Insurance Agreed Value? Not sure I agree

[bergermaister]

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!)







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]

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]

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]

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]

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]

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]

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!)







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]

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!

[trayson]

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

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]

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.