Hi how much should I insure this for then?

[Nick Hearne]

Hi how much should I insure this for then?
Osprey Viper 5.75M,
ser. no. V7017
1994
Wit single jockey consol seat, hydraulic steering, VHF, Fish finder, Gps

Hallmark Roller Coaster Trailer 3, braked trailer, 3 new tyres & bearings

Johnson 100 HP V4
MOD no. J100STLEND
SER no. G 03095542
1992
All in good condition
Nick

[Nick Hearne]

A photo Nick

[Richard B]

Originally Posted by Nick Hearne

Hi how much should I insure this for then?

What value would adequately compensate you for it's total loss?

Or... how much did you pay for it? If you paid only £6k for the boat but feel that it's "worth" £8k then you're wasting your premium stating an £8k valuation. Unless you forge a receipt for £8k. Guess what documents the insurance company might want to see if it were lost/stolen??

Looks very smart... is that a recent picture?

[Pete7]

Nick, nice rib those Ospreys and they don't come on the market very often plus they are getting expensive now. Insure it and its equipment (and everything you will add to it) for its replacement value. How about £8k ?

Pete

[Nick Hearne]

Originally Posted by Richard B

What value would adequately compensate you for it's total loss?

Or... how much did you pay for it? If you paid only £6k for the boat but feel that it's "worth" £8k then you're wasting your premium stating an £8k valuation. Unless you forge a receipt for £8k. Guess what documents the insurance company might want to see if it were lost/stolen??

Looks very smart... is that a recent picture?

I want to know that it would cost to replace it!
I.E. the insurance value.
Photo taken last year in Fowey.
Nick

[John Kennett]

I would check with your insurance company and see how much they will insure it for.

They will often only pay out what you can prove you paid for it, never mind what it may really be "worth". They will happily accept a premium based on a higher valuation though!

This can be a problem with ex-demo boats or refurb projects, but a good [insurance] broker ought to be able to give you an agreed value.

John

[Nick Hearne]

Originally Posted by John Kennett

I would check with your insurance company and see how much they will insure it for.

They will often only pay out what you can prove you paid for it, never mind what it may really be "worth". They will happily accept a premium based on a higher valuation though!

This can be a problem with ex-demo boats or refurb projects, but a good broker ought to be able to give you an agreed value.

John

So if I paid £2000 when I should insure it for £2000!
When in the real world it will cost me £8500 to replace!
As I say what would I have to pay for this boat should I have to replace it!
Not what did I pay for it, I know that & would not be able to get anther at that price.
Nick

[Daniel]

Get a marine dealer to do a valuation, and make sure the broker is aware that this is the value to which you are insuring it.

My boat was a 'project' hence i did exactly this. I'd be hard pushed to prove i spent £12k on it but it's worth more than that! What is the serial number you quite? I was told by Osprey they did not use these 'till CE marking in late 1999. My hull is an early 1999 apparently.

[John Kennett]

Nick

What it will cost to replace and what to insure it for are not necessarily the same thing -- although I agree that they should be!

If you think that the boat is worth more than can prove you paid for it, then you should get the insurer to agree a value.

It may possibly cost you £8,000 to replace but there is no point paying the premium on £8,000 if it turns out that the insurer will only give you £2,000 for a total loss . . .

What it would cost to replace may not be the same as what you could sell it for either, but that's likely to be the nearest measure. I would guess at £6,000 to £7,000 but any valuation of a ten year old RIB without seeing it can be no more than a wild guess.

John

[Pete7]

Originally Posted by Daniel

What is the serial number you quite? I was told by Osprey they did not use these 'till CE marking in late 1999. My hull is an early 1999 apparently.

Osprey really lost the plot with serial numbers. The 70** was originally going to be used to designate 7m Vipers but they lost it and some boats went out without even having numbers. Early hardnose boats had the DOM written on the tubes in the bow area by Eurocraft which can help.

Pete