Insurance Value Survey

aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
edited September 2024 in General Boating Discussions
My insurance is calling for a survey for 2025 renewal. The boat will be out of the water and shrink wrapped when it’s time to renew. If I had a survey done before I pull it out of the water this season, can I use that survey for 2025?
2008 330EC
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  • captkevincaptkevin Member Posts: 553 ✭✭✭
    Don't they want to do the survey while boat is out of water?
    2004 232
    2021 Yamaha Fx svho
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  • YYZRCYYZRC Member Posts: 5,416 ✭✭✭✭✭
    My insurance requires a "lean" survey for boats over 15 years old, not nearly as detailed (or costly) as a pre-purchase survey.
    2006 390 EC
    2008 350 EC
    Georgian Bay
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  • IanIan Member Posts: 3,062 ✭✭✭✭✭
    Mine don’t under 50’

    Regards,

    Ian

    The Third “B”

    Ravena Coeymans Yacht Club

    https://www.rcyachtclub.com/

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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    @Ian, who do you use? 
    2008 330EC
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  • IanIan Member Posts: 3,062 ✭✭✭✭✭
    Allstate. They do all mine and coverage is excellent.

    Regards,

    Ian

    The Third “B”

    Ravena Coeymans Yacht Club

    https://www.rcyachtclub.com/

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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I’m with Seainsure now. Does Allstate cover mechanical failure? Supposedly Seainsure does but not sure how good it will be if needed.
    2008 330EC
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  • IanIan Member Posts: 3,062 ✭✭✭✭✭
    Hit a log and take out a drive - yes. Break a con rod no but I don’t think others cover that either.

    Regards,

    Ian

    The Third “B”

    Ravena Coeymans Yacht Club

    https://www.rcyachtclub.com/

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  • Aqua_AuraAqua_Aura Member Posts: 2,702 ✭✭✭✭✭
    Interesting. Policy does say they cover mechanical breakdown, I would be interested to see some examples and reviews from other customers. 
    1997 Bayliner 3988
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  • WillhoundWillhound Member Posts: 4,241 ✭✭✭✭✭
    In my experience mechanical break down means that they will cover the cost of tow/recovery of the vessel and some $$ for transportation, rooms, meals to get you home if on a cruise. Not the cost of mechanical repairs caused by failure. 
    "Knot Quite Shore" - 2000 FV270 (Sold)
    2018 Cherokee 39RL Land Yacht (Sorry...)
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I spoke to SeaInsure, the mechanical break down coverage is for boats 15 years or newer. If you have paperwork showing you have engines newer than the boat they would send it to the underwriters to update the policy.
    2008 330EC
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    edited September 2024
    I also found out that my survey isn’t required till September of 2025. So I have some time and will get it done next season if I stay with them.
    2008 330EC
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I had my Survey done today. Figured I should do it now while she’s nice and clean, fresh bottom paint and out of the water. One thing I didn’t like was the guy stepped on the starboard oil filter to help get him out of the engine bay. Luckily he didn’t dent it! Curious to see what value he comes back with! ⚓️
    2008 330EC
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  • YYZRCYYZRC Member Posts: 5,416 ✭✭✭✭✭
    How much was the survey @aero3113 ? Up here it’s the equivalent of about $400+ USD. 
    2006 390 EC
    2008 350 EC
    Georgian Bay
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    @YYZRC I’m pretty sure he told me $625, he’s going to invoice me. I’ll let you know. Hopefully he’s accurate, was the only guy that seemed professional and answer his phone!
    2008 330EC
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    $660 @YYZRC , I should have it in a couple days.
    2008 330EC
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  • captkevincaptkevin Member Posts: 553 ✭✭✭
    Ouch & that is required by your insurance? We have an old houseboat on bull shoals lake in Arkansas. We have to get it surveyed every so many years for insurance. Last time around there was not one that would do the survey. We have people that take care of our property down there & had to pay for him to get certified to do surveys so we could keep insurance.
    2004 232
    2021 Yamaha Fx svho
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    @captkevin when I first got the boat and insurance the survey wasn’t needed because the boat was less than 15 years old. 5 years has passed and now it’s required for renewal. I’m not sure how often it will be required, maybe every 5 years 🤷🏻‍♂️.
    2008 330EC
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  • YYZRCYYZRC Member Posts: 5,416 ✭✭✭✭✭
    I think up here it’s every 2 years. Stupidity. 
    2006 390 EC
    2008 350 EC
    Georgian Bay
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I hope it’s not every 2 years!! That’s crazy!!
    2008 330EC
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I just did a quick Google search and it says typically every 5 years. I wonder if 2 years is a Canadian thing? Or maybe it’s insurance company specific?
    2008 330EC
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  • YYZRCYYZRC Member Posts: 5,416 ✭✭✭✭✭
    I could be wrong. My insurer requires a survey at 20 years so I gotta sell the boat by then!
    2006 390 EC
    2008 350 EC
    Georgian Bay
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  • IanIan Member Posts: 3,062 ✭✭✭✭✭
    Never done

    Regards,

    Ian

    The Third “B”

    Ravena Coeymans Yacht Club

    https://www.rcyachtclub.com/

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  • cls10105cls10105 Member Posts: 389 ✭✭
    my insurance has never asked for one and it is a 2002. Hopefully they don’t start!
    cruising on 6. tw0s
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  • IanIan Member Posts: 3,062 ✭✭✭✭✭
    Mines an 03, got in 13 and insured set value, renews each year no issue.

    Regards,

    Ian

    The Third “B”

    Ravena Coeymans Yacht Club

    https://www.rcyachtclub.com/

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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    I received my survey report today and very happy with the results and estimated value. He even stated in the report that I’m an Aircraft Inspector and pays close attention to detail. Now I have to submit the report to insurance and adjust the insured value.
    2008 330EC
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  • captkevincaptkevin Member Posts: 553 ✭✭✭
    Congrats on the positive outcome. Guessing your boat has to be in the 1% category of what they normally survey Not many people take as good of care as you.
    2004 232
    2021 Yamaha Fx svho
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  • aero3113aero3113 Member Posts: 9,774 ✭✭✭✭✭
    Thanks @captkevin
    I sad to him that he must see a lot of boats that are a mess. He started laughing and said yes….
    2008 330EC
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