Do insurance companies insure a boat for its value or insure it for what you paid for it?

Answer 1

Read the fine print, it can be either way and the rates will vary

But usually insurance companies insure it for book value less depreciation!

Read the fine print, ask the agent.

A friend of mine had good homeowners insurance. When he tools got stolen they would either cut him a check at a fixed price OR he could go out on his own nickel buy ALL the tools and they would reimburse him.

He, of course, went out and bought the very best this time!

Replacement value for the size and type of boat is probably what you want.

Answer 2

Depends on the insurance company and or the policy.
I know my boat is insured for replacement value.
Most insurance companies unless you ask will only insure for fair market value or NADA value.
Make sure and go over the policy with your agent, and tell him how you want it covered...DO NOT skimp on the Liability insurance. Oops almost forgot some companies will not insure a boat with more than a 200 HP motor or one that will go over 60 MPH.
Good Luck and be safe on the water.

Answer 3

I just dealt with this issue 2 months ago... I bought a new boat for about 10,000 under MSRP and the insurance company is only insuring me for what I actually paid. It's criminal and am currently looking into other companies that specialize in boats and actual value. Read the fine print.

Answer 4

Insurance companies require a survey of the boat and that determines the value that it is insured for.

Answer 5

I might suggest you to try this web site where you can compare rates from different companies: http://COVERAGEFINDER.NET/index.html?src=3YA

RE :Do insurance companies insure a boat for its value or insure it for what you paid for it?
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Answer 6

The lesser of the coverage cut back you specify, or particularly funds fee (that's replace much less depreciation). Why could your boat be worth $20,000? If this is the decal value new, the 2d you force it off the lot on the trailer, that's used, and not worth that lots. they're going to charge you based on the $35,000, yet while declare time comes around, you're unlikely to get that. different than for the certainty that trailers are not worth $15,000, you get ACV. i'm not following the final bit, desire pay on waht i'm paying . . . it is not an agreed fee, that the dollar you call is paid out. that's "particularly funds fee". they're going to look it up. in case you lowball, and insure for below particularly funds fee, you get the coverage cut back. yet boats are infrequently stolen. lots of the time that's vandalism or collision. And while you're underinsured THEN, you get the share of the boat you insured. occasion: $2000 vandalism harm on a $10,000 boat you have insured for $5,000 - you're 0.5 insured, you're in charge for 0.5 the loss. They pay $a million,000 - much less your deductible.

Answer 7

I suggest you to try this website where onel can get quotes from different companies: http://COVERAGEQUOTES.NET/index.html?src=2YAvaK5bc3ie

RE :Do insurance companies insure a boat for its value or insure it for what you paid for it?
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Answer 8

I just rebuilt a 1973 hull spent 60 thousand ,but can only insure for 20 thousand,the 1973 on the title is killing me,I'm having a marine survey done trying to increase my coverage,by proving value

Answer 9

Help yourself - you can check your quotes in internet for example here - DEALSQUOTES.INFO

RE Do insurance companies insure a boat for its value or insure it for what you paid for it?

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Answer 10

For free insurance quotes