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Old 05-28-2021, 12:09 PM   #1
Diver1111
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Default 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
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Old 05-28-2021, 12:33 PM   #2
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Quote:
Originally Posted by Diver1111 View Post
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
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.
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Old 05-28-2021, 06:28 PM   #3
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I'm a little surprised that the insurer reduced coverage without notice. Perhaps there was a generic letter at some point discussing their policy on agreed value? In my experience, the insurer wants to see something that justifies whatever you think the value should be. Usually, they ask for a copy of the survey when you start coverage. In the extreme, if you insure a $10,000 boat for $100,000 and have a total loss, you won't get the $100,000 because you misrepresented the value when you set things up. If you want to insure for more, most companies, I believe, will accept some sort of demonstration of value, e.g. a new survey, statement from a dealer or broker, etc. It's odd that, historically, boats depreciate, and this year, shortages have led to increased values for used boats. If you're unhappy and want to change companies, chances are, the new company will want some verification of value if you want to insure for an amount that is out of line with say, "Blue Book" values.
I bought a boat last year and insured for the survey amount. This year, I see similar boats for sale for 30%+ more than I paid. If the boat is totaled, I'll get my money back, so I guess I'm "whole" but I won't be able to buy a similar boat with the settlement check.
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Old 05-28-2021, 07:27 PM   #4
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I have an agreed value policy on my boat through State Farm. I provided them with a survey and they issued the policy no problem. I also have an agreed value on one of my automobiles through them and all that was needed for that policy was some photos of the vehicle, estimated mileage per year I drove with it and a number I wanted to insure the vehicle for.

Do you hold any other policies with Geico? In the past I have been able to use my other policies with the same company to leverage them into providing a coverage they may not otherwise provide. For example, when we first discussed getting a German Shepherd, our insurance company at the time said they would no longer provide home owners coverage if we had a GSD. I simply told them I'd be moving all of my policies (auto, boat, umbrella) to another company who could provide homeowners in addition to the others.
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Old 05-28-2021, 09:31 PM   #5
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I'm a little surprised that the insurer reduced coverage without notice.
Correct, if an insurer wants to change the Agreed upon value, I would expect that they would send me something in writing detailing why, and how the new value was determined. If an insurer did it without reason and with out explanation that is different.....

As someone that tends to own things for the complete life cycle of the item, had I bought my boats new 20 years ago, at this point I would be tired of paying the insurance to keep the Agreed value at the purchase price of the vessels....I would likely at about 10 years, had them surveyed and reset that agreed upon value....As it is I was thinking about doing that on one of them, but as the used boat market has changed, I now don't see a reason to do so....
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Old 05-29-2021, 07:00 AM   #6
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I have Travelers on my 24 footer on Agreed value and not ACV, in fact I just upped my coverage due to redoing some of the boat and today's market climate. I have had this policy since 2007. two different boats. They have a really good coverage policy as well as I have unlimited pollution coverage something left over from an older policy and unlimited cost of removal if boat goes down in the body of water. My smaller boat is with GEICO due to the fact it is just a tinny and a motor and gave me agreed value on it (I am also an agent and do not write with travelers for boats). I care more about the cost of clean up if it goes down than for the boat.
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Old 05-29-2021, 10:33 AM   #7
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Smile Agreed Hull Value

I had the same experience. Loved Boat US, I am still a member but, I had only one "grave yard" claim with them some 15 years ago, seamless. Enter Geico. My premium increased, and on this years renewal, without any correspondence or conversation, decreased the agreed upon hull value by $1,500. When I called them on the change it was as if the agent I was speaking to had cue cards for the boiler plate response. It was take it or leave it!

Long story short, goodbye Geico, hello Chubb, agreed upon hull value as when purchased, and lower seasonal premium.

Happy and Safe Memorial Day Weekend to all. For those who served thank you for providing the freedoms that I enjoy.
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Old 05-31-2021, 06:55 PM   #8
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Thank you everyone for the information.
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Old 06-01-2021, 05:02 PM   #9
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This thread piqued my interest, so I called my State Farm agent, and they use "Stated Amount" for what sounds like people are using "Agreed Amount." I was told that, in the case of a total loss, I would receive what we "Stated" we paid when we created the policy, which is essentially retail. The same applies to both my boat and jetski.

Cars, she said, are different and are "Actual Cash Value" unless insuring a "classic" or "special" car, in which case a survey would need to be completed to come up with an official value.

In all cases, she'd expect, as I think most of us would, notification from the company both in terms of initial policy info, i.e. that a periodic adjustment would take place, and at the time of adjustment.

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Old 06-01-2021, 08:54 PM   #10
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I have Geico through Boat/US. Last year they cut my agreed value considerably. There was no advance notice. But, the decrease in coverage was not followed by a decrease in premium. Sneaky way to increase premiums.
Many decades we had Geico for auto coverage and was really glad when we went to another insurer. We have been insured with AMICA for auto, home, 2nd home and liability. It may be time for a switch in boat insurance as well.

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Old 06-01-2021, 08:58 PM   #11
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I had an experience with Geico that was so negative, not my insurer, I still can't believe.

Waiting in my car, stopped to pay a toll, got rear ended. I had a passenger Geico would not recognize as a witness. I had no camera, they said without pictures, I had no proof.

The young lady who hit me went home and filed a claim for my damage. She admitted her fault. (AAA, my insurer verified this).

Geico said I intimidated her into showing me her license, home info, contact info, insurance info, that's why she gave me all this...I intimidated her! And thus she filed a claim to reimburse me for damages... and Geico said...We can council you to a different end.

If she felt intimidated she should have called the police, not given me her license. She had an occupant, and both apologized for hitting me. She had a camera and took photos. Never produced. Damage to me? About $1,500. I didn't file a claim with my insurer for such an amount. Geico told her how to deny the claim. Had I sued?...A no-brainer for ay judge.

If you don't carry a photo device, Geico won't believe you. Wonder where this is in there contracts

No Geico for me. Their rates are low for a reason.
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Old 06-01-2021, 11:35 PM   #12
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Default Use what yo paid for

There are rare exceptions, but mostly, call your own insurance and collect under the collision part of the policy. If there is a "bailment:" (separate discussion) your company will pay you less the deductible, then subrogate against the other comp[any. If they agree, you'll get the deductible back a little later. You're paying for these (legals defense) services. get what you're paying for. If it is somebody else's fault, your rates won't change.
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