PDA

View Full Version : Insurance in Canada?


EA2010
11-20-2011, 02:14 PM
Just wondering if anyone has an "agreed to value" policy here in Canada?

My broker is telling me they don't exist, but I have one for my exotic car ... so I assume they must exist for boats.

Thanks in advance!

EA

Jorski
11-20-2011, 02:39 PM
I have one...but it is a rider on my homeowners policy.

CottagerGreg
11-20-2011, 03:42 PM
Stay away from Home policies, they don't understand boats and the coverage you can get.

I have an agreed value on my boat which includes boat, trailer, gear and includes puchase taxes. I have an agreed value for the first 5 years. After the 5 years for the next 5 years I have to pay a premium and still get the initial agreed on value.

Coverage is for above and below water damage and includes liability coverage in the event of injuries.

I go through Aviva and they have an underwriter that only deals with boats and was far more competitive than State Farm (Marine Experts in Orillia, Ontario). I have a full insured X-star for $900 per year with low deductibles.

http://marineexpert.ca

EA2010
11-20-2011, 06:51 PM
I have an agreed value on my boat which includes boat, trailer, gear and includes puchase taxes. I have an agreed value for the first 5 years. After the 5 years for the next 5 years I have to pay a premium and still get the initial agreed on value.

I go through Aviva and they have an underwriter that only deals with boats and was far more competitive than State Farm (Marine Experts in Orillia, Ontario). I have a full insured X-star for $900 per year with low deductibles.

http://marineexpert.ca

Thanks, man. My car is insured thru Aviva (agreed to value) so I'll approach my broker there ...

wheelerd
11-21-2011, 01:54 AM
I have both my boat and my travel trailer as endorsements on my home policy with Cooperators. It covers all damage as well as liability. I pay $275 for $22,000 value and $500 deductible. This is a fair bit more than I paid for my X5 2 years ago so I'm satisfied.

Nick911
11-21-2011, 10:43 AM
What is agreed value? My broker gives me new replacement for up to 2 years I think.

EA2010
11-21-2011, 11:31 AM
What is agreed value? My broker gives me new replacement for up to 2 years I think.

"Agreed value" is where the cost to replace the boat is considered (and agreed to) up front.

Usually, the insurance process is one whereby an agent comes out AFTER the incident and appraises the boat for what it is worth the day of the incident. So, for example: three years down the road, your boat gets totalled and the adjuster says your $85k boat is now worth $45k and that's the amount they give you. The question is - what are you going to buy for $45k?

With an 'agreed value' policy, there is usually an appraisal BEFORE your sign on the dotted line (in this case it's not an issue as the boat is brand new and you have your purchase receipt), and if they appraise your boat at $85k and there is an issue years down the road ... you get $85k, which is enough (hopefully) to buy your boat again.

It essentially takes depreciation out of the equation.

Nick911
11-21-2011, 11:37 AM
Ok so really no different than my set-up. I actually think its 3 years but I'll double check. Essentially, they would give me whatever I need to go buy another new equally optioned boat.

EA2010
11-21-2011, 12:11 PM
Who is your broker, Nick?

scott023
11-21-2011, 12:21 PM
Stay away from Home policies, they don't understand boats and the coverage you can get.

I have an agreed value on my boat which includes boat, trailer, gear and includes puchase taxes. I have an agreed value for the first 5 years. After the 5 years for the next 5 years I have to pay a premium and still get the initial agreed on value.

Coverage is for above and below water damage and includes liability coverage in the event of injuries.

I go through Aviva and they have an underwriter that only deals with boats and was far more competitive than State Farm (Marine Experts in Orillia, Ontario). I have a full insured X-star for $900 per year with low deductibles.

http://marineexpert.ca


This is the same company that my policy is through. Very easy to work with.

EA2010
11-21-2011, 01:35 PM
Scott, who is your broker in AB?

scott023
11-21-2011, 02:02 PM
Scott, who is your broker in AB?

Godfrey Morrow in Calgary.

Nick911
11-21-2011, 02:13 PM
Who is your broker, Nick?

Canada Brokerlink

CottagerGreg
11-21-2011, 11:17 PM
Marine experts can offer coverage across Canada

rhsprostar
11-22-2011, 11:51 AM
I do have it but I am in Ontario. The policy is with Beacon through McMichael-Davis Marine Insurance in Oakville. Call Scott at 905 847-1616

It is a joint Ontario waterski federation tow smart package that gets specialty enhanced TOW SPECIFIC coverage. The limits on liability are 2 Miliion for towing people. If you look at a regular marine policy, there are STRICT low limits for liabilty while towing. For anybody with a ski/wake boat you need the enhanced limits for pulling people.

I have a set value for both my boat and trailer seperately. The total for the year is $573 for a value of about $30k on the boat and 3.5k on the trailer if I recall correctly.

It's a great program for ski boats.

CottagerGreg
11-23-2011, 03:33 PM
I have the 2 million liability due to tow sports.

Good point to mention