Quote:
Originally Posted by THEFERMANATOR
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%.
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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