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Originally Posted by randlemanboater
I have Progressive Boat Ins. *It is agreed value, $12500.00 for mine, they just ask you on the phone what its worth, and tow coverage too. *Around $200 a year for all with the disappearing deductible. *Goes down 25% each year you don't have a claim.
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Sorry to say this but I bet you do not have agreed value. I'm in the business and the insurance co would require more documentation for that coverage. If you ask I bet they will tell you that they will pay up to that amount depending on the boats value at the time of loss. This is a common mistake and I have even heard the sale agents make this mistake. You should give them a call or read the section of your policy talking about how a loss is settled.