Actual cash value or agreed value??

[Payton]

I've got a 1991 34' Super Hawaii and have had great rates and coverage the last 4 years. My boat is in terrific shape 90% of it looks maybe 5 years old not 17. The 10% is in the cabin, more dated than warn though.
I just recieved a letter from my insurance broker telling me about Agreed value rather than the actual cash value policy I have now. What are the pros and cons of each?

Thank
Mark

[Perlmudder]

I have always gone with agreed value, that makes it so that you do not get killed on depreciation if your boat is totalled. If you buy a new boat for $100k and the insurance is only for actual value, if the boat is totalled after two years you may only get paid $60k by the insurance company. Whereas, if you have agreed value, then your insurance company will pay the full $100k, if the boat is a total loss. Agreed value is a little more money, but I think definitly a better buy in the end, especially cause you get your full investment back.

[WakezoneINS]

AGREED VALUE OVER ACV ANY DAY OF THE WEEK. Yes, it costs you a tad bit more, but it is so worth it if you have a claim. There is no negotiation and no back and forth crap. The limit is the limit and the check is for that less your deductible. The way I look at it, the only draw back to Agreed Value is that is costs a bit more but I could name more drawbacks to having an ACV policy. Just my two cents.

[BAJA WILL]

Agreed value, it cost more but is worth it. Only way you would come out better is if you boat was a total pos, below book value.