Quote:
Originally Posted by Diver1111
Hi All,
I've been with BoatUS for years. I learned that in at some point in the past Geico bought BoatUS. At first I thought BoatUS just changed Insurers but it's more than that. Never had a claim in 20+ years.
My problem is that I have had an "Agreed Value" on my boat for years meaning, subject to the fine print, that in the event of a total loss I get paid the figure on the Declarations Page/Dec Page without the bleeding and nickel and diming Property & Casualty ("P&C") Insurers are famous for.
That's the figure that as they say in the business, makes the consumer "whole".
It's Actual Cash Value/ACV in the event of a partial loss, another way they screw us over.
Gieco just cut my coverage for Agreed Value by 30% with no explanation whatsoever (shocking, I know) and in the same breath wants me to know that my Premium went down. Not impressed because if price was everything we'd all be driving Yugos.
What Geico has done is simply change the Agreed Value to a number that works for them not for me. If my boat sank tomorrow I would NOT be made anywhere near whole based on their new A.V. figure.
My question is-does anyone on the Forum have Agreed Value on their boat and if so, with whom?
Also has anyone had a claim under an Agreed Value Policy and how did it work out?
Any help appreciated.
Diver1111
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Both my boats are insured through progressive, and have Agreed Value coverage, for the amount I purchased them for.
I do know that some things they will not insure as Agreed Value, my jet ski for instance when I had it they would only insure as Actual Cash Value....
At some point as boats age, we probably should expect that the insurer may decided to change that value. I bought both my boats, used, and their value was already reduced based on age, when I purchased them.