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View Full Version : Ins value????


Dino Don
08-13-2013, 09:37 AM
Had a claim on my 87 Pro Star and got a letter saying I might need to redo my insured value. I had it on my policy for 10k and they said that when they checked book value it said 3700 to 4500 for a boat like mine! Not being ugly but there is no way my boat will fall in that range. Wonder what book for those values????? Don't think the market would support those numbers unless they are pretty bad shape. :confused:

mikeg205
08-13-2013, 09:46 AM
Need an agreed value policy.. Book value is always way below these boats are really valued at.

heath124
08-13-2013, 10:21 AM
Most boats book value is boat only, that don't include motor or trailer. But yea, you still can't go by book value on these boats. I will gladly pay book value for any MC.

Dino Don
08-13-2013, 08:43 PM
I've got stated value on some cars with Hagerty but I don't want to put my boat with them unless I had to. I don't consider my boat a collector or classic type.

Kevin 89MC
08-14-2013, 06:47 PM
I lowered my insurance value on my '89 to $8,000 a few years ago, down from the $14,000 that we bought it for in 1997. No way I could get $10K for mine now, lots of nicks, dings, fading gel, etc. If I spent some time & effort I might be able to get $8K. I'm guessing yours is in much better shape, so you'd think you should be able to insure it for $10K. Seems like I've seen a bunch of them around $6-10K on ski it again. All depends on condition & location I guess.

gweaver
08-14-2013, 10:00 PM
I recently started with a new insurance company. Told them I bought my 88 for $3500 but it's probably worth about 5500. Told him Craigslist had several ranging from 4500-9500. Sent the agent a couple of links, he agreed we should set the value at $5500 in the event of a total write-off. I don't know if your agent/company will be that accommodating, but it might be worth a try.
G

Dino Don
08-15-2013, 08:47 AM
I guess about the only thing to do is try and keep it as nice as I can and fight the battle if I have to but hope I don't have to! Every time a boat like these comes up for 3500 or so, very few it seems at those numbers, they are quickly sold. That normally indicates the market is higher than that, but condition does set the price for sure.

Barefooter92
08-16-2013, 08:20 AM
Take them some comp's and show them if you replace it what it would cost. I insure for replacement value and we discuss it every year.

jakethebt
08-16-2013, 09:19 AM
I am not sure what is wrong with the book values but they are way low. You need an agreed value policy. Also, once you have one, check what the price difference is for the different value. Mine was pretty small, so I went with what I trout was a higher end retail price. I figure i a going to be pretty upset if I do ever have to replace it, i might as well not make finding a new one hard.

Another thing to keep in mind with agreed value policy, many of them start off agreed value and then convert to boom value in a few years. I'm pretty sure skis age is that way. It would suck to have that happen and you non know it.