Checking for underinsurance, boat value against the sum insured
Checking the boat's value against the sum insured is simple:
the difference is the amount you carry yourself in a total loss.
Calculator
Sums insured age badly. If you took out cover eight years ago and have since added electronics, sails or a new engine, you may well be underinsured, and you will not find out until it is too late. Conversely, anyone who has never reduced the sum is paying premium for value the boat no longer has.
With an agreed value, the insurer cannot plead underinsurance: what has been agreed is what gets paid. But that also means an agreed value set too low is paid out exactly as it stands; it is a ceiling, not an estimate.
Review the sum after every major investment, and as a matter of course once five years have passed. Adjusting it upwards costs extra premium; a gap in a total loss costs many times that.
Frequently asked questions
What happens if the sum insured is too low?
With an agreed value, you are paid exactly the sum agreed,
and you carry the difference between that and the boat's actual value yourself.
When should I review the sum?
After every major investment, and at least once every five years.
Worked out for your type of boat
Related
5,034 customer reviews, aggregated on Trustami
99.28 % positive, each with a name and date: Ausgezeichnet.org, Kundennote and Google
More from “Premium and policy”
