watson524

Insurance questions

32 posts in this topic

A  TRUE Agreed Value policy is a FIXED amount of coverage that is specified. The premium changes but not the payout.  

Careful about salesmen.

The ACV. Agreed Cash Value.  is the one that has a declining payout over time.

Agreed Value Is a NON declining payout.

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5 hours ago, cyclops2 said:

A  TRUE Agreed Value policy is a FIXED amount of coverage that is specified. The premium changes but not the payout.  

Careful about salesmen.

The ACV. Agreed Cash Value.  is the one that has a declining payout over time.

Agreed Value Is a NON declining payout.

have to be careful with agreed value, its not always forever and ever.  SOme guys think well I got this agreed value policy on a 20 year old boat that Ive had since new.  Insurance is smarter than that.  The few Ive had have actually depreciated the value from year or to year.  Or if you look in the fine print after so many years they reserve the right to depreciate it at pay out etc.

Its doubtful you ensure a 50k boat in 2000,  crash it in 2020 and think you will get all 50k

 

Agreed value also cost more, but its worth it. 

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6 hours ago, Wingnut said:

My state farm agent actually called me to make sure my primary boat policy from ACE had the necessary minimum liability coverage, so that my State Farm umbrella would kick in without any gap. My boat is listed as a line item on my umbrella policy also. Another option here in the northeast is to buy an in water policy like I did with my big Sea Ray. As our season is short, I used Boats US for the season, and had a dated off-season rider on my home owners policy to cover her while she was winter stored at my home. I was sure to vet the transport company yearly to be sure she was covered during the  25 mile trip from marina to my place. It seems like every company and every state has different rules of engagement.   W

Oddly enough,  even with a total loss to my former 190ssi for which the agreed value when it was new was paid to me as it never changed in the policy, my insurance cost for my waverunner and my 220 are one of the least expensive sets of policies I buy.  I got so much for my 190 that I pretty much just used the proceeds to buy my 220 plus maybe 5k.  Thinking back though, I could have added another 5k or 10k to the pot, and bought a much newer Chap from somewhere in the southern US.   I really like most everything about the 220 except it's just old now.  

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Every 5 or so years I call all my insurance companies to make sure I still have that FULL AGREED  check still in their safe.

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17 hours ago, Chaparral Rider said:

Oddly enough,  even with a total loss to my former 190ssi for which the agreed value when it was new was paid to me as it never changed in the policy, my insurance cost for my waverunner and my 220 are one of the least expensive sets of policies I buy.  I got so much for my 190 that I pretty much just used the proceeds to buy my 220 plus maybe 5k.  Thinking back though, I could have added another 5k or 10k to the pot, and bought a much newer Chap from somewhere in the southern US.   I really like most everything about the 220 except it's just old now.  

I too have an agreed value policy, and the principal amount has not gone down, but the premium has. Another constant concern with a boat is environmental contamination if a sinking should occur. That remediation gets expensive in a hurry so I made sure those limits on the policy were high.  W

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4 hours ago, Wingnut said:

I too have an agreed value policy, and the principal amount has not gone down, but the premium has. Another constant concern with a boat is environmental contamination if a sinking should occur. That remediation gets expensive in a hurry so I made sure those limits on the policy were high.  W

That's a good point and one easily overlooked as not important when the reality in today's world is very different.  

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I think the insurance companies factor in moving water at a sinking site. Compared to a small, sealed in lake.

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