Boat Insurance-ACV vs. Agreed Value

Diver1111 · 05-28-2021, 11:09 AM

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

05-28-2021, 11:09 AM	#1
Diver1111 Senior Member Join Date: Jun 2005 Location: Exeter NH Posts: 596 Thanks: 0 Thanked 1,027 Times in 224 Posts	Boat Insurance-ACV vs. Agreed Value 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