Originally Posted by Doug Stormforce
I dont think you can insure and expect to get a pay out for more than the boat is worth. If you over insure and claim you will not get the inflated value you will get what the loss adjuster values your boat at.
If you feel the insurers might under value your bat get a surveyor to value it, and send the valuation in when you negotiate your policy.
Agreed to a point. Agreed value is a bit like life insurance, I can insure the missus for £10k or £10m, same missus, same life, the only difference is the premium. If I start insuring a £5k RIB for £100k it might raise some eyebrows & questions, but then I'd be paying a silly premium to insure a cheap boat & it would be screming "Fraud". The premiums would probably be more than I paid for the boat & the whole thing would smell dodgy. I currently have my 6 yr old boat insured for exactly what I paid for it new & pay accordingly. I could probably half my premium if I took a market value policy, you pays your money & takes your chance. If I kept the boat for another 10 years, I'd be paying the same premium+inflation, So I'd be paying over the odds for a 16yr old boat. The insurance company would be happy to keep taking my money. Don't forget that the agreed value only comes into play in the event of a total loss, when it comes to damage etc, the T&Cs are just the same.
Speak to the insurers is the best advice I can give.