Boat Insurance-Actually a great policy

[jmhatchett]

Matt, First off this isn't a Solicitation just Information to all of the forum members.

Ok, so I know this isn't tops on a lot of peoples priority list, but I'm just going to share a new kind of boat policy that is out there.

My previous boat policy was through "Company A" and it was a normal policy with Hull (full coverage), liability, Med payments to anyone injured, Uninsured Boater coverage, Contents, and trailer coverage. So this policy was good and it cost me $850 per year to insure everything under this policy. I only ever had one claim on it and that was just a swim platform that cracked Not a big deal. So this policy was an Actual Cash Value policy meaning everything gets fixed on a depreciated value. Well boats depreciate and we invest lots of time and money into these toys!

So the reason for this silly thread is just to let you guys know there is a new type of policy out that they are calling Agreed Value. Meaning you and the company "Agree" on a value to insure the boat and as long as you pay the premiums if something were to happen to the boat then it would be replaced at the Agreed Value, so this keeps the depreciation factor from coming into play. I switched my boat to this policy and it also has all kinds of cool add on coverage that make it way better. The value of the Boat in Policy 1 with Company A and the new policy with Company B are the same and the yearly premium is also the same, but I have much better coverage. I was quoted a policy that was "Apples to Apples" with the ACV policy and it was cheaper, but for the same money I wanted better coverage!!

This may not be for everyone, but Its always cool to share with friends and see if it can help y'all as well. I don't want to put Names out in a thread, but if you want the company name or help with any of it just PM me.

[Bad05]

Good information, I also have the same Agreed Upon Value insurance and for less than a typical policy! Added the stereo to the policy and it was still slightly cheaper!

[boardman74]

Glad you found a policy that works for you, but agreed value policies are nothing new. They have been available at least 20 years, thats all the longer I can attest to as thats about when I started owning my own stuff.

[jmhatchett]

Sorry didnt know they had been around that long, but I was very impressed with mine and thought it might be worth sharing.

[talltigeguy]

In my case, they asked me what the agreed upon value would be. I added about 10K to what I think the value really is, because in all honesty, it would cost me that much to add the little extras that would get any other boat on the market up to snuff. I pay a little more for that, but it gives me peace of mind to know that if the worst happens, I can at least get a boat as good or a little better than my current.

I am not sure what would happen if I would have inflated the price by 40 grand. They almost sounded like I could name my price. I would just pay a higher premium. And I am sure they would investigate a little deeper if I would have a total loss, kind of like the guy who insures his wife, then takes her out 1 week later.

[jmhatchett]

To my knowledge they have a "range" that each boat CAN fall between and if you name the value in this range then there are no problems. But yes its a great policy for the "peace of mind".

[Ewok]

Boat Insurance-Actually a great policy

I have an agreed value policy as well. For new boats they usually take the invoice price as the agreed value. For older boats you may need to get a marine survey done to insure for what the boat is actually worth. I recently renewed my policy and they took the NADA value with all the little add-ons and the trailer value which was actually slightly more than what I paid for the boat. It's a good way to make sure you don't get screwed by an accident and insurance claim. I'm about 550 a year for my policy through USAA via Progressive.

[sandm]

agreed value policy here as well. I'm probably a tad underinsured when you look at the totals on the medical/liability/equipment piece, but I'm only out $363/yr for my '12. agreed value is at $65k with trailer or 60 for the boat. that's what I paid for it.