Agreed Value Insurance Q's

[buck3]

So I bought CHAPS' 21' EDWING, I'm sure that some of you are at least familiar with it, and I was calling about getting insurance threw Farmers (my current carrier.)

I was a little stumped on what the agreed value should be. And further confusing me is that I need to break it down into 4 categories. I figured that here was probably the best place to get straight answers since you all know these boats.

1. Hull (21' Edwing)
2. Motor (1998 Honda 90hp with 1160hrs)
3. Trailer (Forgot the make but a '98 Galvanized)
4. Electronics/Accessories (Simrad CE32, FURUNO 1715, Icom radio/Should be able to come up with receipts for accessories)

Can anyone throw some numbers out.

[welder]

All I can say is it would take about $55,000.00 to replace your Boat, Motor and Trailer with new.
Agreed value is like a life insurance policy , Boat goes away and you get paid .

[goatram]

Buck
You need to check with BoatUS. I have Farmers as well for house and Cars. They will not cover your boat beyond 20 miles from the land. I had a few Marine Insurance Companies quote me as well the last three years. Cause I am four years into owning the policy discounts apply and are giving. My boat is insured for $47,000 I pay just under $400 a year plus I have Trailer and boat towing for a $125 more. BoatUs Towing you properly do not have access in the strait.

[welder]

I use , Global Marine Insurance Agency, $460.00 a year full replacement and I also have BoatUS unlimited + on the road.

[ReelSong]

I had to have a complete survey and apraisel before insurance company would agree upon 190K replacement value

[buck3]

I tried BoatUS but doesn't sound promising. I can probably live within 20miles of shore.

But you guys help with a break down of the values of each.

I am pretty sure the numbers they threw out are:
Hull: $18,000
Motor: $3,000 or $4,000 cannot remember
Trailer: $2,500
Electronics: TBD

[goatram]

Did you get a screaming deal? What would be the price at a Boat dealer?
A new 23' hull might be $25,000 to $30,000or more, used about $20,000
A new motor is 15,000 used with wiring and controls 7 or 8 thousand
trailer about right $2500
Radar, FF/GPS, radios $5000 new You do not want used.
Fishing Gear and Safety things

My boat new in 2004 was $28,500 out the door; now it is $45,000 plus electronics plus my gear. Replacement cost paid for today in insurance money to be able to buy tomorrow

Tuna! will get you off shore. Halibut and Lings will too. Southwest C closure Corner is 47 miles SW from Neah Bay, 32 miles straight out from LaPush. You do not plan to fish theses places?

[buck3]

Yeah I fish Halibut and ling, but it is extremely rare to go past about 15miles out from shore. There are some good producing holes in allot closer then SW Corner of the C.

But I guess I need to get more then they offered for the outboard then sit down with a pen and paper to make a detailed list of the accessories, I'm guessing this includes everything from electronics to tie up ropes, right?

I wasn't sure if agreed value was the same as replacement value though.

[goatram]

I wasn't sure if agreed value was the same as replacement value though.

It is the same if you want it to be. What is the cost to replace the boat at retail price? You can save money if want to price the replacement costs at wholesale. The incidentals are priced in around $2000 I think. Why is BoatUS out of the picture? I would get mutable Quotes from a few companies.\
BoatUS
http://www.griffinmaclean.com/
Pau Hana aka Pete he lives in Port Angeles. Here is a thread that he posted on BD. (You Need to be a member there as well. Welder is. Jetty Wolf aint and won't be. His desision.
http://www.bdoutdoors.com/forums/washin ... -heed.html

[buck3]

BoatUS was more then Farmers pretty much. I have been getting quote from different places. Have gotten 5 or 6 so far and Farmers is the cheapest.

[JETTYWOLF]

Did you get a screaming deal? What would be the price at a Boat dealer?
A new 23' hull might be $25,000 to $30,000or more, used about $20,000
A new motor is 15,000 used with wiring and controls 7 or 8 thousand
trailer about right $2500
Radar, FF/GPS, radios $5000 new You do not want used.
Fishing Gear and Safety things

My boat new in 2004 was $28,500 out the door; now it is $45,000 plus electronics plus my gear. Replacement cost paid for today in insurance money to be able to buy tomorrow

Tuna! will get you off shore. Halibut and Lings will too. Southwest C closure Corner is 47 miles SW from Neah Bay, 32 miles straight out from LaPush. You do not plan to fish theses places?

Goat,
I believe all that's well and good......but when it comes to that yearly payment it's another deal.
I have commercial insurance and of course tried to do the same thing. But can I afford it? NO.
So I had to come up with a happy medium and live with the fact that I could be on the short end of the stick if something really BAD happened.

As in life.........Big Money talks, and the small buisnessman suffers, in the event of catastrophy. Hurricane.....??
Thank goodness I can now PULL my boat and all my belongings to safety. Should have gotten a "fort", because I'll probably have to live in the boat if we get a hit here in J-ville. My house will definately be gone.

[buck3]

Well I got insurance for my boat threw farmers.

As for commercial insurance, yeah it cost big dollars. It was staggering on what they charged us when I took over running a 118' trawler with a replacement cost of $5.6 million. I was 22y.o. and one year experience on this sized vessels.

I am still needing to get my papers while I can, meaning its still cheaper for the company to pay for the classes then the extra insurance because I don't have it.