Insurance Question: Agreed Value vs. Actual Cash Value

Tuck · Post by **Tuck** » Mon Jun 21, 2010 11:41 am

okay, silly question:

which is more advantageous for the boat owner? agreed value or actual value policies?

if i have read and understood correctly, agreed value would be best, would it not?

remember, i'm a retard, so cliff's notes/easy versions, please.

ready123 · Post by **ready123** » Mon Jun 21, 2010 11:55 am

Agreed value means what you and co agree on in the policy.
Actual value means market value at the time of loss... they put that number together.

As you concluded the first one is best... unless of course you lowball the agreed value.

captainmaniac · Post by **captainmaniac** » Mon Jun 21, 2010 12:43 pm

The other twist is typically agreed value is higher than 'market value' - so you are probably paying slightly higher premiums. In effect, you are agreeing to pay for X dollars coverage regardless of actual value when stuff goes bad. You would probably have to have a total loss to benefit from it, but at least with agreed value you know what you're getting (no nickel and diming over value once they have you by the short and curlies).

My policy is agreed value.

k9th · Post by **k9th** » Mon Jun 21, 2010 1:23 pm

Agreed value should be to your advantage because it gives you some input on the value rather than a value that you have no say in. Typically, you, the owner, know all of the improvements that you have made and how they affect the value of the vessel.

g36 · Post by **g36** » Mon Jun 21, 2010 1:31 pm

agreed value

i agree

Tuck · Post by **Tuck** » Tue Jun 22, 2010 6:08 am

thanks for the input.

i called my agent (state farm) after i posted this, and apparently i have agreed value coverage.

has anyone used state farm in the past? i.e., actually had to file a claim with them? if so, how were they?

reason i'm asking this one is i'm thinking about going with another carrier...someone who works more with boats/boaters. but then again, if they're good to go, there would be no need, i suppose.

again, input?

g36 · Post by **g36** » Tue Jun 22, 2010 6:53 am

here in tennessee where we are,
i found boat u.s. gave me the best price (may not be that way where everyone is) and i went with them. wouldnt hurt to call and get a quote. there's nothing wrong with calling around to other companies and getting quotes. theres always a chance to save some money.

k9th · Post by **k9th** » Tue Jun 22, 2010 9:18 am

I use State Farm and had a claim late last year when a wind storm shredded my canvas. They paid full price minus my deductible and only required one quote. Everything was handled in a very timely manner. They sent the first half in advance so that I could pay the company some money up-front and the final amount was sent immediately upon verification that the work was completed. I have no problems with their service.

TADTOOMUCH · Post by **TADTOOMUCH** » Tue Jun 22, 2010 3:14 pm

I have looked at other companies and I have Boat US insurance. I found that not all companies deal with boats much and they typically don't have or offer very little fuel spillage coverage. With the fines that can come with a leaking tank being pumped overboard or an oil spill or accident at the fuel dock, you better have a lot of coverage for that. Boat US does have this covered in their policies pretty good and at a good price.

foofer b · Post by **foofer b** » Wed Jun 23, 2010 8:55 pm

What do people pay for full coverage?

MTP · Post by **MTP** » Fri Jun 25, 2010 12:30 am

I just want to reiterate, Tuck is a retard.......that is all

Tuck · Post by **Tuck** » Mon Jun 28, 2010 3:25 pm

MTP wrote:I just want to reiterate, Tuck is a retard.......that is all

seeing as how that's a well known fact, you get one demerit for taking up cyberspace with that post.

k9th · Post by **k9th** » Mon Jun 28, 2010 6:03 pm

foofer b wrote:What do people pay for full coverage?

Full coverage on my '79 Tri-cabin with State Farm is $695 per year.

MTP · Post by **MTP** » Wed Jun 30, 2010 5:25 pm

Tuck wrote:
MTP wrote:I just want to reiterate, Tuck is a retard.......that is all
seeing as how that's a well known fact, you get one demerit for taking up cyberspace with that post.

What do I get for quoting it?