Insurance amount questions

[Richard Marriner]

Hey guys! I am in the process of getting insurance for my 2005 Tracker V-18 with a 115 Optimax. My problem though is the insurance agent wants a break down of the price of the hull, motor and trailer. NADA guide only shows the price of the entire package. :unsure: We bought it for 10,200 from a private party a little over a year ago. It's all in real good shape, motor when we bought it had 14 hrs on it and probably still has less than 30. Any suggestions?



I was thinking insuring it for 11,000 because of the upgraded TM (motorguide PTSv) with the following breakdowns;

2500 trailer

3500 motor

5000 hull (which supposedly covers TM)



Is that a good breakdown, or should they be tweaked?



Thanks again!

 

[Michael Yeatts]

I would value the hull and motor much closer, but that's just me. In many cases the outboard is the most expensive part of the package.



Mike

 

[Derek Chance]

Make sure you get a policy that insures for agreed value and not cash value. Agreed value will pay the amount you want to insure it for. For ex. if you insure for 10000, then if something happens in 2 years you still get 10000. Most insurance companies that don't specialize in boats, will do a cash value, which means they will only cut you a check for the actual value of the boat at that time. so in 3 years if something happens and your boat's value is worth 5600....that is all you will get from them. Most mainstay ins. co. do this too. Amer. Fam. State Farm, geico, etc.

Give Bob Luellen at Worldwide marine a call and you won't be sorry. Probably save you money too for better coverage....trust me. Let me know if you want his ##

 

[Scott R]

Give Bob Luellen at World Wide Marine a call at 800-339-1235 and question him about it and get him to give you a quote. He will probably save you a good bit of money, and will answer any questions you may have, even if you don't get your policy through him.

 

[Richard Marriner]

I have all my insurance with a local Farmers agent. They've told me they use Foremost and it is agreed value for the first 15 years of the boats life so we still have 10 years to go on the agreed value. I've heard good things about Foremost so that's why I was going with them through my normal agent.



Are the Trailstar trailers really worth that much? What do you guys insure your trailers for? I agree with you Mikey about the motor but the guy I talked to who specialized in bass boats said I had the motor too high and actually suggested the above amounts.



I'll give Bob a call though and see what he can do.



Thanks again!