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2007 23 LSV Replacement Value


wakesettergreen

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HELP!

I am hoping to get a few opinions on a replacement value on a 07 Malibu Wakesetter 23 LSV from a few of you. I had the boat stolen at the beginning of August (yes right before the weather got hot here in Alberta) and was never found. I am just in the process of settling through insurance and have some concerns regarding how they come up with "replacement value". There hasn't been any similar 23 LSV's for sale in this region lately and therefore makes harder for the appraiser to come up with a value. Any input would be greatly appreciated!

Here are the specs of the stolen 23 LSV

50Hours

Monsoon 340

3outlet heater/shower

2 amps/ sub

wakeboard racks

Pretty much loaded except for tower speakers and bimini.

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That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

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That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

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That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

Ouch, the fine print can hurt.

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So replacement value for a car is the cost to buy a new one, they do this for the first three years of owning the car. While you get the new year they pay the bill. So they should be doing the same... either paying the bill you paid for the boat with or buying you an 08 or 09. Not like the boat is 4 or 5 years old 07=pretty well brand new.

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So replacement value for a car is the cost to buy a new one, they do this for the first three years of owning the car. While you get the new year they pay the bill. So they should be doing the same... either paying the bill you paid for the boat with or buying you an 08 or 09. Not like the boat is 4 or 5 years old 07=pretty well brand new.

I am still fighting that fight but not sure if I am going to win or not. What is the point in paying the high premium for insurance if they are going to give me 10K less then i insured if for. And the policy offers no loss of use so basically the 7 weeks since its been stolen I am still paying for the loan, with no boat to use.

The gas money i saved after it was stolen came in handy for beer to help deal with my loss Cry.gif

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So replacement value for a car is the cost to buy a new one, they do this for the first three years of owning the car. While you get the new year they pay the bill. So they should be doing the same... either paying the bill you paid for the boat with or buying you an 08 or 09. Not like the boat is 4 or 5 years old 07=pretty well brand new.

I am still fighting that fight but not sure if I am going to win or not. What is the point in paying the high premium for insurance if they are going to give me 10K less then i insured if for. And the policy offers no loss of use so basically the 7 weeks since its been stolen I am still paying for the loan, with no boat to use.

The gas money i saved after it was stolen came in handy for beer to help deal with my loss Cry.gif

Thumbup.gif That's keeping a positve attitude... the silver lining and all of that.

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I think the question would be more what does your bill of sale indicate and what will your dealer sell you a new one for or an 07 if he has it in stock?

Well thats a bit of the kicker. With the popularity of Bu's in Alberta and the econonmy boom, I picked mine up from the Winnepeg Malibu dealer for considerably less then i would have paid here. So my bill of sale is alot less then I paid for it and i insured it for replacement value here in Alberta. Which is part of the reason why the insurance company is giving me a low replacement cost.

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Well if they are going to give you the replacement rate based upon where you got it and the invoice are they including the time to get it? When I sat down and talked about setting the value of my boat we could have used a local value or what it cost me to get it, so I documented the costs to travel 3600KM, the additional insurance to cross the 40th parrallel, hotel rooms, food and some value for my time to be in the vehicle for 3 days.. otherwise it would have come in as one big shipping charge. It all came out cheaper than buying local so they put that information on file and I insured it for about that value. Depending on how far you had to travel that invoice is not all the cost to get the boat, my cost to get it was around $2.xK when all factors where taken into consideration.

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HELP!

I am hoping to get a few opinions on a replacement value on a 07 Malibu Wakesetter 23 LSV from a few of you. I had the boat stolen at the beginning of August (yes right before the weather got hot here in Alberta) and was never found. I am just in the process of settling through insurance and have some concerns regarding how they come up with "replacement value". There hasn't been any similar 23 LSV's for sale in this region lately and therefore makes harder for the appraiser to come up with a value. Any input would be greatly appreciated!

Here are the specs of the stolen 23 LSV

50Hours

Monsoon 340

3outlet heater/shower

2 amps/ sub

wakeboard racks

Pretty much loaded except for tower speakers and bimini.

If you were in the states I would suggest getting an attorney that specializes in insurance claims to do some talking to your insurance company, sabre rattling, as it were. Not familiar enough with Canada's laws in that regard, as you know we Americans are a very litiguous bunch, because pretty much nothing is ever our fault, and someone else (with money) is usually responsible for any stupid choice someone makes this side of the border that involves injury or loss, but I digress. Also, get some dealer quotes for a replacement boat with same hours, spec'd out the same as documentation. I would suggest at least 3 dealers, or comps, to add credibility to your claim. Good luck, that is a bummer.

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That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

replacement cost is different from agreed value. You should be looking to have an agreed value policy. I insure my 2000 Sunsetter LXI for $40,000 and if it's totalled tomorrow I get a check for $40,000 regardless of it's market value.

Link to comment
That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

replacement cost is different from agreed value. You should be looking to have an agreed value policy. I insure my 2000 Sunsetter LXI for $40,000 and if it's totalled tomorrow I get a check for $40,000 regardless of it's market value.

You should leave that sucker parked unattended over night somewhere on the Delta Whistling.gif

Link to comment
Well if they are going to give you the replacement rate based upon where you got it and the invoice are they including the time to get it? When I sat down and talked about setting the value of my boat we could have used a local value or what it cost me to get it, so I documented the costs to travel 3600KM, the additional insurance to cross the 40th parrallel, hotel rooms, food and some value for my time to be in the vehicle for 3 days.. otherwise it would have come in as one big shipping charge. It all came out cheaper than buying local so they put that information on file and I insured it for about that value. Depending on how far you had to travel that invoice is not all the cost to get the boat, my cost to get it was around $2.xK when all factors where taken into consideration.

That makes so much sense now and hope i can still argue that point after the fact. I just compared it to what i might cost here and went with that value. With a new boat in tow all I could think about was making the 15 hour drive home and riding.

Link to comment
That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

replacement cost is different from agreed value. You should be looking to have an agreed value policy. I insure my 2000 Sunsetter LXI for $40,000 and if it's totalled tomorrow I get a check for $40,000 regardless of it's market value.

I haven't ruled out a lawyer as if the difference is 10K is may be worth it.

Of all the boats i have owned and insured I have never been asked to clarify with my insurance carrier the difference between insured or replacement value.

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Agreed value policy is the only way to go. Had a 97 MC Prostar 190 that was stolen in June of 2006. After 30 days of waiting, I got a check for the exacta amount I paid for the boat 8 years earlier. Drool.gif

Link to comment
That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

replacement cost is different from agreed value. You should be looking to have an agreed value policy. I insure my 2000 Sunsetter LXI for $40,000 and if it's totalled tomorrow I get a check for $40,000 regardless of it's market value.

You should leave that sucker parked unattended over night somewhere on the Delta Whistling.gif

Yeah except it's insured by the company I work for and I'm a shareholder. Not to mention the fact that insurance fraud while working for an insurance company isn't exactly a wise career move... :unsure:

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I get frequent calls from Ins Companies asking for values on recent purchases. Some want retail, some want sale price. All want boat-engine-trailer breakdown.

Edited by Madmanacrossthewater
Link to comment
That is strange when I registered mine for replacement value I gave the insurance the value I wanted it replaced for and make payments based on that replacement value. It is clearly documented in the contract just what I get if I don't got it anymore.

I thought the same. When I insured it new this spring, I insured it for 66K (including trailer) and after it was stolen and read my policy in detail it said they will pay the insured value or replacement value which ever is LESS.

replacement cost is different from agreed value. You should be looking to have an agreed value policy. I insure my 2000 Sunsetter LXI for $40,000 and if it's totalled tomorrow I get a check for $40,000 regardless of it's market value.

I haven't ruled out a lawyer as if the difference is 10K is may be worth it.

Of all the boats i have owned and insured I have never been asked to clarify with my insurance carrier the difference between insured or replacement value.

Being the owner of a 68 Camaro I spend quite a bit of time on classic and pro touring car websites. You should see the threads that crop up over there discussing insurance.

The three most common insurance policy types are:

Actual cash value (ACV) - Basically they pay you market comps.

Stated value - Typically they price your policy on the value you declare but in theft and total loss situations you can usually find fine print that basically equates to ACV. So those of you declaring a value of $40K on a $30K boat you are just paying higher premiums.

Agreed upon value - In the case of a total loss or theft they pay you the Agreed upon value regardless of current market conditions. There will still be some fine print that can result in what I consider minor adjustments if the claim adjuster wants to be picky (Still may depreciate wearing items like a battery for example).

Whether a classic one of a kind car or a boat the more specialized or valuable the item being insured the more reason you want to get an agreed upon value policy. It's the only way to ensure you are protected. The thing to be careful, is that on items that appreciate that you adjust your agreed upon value upwards from time to time.

Finally, all insurance companies have claim adjusters from "corporate" that handle claims in accordance with corporate policy so READ the fine print because come claim time it doesn't mean jack what your insurance agent told you verbally. Sadly, many (not all, not the majority) insurance agents don't even fully understand what they are selling when it comes to specialized policies.

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I get frequent calls from Ins Companies asking for values on recent purchases. Some want retail, some want sale price. All want boat-engine-trailer breakdown.

So how acurate do you think you could be on a bu that you did not sell and don't have anything similiar in inventory? If and adjuster is looking for a replacement vaule on a 2007 GMC half tonne, there is hundreds to draw a value from but a boat like this I would think it would be hard to give a hypothetical estimate? Even the difference in pricing between now and the spring will be different.

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