Badger Posted January 9, 2017 Report Share Posted January 9, 2017 Hello, I recently looked at changing my boat insurance company. When talking to a couple of companies I discovered that I cannot give a value for my boat, greater than the amount I originally paid for it. Last year I had two brokers value my boat for resale. The prices quoted were more than I originally paid at purchase. If boats have risen in value over the years, would it not be fair for insurance companies to pay out a replacement cost at today's prices, rather than what might have been a boat value years before ?. What are your views ? Badger Link to comment Share on other sites More sharing options...
bozlite Posted January 9, 2017 Report Share Posted January 9, 2017 Hello, I recently looked at changing my boat insurance company. When talking to a couple of companies I discovered that I cannot give a value for my boat, greater than the amount I originally paid for it. Last year I had two brokers value my boat for resale. The prices quoted were more than I originally paid at purchase. If boats have risen in value over the years, would it not be fair for insurance companies to pay out a replacement cost at today's prices, rather than what might have been a boat value years before ?. What are your views ? Badger Saga do an 'agreed value' policy (if you're old enough to get a policy with them!) Link to comment Share on other sites More sharing options...
Alan de Enfield Posted January 9, 2017 Report Share Posted January 9, 2017 I have an 'agreed value' policy on both our boats - one is with 'CraftInsure' (who also do NBs), the other with 'Haven Amlin' You give them a value (any value), if they agree 'its about right' then they work out the premium on that value. In the event of accident / total loss you get back the agreed 'value' with no deductions for wear & tear or age. 1 Link to comment Share on other sites More sharing options...
David Mack Posted January 9, 2017 Report Share Posted January 9, 2017 Our insurers wanted a surveyor's valuation to increase the sum insured. As a historic boat we have to have an out-of-water survey every 4 years anyway, so we just asked the surveyor to give a valuation at the same time. I don't think it cost us any extra on the survey. Did either of the brokers you spoke to give you a written valuation? If so, the insurers may accept that. Link to comment Share on other sites More sharing options...
widebeamboy Posted January 9, 2017 Report Share Posted January 9, 2017 Some boats do indeed appreciate and in my view you are talking to an admin fool on the other end of the line following a script. Try someone like Craig Morley at Coversure (I've no connection just had nice interaction with him when considering swapping my own cover). My own boat has increased in value if I sold it by a significant amount however only because it is on a residential mooring. I don't insure for that extra amount as if it goes sinking or catches fire I still have the mooring (providing it doesn't take the pontoons with it of course). The risk they are foreseeing is you saying it is worth "£100k" when you paid £75k for it and so pay a premium based on £100k, set fire to it and make a tidy profit. Hardly likely however not impossible. If the cost of your boat has increased and can be proven then you have insurable interest in it to the amount it is valued as. Link to comment Share on other sites More sharing options...
Badger Posted January 9, 2017 Author Report Share Posted January 9, 2017 Thanks for your response everybody. I did indeed try Craftinsure. I filled out a simple online form to get a quote. (which was very good). I then gave them a call. They were very helpful. Stating that they would pay out an agreed sum, if I had a recent valuation from a surveyor or broker etc. Or if not would pay out a considered market value to replace.(Even if it were more than the original purchase price.). I have decided to go with Craftinsure. Thanks again to all. Badger Our insurers wanted a surveyor's valuation to increase the sum insured. As a historic boat we have to have an out-of-water survey every 4 years anyway, so we just asked the surveyor to give a valuation at the same time. I don't think it cost us any extra on the survey. Did either of the brokers you spoke to give you a written valuation? If so, the insurers may accept that. Unfortunately I did not get a written quote from either broker, but it is something I will do this year. Link to comment Share on other sites More sharing options...
frangar Posted January 9, 2017 Report Share Posted January 9, 2017 I've recently had this....as I brought my boat over 20 years ago and done a fair bit of improvement work on it I wasn't impressed. Even less impressed with a supposedly respected brokerage who wouldn't put a value in writing....should I sell they will not be getting my business on principle Eventually my insurance company (GJW) came to an acceptable aggrement....which hopefully will stand up at renewal.....and if I have a claim! It seems very different to my classic Land Rover insurance where I have to supply pictures and name my agreed price...I then pay based to my valuation.....if I overvalue it I'm paying in increased premiums. Gareth Link to comment Share on other sites More sharing options...
Neil Smith Posted January 9, 2017 Report Share Posted January 9, 2017 I had the same problem as I bought mine as a new shell, so the purchase price was no where near its finished value, and a few companies wanted a surveyers value that I didn't have time to get so I went with insure4boats that took my word for its value and they was much cheaper than the others I tried. Neil Link to comment Share on other sites More sharing options...
alan_fincher Posted January 9, 2017 Report Share Posted January 9, 2017 Our insurers wanted a surveyor's valuation to increase the sum insured. As a historic boat we have to have an out-of-water survey every 4 years anyway, so we just asked the surveyor to give a valuation at the same time. I don't think it cost us any extra on the survey. Blimey, that's a bit tough! Assuming that's not a typo, I wonder why, because our insurers are happy to use a survey for 6 years. Link to comment Share on other sites More sharing options...
beerbeerbeerbeerbeer Posted January 9, 2017 Report Share Posted January 9, 2017 Blimey, that's a bit tough! Assuming that's not a typo, I wonder why, because our insurers are happy to use a survey for 6 years. Mine's every 5 years And due for renewal next month, so perhaps its time to shop around. Link to comment Share on other sites More sharing options...
PaddingtonBear Posted January 9, 2017 Report Share Posted January 9, 2017 You all seem to have it tough to use Alan's phrase. We never need a survey and did not on Warrior either Link to comment Share on other sites More sharing options...
alan_fincher Posted January 9, 2017 Report Share Posted January 9, 2017 Mine's every 5 years And due for renewal next month, so perhaps its time to shop around. Odd - I have perhaps wrongly assumed the requirement was generally set the same for all "historics". The waters of historic boat insurance have just become somewhat muddied by Towergate changing their insurer, and breaking their associations with Michael Stimpson as advisor. We seemed to have two options - carry on with Towergate anyway, or sign up to something new that Michael was arranging. It all got quite confusing as Michael assured me their quote would be less than Towergate, but no point was that actually the case, (although both played around with their figure). In each case I thought the requirement was still only a survey every 6 years, but I was unable to get denials to the story doing the rounds that in future surveys may be full surveys on the entire boat and equipment, not just out of water hull surveys. that is quite worrying if in any way true, as it will be one more thing to drive costs up even higher. You all seem to have it tough to use Alan's phrase. We never need a survey and did not on Warrior either Yes, but you are third party only, aren't you, which I acknowledge is your decision. If you ever wanted to be comprehensive, (which I assume you never will), you would need regular surveys. To be fair it was only a survey done on "Sickle" for insurance purposes that told us if we had done serious ice-breaking with her we might have put a hole in here. Worth knowing, really! Link to comment Share on other sites More sharing options...
Chertsey Posted January 9, 2017 Report Share Posted January 9, 2017 Yes, but it's ironic that the dirt cheap, no survey, third party insurance includes salvage! Link to comment Share on other sites More sharing options...
David Mack Posted January 10, 2017 Report Share Posted January 10, 2017 Blimey, that's a bit tough! Assuming that's not a typo, I wonder why, because our insurers are happy to use a survey for 6 years. I've just checked. Previously Towergate required us to have an out of water hull survey every 4 years. But on renewal in 2016 (following a survey in 2015 and some hull repairs done in 2015 and early 2016), they don't require another survey until renewal in 2021 - so effectively 5 years now. Link to comment Share on other sites More sharing options...
roggie Posted January 12, 2017 Report Share Posted January 12, 2017 I'm with a TowerGate as well and same 5 years between surveys on our 1988 nb. They are about £25 more expensive than other quotes, plus £18 'arrangement' fee but I find their RCR cover good value and most likely worth tpuding them over other companies. Not used for a claim so don't know if they are good when you have to claim. Link to comment Share on other sites More sharing options...
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