Insurance valuation, a leap of faith

[Arthur Marshall]

57 minutes ago, Alan de Enfield said:

Don't confuse her with the facts, she'll just modify her post.

I do wish people would read a post, rather than just taking the opportunity to snipe.

The post might have started with a comment about "my" boat, but the suggestion for a discussion begins "For example, last year a boat valued at £50K, maintenance and upgrades £2,500? "

See? Really quite simple, unless you're just looking to pick a fight.

[Alan de Enfield]

18 minutes ago, Arthur Marshall said:

I do wish people would read a post, rather than just taking the opportunity to snipe.

The post might have started with a comment about "my" boat, but the suggestion for a discussion begins "For example, last year a boat valued at £50K, maintenance and upgrades £2,500? "

See? Really quite simple, unless you're just looking to pick a fight.

 

Rather than defending the indefensible - read wot was writ !

4 hours ago, LadyG said:

So, someone mentioned my boat should be insured at £100K,

 

[Bee]

Might be an idea just to get it valued by a broker, that way you will not be over insuring it or under insuring it. If its over insured you are wasting money as the company will only pay the value as they see it and if its under insured they won't pay a penny more than you are insuring it for.

[LadyG]

1 hour ago, Bee said:

Might be an idea just to get it valued by a broker, that way you will not be over insuring it or under insuring it. If its over insured you are wasting money as the company will only pay the value as they see it and if its under insured they won't pay a penny more than you are insuring it for.

Agreed, but it's very difficult, because of rising prices, I am not sure whether inflation for this year will be the same as last year and though I suspect we are nearing the peak for this year, I could be wrong. 

I'm with Craftinsure. Payments have nearly doubled over four years, for various valid reasons, but I prefer to feel comfortable with my stated valuation than trying to save fifty pounds per annum.

[Richard10002]

2 hours ago, Alan de Enfield said:

 

Rather than defending the indefensible - read wot was writ !

 

You really struggle with admitting you are wrong don't you!

 

The post was effectively in two halves... the first half about "her" boat, and the second about "a" boat.

 

Try reading what was writ again eh!

[Momac]

Upgrades like additional or new equipment don't really add value , at least not by the same amount as the money spent. But upgrades and a good  service history  make  a boat more saleable.

Used boats have gone up in value since the pandemic and brexit. This is due to economic factors like demand for holidaying at home.

 

Boats  could just as easily come down in value as people have less disposable income.

 

A couple of  folks I know are giving up boating which is at least in part due  to rising cost making it less good value.  If a surplus of boats come onto the market the relatively recent  price rises could be turned  around, at least  in part. I would not expect used boat prices to increase this year .

 

 

[Naughty Cal]

5 hours ago, Arthur Marshall said:

I just regard insurance as basically a swindle, so ignore it as much as possible. All my houses have been insured which has been free money for the companies. Most of my cars were 3rd party, and would be now except it's virtually the same as fully comp. The boat has always been 3rd party + recovery if it sinks.

I've asked before on here - how many people have ever made a claim on their insurance? And got back more than they would have saved on premiums otherwise? I'd set up a survey, but apathy has struck again.

 

We made one claim on our boat insurance in the 13 years we had it for storm damage suffered when we were in Scotland. 

 

That one claim totalled about twice what we had paid in premiums over 13 years.

5 hours ago, Arthur Marshall said:

 

 

31 minutes ago, Richard10002 said:

You really struggle with admitting you are wrong don't you!

 

The post was effectively in two halves... the first half about "her" boat, and the second about "a" boat.

 

Try reading what was writ again eh!

Erm Lady G wrote:

 

"So, someone mentioned my boat should be insured at £100K, which is OTT in my opinion, but I've bumped it up quite a bit, just as I did last year, is everyone doing this?"

 

Nothing wrong with what Alan has written at all.

 

Lady G is the one with some confusion it would seem.

3 hours ago, Arthur Marshall said:

I do wish people would read a post, rather than just taking the opportunity to snipe.

The post might have started with a comment about "my" boat, but the suggestion for a discussion begins "For example, last year a boat valued at £50K, maintenance and upgrades £2,500? "

See? Really quite simple, unless you're just looking to pick a fight.

But Lady G later claims to have not been talking about her boat at all despite her opening gambit.

Edited March 28, 2023 by Naughty Cal

[LadyG]

1 hour ago, Naughty Cal said:

We made one claim on our boat insurance in the 13 years we had it for storm damage suffered when we were in Scotland. 

 

That one claim totalled about twice what we had paid in premiums over 13 years.

 

Erm Lady G wrote:

 

"So, someone mentioned my boat should be insured at £100K, which is OTT in my opinion, but I've bumped it up quite a bit, just as I did last year, is everyone doing this?"

 

Nothing wrong with what Alan has written at all.

 

Lady G is the one with some confusion it would seem.

But Lady G later claims to have not been talking about her boat at all despite her opening gambit.

I'm not just "claiming", my opening para was an introduction to my thought processes. It made me think about current values, how to anticipate future values, insurance wise.

Then trying to put some figures on boating costs, thinking about costs, is there a relationship between costs and increased values. 

I won't bother being so controversial in future. Best to stick to windlasses:)

 

 

[ditchcrawler]

1 hour ago, LadyG said:

  Best to stick to windlasses:)

 

 

If you stuck to it you wouldn't have lost it 😀

[MtB]

1 hour ago, LadyG said:

to my thought processes.

 

Um.... your.... errr what? 

😂

[Momac]

9 hours ago, Tracy D'arth said:

House insurance is a con often because it takes into account the cost of the land as part of the insured value. 

No its not a con.

In any case you don't have to declare a value these days . Most if not all insurances are based on the description of the house like age and number of bedrooms.

But if you do have  a policy that does not reflect the rebuilding value from scratch that is for you to correct.

You are correct that the land remains yours .

But I did have one total loss case where insurers  paid full market value.

 

 

 

 

[Steve Manc]

My narrowboat is insured by Towergate. Currently insured for £33,000 which is the price we paid in 2017. My renewal premium has increased to £191 from last year's  £127. I have asked them why and been informed that a lot of claims have been made causing all premiums to rise!

 

Has other boat owners found this with their premiums?

 

Personally insurance is a risk game.

Risk to me: If I don't take it out and incurred a loss it comes out of my pocket.

Risk to insurance company: if I take insurance out and I incurred a loss it comes out of the insurance company fund. 

Risk to insurance company: if I take out insurance and do not make a claim they have made a little money from my premium.

 

Thanks in advance. 

[David Mack]

Narrowboat insurance is a very small part of a much larger international marine insurance market. The international market has been losing money due to rises in claims, and the industry is now passing that on customers, including those in sectors where the costs have not gone up to the same extent.

 

You are not the first person to have commented that Towergate don't seem so attractive these days. Time to look at a few other insurers I think.

 

Boat values have increased significantly since you bought yours in 2017. So probably worth getting a new valuation too before you renew the insurance.

Edited May 3, 2023 by David Mack

[Steve Manc]

David Mack

I have just put a new post up asking people for the name of the insurance company they use.

 

Can I ask what insurance company you are insured with? 

 

Thanks in advance