Re: [Paddlewise] Security

At 08:43 AM 10/1/98 EDT, JCMARTIN43_at_aol.com wrote:
 
>If you feel comfortable sharing the info, where did you get a $45 policy, and
>what method did the underwriter use to determine the true value of the boat?
 
Just butting in with my experience. When my Romany Explorer was stolen this
summer, I had it insured through Farmer's Insurance for $2000, with a $100
deductible. This policy cost me $25 per year. They never questioned the
value of the boat until it was stolen. Then, the claims adjuster made calls
to 2 kayak shops (one of which I suggested they call) to find out what they
would be selling the same boat for, considering it's age (3 years, but
bought brand new one year ago) and condition (excellent). They then
averaged the quotes they received from the kayak shops. I found out that
the shop I recommended they call gave a ridiculously low quote, so I called
several more shops myself, all of which gave much higher quotes. I disputed
the amount the insurance company wanted to give me, and told them to call
some of the other shops which they did. They ended up giving me the full
value of the policy. My renters policy covered the accessories that were
stolen along with it he boat, since it was taken from my yard. 

Bottom line here is that they probably dont care what the true value of
your boat is when you insure it. It's probably up to the owner to make sure
they dont under or over insure it. If your boat it stolen, thats when they
will take a very close look at what its true value is.

I now have my Sirius insured for $2700 which is the list price for new
ones. I dont know how much more the policy will cost, but my agent said it
will only be a few bucks.
It is insured for "replacement" value. Right now the boats replacement
value is the same as its original value, but a few years down the road they
would never give me $2700 for it, so I will reduce the policy coverage
accordingly. Best to err on the high side though.

Wayne
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