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Originally Posted by Pipe_Dream
I had to show the insurance people receipts for all the work I had done in order to justify the value. *Once I did that they insured it for the value I requested, which was no small amount I can assure you. *I'll probably drop it down in a few years, but I just wanted to make sure my investment was covered. * ;)
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Just because you have a boat insured for a certain amount does not mean that they will pay that amount in a case of a total loss. You have to have a stated value for your boat and if you do not then they will pay up to the amount you have it insured. I have mine insured for like 8,500 and if its totaled they will determine the value which could be 6,500 and thats what I would receive. Just about all insurance Co. would require a survey to insure an older boat for stated value.