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Phoenix

Adjusting Insurance for the Dollar?

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Phoenix

While at work the other day, thinking I would rather be on the water, I started to think about the impact of the dollar on the cost of new boats...

... This led me to realize that my insurance is based on the value of my boat, when I bought the boat (which was at a time when $1 = $1). Now with the drop in the value of the Canadian dollar, boats up here cost another 30-35%.

So the question to other Canadians, have you adjusted your replacement insurance on your boats?

I would hate to have something happen now and have to find an extra $30K or so to replace what I have.

Thoughts?

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Dare2goBare

Now that's really a good point, You've got me thinking while I'm up here at the lake..hummmmm

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Bill_AirJunky

Now that's really a good point, You've got me thinking while I'm up here at the lake..hummmmm

Oh no, not that! You need another drink!

Edited by Bill_AirJunky

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wheelman

Increase your insurance. You will be surprised to see how little more it is. I just bought a new2015 boat and found my insurance did not go up that much for a much higher value. Also my boat is insured for guaranteed replacement of a brand new boat if it is a total loss. So if I lose my 2015 up till 2020 I get a current model year no matter how much more expensive they are

Edit. Your boat is a 2012 you may be guaranteed a brand new replacement up until 2017. Check with your insurers. As long as I insured my boat within 10k of the current model year when I bought it I am guaranteed a new model for 5 years

Edited by wheelman

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09vRide

This is a really good point for Canadian owners. I was recently at Wizard Marine and the value they put on my boat for a private sale was much higher than I thought. Largely a result of inflated new boat prices, lack of used local inventory, and current state of the Canadian dollar against USD. I know I'm underinsured now versus a few years ago.

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Dare2goBare

Oh no, not that! You need another drink another drink!

Bill I'm on my second Baileys & Coffee this morning as we I wait for my crew to get at it, Nothing but GLASS this Morning. ....see the time stamp....lol...

Increase your insurance. You will be surprised to see how little more it is. I just bought a new2015 boat and found my insurance did not go up that much for a much higher value. Also my boat is insured for guaranteed replacement of a brand new boat if it is a total loss. So if I lose my 2015 up till 2020 I get a current model year no matter how much more expensive they are

Edit. Your boat is a 2012 you may be guaranteed a brand new replacement up until 2017. Check with your insurers. As long as I insured my boat within 10k of the current model year when I bought it I am guaranteed a new model for 5 years

May I ask which insurance broker your using, I need to follow up with mine, and I like

the idea of complete boat replacement insurance, not just replacement cost.

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wheelman

It's through Westland insurance

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Phoenix

Thanks Guys,

My insurance is through Okanagan Insurance, so I think I will be calling them this week.

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