Insurance Value

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   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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Slupe Members Profile Send Private Message Find Members Posts Add to Buddy List Groupie Joined: February-26-2012 Location: Whitefish Bay Status: Offline Points: 40	Post Options Post Reply Quote Slupe Report Post Thanks(0) Quote Reply Topic: Insurance Value 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!

62 wood Members Profile Send Private Message Find Members Posts Add to Buddy List Grand Poobah Joined: February-19-2005 Location: NW IL Status: Offline Points: 4527	Post Options Post Reply Quote 62 wood Report Post Thanks(0) Quote Reply Posted: March-25-2012 at 11:29am
	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.
	64 American Skier 62 Classic.. 73 Ski Nautique

Bri892001 Members Profile Send Private Message Find Members Posts Add to Buddy List Grand Poobah Joined: September-27-2008 Location: Boston MA Status: Offline Points: 4945	Post Options Post Reply Quote Bri892001 Report Post Thanks(0) Quote Reply Posted: March-25-2012 at 1:10pm
	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.

TRBenj Members Profile Send Private Message Find Members Posts Add to Buddy List Grand Poobah Joined: June-29-2005 Location: NWCT Status: Offline Points: 21130	Post Options Post Reply Quote TRBenj Report Post Thanks(0) Quote Reply Posted: March-26-2012 at 6:37pm
	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.

Insurance Value

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