Hope this isn't a daft question but I am wondering how much to insure my boat for. I am inclined to insure it for more than I paid for it, not a ridiculous amount more but lets say I paid £25k and insure it for £30k. In the event of a total loss would the insurance company payout the insured sum (minus excess) or could they ask to see a receipt and pay out that amount, in which case no point insuring for higher value? Or would they look at the market (in the absence of a Glass's guide for boat prices) and decide on a value based on that? It's my first boat and I haven't owned a car or motorbike for years either so very unused to dealing with insurance matters...
Any advice gratefully received, thanks,