3XX Sundancer Insurance Question

[Scott-F]

We have an older 240 Sundancer that we purchased last year to practice on and confirmed that we liked the cruiser model. We've had a great experience and lots of fun with it. Now we're looking at something bigger and more long term for us, probably a 2007 320 Sundancer. The first boat was fairly cheap but this one will be more expensive. What value should you usually consider for your annual insurance insurance? The purchase price or survey value, just enough to cover engines, or somewhere in between? Insurance for the purchase price seems too much, but we're newer to this so not really sure where we should be landing.

Thanks in advance!

 

[bobeast]

The surveyor will likely give two valuations. That of the current condition, and likely market value after any found issues have been resolved. Neither of these may have anything to do with the actual purchase price.

In any case, you should insure it for whatever it would cost to replace it after a total loss based on current market conditions. Anything less, is taking a gamble. When you purchase insurance you are paying them to take on that gamble, so you don't have to.

 

[Lazy Daze]

If the boat was a total loss 6 months after purchasing, you would want a value equal to replacement cost, right? I can't imagine you would want to insure it for less than you just paid only to "be out" $XXXX for the sake of $X per year.

 

[Golfman25]

Agreed value at purchase price at a minimum

 

[Scott-F]

Thank you for this insight! It's good validation.