Stated Value vs Agreed Value ?
 

Is it the norm on a boat policy to be a Stated Value policy ?Which is my understanding that they would only pay book value in a total loss.Do they offer a Agreed policy and/or would it cost feasible

I checked on my 70 Chevelle collector car policy and its a Agreed value policy.

Sorry if this has been gone over before.

Thanks
Rob:D

I just bought insurance on my boat. I had the option of either and went with agreed value. It wasn't that much higher. I've seen too many insurance companies reem people with the book values. I have stated value on my vettes as well.

Last year a buddy had an insurance nightmare and got paid much less than he expected....After a dozen calls to my agent over a few weeks time it got to be comical all the weird "what if" senarios I asked them about. Now I'm confident I'm covered no matter what at the $$$ figure I'm expecting....hope they don't think I'm getting ready to sink the dam thing!!! :D

My opinion as an insurance broker is to always get an agreed value policy whenever possible. An Agreed Value policy is simply what it says, it is a value (of your boat) that both you and the insurance company agree on. Once you get that number, they agree to insure the boat for that amount of money, no more, no less. In the event of a total loss you get that amount less your deductible. Most of your policies with your captive insurance companies are written on an ACV (actual cash value) basis. Where if you have a total loss, they depreciate your boat value like they would your car. Agreed Value policies do cost you a little bit more but not much. Please contact me if you have any other questions or would like a quote for agreed value. I have a great carrier for agreed value. I hope this helps you out and answers your question.

Stacy Shute
Wake Zone Marine Insurance Brokerage
Mesa, AZ
480-357-9663

I am wondering if most boaters have a stated value policy?

I'm willing to bet they have a policy that came with the lowest possible annual premium.......and have no idea what kind of coverage they even have!!!

Most I've seen are agreed value. It's easier for everyone. True boat values are tough to nail down- so many variables, so many opinions. You give them a value and they set the rate on it. Lass value, less $$. There are limits- some might question you up front if the value is outside the lines, others may question it if and when you have the loss.

agreed value here. In my case about 10% more annual premium. I've looked at it many times in an effort to cut insurance expenses. Stated value just isn't enough savings in lieu of the tear$ I'll shed if I have a total loss.

I have had everything I own from homes, cars, sleds, and boats with the same Nationwide agent (he's a boater too :) ) for 20 years. He gives me the straight poop everytime, and has encouraged me over the years to stay with the agreed value.

Looks like I need to ck into a agreed policy,I wonder if the will will want a survey or new pictures of the boat?

Unless it's significantly above book value, you shouldn't have an issue. You're paying for insurance at an agreed dollar value and they're charging you a commensurate rate that allows them to write a no-questions-asked check in the event of a total loss.

exactly. I'm at about 25% over. A little total loss "buffer" by my choosing and I pay for it.

All my boats, past and present are stipulated agreed upon
value. The only problom is when their is a total loss. You see
total loss is a matter of opinion, the adjusters opinion.
When the loss is high somtimes insurance companies will
try to save the boat when it should have been totaled.
So the boat sits in the boat yard for months getting fixed and
it is never ever what it once was.

Rob,

I have an agreed value also on my Fountain.Because its and older boat and I dumped a TON on money into it I wanted to make sure I was covered.I sent my agent 47 pages of receipts,200 build pictures and also a copy of a log book I was keep while putting this resin bucket back together.The agent called me back and said this had to be the best documented build they have ever seen and since I had the proof they gave me the agreed coverage that is twice the book value.So it cost a little more but I can sleep at night.

Nordic95
Anthony R.