Insurance Renewal - Agreed Value Increases

D

douglee25

Well-Known Member
Jan 13, 2008
4,761
Dallas, TX
Boat Info
Cruisers 3575
Engines
Twin 7.4l
Question for anyone that has recently completed their insurance renewal... Has anyone asked to increase their agreed value to compensate for the market fluctuation?

If so, how did you come up with your number? Did your rate significantly go up?
 
I have Allstate boat insurance and for my 260SD I had it previous agreed insured value for $35,000 for several years and when the renewal came up several months ago I up the agreed value to $48,000 with a slight upward adjustment to the policy but still less than $850 per year. So I think this takes care of the uptick in values lately in the market.
 
I did. Insurance wanted a survey. Surveyor admitted price should be even higher but he has to go by last 6 Mos of sales. Regardless value went up substantially.
 
Black Valkyrie said:
I did. Insurance wanted a survey. Surveyor admitted price should be even higher but he has to go by last 6 Mos of sales. Regardless value went up substantially.
Click to expand...

Did you have to get a new survey? Or did the survey just send correspondence?
 
I just had to change my provider to qualify for an umbrella policy with USAA; they wanted the company that they were affiliated with, Merkel. Anyway, when I kicked off the process, I asked for an agreed value roughly where I believed my boat was the last time I thought about it. Then, I looked around and realized the market for my boat was way up. I already had a quote by this time, but went back and asked for an additional $50K. The policy came back at that value, same premium as the original quote and no survey was required. It doesn't hurt to ask.
 
I’m with Hagerty Marine, upped my agreed value with a list of upgrades/repairs and photos and that was it. Have done this several times over the years. Old boat/car insurance carrier so they are used to slow increases over time as restoration and repairs are made. Premium went up around $15/yr for $2k increase. I originally had it at agreed with what I roughly put in but decided to make a market adjustment for this seasons Renewal.
 
I increased my agreed value by 25k, the insurance company asked for a self survey, all I had to do is list all improvement I have done to the boat and send a bunch of photos. Global Marine Insurance. After listing all the improvements, I should have added another 35k.
 
My insurer for my agreed value policy requires a value survey at least every 7 years. I got it done last year. Same as Black Valkyrie, the surveyor uses guidance values that are lagging in data input so he told me it did not reflect last years jump in pricing fully. It was valued at almost what I paid for it in 2009. So my insurance premiums went up too.
 
Sat down with my agent and showed him a list of 300’s and the asking prices. Even went and looked at a local one and took some photos. I wanted to show him the current conditions of some of these boats. We agreed on a new price.
 
I had to reinsure this year as current insurance no longer offers policy I was under. Went with different company and raised my value up 10k with no issues
 
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