Tuesday, January 31, 2012

How insurance companies value a boat.

I just renewed my boat insurance and made a couple of changes to the requirements and saved some money.  I also learned a bit of good advice regarding how they estimate the value should the boat be stolen or written off.

First the changes.  I thought I should drop the value of the boat as the amount it has been static for six years now, ( a four year old boat is worth more than a ten year old don’t you think?) so I knocked five grand off.  Then I doubled the contents insurance as we tend to have more valuable stuff on the boat these days.  The result?  A saving of nearly £30 on an already reasonable premium.  The whole lot now costs £179 including a tenner for legal cover.

Now the interesting bit.  I asked how they would value the boat if it was destroyed.  First of course they said they would look at the make and original price of the boat, and its age.  But then the lady said they do like to take account of how well the boat has been improved and maintained.  “If you do have photos or other evidence of how well you have cared for the boat it can make quite a difference, especially if you have made improvements.” 

Aaah – another reason for recording all my work on the blog then.  I’m afraid I shall have to continue inflicting upon you any tales of DiY or other improvements to Herbie.  I can’t afford not to.!


Rainman said...

If the worst ever happened and you had to make a claim you would have to be selective as to which blogs you showed the insurers. No engine fires, collisions with lock walls etc!

Unknown said...

Can we be cheeky (our insurance renewal is imminent) and ask how much contents cover that gives you?

Neil Corbett said...

Hi Jill and Graham
Just £1000. I daresay you might need quite a bit more as you are living aboard.
Quite a few of our bits and pieces like laptop and cameras are covered by our household insurance. The insurance company is EIS. A couple of years ago I shopped around but EIS still came out best.