one they seem to keep them forever. Not very many Corals "For Sale" anyplace. Enjoy your rig, the warmer weather is on the way.