Replies

• camgci Posts: 192 Deckhand

  May 2016 #2

  It's going to be hard to insure it for it's replacement value due to it's age. Most insurance companies never heard of egrets or have any comps on them. I had a Progressive agent that was familiar with them tell me he could insure my 1995 for replacement value, but when I read my insurance policy he had lied. The person I sold it to had the same issue. I have a newer one now that I at least got it insured for what I paid for it with a non declining value.

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• lowerkeys Posts: 99 Greenhorn

  May 2016 #3

  20k

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• Last-Cast Posts: 233 Deckhand

  May 2016 #4

  I have my 97 insured with Progressive for $25K for boat, motor and trailer. The engine is a '97 Yamaha 150 Pro V and the trailer is 2001 Loadmaster I had made. It's at agreed value.

  Egret 189
  Maverick 17T sold

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• 91tiger Posts: 555 Officer

  May 2016 #5

  I have been curious about this for awhile. I have an agreed value on mine as well. But I have a suspicion if an 18 wheeler T-boned my boat and totaled it, that Progressive would try to bring out some blue book or marine appraiser and give me much less than we agreed on and I would be coming up with an extra 20 or 30K to have Frank build me another one. Anyone with any actual claims experience on these agreed value policies?

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• camgci Posts: 192 Deckhand

  May 2016 #6

  91tiger wrote: »

  I have been curious about this for awhile. I have an agreed value on mine as well. But I have a suspicion if an 18 wheeler T-boned my boat and totaled it, that Progressive would try to bring out some blue book or marine appraiser and give me much less than we agreed on and I would be coming up with an extra 20 or 30K to have Frank build me another one. Anyone with any actual claims experience on these agreed value policies?

  
  That's what I was told would happen when I talked to the new agent at renewal time. He told me to read the fine print. Who knows? I switched insurance companies, it kind of ticked me off.

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• no_rEGRETs Posts: 9 Greenhorn

  June 2016 #7

  So I'm gathering 20-25k real value?? Which sucks because I know that trying to replace this bird would cost substantially more than that. Part of the reason I would like to have an accurate idea on value is because it is a jointly-owned inherited boat and would like to have a good idea of a price to buy out the other party's interests.

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• TXWahoo Posts: 572 Officer

  June 2016 #8

  How is "agreed value" not agreed value? I asked my insurance company this exact question when I bought the boat and was told if it sank, was totaled, etc then I would receive the full agreed value. Of course, I haven't read the fine print. Can you elaborate?

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• Last-Cast Posts: 233 Deckhand

  June 2016 #9

  I have Progressive and I am also an agent. When you insure a boat for an agreed value it means that if it is totaled then they have to pay you for the mount that it is insured for. If you have a claim as an example a tire blows out and cause a lot of damage to the boat while trailering and you file a claim the carrier can base the repair work on either totaling the boat or repairing it. So if it's going to cost $28k to repair a boat insured for $25K they will total it and cut you a check for the agreed amount. Many have been times when a person has taken the check then turned around and purchased the boat back for salvage and repaired it themselves. When this happens you usualy can only get liability insurance and the carrier can require a marine survey of the repaired boat.

  Egret 189
  Maverick 17T sold

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• 91tiger Posts: 555 Officer

  June 2016 #10

  Excellent information Last Cast. Glad to know someone in the industry is comfortable using the same Progressive Agreed Value insurance I am using.

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