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Type of insurance


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What insurance ? Agreed value vs. actual value  

106 members have voted

  1. 1. Policy type

    • agreed value policy
      74
    • ACV
      32
  2. 2. Through the winter ?

    • Yes
      96
    • No
      10


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Agreed Value with a 4 month lay up. However, If there is a nice day in Dec/Jan/Feb, I can call and they will cover it.

It is still covered during the 4 months, just not for water accidents.

/Steve

Now that I have to choose, it is interesting what people think about this
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Now that I have to choose, it is interesting what people think about this

Agreed value for sure. Costs a lil more, but well worth it if you plan on replacing your Bu w/ what you had. JMO!

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ACV = Actual Cash Value = whatever the "Book" says it worth at the time of loss. Basically the Agreed Value is just that...AGREED value and doesn't depreciate much, if any, over time....BICBW Dontknow.gif

What is ACV?
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Now that I have to choose, it is interesting what people think about this

Sorry to hijack but hey Natick, welcome to the site!!!! Where to you put the new rig in??? I consider lake Pearl my home in Wrentham.

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I don't think my Lxi has lost any value from new, being I could easily sell the boat for what I paid for it, if not a little more. The boat still looks like new with only 200 hours. The way the price of the Lxi went up from 03 to now is crazy which really helps me if I decided to sell. I should look into the ACV in the book and see if I would take a hit on a loss though. Anywhere I could find the ACV on line? No intentions of selling.

{edit} I think I have agreed value because the coverage amount on boat, trailer or assessories has not changed since inception of the policy, only the cost which goes up a few bucks each year. I cover the boat year round, becase 6 month coverage would only save me a few bucks a year. Allstate NJ

Edited by electricjohn
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Now that I have to choose, it is interesting what people think about this

Sorry to hijack but hey Natick, welcome to the site!!!! Where to you put the new rig in??? I consider lake Pearl my home in Wrentham.

Just got it... will be using it in Lake Cochituate . I can not wait for summer to arrive

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Now that I have to choose, it is interesting what people think about this

Sorry to hijack but hey Natick, welcome to the site!!!! Where to you put the new rig in??? I consider lake Pearl my home in Wrentham.

Just got it... will be using it in Lake Cochituate . I can not wait for summer to arrive

Congrats...enjoy the boat and enjoy this site. I have used this site many times for boat related info and a lot of other info for that matter!!!!!!!!!!! GO SOX!!!!!!!!

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I have the agreed value insurance to and it's not book value when or if something happens you the boat. We agreed on a price that the boat and trailer are worth and that is my payout (given it's a total loss) even if it's 10 years down the road.

Edited by 06vlx
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Wow! More Mass people. Maybe were gona have to have a NE WOW next summer?

More Pats support!!!!!!! Go sox!!!!!!!!!!!!! It's good to live in MA for once!!!

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  • 1 month later...
Wow! More Mass people. Maybe were gona have to have a NE WOW next summer?

New Englanders only, or can anybody play? :)

Everyones included...Just no Yankee fans!!!!!!!!!!!!!!!!! Yahoo.gif

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  • 1 month later...
Anyone have data on what the difference was between having a stated value limit of liability vs an ACV limit of liability policy?

I'm curious....

I thought that this was with respect to the value of the boat, not the liability portion of the policy. Did I not read that correctly? We have a stated value on the boat & trailer, with no layup period. Can't remember offhand what the limits are on liability, & I'm too lazy to go look it up. :)

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The limit of liability is that of the carrier, not the policyholder. So, if you have a $25,000 stated value policy, the limit of liability of the carrier is $25,000. If you have an ACV policy, the limit of liabililty of the carrier is the ACV.

Sorry for using industry terms to confuse things. :Doh:

If you look at a policy, this area also explains indemnification options of the carrier (i.e. forced replacement, cash value, like kind & quality LKQ, etc)

Edited by martho
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Martho,

Since you're in the biz...how would someone determine the value of a boat if they were just going to sell it to a private party? There isn't any KBB on boats is there? I figure every boat is totally custom and there'd be no way to publish something with a decent gestimate of value.

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There are sources out there for determining the value of a used boat for insurance claims. The ABOS marine book is a decent start, but I believe that is a subscription service.

Nadaguides.com also has some info.

Edited by martho
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  • 3 weeks later...
Wow! More Mass people. Maybe were gona have to have a NE WOW next summer?

New Englanders only, or can anybody play? :)

Count me in...NE (and NY) WOW

Which boat would you take? :)

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