Undervalued boat on insurance

[The Canuck]

Just got my renewal documents and I noticed that the value of my boat is about $10,000 less than what I paid 10 months ago. Yes I know boats have been inflated like the used car market, but wondering if a 2015 AR210 is truly holding a value of $29,000. Or is there a way to determine what the appropriate value should be? I looked on NADA and it has it (Low Retail Value) around the $39,000.

 

[Adrian @ JB Solutions]

It costs a bit more but do agreed value and adjust as needed.

 

[The Canuck]

I am not too worried about the cost of the insurance. I want to make sure I am covered incase anything happens.

 

[TimW451]

You should be able to tell them the dollar amount you want it insured for and then they set a commensurate rate. If they think your value is too high they may ask for evidence or explanation. But unless you’re insuring it for an obviously too high amount, like double, they shouldn’t care.

 

[The Canuck]

Guess I didn't pay attention when we first insured the boat, as it was $29,000. The insurance agent stated thats what the agreed price was looking back in his notes. Sounds like they mis-heard me. Either way everything was updated. They said if there would have been a claim, they would have looked at NADA as the reference for the value, had it been totaled. That worries me, and of course forgot to ask as I thought of this later, I wonder if I would have then be stuck with having to pay the deductible as well as say the $10,000 difference. Hmmm