Insurance Value |
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Slupe
Groupie Joined: February-26-2012 Location: Whitefish Bay Status: Offline Points: 40 |
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Posted: March-23-2012 at 2:27pm |
Hi all - I am picking up the new to me Martinique this weekend. I contacted my insurance agent to get insurance and she is asking for value for the motor, boat, and trailer. So, I am buying for $4500. NADA average retail is about $5500.
Any rules of thumb on how I should break this out? Thanks guys! |
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62 wood
Grand Poobah Joined: February-19-2005 Location: NW IL Status: Offline Points: 4527 |
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Shouldnt be too hard. As an inboard I would think the boat and motor would be a single value. Depending on what kind of trailer, I would think $500 to $750 range for most of them.
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Bri892001
Grand Poobah Joined: September-27-2008 Location: Boston MA Status: Offline Points: 4947 |
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I have Progressive on mine, and it was an "Agreed Value" type plan. They asked what I paid for it, and it's based on that. Of course, the higher the agreed value, the higher your premiums.
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TRBenj
Grand Poobah Joined: June-29-2005 Location: NWCT Status: Offline Points: 21138 |
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Most insurance companies always ask me what I paid for the boat... I tell them its none of their business! I tell them that $X is the number that it would cost me to replace the boat in its current condition. I never base that number off NADA... its usually driven more by what I paid, and what I have into it. Or, more appropriately, as JoeinNY told me "how big the check would need to be in order for me not to cry myself to sleep at night."
A higher agreed upon value will certainly increase your premium, but not by a disgusting amount. The amount of liability coverage that you carry is still going to be the biggest cost driver, by far. |
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