Insured Value

YYZRCYYZRC Member Posts: 5,464 ✭✭✭✭✭
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. 
2006 390 EC
2008 350 EC
Georgian Bay
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Comments

  • aero3113aero3113 Member Posts: 9,860 ✭✭✭✭✭
    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: 8,072 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: 5,464 ✭✭✭✭✭
    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…
    2006 390 EC
    2008 350 EC
    Georgian Bay
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  • LaReaLaRea Member, Moderator Posts: 8,072 mod
    @shawnmjr you might want to look at reducing the declared value to lower your premiums.  
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