Boat insurance; again

Pirate Lady

Pirate Lady

Well-Known Member
Jun 2, 2020
7,545
Chesapeake Bay, Middle River
Boat Info
Sundancer 250 ‘91
Engines
7.4 Bravo 1
Agreed value is not 'agreed' according to what some members are finding out.
So in insurance terms, does anyone really know what is the actual legal definition of these 2...

  • Total Loss Replacement: If it's a total loss, this policy will pay you based on the agreed value, actual cash value or the replacement cost value.
My Geico is agreed value (which the companies seem able to change even if the owner doesnt agree.
I'm guessing that actual cash value would be a depreciated amount.
Replacement cost. HA! My 10K boat would be replacable for about $200K these days. I suspect that would be a very expensive poilcy.
 
I just received my renewal from Geico and the agreed value clause I had since I bought the boat new has now been specifically stricken from the policy. Now the total loss replacement is the current value of the boat.
 
I won't get my renewal for a few months. But last year my Progressive policy had an "agreed value" clause that meant just that - "in the event of a total loss, the insured and/or the lienholder will be paid the agreed value amount".
 
When I insured my new to me boat with BoatUS/Gieco, they gave me an agreed value above what was paid (the opposite of what they did the previous year on my old boat where they reduced the agreed value). It seems in this "zillow" world they are using algorithms to do this stuff.

Now in looking at the policy language, I get agreed value in the event of a total loss. Dingy's, as well as canvas, cushions, propulsion, etc., are covered at actual cash value. I also include ice/freeze coverage which applies either if I'm in a heated facility or the boat was winterized by a commercial marine facility.
 
highslice said:
I won't get my renewal for a few months. But last year my Progressive policy had an "agreed value" clause that meant just that - "in the event of a total loss, the insured and/or the lienholder will be paid the agreed value amount".
Click to expand...

Just went with Progressive and same verbiage.

Bennett
 
I worked in auto claims my first two years out of college. I was the guy who tried to screw you and save the insurance company money. Hated that job...

A total loss then (the cost of repairs exceeds 80% of the value of the car) was the value of the car per NADA, at least that is where the negotiations started; and yes, you can negotiate. If you wanted to keep the car, you got 80%. If you did not, you got 100% and we sold it in salvage.

It's amazing what great condition a car "was" in (per the owner) when it comes time to agreeing on it's value when it's a total loss.
 
I just called Progressive for my renewal and they young lady said they weren’t ready yet but that no changes were expected. I’m at 20K agreed value. I think now ACV would be about 30K, just ran that through the bot calculator and I went up from $63 a month to $78 a month, 500K total liability.
 
Blueone said:
Unless you’re planning on crashing …sinking …blowing it up who cares?….. a lot of people lower dramatically the value to reduce premiums
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I agree and disagree. You insure it for what you want to insure it for and what the insurance company will insure it for. You can assume some of the risk yourself by lowering these amounts and increasing your deductibles. I really only have insurance for the liability, damage I can do to something else.
 
mrsrobinson said:
I agree and disagree. You insure it for what you want to insure it for and what the insurance company will insure it for. You can assume some of the risk yourself by lowering these amounts and increasing your deductibles. I really only have insurance for the liability, damage I can do to something else.
Click to expand...
Of course….. I was just talking about the replacement value….. I just threw it out there….. I didn’t say do it…… you do you
 
Pirate Lady said:
Agree, frankly only reason I carry is for liability and the marina requires me to.
But… if the carb just happened to eat a paper match in a down economy that I couldn’t sell it, i would like to be assured of a fixed amount for my trouble of jumping overboard and swimming to shore.
Click to expand...
You laugh, in my auto claims job I was the trained "fire/arson specialist". You'd be surprised how stupid people are when the intentionally burn a car, and how difficult it is to prove they did and deny the claim.

A bag of potato chips under a seat is your best friend...you know how much oil is in one of those? ;-)
 
GirlyGirl1999 said:
I just called Progressive for my renewal and they young lady said they weren’t ready yet but that no changes were expected. I’m at 20K agreed value. I think now ACV would be about 30K, just ran that through the bot calculator and I went up from $63 a month to $78 a month, 500K total liability.
Click to expand...
I have had a $74K agreed value for years. Last year I looked at lowering it to $50K and my premium only went down $50 for the year. So I just left it at $74K.
 
So I’ll take us on a little detour, this is a recount of my dock mates story, came to the dock, boat had sunk almost to the port holes, water line had broken and they left the dock water on. Insurance pulled the boat, worked the engines and put in a complete new interior. Unbelievable in my eyes, its a bigger boat Regal 340 and not that old, 2015 I think. Wonder if Progressive would rebuild my boat? :cool:
 
i tried to get my insurance company to give me the ACV but never got an answer in the chat being an old boat I want to know whether my boat is worth 2k or 20k. because if something happened 2k isn't even worth having insurance for. I'll pay the Premium for 20k coverage rather than something happening and the boat is basically gone. I know I'm not getting a new boat but at lest I can look for another used boat
 
GirlyGirl1999 said:
I just called Progressive for my renewal and they young lady said they weren’t ready yet but that no changes were expected. I’m at 20K agreed value. I think now ACV would be about 30K, just ran that through the bot calculator and I went up from $63 a month to $78 a month, 500K total liability.
Click to expand...
Hey Group, thought I would throw an edit out. I just renewed for the year so I’m good until 04/24. Ready?
Went down $40 Yay
Jon
 
Anyone have experience with State Farm for their boat insurance? We have had them for 30 years for everything but our boat. I randomly asked them to quote the 52DB and was pleasantly surprised by the apples for apples route compared to Chubb.
 
rlynch03 said:
Anyone have experience with State Farm for their boat insurance? We have had them for 30 years for everything but our boat. I randomly asked them to quote the 52DB and was pleasantly surprised by the apples for apples route compared to Chubb.
Click to expand...
Read the policy VERY carefully. When I was just married, State Farm was THE company. Then they very quietly scrapped guaranteed replacement value for homeowners. It has been down hill since. A shell of the company they were.
 
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