Insurance valuation

[frangar]

Just wondering if anyone has had success with getting a broker or similar to carry out a valuation of their boat and put it in writing? I need one for insurance purposes and having owned the boat for 30 years it seems most insurers will only insure for the purchase price which is probably not correct should I wish replace it if the worst happens. 

[Ex Brummie]

As far as I'm aware, the only valuation an insurance company will accept is from an accredited surveyor. 

..... but of course, you would need to pay for that.

[Machpoint005]

Can you just declare a value and insure for that figure? Shirley the insurance company's primary concern is how much it would have to cough up in the event of a claim?

 

 

 

[MtB]

4 minutes ago, Machpoint005 said:

Can you just declare a value and insure for that figure? Shirley the insurance company's primary concern is how much it would have to cough up in the event of a claim?

 

I think their primary concern is sidestepping a fraud attempt.

 

Lets imagine you insure your rotting old wooden butty (that some might say is more of a liability than an asset) for your declared value of £180k. Then amazingly, shortly after taking out the policy, it burns down and sinks. What a bummer! But never mind, you can claim that £180k insurance...

 

No problem with any of that, is there? 

 

 

 

 

[alan_fincher]

11 minutes ago, Ex Brummie said:

As far as I'm aware, the only valuation an insurance company will accept is from an accredited surveyor. 

..... but of course, you would need to pay for that.

 

I think that is correct.

 

Most irritatingly GJW are now, it seems ,only prepared to offer cover if you supply a full survey of everything.  They used to accept a full HULL survey

[ditchcrawler]

23 minutes ago, Ex Brummie said:

As far as I'm aware, the only valuation an insurance company will accept is from an accredited surveyor. 

..... but of course, you would need to pay for that.

Thats what I had to do

[David Mack]

1 hour ago, frangar said:

Just wondering if anyone has had success with getting a broker or similar to carry out a valuation of their boat and put it in writing? I

When I had Belfast surveyed whilst on the bank after rebottoming the surveyor said it would not be appropriate for him to value at that stage, as his valuation would have to reflect the costs of getting the boat craned back into the water and the remaining work to get it in a fully usable condition etc. He said a broker would do a valuation for a fee of £100 or so once the boat was back in use. The brokers I have approached have not replied, so I suspect they are reluctant to take on the responsibility to insurers, although they are happy to suggest a price for a boat anyone wishes to sell through them.

So I guess I need another surveyor too.

Edited June 5, 2025 by David Mack

[frangar]

My surveyor has suggested that a broker is far more in touch with market values than they would be. Also other insurers I have approached have suggested that a brokers valuation on headed notepaper (!!) would be ideal. It’s just a question of getting a broker to agree this…last time I tried they didn’t want to commit until I signed the sale paperwork…which even if I was thinking of selling I think I’d want a value before I committed. I actually wouldn’t mind paying for the service if it was good. 

34 minutes ago, alan_fincher said:

 

I think that is correct.

 

Most irritatingly GJW are now, it seems ,only prepared to offer cover if you supply a full survey of everything.  They used to accept a full HULL survey

The reason I might need a valuation is the poor service I seem to be getting from GJW not to mention the vastly increased premium. 

[matty40s]

James at RBS has done valuation surveys for not only potential sellers, but insurance companies, matrimonial dispute solicitors etc. Might be worth giving him a ring

[dmr]

I spoke to ABNB a while ago about this, and they thought they could do it all with photos (and I assume a small fee) but life got busy and so I did not persue this.

[Gybe Ho]

1 hour ago, frangar said:

I need one for insurance purposes and having owned the boat for 30 years it seems most insurers will only insure for the purchase price which is probably not correct should I wish replace it if the worst happens. 

 

 

Most people who want to adjust the insured value tend to lower it over the long term to reflect aging and consequently the drop in value of a boat. Your case sounds different, do feel you diligent maintenance and upgrades have improved the boat to hold its value above a normal depreciation curve?

Edited June 5, 2025 by Gybe Ho

[Tonka]

4 minutes ago, Gybe Ho said:

 

Most people who want to adjust the insured value tend to lower it over the long term to reflect aging and consequently the drop in value of a boat. Your case sounds different, do you feel you diligent maintenance and upgrades have improved the boat to hold its value above a normal depreciation curve?

Well I put my insured value up as we had it surveyed and the surveyor asked and what we paid for her years ago and then stated that in the current market it is worth more

[doratheexplorer]

I had a similar problem around the covid pandemic.  Boat prices rocketed and I wanted my insurance valuation increased as the replacement value of my boat had obviously risen.  My insurer flatly refused to do this.  No discussion of survey or anything.  I went to another insurer to take out a new policy, they asked for my boat's value, I gave my estimation, and they were happy with that.  I'd been with the original insurer for years so they lost a loyal customer.

[Rob-M]

4 minutes ago, doratheexplorer said:

I had a similar problem around the covid pandemic.  Boat prices rocketed and I wanted my insurance valuation increased as the replacement value of my boat had obviously risen.  My insurer flatly refused to do this.  No discussion of survey or anything.  I went to another insurer to take out a new policy, they asked for my boat's value, I gave my estimation, and they were happy with that.  I'd been with the original insurer for years so they lost a loyal customer.

We did the same, insurer wouldn't change the value but new insurer was happy to accept my valuation estimate.

[David Mack]

28 minutes ago, Gybe Ho said:

Most people who want to adjust the insured value tend to lower it over the long term to reflect aging and consequently the drop in value of a boat.

Which ignores the fact that in recent years older boats have held their value (after the initial depreciation from new), and during/post covid there were significant increases in boat prices.

[frangar]

Just now, David Mack said:

Which ignores the fact that in recent years older boats have held their value (after the initial depreciation from new), and during/post covid there were significant increases in boat prices.

Quite. And looking at what I paid for my boat 30

years ago I couldn’t replace it with a boat in similar age and condition etc. for the money I paid then. Many factors affect boat values…much like classic cars…prices can rise and fall depending on what the market is like at the time….not many years ago a Mk 3 escort was worth little more than scrap…now look at the prices. 

 

 

[Gybe Ho]

4 minutes ago, David Mack said:

Which ignores the fact that in recent years older boats have held their value (after the initial depreciation from new), and during/post covid there were significant increases in boat prices.

 

I did not ignore that fact but as per other recent threads here the post covid valuation bubble has past and is now an historic curiosity. Had the OP posted the question in 2022 I would understand, hence my interest in what prompted the OP request a raised insured value this year. Presumably the insurer is circumspect about the situation.

[Alan de Enfield]

 

There are more and more insurers moving towards 'market value' rather than 'declared value' so it is pointless 'over insuring' your boat because they will only pay out on what they perceive the value would have been on the day the accicdent occured.

 

Read your small print.

 

Extract from a letter from my insurer :

 

The cover on your policy remains unchanged except for the change that the 'Agreed Value' option is no longer available and the following is substituted :

 

If your craft is a total loss the MOST your insurers will now pay is the MARKET VALUE of this item up to the SUM INSURED in YOUR SCHEDULE  (their bold)

[GUMPY]

1 hour ago, alan_fincher said:

 

I think that is correct.

 

Most irritatingly GJW are now, it seems ,only prepared to offer cover if you supply a full survey of everything.  They used to accept a full HULL survey

Been that way for a couple of years.

Needed a full survey for London at 30 years old. Between booking the survey and getting it done I decided to sell, still went ahead with the survey and it eased the sale😎

[frangar]

10 minutes ago, Gybe Ho said:

 

I did not ignore that fact but as per other recent threads here the post covid valuation bubble has past and is now an historic curiosity. Had the OP posted the question in 2022 I would understand, hence my interest in what prompted the OP request a raised insured value this year. Presumably the insurer is circumspect about the situation.

The fact is that after 30 years the boat is not the same value as I paid for it…and with narrow boats unlike production boats it’s not just a case of looking up what others sell for especially when you take into consideration that I have a vintage engine/back cabin etc….not that easy to find a comparison. I don’t want to be over insured but equally I don’t want to be out of pocket should the worst happen. 
 

My present insurer is ok with my valuation but having been with them a number of years it seems any new insurance requires both a recent survey and a valuation. 
 

 

 

[Gybe Ho]

22 minutes ago, frangar said:

Many factors affect boat values…much like classic cars…prices can rise and fall depending on what the market is like at the time….not many years ago a Mk 3 escort was worth little more than scrap…now look at the prices. 

 

 

The latest market signal is that the majority of modern buyers want a cruiser stern and this is hitting trad-stern values.  

[cuthound]

58 minutes ago, Tonka said:

Well I put my insured value up as we had it surveyed and the surveyor asked and what we paid for her years ago and then stated that in the current market it is worth more

 

I did the same, after I had the last two BSS inspections, and the inspector (who is also a surveyor) suggested my insured value was too low.

 

Being over insured will only cost you a higher premium, but being under insured is likely to result in any claim being reduced by the percentage that the boat was under valued.

Edited June 5, 2025 by cuthound
Clarification

[frangar]

2 minutes ago, Gybe Ho said:

 

The latest market signal is that the majority of modern buyers want a cruiser stern and this is hitting trad-stern values.  

Maybe...or maybe not....thats why I want a valuation!...there are many variables when valuing a boat....

2 minutes ago, cuthound said:

 

I did the same, after I had the last two BSS inspections, and the inspector (who is also a surveyor) suggested my insured value was too low.

 

Being over insured will only cost you a higher premium, but being under insured is likely to result in any claim being reduced by the percentage that the boat was under valued.

This is why I wanted to check.....I also increased my contents value after talking both to my surveyor and suffering a house burglary....once you start adding replacements up even of normal clothes the cost is quite alarming!

[Gybe Ho]

5 minutes ago, frangar said:

it’s not just a case of looking up what others sell for especially when you take into consideration that I have a vintage engine/back cabin etc….not that easy to find a comparison. I don’t want to be over insured but equally I don’t want to be out of pocket should the worst happen. 
 

 

This sounds niche, you might expect excellent scumbling, a gravity day tank and absolutely no lurid blue Victron plastic visible through the side hatches. Eventually you arrive at a situation where only a custom new boat will meet your expectation. I don't know what the solution is, don't sink?

[frangar]

3 minutes ago, Gybe Ho said:

 

This sounds niche, you might expect excellent scumbling, a gravity day tank and absolutely no lurid blue Victron plastic visible through the side hatches. Eventually you arrive at a situation where only a custom new boat will meet your expectation. I don't know what the solution is, don't sink?

I really dont think you are understanding this at all