Boat Insurance "Agreed Values"

[core-rider]

So I got the insurance policy in for this year earlier this week and noticed the cost was lower. At first it was nice until I noticed why it was lower. Boat US changed the "agreed value" from $55000 to $36000. This got under my skin since I didn't agree to a change. Turns out they did it because the market resale was less than half of the existing agreed value. Apparently the market for. 2003 SANTE is $26000!!! I said good luck finding one in the shape my boat is in with only 450 hours for that cheap. To make longer story short I got them to go to $40000, but that is as high as they would go. This adjuster thought all boats that model were going for that or less and even had the nerve to tell me I was out of the loop on boat values. I challenged him to find my boat at $26000 that wasn't a high hour ragged out pile of junk... Needless to say he didn't think that was necessary. You guys might want to pay close attention to your policies for any changes!


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[NautiqueJeff]

Are you saying you think your 2003 210 is worth more than $36,000? My 2003 210 (which was also perfect) didn't sell for much more than that, and that was back in 2006.

[core-rider]

I'm saying it's worth more than $26000, which is what they said going rate is.


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[scottb7]

I will sound like a jerk when I say you are not the first person on this website that thinks their boat is worth more than it really is.

[1sicknautique]

lmk if you ever want to sell you boat.

[core-rider]

I'm not saying its worth $55000... I'm saying its worth more than $26000 which according to book value that is all its worth. From what I've seen lately 2003 SANTE have been asking $30000 - $38000. I personally think mine is at the high end of that range considering condition, hours, and in my boat's case rarity. I will never consider selling my boat, but if faced with a complete loss and need to replace I feel it would be impossible to replace for $26000 and if i even could replace it with an exact replica of my boat I think it would be hard to do for $36000. Either way I agreed to $40000 and will pay a premium based on that number just like I always have for the higher number. I just don't like the way it was handled and how I was made to feel clueless by my provider. Had they contacted me before hand and discussed changing the value and came to a mutual decision, I would have felt better. I've never had a claim to make in 14 years of boat ownership and always had good service when dealing with Boat US. They just dropped the ball here with poor communication.


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[GCSuper]

In 2003 we bought a Ski Centurion for 29,995. TT&L plus a few extras we were out the door for around 35K. Got the insurance for agreed value of 35K with Progressive, cost about 350/yr and never gave it another thought. Fast forward to 2011, our boat was on the lift when a storm hit with winds of 55 to 60 mph for 10-12 hrs. The winds caused the lift to fail and thrashed the boat in the dock. Several holes opened up and the boat sank. Boat was totaled and Progressive wrote us a check for 35K. They have a policy of reducing your deductible over time if you have no claims, hence the total payout of 35K. Certainly made buying a new 210 easier. We've done the same thing with respect to the agreed value with the new boat.

[thedude]

Thanks for the heads up Core... definitely worth a look. BTW, I'd say your boat is worth at least $36k. That back hull/deck is soooo sick. I think a similar 2002 sold on here last year for mid+ 30s. I think he had the python though.

[Neverenough]

Guys come on!! Jason was just telling all of us to watch our policy!! His was changed without him being told!! Thanks Jason ill double check mine! Who gives a big hairy Duce what you think a boat is worth! It's a **** luxury item, it's worth what someone is willing to pay for it. For me more a need than luxury but still....

[xrichard]

Changing it without sending you a notification was wrong. They should have notified you. WRT the actual change, $36k is more than generous for that year and getting them to $40k shows they're bending over backwards to keep a customer. The fact that a CSR said the typical market for a 2003 SANTE is $26k is neither here nor there even though it's likely a fairly accurate number.

[scottb7]

I am not clear on why you say it is neither here nor there. My take on it is tha the CSR on behalf of the company is trying to save the customer money, and was citing his references. I agree they should not change without telling you, I get that. But I don't think there is bad intention on their part.

[81nautique]

Whether you like it or not the value of your boat changes every year. The insurance company sends you a renewal and bill in the mail with the new value and all conditions of the policy usually 30 days before your premium is due. THIS is your notification and you did right by reading it and questioning. Your point in saying everyone should be checking this is true but I don't think you can say they didn't tell you the value had changed. Up until your policy expires it had not changed, the renewal stated the change for your next 12 months for you to accept or decline. I'm sure to many it seems like a pain to read the renewal but it is SO important to review all policies annually; homeowners, auto, life, disability, etc.

[Quinner]

I had a past company that lowered my agreed value once the boat was 5 years old. I renewed with a different company who would write a policy on an agreed value of the original purchase price, paid a few bucks more as a result. Policies vary company to company, you can usually find someone who will over-insure you on an agreed value, just be prepared to pay a higher premium as a result.

The other thing that will raise your premium is your boat aging, in the insurance company's eye's and older boat is more vulnerable to catastrophic claims, like sinking.

[core-rider]

Whether you like it or not the value of your boat changes every year. The insurance company sends you a renewal and bill in the mail with the new value and all conditions of the policy usually 30 days before your premium is due. THIS is your notification and you did right by reading it and questioning. Your point in saying everyone should be checking this is true but I don't think you can say they didn't tell you the value had changed. Up until your policy expires it had not changed, the renewal stated the change for your next 12 months for you to accept or decline. I'm sure to many it seems like a pain to read the renewal but it is SO important to review all policies annually; homeowners, auto, life, disability, etc.

I realize your all the points you made, and I wasn't really upset the value was changed. What upset me was the CSR's snide comments and disrepect towards me about the boat's value. I took it personally (which I shouldn't have, but it irritated me) because he thought he knew my boat based on what some book tells him. I realize these people deal with tons of people everyday, but insurance is the biggest waste of money ever IMHO... Until you actually need it, then it comes in really handy!

Anyways, I'm satisfied with my provider and satisfied with the new policy we agreed upon. This was more just a shout out to everyone to pay attention to their policies and rant some. Carry-on.