Insurance value of outboards....low!
I have just had my first renewal for my Craftinsure policy. I was glancing through the smallprint to see that the maximum payout on outboards is "market value". The catch being that market value, isn't really what it says on the tin.
The Craftinsure "Market Value" is calculated by the new price, less 10% depreciation every year. Even pre covid a nice late 15hp 2 stroke would have been £1000-1200, now you would probably be looking at £1500-1800. However, based on their calculation, if my engine was lost or stolen, I would be getting the new price minus 70%, so I'd guess about £600.
I have called them to see if it was possible to have an agreed value for the engine (as is common with classic cars), but apparently this isn't possible.
I just thought I'd make people aware - be careful of your OB's, especially if you have a nice condition older one! I'd also be interested to know if anyone knows a company that would work on an agreed value basis. Even thought craftinsure are cheap, for myself it would be worth paying a little more to know I was fully covered.
If I can't find an alternative I also need to reduce my cover amount, as my cover was based on what I believed to be the value of the whole setup. But if the most expensive element of the rig, is capped to a significantly lower value, then I'm covering myself for more value than the policy would ever pay out.