Boat and Motor value for insurance coverage

[sames14]

Trying to satisfy my insurance company so I need some help coming up with a value on motors and hull.
1996 Mercury 90 hp 2 stroke (400 hrs) stainless prop
1996 Mercury 8 hp 2 stroke (400 hrs)
1996 Hewescraft 17' Searunner (400 hrs)
All in excellent condition.

 

[seahorse]

Interesting as I had to get a survey from the insurance companies preferred list of surveyors before they would even consider insurance for my boat

 

[Go.Fish]

I know what boat this is, nice score! Wish I saw it right away

Just dealt with this recently. If you tell one insurance company what you “paid” for it they will insure somewhat based on that value unless you get a survey. If you tell a second insurance company you paid more then you can get insured for a higher value. Not sure of the legality in doing this but it doesn’t make any sense to insure something for less than what it’s worth to replace.

I have no experience with insurance claims and total loss, would they ask for a purchase receipt? Considering the condition of that boat I’d consider getting a survey as I doubt there’s anything wrong with it

 

[zurk]

just send them a copy of the purchase receipt. thats your value.

 

[Unreel]

just send them a copy of the purchase receipt. thats your value.

Not really, you could have got a good deal on something so I'd want it insured for replacement value not what I paid. Does the boat not have a current survey in the last 5 years? usually thats required for insurance. If not try to do some research on comparable vessels, power. You can usually insure it for whatever amount but doesnt mean insurance will pay that in event of a loss.

 

[sames14]

Thanks for the info. It is the hull that I am finding hard to put a value on. 1996 sounds old but only 400 hrs and garage kept all its life. How do those guys with 1975 Boler trailers come up with a 10,000 dollar value and do they actually get insured for anything even close to that?

 

[sames14]

Anyone recommend someone in the Lower Mainland to do a survey?

 

[Fishalot]

David Wood 778 996 4498 is who I used for a survey for insurance purpose and value.