Valued

[Dar Kuma]

I own the boat and I am currently trying to get insurance for it.

 

PaulC, i dont see anyone else running around getting valuations on their boats.

Edited October 4, 2013 by Dar Kuma

[RLWP]

And you value the boat higher than either the price you paid for it, or the surveyors estimate - right?

 

Richard

[GUMPY]

Normally insurers will only insure a boat for the price paid as this is what your loss would be in the event of a claim.

Generally with a second hand boat they will not take your word that the boat is worth £Xk more than you paid for it even if you have done some work to it.

However if you have done lots of work and "improved" the boat then with the aid of a valuation from a reputable party they will increase the insured price.

 

Sounds to me like you are trying it on.........

[Dar Kuma]

how am i trying it on, I'm just going by the guide price the surveyor has recommended which is a realistic amount as far as anything goes.

 

as said 8 grand isn't going to get much is it, and before anyone asks I paid more than that for it anyway, I wouldn't get anything from that.

[Woodstock]

haven knox-johnston, Loool

We had a similar scenario with this insurer and given the amount of insurance fraud- they are just doing their job. When we bought our boat- it needed a lot of work and we did it- but they would only insure the boat for our purchase price or required a survey to confirm a higher value. Think of it from their view- you'll sound like you've bought a boat for 8K, insure it for 14K, give it a month and claim- It's not unheard of.

 

There are other insurers who don't ask these questions- but does that make them a better insurer?

[Paul C]

I own the boat and I am currently trying to get insurance for it.

 

PaulC, i dont see anyone else running around getting valuations on their boats.

 

I'd not expect you to be able to see it though - but you can ask other owners about it, eg by starting a thread on a canal discussion forum. The answer, simply, is "yes", some insurers (can) require a valuation.

 

We in fact had a similar issue to you, we required an official valuation to insure the boat. They also asked the price purchased. The valuation ended up £500 higher than the purchase price. The insurers queried this and asked me why this was so - I told them that they were the ones who wanted an official valuation, and that I'd haggled the price successfully hence bought it for £500 less than its value - they accepted the higher price as the insured value.

 

As said previously, its in your interest to have an official valuation!

[OldGoldy]

how am i trying it on, I'm just going by the guide price the surveyor has recommended which is a realistic amount as far as anything goes.

 

as said 8 grand isn't going to get much is it, and before anyone asks I paid more than that for it anyway, I wouldn't get anything from that.

 

OK, let's talk numbers instead of going around in circles. Then maybe we can draw some conclusions/talk turkey/give advice.

 

1. Who built the boat and what age and what length is it? Is it all steel, or composite?

 

2. What did you pay for the boat?

 

3. What did the surveyor value it at?

 

4. What valuation do YOU put on it?

 

5. If 4 is higher that 2 or 3, why do you think this?

 

Remember, we cannot jeopardise this insurance deal, we can't identify you, we don't know your name, the name of the boat or it's location, only the (proposed) insurer.

[Dar Kuma]

woodstock, they have the survey they can whistle, I really havn't got time for this as I'm trying to get the boat into the water and away before the locks close in november.

[John Williamson 1955]

woodstock, they have the survey they can whistle, I really havn't got time for this as I'm trying to get the boat into the water and away before the locks close in november.

If that's all you need to do, then go to someone for third party only insurance, as that often doesn't need a survey, then start arguing the toss once you have your licence if you want comprehensive insurance.

 

FWIW if you're over 50, SAGA didn't ask to see the survey on mine as long as I only wanted third party cover.

 

Bye!

 

John.

[Dar Kuma]

1. Who built the boat and what age and what length is it? Is it all steel, or composite?

1990 springer 30 foot all steel

 

2. What did you pay for the boat? £9400

 

3. What did the surveyor value it at?

inbetween £15,000 / £19,000

 

4. What valuation do YOU put on it?

£14,000 /£15,000 roughly as it has already had work done on it insde and out plus a bit more work currently being done.

 

5. If 4 is higher that 2 or 3, why do you think this?

its a good solid boat which has been looked after.

 

you're failing to realise that if I insured my boat for their price of £8000 what do they

expect me to get after, if something happened to it?

 

cause all i can see in that scenario is some scabby boat.

Edited October 4, 2013 by Dar Kuma

[Paul C]

The massive discrepancy between value #3 and value #2 is unusual. I'd ask the surveyor to provide it as an official valuation rather than a rough guide, ie good enough for any insurance company - then you can choose the lowest quote/best insurance provider in your opinion etc.

[OldGoldy]

you're failing to realise that if I insured my boat for their price of £8000 what do they

expect me to get after, if something happened to it?

 

cause all i can see in that scenario is some scabby boat.

 

Oh yes, I know xactly what you mean!

 

I always had problems at one time when insuring cars. They would ask price paid and I would say that that was none of thier business as if I had had a car given me, would they pay out zero for a total loss? We always agreed on 'market value' (I buy at auction) Assessors 'market valuations' are (were) usually above trade and below forecourt price.

 

OK. Looking at a selection of 'younger' Springers on Apollo Duck, I would suggest that your figures are about right and the surveyor's higher figure is ambitious. The insurer should not be insisting on covering for 'price paid'

 

In this case, I would, as being suggested above, go elsewhere for your insurance. At the end of the day they'd only pay out market value, no matter how you valued it (though you could argue based on the average value of similar boats on brokerage). You could tell your intended insurer that despite what you paid (if they ask, and you have bought cooker, fridge etc. since, haven't you?) that this is a refit/work in progress and the value will rise from your starting point (say £11K) to the £15K mentioned previously.

Take ongoing photos to support your present and future valuations. My first insurer took my research

from the classified ads as fair, I did not have to have a survey/valuation.

 

I would now, having made enquiries of them, definitely move on to a different insurer.

Edited October 4, 2013 by OldGoldy

[Guest]

1. Who built the boat and what age and what length is it? Is it all steel, or composite?

1990 springer 30 foot all steel

 

2. What did you pay for the boat? £9400

 

3. What did the surveyor value it at?

inbetween £15,000 / £19,000

 

4. What valuation do YOU put on it?

£14,000 /£15,000 roughly as it has already had work done on it insde and out plus a bit more work currently being done.

 

5. If 4 is higher that 2 or 3, why do you think this?

its a good solid boat which has been looked after.

 

you're failing to realise that if I insured my boat for their price of £8000 what do they

expect me to get after, if something happened to it?

 

cause all i can see in that scenario is some scabby boat.

 

If I am reading that correctly the problem here is that insurers are not in the game of putting people in a better situation than they were before an insurable incident, only putting them back to where they were. It's called betterment

 

So in the worse case scenario of your boat being a total loss they pay you what you paid for your boat so all you are due back from them is what you paid ie £9,400 the fact that you may not be able to get a boat of equivalent condition to the one you have will not concern them.

 

You might be able to persuade them to pay out more if you have receipts and before/after photographs of the work done to make it worth more (like would happen in the case of insurance for a classic car that has been much improved) or as stated get a proper valuation of the boat as it stands that they or another company is willing to accept.

[Dar Kuma]

indeed OG and dog house, I have a few photo's already, shame really as this boat has been insured by haven knox before i bought the boat.

 

but as i said, i don't really have time to be toing and froing with an insurance company so looks like i'll be going eslewhere.

 

thanks all.

[OldGoldy]

indeed OG and dog house, I have a few photo's already, shame really as this boat has been insured by haven knox before i bought the boat.

 

but as i said, i don't really have time to be toing and froing with an insurance company so looks like i'll be going eslewhere.

 

thanks all.

 

Ah! This may tell a tale.

 

If the previous owner had it 'underinsured', then they will be suspicious if someone is now trying to 'overinsure'

 

Yes, move on to an insurer who does not know the boat.

[Dar Kuma]

thanks OG, I didn't consider that.