Insurance Agreed Value? Not sure I agree

[trayson]

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]

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]

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]

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]

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.


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[sandm]

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

[trayson]

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.


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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]

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.


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[mikebu]

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]

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...