Lower Insurance?

[PhilipStapleton]

My insurance renewal came today - shortly after the marina bill. Normally it looks so small in comparison I just pay it. This year, however, the though struck me that the insured value is still what I paid for the boat seven years ago! I've now reduced that to a more realistic market value and the insurance company has reduced the premium.

The only downside is that the depreciation calculation made me feel quite faint! If I add up all the costs and divide by the number of days sailed .....

 

[tony_brighton]

dont do that! - we won't like the answer. Sailing seems to be a sport which you shut your eyes and pay the bills - never think of it as 'value' or you'd give up right now.

 

[Chris_Stannard]

You cannot just count days sailing. You have add in all the days of fun anti-fouling, fixing the engine, renewing the fittings, varnishing the interior and so on that we all love so much!

Chris Stannard

 

[Aja]

Indeed. Just think of all the days spent 'just looking'?!

 

[VMALLOWS]

Surprised you feel your 'declared value' was much higher than the boat is now worth...was it high to start with perhaps? (lots of 'extras' which don't reflect in sale value?). Maybe I'm out of touch with the recent market. If anything my boat is probably worth more than its (1985,new) declared value, but it would probably be impossible to get an insurer to increase it even if I wanted to.

Remember that with 'declared value' marine insurance that is what you'd get in a total loss. My 'comprehensive' car insurance stays the same year after year even though with a book-value of say £150 the most they'd ever pay out would be £50!
(quote for 3PFT was £1.50 a year less!).