Thread subject: Whaler Central - Boston Whaler Boat Information and Photos :: Insuring my 1977 Outrage 21 - questions...
Posted by gigem on 11/17/08 - 2:17 PM
#1
Looking to buy insurance for my Outrage 21. Any suggestions on how to derive a value? For reference, here is the boat...
http://www.gigem.com/whaler.htmwhaler.htm
The N.A.D.A. blue book is a joke. $1,280!
My thought is to insure it for $25,000. Does that seem reasonable?
How much would a survey cost? Do you think it would support that value?
The motor is a 1996 Evinrude OceanPro 175... I am including that in my $25,000 value...
Who do you have your insurance with? I am leaning towards Progressive...
Any help would be appreciated...
Edited by gigem on 11/17/08 - 2:18 PM
Posted by Finnegan on 11/17/08 - 4:02 PM
#2
I am in insurance, an Independent Agent.
You will need to buy an Agreed Amount policy, where the insurer will accept your amount and not hold you to those ridiculous NADA/BUC values. Not too many companies out there will do this, and as a Progressive Agent, I don't think Progressive will. I have several high value Whalers, and have them all insured to my estimated values. We can also handle over HP limit situations.
On an "agreed amount" policy, you can determine the amount of insurance you want, assuming it is somewhat reasonable, but in the event of a loss, proving up that value will be your responsibility, and some negotiation will always be involved. Comparable listings and sales can be used. Some companies will do "Agreed Amount", but will only go so high, probably not enough for one like yours.
We can write in almost all states, so if you want a free, highly competitive quote on an Agreed Amount basis, drop me a PM. I think your value is reasonable, as super-nice 70's Outrages are hard to find.
Posted by Jeff on 11/17/08 - 4:11 PM
#3
Larry has insured all of my whalers for full market values and I have never had a problem once. Great prices and no hassles even when I had to file a claim.
Posted by gigem on 11/17/08 - 4:32 PM
#4
I assume that "Larry" and "Finnegan" are the same person?
If so, PM sent! Thanks!
Posted by Jeff on 11/17/08 - 5:33 PM
#5
Yes.
Posted by spuds on 12/01/08 - 4:24 PM
#6
Gigem,
I think I saw your Whaler at Orlando's while mine was having some minor work done. Looks like it is coming along nicely.
I am also interested in getting insurance on my 1962 Nauset. Thanks for the tip.
Edited by Tom W Clark on 12/01/08 - 4:36 PM
Posted by Tom W Clark on 12/01/08 - 4:35 PM
#7
It is useful and prudent to have the boat surveyed to help establish its value, both market and replacement.
A survey of a Boston Whaler is not a big deal. It should only cost $200-$300 or so.