Boat US Insurance?

[csvencer]

I just want to say thank you to Reel for starting this thread. It prompted me to review my policy and realize that $900 a year was a little crazy. Called up progressive and found out that they still had me in Miami, updated me to VA and dropped to $275ish. THANKS REEL!

-Svence

[macojoe]

i have never had ins before!

CTT Who that??

[reelapeelin]

Originally Posted by csvencer

I just want to say thank you to Reel for starting this thread. It prompted me to review my policy and realize that $900 a year was a little crazy. Called up progressive and found out that they still had me in Miami, updated me to VA and dropped to $275ish. THANKS REEL!

-Svence

Wow!!!...that'll be a nice little HIT in the wallet...you can spend it all on the boat!...

Reason I asked is my boat is insured w/same co as homeowners...got another quote on homeowners that saved $550, but new co won't cover 35 yr old boat...Boat US has offered lowest quote so far, Progressive 2nd best, so I'll be doin' SOMETHING soon and knew I'd get the straight scoop from you guys...PD, I's thinking about going w/the stated value plan...glad to hear you think it's a viable route...THANKS for all the feedback guys...

[Blue_Runner]

Who?

This dude:

[randlemanboater]

Reel, I have Progressive, havent had a claim but they are cheep, and each year you dont have a claim, your deductable goes down....mine is zero now.

Plus you can do the "agreed value" for your boat/motor/trailer so they dont come up when your boat sinks and give you $500 for the whole thing.

[csvencer]

Careful with the "agreed value" if you don't have anything to back it up with, ie receipts, NADA, etc. they will re-evaluate what the "agreed" on.

-Svence

[randlemanboater]

Originally Posted by csvencer

Careful with the "agreed value" if you don't have anything to back it up with, ie receipts, NADA, etc. they will re-evaluate what the "agreed" on.

-Svence

Yep, every few years they want an appraisal.

[csvencer]

Originally Posted by randlemanboater

Yep, every few years they want an appraisal.

How do you get an appraisal done that would be an "official" price that the insurance company would accept?

-Svence

[THEFERMANATOR]

Originally Posted by csvencer

Careful with the "agreed value" if you don't have anything to back it up with, ie receipts, NADA, etc. they will re-evaluate what the "agreed" on.

-Svence

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%.

[csvencer]

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%.

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