I believe the agreed value option means that you decide what you want it insured for(within reason) and that is the amount you are insuring. Actual cash value sucks because it is normall low market minus 20%.

Agreed Value

Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the actual cash value (ACV) at the time of the loss. For partial losses, there is no depreciation, except on the following: batteries, sails, canvas/plastic coverings and outdrive units or outboard motors older than five years.
For boats two years old or newer, the sales receipt can serve as the Rating Base. If a sales receipt is unavailable, the Rating Base may be determined by referring to an ABOS, BUC or N.A.D.A. appraisal guide or an accredited marine survey.


So I guess a survey is required for older boats, or they go by NADA.


http://watercraft.progressive.com/bo...on.aspx#agreed


-Svence

Hey Pipe...you did it...how did you and your Ins Co decide on a $$ value??

I sent them photos of the re-fit work, with receipts for it and the engine, and they wrote the policy for that amount. It's admittedly steeper, but I figured I had borrowed money (equity line) for all that work, and didn't want to risk loosing it all.

Couldn't agree more...does that stated value diminish over time?...

No. As long as I keep a'payin' they keep a'insurin'.