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Insured Value

YYZRCYYZRC Member Posts: 4,907 ✭✭✭✭✭
in General Boating Discussions
Has anyone upped their declared value on their policy recently? If so, was a survey required?

I renew in a few months and I think my coverage is about $25k below what it would cost to replace my boat. 
2008 350 EC on Georgian Bay
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    aero3113aero3113 Member Posts: 8,797 ✭✭✭✭✭
    I was able to up mine $10k but needed to show some receipts . I'm thinking of having a survey done beginning of next season to get it where it should be.
    2008 330EC
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    LaReaLaRea Member, Moderator Posts: 7,547 mod
    edited January 2022
    Can't you declare any value that you're willing to pay for, within reason?  If you increase the declared value 20%, your premium will go up 20%.  Most companies will happily take the money.  That's been my experience with State Farm.  No survey.
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    YYZRCYYZRC Member Posts: 4,907 ✭✭✭✭✭
    I believe you are correct @LaRea but only to a certain value - might be suspicious to have $250k coverage on a $100k boat. Would be a real shame if it sunk…
    2008 350 EC on Georgian Bay
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    LaReaLaRea Member, Moderator Posts: 7,547 mod
    @shawnmjr you might want to look at reducing the declared value to lower your premiums.  
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