PDA

View Full Version : Insurance Agreed Value? Not sure I agree



bergermaister
08-29-2018, 11:03 PM
I just got an update on my mariner policy with a new clause about Agreed Value. Anyone heard of this? Basically telling me to check my declarations and if I don't AGREE then to contact them immediately. I've been with this insurance company forever and had the boat covered with them for 12+ years. So I wonder if anyone else is in the same boat as me because I don't necessarily agree with them.

They are stating my Agreed Value to be $19,000. However there's no way I could replace mine for anywhere near that so I think I'm going to challenge it. I'd welcome your thoughts on actual value, market value, replacement value, whatever. (No it's not for sale!)

https://i.imgur.com/GInbL9E.jpg

https://i.imgur.com/9MCyxpA.jpg

https://i.imgur.com/nYYfOIh.jpg

2001 Moomba MobiusV
Yellow with metal flake
22ft, Seats 12
Hull has just over 600 hours, engine now 340hp, has just over 400 hours (don't ask...)
Acme 1847 prop
New fully custom interior in 2013
New 40oz carpet in 2013
Custom bimini
Custom strapless cover
Clarion M303 Deck, Exile cabins, 2 XM9 Towers, Exile Big 12 sub, 3 Exile amps + ZLD
New brakes, bearings and tires on trailer in 2014
New dual Group 29 batteries in 2016
Custom Ballast: 1180 gravity games center bag, Wake makers 910 bags in rear lockers + 2 400lb extra bags to move around
All fill/drain with Tsunami 1200s
Lots of blue interior LEDs because well, I have a sickness
Sadly only about 120 hours in the last 4 years.

Tell me I could replace that, if it were a total loss or stolen, for $19,000...
Or, tell me what I could sell that for?

Yeah, I realize its 17 years old and not made of gold but come on.

kaneboats
08-29-2018, 11:30 PM
I think you can raise the "agreed value" but you may face a higher premium. If you have not had a quote from Ski Safe then you are probably paying too much. Look into the lay up insurance break they offer. I got a huge discount for 4 months of "in garage not use" in FL. Bet yours is way bigger.

Broke Pilot
08-29-2018, 11:32 PM
They don’t have an option for stated value? It usually costs more. But you can insure it for whatever you want.
I have stated value on our SA through SkiSafe. Best boat insurance I’ve ever had. And ^^ he beat me to it. The 4 month lay up is huge savings. I have the SA at $120k, I think my year is $485 give or take a few.

Shoebox
08-29-2018, 11:33 PM
Yeah you just tell them how much you want to insure it for, the "agreed value", and they will set your premium based on that value.

sandm
08-30-2018, 11:42 AM
agreed value is where you know exactly what you are getting if it's a loss. you set the amount with the insurance company. if this is a new clause or policy guessing they are taking the market value of the boat. you should contact them immediately and discuss/conclude what you want the agreed value to be. it will more than likely raise your premiums but shouldn't be by much and they may ask for documentation to show why it's worth more than market value.

I had this with ski safe on the tige to cover the stereo/ballast gear and it added a few $$ to the policy but for me it was worth it.
on a related note might check out ski safe. they were the cheapest I found and with the 6 month layup it made it even cheaper. they covered it during layup even being stored offsite in a warehouse with 100 other boats.

bergermaister
08-30-2018, 12:43 PM
Thanks guys - appreciate the feedback and I'm definitely going to look into the layup option or possibly another company.

So any guesses as to market value?

trayson
08-30-2018, 12:56 PM
I just got an update on my mariner policy with a new clause about Agreed Value. Anyone heard of this? Basically telling me to check my declarations and if I don't AGREE then to contact them immediately. I've been with this insurance company forever and had the boat covered with them for 12+ years. So I wonder if anyone else is in the same boat as me because I don't necessarily agree with them.

They are stating my Agreed Value to be $19,000. However there's no way I could replace mine for anywhere near that so I think I'm going to challenge it. I'd welcome your thoughts on actual value, market value, replacement value, whatever. (No it's not for sale!)

https://i.imgur.com/GInbL9E.jpg

https://i.imgur.com/9MCyxpA.jpg

https://i.imgur.com/nYYfOIh.jpg

2001 Moomba MobiusV
Yellow with metal flake
22ft, Seats 12
Hull has just over 600 hours, engine now 340hp, has just over 400 hours (don't ask...)
Acme 1847 prop
New fully custom interior in 2013
New 40oz carpet in 2013
Custom bimini
Custom strapless cover
Clarion M303 Deck, Exile cabins, 2 XM9 Towers, Exile Big 12 sub, 3 Exile amps + ZLD
New brakes, bearings and tires on trailer in 2014
New dual Group 29 batteries in 2016
Custom Ballast: 1180 gravity games center bag, Wake makers 910 bags in rear lockers + 2 400lb extra bags to move around
All fill/drain with Tsunami 1200s
Lots of blue interior LEDs because well, I have a sickness
Sadly only about 120 hours in the last 4 years.

Tell me I could replace that, if it were a total loss or stolen, for $19,000...
Or, tell me what I could sell that for?

Yeah, I realize its 17 years old and not made of gold but come on.

Berg, it sounds like your policy is transitioning from a "market value" to an "agreed value" and they're setting the default. Honestly if I was you, I'd insure your boat/trailer combo for a stated combined value of $35k. Could you sell your boat for that? MAYBE if you found that ONE person that genuinely appreciated all that you've done to it... BUT, it'd sure take the sting out of the down payment on the replacement if you had a $35k check. The difference in premium between $19k and $35k is probably going to be about $65 a year. So you decide. do you want to under insure, or over insure???

That said, I know your boat and if you were selling, I bet you could squeak a good $25k to $30k out of it pretty realistically. The vinyl's in great shape. Everything's sorted. Sure it's not "new" but it's well optioned and well taken care of. (although that yellow would make your buyer pool smaller!)

But that's the beauty of agreed/stated value. YOU determine how much 'replacement cost' you need to get in the event of a total loss and there's less drama if a claim happens. But you of course PAY for that value in your premium.

RC_Hinojosa
08-30-2018, 01:13 PM
That said, I know your boat and if you were selling, I bet you could squeak a good $25k to $30k out of it pretty realistically. The vinyl's in great shape. Everything's sorted. Sure it's not "new" but it's well optioned and well taken care of. (although that yellow would make your buyer pool smaller!)


Trayson's disdain for yellow is a well known fact, LOL! :p

trayson
08-30-2018, 01:35 PM
Trayson's disdain for yellow is a well known fact, LOL! :p

LOLOL. at least yours has that sick blue! it actually pops and I might make an exception to my rule. But Berg's Banana? That would be a hard sell.

KnoxMojo
08-30-2018, 02:25 PM
I use Ski Safe as well. They asked me what value I wanted on the new boat, I told them. I insured my trailer for $5K and my premium is around $650.

trayson
08-30-2018, 02:32 PM
I use Ski Safe as well. They asked me what value I wanted on the new boat, I told them. I insured my trailer for $5K and my premium is around $650.

I need to tell them YOUR agreed value for my policy, and then have my 4" exhaust elbow hose slip off again... By by XLV, hello SA!!!!

KnoxMojo
08-30-2018, 02:37 PM
I need to tell them YOUR agreed value for my policy, and then have my 4" exhaust elbow hose slip off again... By by XLV, hello SA!!!!


Hahahaha!!!!!! Trayson, they literally asked me what I paid for it and what I thought replacement would be, so I just threw out a number and they said ok. I am sure that it was within reason. LOL

trayson
08-30-2018, 05:35 PM
FWIW, I went and compared my Progressive policy to what Ski Safe had to offer. I went online and changed around options until I had a fairly comparable quote and Ski Safe was less (possibly due to the fact that Progressive was allowing me to have lower deductibles on certain items and because for the Ski-Safe quote I chose NOT to have freeze coverage or disappearing deductibles. Progressive did allow me to suspend coverages during those months that I wasn't using the boat (saved me around $100 a year) but with ski-safe, it looks like that because I chose a "layup" period while it's winterized that it likewise dropped the policy around $100 from what it otherwise would have been and bonus that I don't have to call to suspend/activate coverages.

So I retained stated value insurance that's more than sufficient in the event of a total loss, I also retained the higher than minimum liability coverage and plenty of protection for personal articles (because I carry a lot of money in boards and stuff).

In the end I probably saved myself around $100 a year. I also decided that since I have towing coverage on my policy for both on the water and on land (trailer), that I'll probably cancel my AAA Premier + RV and save myself a lot by not paying that extra AAA towing coverage.

xjpeex
08-30-2018, 09:56 PM
Inc company’s never loose. Good luck
I would drive that boat right though the from door of there office
It’s not fair!!

Jeepers
08-31-2018, 01:45 AM
SkiSafe’s policies are quite the scam! They will tell you Agreed Value; However they will only payout NADA value on a catastrophic claim. I went round and round with them on this. So they would charge me more to increase the “agreed value” however if I experienced a total loss, they pay whatever the nada value is. Needless to say I just cancelled my ski-safe policy after 4 years once I discovering this and switched to Progressive.


Sent from my iPad using Tapatalk

sandm
08-31-2018, 09:42 AM
interesting as my ski safe policy had the agreed value in it.

trayson
08-31-2018, 01:18 PM
SkiSafe’s policies are quite the scam! They will tell you Agreed Value; However they will only payout NADA value on a catastrophic claim. I went round and round with them on this. So they would charge me more to increase the “agreed value” however if I experienced a total loss, they pay whatever the nada value is. Needless to say I just cancelled my ski-safe policy after 4 years once I discovering this and switched to Progressive.


Sent from my iPad using Tapatalk


interesting as my ski safe policy had the agreed value in it.

I see what Jeepers is saying. Straight out of the policy:


AMOUNT OF INSURANCE:
a. This is an agreed value contract except for
property subject to depreciation as identified
below. In the event of a total loss to your
Boat, Dinghy or Trailer we will pay the lesser
of the respective Part D: Property Damage
Amount of Insurance as shown on the
Declarations Page or the cost of
replacement. However, if a total loss of the
Boat occurs within the first thirty-six (36)
consecutive months immediately after you
have purchased the Boat new (no prior
owner or user and no more than one year
since the manufacture date) and the Boat
was not purchased subject to any
promotional agreement with the dealer or
manufacturer, then we will pay to replace
the Boat with the same model, or if such
model is not available, a comparable model.
In either case, such replacement will be
new. The most we will pay to replace the
Boat will be will be the lesser of 120% of the
Part D: Property Damage Amount of
Insurance for the Boat shown on the
Declarations Page or $100,000.

Jeepers
08-31-2018, 01:29 PM
Exactly. I discovered this when I attempted to increase the agreed value. They were more than happy to increase the agreed value and my premium. However, they stated that they go by NADA fair market value which their underwriters obviously did not know how to run the calculator by the figure they provided me as Fair Market value.


Sent from my iPhone using Tapatalk Pro

mikebu
08-31-2018, 02:49 PM
I'll throw in my 2 cents on Progressive. I use them for auto as well as my boat insurance and cannot recommend them enough.

I have had several claims with progressive and have been very happy with them and haven't had my rates go up.

Last claim on my boat was when the stereo system was stolen two years ago in the fall. I was curious what would happen because I had replaced the stock stereo system with a very loaded three amp Exile Audio system. But they cut me a check for all brand new stuff and replaced the stereo system.

bergermaister
08-31-2018, 03:14 PM
I appreciate the feedback and insight. Yellow boats are clearly worth way more since they are so rare so they'll have to factor that in.

I've had a few doozy claims on my mariner policy over the years as well (underwater hits, theft, etc) and they've been great to me. I'm going to get very particular when it comes to agreed value and loss coverage. Seems a little inconsistent from responses here.

Their wording:
Your boat's value is based on an Agreed Value. If we determine your "watercraft package" to be a total loss, our maximum liability is the Agreed Value shown on your declarations page, less the salvage value of the property you retain. If you do not agree blah blah contact us immediately.

And personal effects only covered up to $500 with no deductible. Can raise that level but adds a $250 deductible.

NADA comes in a few thousand better than their agreed value but still not sure what I would state as replacement value...

bergermaister
09-10-2018, 01:37 PM
Update for anyone interested - at least my insurance company requires a formal dealer appraisal and paperwork submitted to adjust the agreed value. Unless you are ok going with the NADA stated value which doesn't do squat for restoration or upgrades...

trayson
09-10-2018, 01:44 PM
Update for anyone interested - at least my insurance company requires a formal dealer appraisal and paperwork submitted to adjust the agreed value. Unless you are ok going with the NADA stated value which doesn't do squat for restoration or upgrades...

I ran into that with my first boat. They wouldn't adjust the insured value of my boat unless I could provide them with 'proof' why. I had to give them receipts for the upgrades I did and then they were willing to increase the value. Another time I had my boat insured for the purchase price (which was a deal and then I did upgrades on top of that). The insurance company I was with wouldn't let me change the value and the only way to get a different value was to switch companies.

That said, I'd think a 'dealer appraisal' wouldn't be that difficult to get. Just go test drive a new Supra SA and have them give you the trade and retail value for your boat.