Time for another insurance survey...:(

[MikeP]

Just got notice from Gowrie that it's time to do another survey for insurance purposes. Last one was 5 years ago (every 5 years).

There's always SOMETHING with boats... even if there's nothing.

Last time we did it the surveyor found nothing at all to write up so he asked me if there was something I could identify that he may have missed so the report wouldn't look "fake." So I had to come up with bad points on my own boat.

 

[doc g]

Unless the premium is a screaming deal I would find another company . There are companies that do not require this BS.......Pat

 

[SKYCHENEY]

If I'm gonna have a new survey in hand, I always shop around. Too bad for the guys that have it now. They can keep it if they're competitive, but since they just made me go to the work of having a survey, I'm gonna shop it.

 

[davidwigler]

My sixth year with Boat US starts in January and they haven't said anything yet about a survey.

 

[SKYCHENEY]

My sixth year with Boat US starts in January and they haven't said anything yet about a survey.

I've had one in 13 years. That's when I changed companies.

 

[MikeP]

I readily admit I don't like the periodic survey requirement. But, OTOH, I'm totally pleased with Gowrie's rates/customer service so I wouldn't consider changing to save 400 bucks every 5 years...annoying as it is. The rate I pay now is $700 less than I was paying PER YEAR previously when I wasn't paying for a survey every 5 years. So in the scheme of things, it's a better deal.

 

[34Hatt]

I readily admit I don't like the periodic survey requirement. But, OTOH, I'm totally pleased with Gowrie's rates/customer service so I wouldn't consider changing to save 400 bucks every 5 years...annoying as it is. The rate I pay now is $700 less than I was paying PER YEAR previously when I wasn't paying for a survey every 5 years. So in the scheme of things, it's a better deal.

Why 400 bucks when Boat US makes us get one its their dime!

 

[MikeP]

Well, Boat US wanted 1500 dollars per year more for the same coverage I have with Gowrie! That means I save 7100 dollars over 5 years compared to what Boat US wanted to charge though I have to deal with the survey.

 

[Pete]

I keep our boat behind the house in a canal community. Earlier this year BoatUS basically required a survey of every boat they cover in the community and the surrounding area. It was a pain as the majority of the time was figuring out model and serial numbers of every item on the boat. On the surface it was an inventory with pictures. However the unidentified purpose was to revalue the boat. In my case it was a 10% reduction in hull agreed value, with a corresponding premium reduction. I believe from my experience and talking with other local owners, the insurance company is revaluing boats to the current market, perhaps to make total losses less attractive to some. I have been with BoatUS for 15 years with the same boat and this was the first survey request.

Pete

 

[oscarvan]

Yes, insurance companies come up with interesting campaigns for a variety of reasons. I just had it go the opposite with my house. USAA wanted a re-appraisal (their nickel) and came back with a replacement cost for just the house hundreds of thousands above market value for everything, which would include the land and several supplemental structures..... Of course the premium went up.

 

[saltshaker]

Yes, insurance companies come up with interesting campaigns for a variety of reasons. I just had it go the opposite with my house. USAA wanted a re-appraisal (their nickel) and came back with a replacement cost for just the house hundreds of thousands above market value for everything, which would include the land and several supplemental structures..... Of course the premium went up.

Two very different things. Your home should be insured for replacement cost not market value. The land value has no bearing on that cost as the land is only insured with liability coverage. All improvements should be insured with replacement coverage. Here in NJ our land value is very high so my house is insured for about $400K less than what we just paid for the house and property.

 

[saltshaker]

Just got notice from Gowrie that it's time to do another survey for insurance purposes. Last one was 5 years ago (every 5 years).

There's always SOMETHING with boats... even if there's nothing.

Last time we did it the surveyor found nothing at all to write up so he asked me if there was something I could identify that he may have missed so the report wouldn't look "fake." So I had to come up with bad points on my own boat.

Depends on who your carrier is. I was with Gowrie and Travelers. Only once was I asked to do an insurance survey and Dawn was able to have that requirement dropped. I'm planning to have one done at my next haul out as my agreed value is too low.

 

[oscarvan]

Two very different things. Your home should be insured for replacement cost not market value. The land value has no bearing on that cost as the land is only insured with liability coverage. All improvements should be insured with replacement coverage. Here in NJ our land value is very high so my house is insured for about $400K less than what we just paid for the house and property.

I very well know the difference. Without getting into specifics I can tell you they forced replacement numbers on me to rebuild the house and replace it's contents that are well North of what they should be.

 

[MikeP]

I have been with USAA since I was a 21 year old Lt in the 101st Airborne Div fighting to protect the US against a possible trans-Pacific invasion by those danged Viet Cong/NVA.

In my experience USAA vehicle coverage is the best there is (excluding motorcycles); their home coverage? Well...not so much.

 

[oscarvan]

I have been with USAA since I was a 21 year old Lt in the 101st Airborne Div fighting to protect the US against a possible trans-Pacific invasion by those danged Viet Cong/NVA.

In my experience USAA vehicle coverage is the best there is (excluding motorcycles); their home coverage? Well...not so much.

Yeah, I may have to shop that one out.