Insurance ?

[lipets]

Just checked the market on my boat and since new boats went up in cost it's value increased.

My broker said he can't increase the coverage that make any sense?




If I shop for a new company how long is my survey good for?

 

[Comodave]

We have Boat/US. This year they sent me a renewal with the value decreased a bit, not much. I called them and asked why. No real reason so I asked if I could raise the value to more than it was. They looked up the values of my boat and said yes. So I increased it up to their value. Don’t know where they got the values from though.

 

[Shrew]

Just checked the market on my boat and since new boats went up in cost it's value increased.

My broker said he can't increase the coverage that make any sense?

If I shop for a new company how long is my survey good for?

Why would the value of a used (depreciating) object increase as a result of the cost of a new version of the same object increase?

That makes zero sense. Each year, the cost of a new Honda Civic goes up. Based on you theory, my 15 year old Honda Civic should be worth more every year as well

Unfortunately, that is not how depreciation works. You're obviously within your right to shop insurance, but this reason alone doesn't seem like a logical one.

 

[ghost]

The value of my 1980 boat has gone up significantly in the last year as well. I’m not sure that I would phrase it as because of new boats, but basically it’s just what the market will bear. Lots of folks want to buy boats right now. New boats of the 50 foot size are out of reach for a lot of those buyers. Older depreciated boats in great condition are in high demand, especially ones with a perceived pedigree like Tollycraft. I’m probably in the neighborhood of the price we paid 15 years ago right now. Those who bought similar 5 years ago at the low might have doubled.

 

[lipets]

Spoke to three brokers, can't up the coverage.

End of story

 

[BandB]

Just checked the market on my boat and since new boats went up in cost it's value increased.

My broker said he can't increase the coverage that make any sense?




If I shop for a new company how long is my survey good for?

The problem is that you really have no way of knowing the market of your boat. Did you check soldboats? Then deduct 10% for sales commission? Boat market is difficult to know and it's certainly not what you see asked for on boats for sale. The insurer has their opinion and it differs from yours. Insurers are going to need a substantial number of sales to look at before they raise values.

 

[lipets]

I called several brokers , can't be done cased closed