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View Full Version : Boat Insurance - Covered Value



TBroccoli
08-25-2015, 12:49 PM
Silly me. I just found out the value I thought I was insured for is no where close to the payout I would get if my boat was totaled (bum pa dum bum bump bum bum). Why do they even ask the value of the boat if they make up their own mind on what they think the boat is worth?

I have a 96 22 Classic with a 454 Magnum. Red stripe and red hull. Repainted in 2003. I thought a decent number was $26K. The insurance company came back with a value of $11,800. Ouch!

Currently paying Progressive $422/yr.
GEICO just quoted $255/yr. GEICO is the one that informed me what they would pay out ($11,800) and educated me about the terminology used in Progressive's plan. Now I have to call Progressive and see what they would actually pay out for a total loss.

Greg Guimond
08-25-2015, 03:44 PM
Sorry you are going through this .......

"Stated Value" coverage is only offered by certain carriers and is a mush have IMO. I have sometimes had to add it as a Rider and sometimes they will do it in the core policy. Either way, I always demand it or go elsewhere. I also have it on my newer vehicles. I learned about all this the hard way about 10 years ago.

RickSE
08-25-2015, 05:30 PM
More then likely your Progressive policy is an Agreed Value policy. I know mine is and I can't remember if Progressive offers both. I agree with Gregg, you want an Agreed or Stated Value policy.

gcarter
08-25-2015, 06:35 PM
I was only being offered about $6,500.00 until I paid for a survey and was able to show the surveyor the money I spent, and work I did. The surveyor established a value of $55,000.00 which was accepted and an agreed value policy was offered for less that $700.00.

Greg Guimond
08-25-2015, 07:47 PM
George, yep ..... it is not uncommon for a carrier to want a survey. In fact, that is actually a benefit to the owner of the vessel because it gives you the opportunity to "show all" and see if the provider is willing to step up to the proper "Stated/Covered Value" amount.