Insurance?

[SmokeOnTheWater]

Insurance premium is coming due and I just spoke with my agent to adjust my coverage and I may have undercut my needs. All the equipment and accessories we add and accumulate over the years is causing my skeptacism. How well do you folks insure your boats?

Do you cover just the bare necessities, go for full replacement or somewhere in between?

Do you try to keep the premium down or go the max to protect your investment against any conceivable situation?

[smokin' Kokes]

i do full replacement costs insurance on boat and contents. only about 20% higher premium than market depreciated value insurance.

market value is the depreciated value that the insurance company's adjusting contractor comes up with, always low ball and always a fight to increase.
not worth the ulcers to end up with 30 cents on the dollar of replacement cost value.

a 5 year old reel or 5 year old outboard is worthless on depreciated market value set by an insurance company.

too many boat thefts in these times and too much gear/motors/toys/electronics stolen off them.

[Full_Monte]

I agree. Replacement value insurance is better because they have to use market rates for replacing your stuff. What gets you, no matter what the policy is the deductible. I have a $500 deductible, which still keeps me thinking about security.