@ What Price Would You Value Your Mac vs Other's Thoughts

[Russ]

Ah... Insurance is so complicated. Mostly reading between the lines and understanding what they will actually pay for.

Just yesterday I got solicited by an agent. $2 mil Umbrella policy less than $300 bucks. Not bad to protect your assets and future if someone sues you for that much which is easy today.

Here, they seem to be making money on homeowners policies. My first house probably cost me less than $300/year to insure. Now they are charging $3k/year. Granted, their liability (cost of replacement) is much higher, I think they are making a lot of money on these policies.

Insure what you can't afford to lose and keep the extra premiums in a jar. After 10 years, buy a new car.

[tlgibson97]

I think I have my '96 X insured for $12,500. I just looked around at what other similar boats were selling for. I have no doubt that with everything included it is worth more than that. I figure short of a full sinking, I would be able to salvage much of the valuable stuff aboard. The motor is a '96 Tohatsu 50 with not much value.

It's really a balance of what I could live with if it was a total loss and the cost of insurance. I could set that value to whatever I want but I would be paying extra for it monthly. I'm with State Farm where you can set the value whatever you want it to be. I started looking at BoatUS, but they would only insure it for what I paid for it plus whatever added value I could prove. I bought the boat for $9,500. I felt like after I cleaned it up and got it running well I increased the value. But doing that didn't cost much, just time. They didn't make any sense to me. Every other insurance I have ever dealt with is based on replacement cost, not what you paid for it.

[Ixneigh]

My boats worth a lot more to me then most replacements I could find or even a brand new one. I've done a lot of stuff that's important to me, that really does not add to the resale value of the boat. The skegs on the bottom, the anchor windlass, deck reinforcement and custom colored nonskid, not to mention the inside shelving and stuff. All that takes a lot of time and effort to do. For another person though, many of my changes would be negative value. The dreaded disaster mods!! They are only benefits if someone wanted to use the boat in the same way I do. And with my tastes in color.
My policy through Boat US is on the higher side of those mentioned because of this.

Ix

[Gazmn]

I've done a lot of stuff that's important to me,

Dude, Post your mods. I Love A Good Mod. & It's SNOWING AGAIN IN NY

I have not only seasonal affective disorder, But Serious Mac DTs


I gotta go shovel again & try not to have a heart attack

[Catigale]

My boat rider through state farm is 150 bucks covering boat plus motor. Even if I only got half its value, i would get enough to get back into a Mac.

You indeed never win with insurance, the house does.

On cell phones and teens, best insurance plan is to keep an old phone and rotate back into service if you lose one. We save one phone upgrade so that we can pay only the subsidized price if we have to.

The insurance plans have caps on number of events and per event charges that dont make them cost effective, IMHO

[dlandersson]

On cell phones - Moto G for $14.99

http://www.cnet.com/news/get-a-textnow- ... for-14-99/

My boat rider through state farm is 150 bucks covering boat plus motor. Even if I only got half its value, i would get enough to get back into a Mac.

You indeed never win with insurance, the house does.

On cell phones and teens, best insurance plan is to keep an old phone and rotate back into service if you lose one. We save one phone upgrade so that we can pay only the subsidized price if we have to.

The insurance plans have caps on number of events and per event charges that dont make them cost effective, IMHO

[BOAT]

The real test of your insurance is when the boat gets wrecked out on the highway while your towing it somewhere - that's where the fine print comes in.

[mastreb]

My boats worth a lot more to me then most replacements I could find or even a brand new one. I've done a lot of stuff that's important to me, that really does not add to the resale value of the boat. The skegs on the bottom, the anchor windlass, deck reinforcement and custom colored nonskid, not to mention the inside shelving and stuff. All that takes a lot of time and effort to do. For another person though, many of my changes would be negative value. The dreaded disaster mods!! They are only benefits if someone wanted to use the boat in the same way I do. And with my tastes in color.
My policy through Boat US is on the higher side of those mentioned because of this.

Ix

Hi Ix,

You should check the details of your policy, because insurance does not typically pay your "maximum comprehensive" on any vehicle--they pay the assessor's assessed value. That means every year that goes by reduces the boats value, and they usually give no value whatsoever for your mods--it's MSRP and below. You could be paying for $20,000 worth of comprehensive, but when your boat gets struck by lightning and burns down, they may decide it was only worth $8,000 and cut that check, leaving you to sue them for any additional. You need to be sure you have "replacement cost" insurance, and not "assessed value", or otherwise you're just wasting money.

If you've ever totaled a car, you've been bitten by this particular bit of nastiness. The insurance companies say its necessary to prevent fraud (such as torching old cars that are over-insured), and it probably is, but if they were ethical they would reduce your comprehensive premiums EVERY YEAR to match the depreciation of what they are actually going to pay out, which they don't.

They get you every which way.

Matt

[Sea Wind]

Gazm,
I have my 2001 X with a 2012 suzuki 90 and 2010 tandem aluminum trailer insured for $20K.

[Russ]

My boat rider through state farm is 150 bucks covering boat plus motor. Even if I only got half its value, i would get enough to get back into a Mac.

You indeed never win with insurance, the house does.

On cell phones and teens, best insurance plan is to keep an old phone and rotate back into service if you lose one. We save one phone upgrade so that we can pay only the subsidized price if we have to.

The insurance plans have caps on number of events and per event charges that dont make them cost effective, IMHO

I've heard some people break their phone more than once a year. Who does this? What are you doing with your phone?

I bought the square trade insurance for the teen's phone. No one in our house has ever broken a phone. No insurance on the others. Banked the money.

[DaveB]

I to have a 97 Mac. Restored with new 50 hp merc bigfoot, aluminum tandem trailer, all new windows, rubrail, anchor bow sprit with fortress anchor, mainsail...etc new. Boat looks almost new.
It's worth what someone pays.
Dave

Okay boys, all you have to do is answer the title question.

Minus the typical answer of: "Priceless" ... that one goes without saying.

eg: I own a modified '97 with the newer Stainless Steel rudders vs Aluminum. I'm trying to factor what value to in$ure my 18YO Mac @, after 2 repowers. What is my [Your] Mac worth to the "Bean Counters"?
How much of a new motor can I factor in to an updated REPLACEMENT VALUATION. Cause nothin else really means anything


What say you

[Sea Wind]

I am in the process of switching insurance companies and this got me curious:

You could be paying for $20,000 worth of comprehensive, but when your boat gets struck by lightning and burns down, they may decide it was only worth $8,000 and cut that check, leaving you to sue them for any additional

So, the most basic coverage for a 10 year old boat or higher, the depreciation rate is 90%. So you could be paying a premium for a value of $20k, but at the end of the day you would recoup only a couple boat bucks. If engine and trailer are newer they obviously depreciate less. For a premium that costs about 25% more, you can have the agreed value of $20k

You indeed never win with insurance, the house does.

Agree. That is why it is important to share information.

[BOAT]

How do you replace the MAC when they are no longer building them? If the boat is destroyed you left to finding a used boat. I guess that is the part that bugs me the most. I can't buy a new one anymore. That sort of takes away all my incentive to insure it with a real high replacement cost.

[dlandersson]

My experience this year was similar.

I totaled a boat once. In my experience with the insurance company, the receipts and bills I may have had for equipment really didn't matter at all. Once the boat was damaged, the boatyard provided a preliminary estimate of damage to the insurance company. The insurance company then send out their own estimator (actually a 3rd party guy) to do a further assessment of the damage. If the repair costs are below the total value of the policy, that is the value you receive (less any deductible) and that is the value the yard accepts to complete the repairs. It works just like an auto claim. If the repairs meet or exceed the cap on the policy, the cap amount is what you get. On my policy the deductible was waived because it was a total loss (ie: repair costs exceeded the policy cap), and I received the full value of the policy.

So in the case of a total loss, if your boat is worth $20K but it is only insured for $15K, you get $15k. If the boat is only worth $15K but you insure it for $20K, you get $20K, so long as the repair costs exceed this. That being said, I do not know how they would have handled a theft like a chartplotter or something similar.

[Herschel]

My experience this year was similar.

I totaled a boat once. In my experience with the insurance company, the receipts and bills I may have had for equipment really didn't matter at all. Once the boat was damaged, the boatyard provided a preliminary estimate of damage to the insurance company. The insurance company then send out their own estimator (actually a 3rd party guy) to do a further assessment of the damage. If the repair costs are below the total value of the policy, that is the value you receive (less any deductible) and that is the value the yard accepts to complete the repairs. It works just like an auto claim. If the repairs meet or exceed the cap on the policy, the cap amount is what you get. On my policy the deductible was waived because it was a total loss (ie: repair costs exceeded the policy cap), and I received the full value of the policy.

So in the case of a total loss, if your boat is worth $20K but it is only insured for $15K, you get $15k. If the boat is only worth $15K but you insure it for $20K, you get $20K, so long as the repair costs exceed this. That being said, I do not know how they would have handled a theft like a chartplotter or something similar.

Glad you reactivated this thread. Eight years have passed; probably good to think about the insurance issue again. I insure my 98X with BoatUS at an agreed amount of $14,076 with a yearly premium of $479.33. There is $300,000 liability in the policy. 0 deductible on hull. I repowered in 2013 with a 50 hp HT Yamaha. Boat is in good shape with all the usual accessories (i.e., dual battery with charging; shore power to two outlets, electric toilet with 13 gal holding tank, two 9 gal freshwater tanks and pump/piping, full Bimini and enclosure, Garmin chart plotter, VHF, full set of Doyle sails (main replaced in 2015-ish), and cockpit cushions). and I have a totally rehabbed OEM trailer with dual axles and disk brakes. Some minor Gelcoat issues due to living outdoors at a marina all year in Central Florida, but I keep it waxed. I have limited DIY skill set and am 79 y/o, so I want to be able to have a professional fix this baby, if it gets broken by one of our hurricanes. Or worst-case scenario, be able to pick up some kind of smaller (16-17 ft) trailerable sailboat I could rig pretty easily at a ramp, if my Mac is totaled.