Nada low for insurance

[Drivehard]

We have a Nordic Thor. Just curious what people are doing about insurance when the nada is close to half what a boat is actually selling for? We had been using a well know boat insurance broker but after several conversations about boat values and being told by them “insurance is to replace what you paid not what it’s worth” and my response bing every time will you are insuring it for almost 20k lees then I paid I got frustrated and changed insurance. The problem I am running into is every single insurance company out there uses nada which is not even close on the boat or the trailer for that matter.
For example they all value the trailer at $8000. We all know that seven wheels and seven tires are about $5000 and that doesn’t include the trailer. Lol.
I understand insurance and that nothing is worth what it is new but if god forbid something happened we couldn’t even come close to replacing what we have for what I have it all insured for and I can’t find any other options.
Is this something anyone else is running into and what if anything is everyone doing about it?

 

[blue wonder]

Call Nikki Bostick (619)-303-4108, do an assumed value policy, basically tell her how much you want to insure it for and she will write it up for that and it will be reasonable priced too, I know what your saying for sure, NADA prices my DCB Mach 22 with twins for nothing even close to what they cost but through her I have it insured for exactly what I wanted to value it at

 

[sintax]

declared value

 

[sintax]

Call Nikki Bostick (619)-303-4108, do an assumed value policy, basically tell her how much you want to insure it for and she will write it up for that and it will be reasonable priced too, I know what your saying for sure, NADA prices my DCB Mach 22 with twins for nothing even close to what they cost but through her I have it insured for exactly what I wanted to value it at

Nikki is great, shes who I use now as well. She got me a better price for better coverage, with the same company I was using.

Her Husband also built my engine, so I couldn't lie about horsepower....

 

[blue wonder]

Haha yeah I know that all too well, her and James are good friends of ours, he builds my motors too...I tried to get away with “it runs like 94”...she said yeah not so much!!!

 

[Bigbore500r]

We have a Nordic Thor. Just curious what people are doing about insurance when the nada is close to half what a boat is actually selling for? We had been using a well know boat insurance broker but after several conversations about boat values and being told by them “insurance is to replace what you paid not what it’s worth” and my response bing every time will you are insuring it for almost 20k lees then I paid I got frustrated and changed insurance. The problem I am running into is every single insurance company out there uses nada which is not even close on the boat or the trailer for that matter.
For example they all value the trailer at $8000. We all know that seven wheels and seven tires are about $5000 and that doesn’t include the trailer. Lol.
I understand insurance and that nothing is worth what it is new but if god forbid something happened we couldn’t even come close to replacing what we have for what I have it all insured for and I can’t find any other options.
Is this something anyone else is running into and what if anything is everyone doing about it?

You need an agreed value policy, the insurance Co should be able to tell you what the "max limits" are for your particular boat. Try Wozencraft, Ask for Tanah or Devin

 

[blue wonder]

Wozencraft wanted like $5k to insure my first DCB, absolutely ridiculous

 

[sintax]

Wozencraft wanted like $5k to insure my first DCB, absolutely ridiculous

yea, i got a pretty aggressive quote from them too. There was another insurance dude ( Andy H. ) out of Texas on this forum who helped me get setup a couple of years back. But Nikki helped most recently.

 

[blue wonder]

Yup she’s good, she insures all my toys

 

[Drivehard]

I have tried the agreed value route to be told that it’s still based on NADA. We had Wozencraft. I will give Nikki a call.

 

[sintax]

I have tried the agreed value route to be told that it’s still based on NADA. We had Wozencraft. I will give Nikki a call.

trust me, you'll be stoked.

I think shes working from home due to the corona stuff, so we had to play a little phone tag last month, but she'll take care of you

 

[sirbob]

Agreed value - I have a number on my boat and another on the trailer.

Ive had what might have been considered a totally loss if they paid a NADA number. I had a lot more negotiation power to get the number I wanted with an agreed value policy. I know I’m a little high on my value but it’s not much difference on the cost of policy.

 

[Drivehard]

Thank you guys for the quick response. It’s been driving me nuts.

 

[LuauLounge]

We have Progressive with an agreed value. Had the same policy for the last 11 years.
Was/is reasonable, but haven’t had a claim.

 

[Drivehard]

Called Nikki’s office they are working on it. Just to be clear I have an agreed value and have had. The problem I’m running into is they will not do agreeded value over 10% or something of nada which is 40% too low. Progressive states they will not insure a true tunnel haul and according to them the Thor is a true tunnel.