Real world values for our boats

[Cort Musgrave]

I recently became the owner of a 1970 Albin 25 and tried to insure it with State Farm for a value of $15k. My agent called back an informed me that the underwriter is saying that it is only valued at $1000.00 and almost accused me of insurance fraud for trying to overinsure something. The agent showed him some comparable boats for sale and he was uninterested stating he is only interested in a value from some sort of value guide like Kelly blue book. My boat is sitting on an almost new aluminum trailer which he also feels has no value. Is there any if you will a "Kelly Blue Book" that I can use for showing the value of my boat? I am beginning to rethink my several decade relationship with State Farm about this.

[tego]

Obviously, State Farm should stick to cars and houses. The underwriter has NO experience with boats like ours ( semi-antiques) and you should talk to somebody who uses marine underwriters like GEICO, Boat US etc. You shouldn't have any problem, but you'll probably need a recent survey. Ben

[DesertAlbin736]

Go with BoatUS/GEICO (if not a BoatUS member already you need to join). A few years ago BoatUS switched to GEICO as their sponsored carrier. My current coverage limitations with them include:

• Hull & Equipement/Agreed Value $20K

• Commercial Towing & Assistance $250/each incident (Also have separate on water towing coverage with Unlimited Gold level BoatUS membership)

• Boating Liability $300K each "Accident"

• Uninsured boater $300K each accident.

• Fuel & other spill Liability $939,800 each "accident"

• Longshore & harbor workers comp "statutory";

• Medical payments $1,000 per person/each accident

• Boat trailer 'agreed value' $2,000 less $50 deductible (1999 aluminum tandem axle/torsion bar suspension/disc brakes)

• Personal effects not covered

This year my annual premium (April renewal with auto pay) is $189.

I don't see how any "Blue Book' or NADA database can have sufficient reliable data on boats as rare and old as the Albin 25 that ceased being imported 39 years ago and at best there are probably only a few hundred surviving examples at most, maybe less than 100 in all of North America including US & Canada. When we first applied for insurance I had to send in photos of the boat (which I why I can come up with various photos so quickly). Condition could range from a complete derelict to one restored and upgraded to "Bristol" condition. I would add the while $20K is probably at the upper end of fair market value for a turn-key boat. That "replacement" value which was somewhat arbitrary & reflected in the premiums, in case of total loss of the boat would be less than 50c on the dollar compared to my total "investment" in initial purchase, repairs, and upgrades to both boat & trailer over the past five years, not counting basic operating expenses of fuel, docking, & land based storage. Maybe even as low as 30c on the dollar.

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