Insuring your boat

Talk about anything that floats your boat (no pun intended). This is general talk about anything not related to boating/fishing.
Lockndam25
Posts: 73
Joined: 12 Feb 2017, 21:19
3
Location: Winfield Mo

Insuring your boat

Post by Lockndam25 »

I came across a project thread and at the end they were talking about insurance. A few things came to my mind, if a boat reaches a certain age it can be classified as a classic and insured to appraised value or if you amassed a amount for the renovation and use that as a replacement amount.

I know this because that's the industry I'm in. Some collector insurance companies will offer policies that are a stated amount, the most they will pay minus deductibles and depreciation until replacement is made. Agreed settlement is the amount that you agree to minus deductibles.

Bottom line is check your policy you could have a A.C.V policy or actual cash value. And they will settle for blue book amount. Not good if you own a 1990 tracker and you put thousands of dollars rebuilding. Outboards can be insured separate depending on the company and the state you live in.

If you have questions I can find the answer for you, and this is not a pitch to buy anything from me,
I thought I might have something to offer others free advice.

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