Agreed Value Policy - Recommend a Carrier

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Adeline

New member
After reading the "Insurance Nightmare" thread I thought I'd query the group about carriers and their experiences with claims processing.

For the first 15 years I had Allstate with their "repair cost option" thinking I was protected.

One day I asked my agent what I could expect in the event of a total loss.

I was shocked when he reported that high book would be around $9500 for boat, motors, and equipment.

Adeline was in perfect shape and a replacement in like condition would be in the $20,000-$30,000 range.

So, after i educated myself about "agreed value" policies I set out to find one for my now 15 year old boat.

I quickly found that carriers didn't want to offer such policies for "vintage" craft, even with a survey.

I eventually stumbled onto "Boat Insurance Agency" in Seattle.

They wrote me a policy, agreed value, sight unseen, over the phone.

The carrier was Travelers and the premiums are now around $45/month.

After reading the aforementioned thread I thought I'd look again.

I started a NEW thread (instead of searching old ones) because I want the freshest input from this group.

Can anyone here offer me advice ???
:?:
 
I also have a agreed price policy. Not sure of the insurance company, we just changed again. I also have three vehicles, two homes and the boat all with one company. Saved a lot of money that way.

Even with the agreed policy I could not replace my boat. It just covers what I owe on it plus 15k. If I had to find a new boat that did what mine does it would cost 100k to 150k. I cant find a used one anywhere.
 
We just switched from Foremost, (crappy) to Progressive. We have only been with them a month now. But we do have a $50,000 agreed value that is with everything,boat, main, and kicker, electronics, any fishing gear that I store in the boat, and any other stuff in there. Also trailer. Hope I never have to make a claim, but will find out if I ever do have to. Also about half the price a year than Foremost
 
I did two claims with progressive and they both were paid in a day. had gear stolen off the boat a few years back. I changed when they tripled the price for the new boat.
 
I have used Progressive for 4 years. For both cars and boats. Their website is a snap to use. Have had two auto claims, both promptly paid. No boat claims on an agreed value policy and my deductable just "disappeared". The premiums are abt $50/month on a TC255.

Charlie
 
I use Safeco for everything, house, cars,boat, Mariners' home field. I have had claims for both a car (windshield) and the house (new kitchen flooring when dishwasher hose broke). They paid both claims in full and in a timely manner. No boat claims yet.
 
I have had an agreed value policy with Boat US insurance for many years. I also have unlimited towing which I have never used and trailer assist which I have never used. Would I drop towing or trailer assist, NO WAY. If I ever need it is there.

Here in Florida when we have a hurricane and we have many, Boat US is always fast to respond and pay up fairly and promptly. Many of my boating friends have Boat US policies because of the excellent service.
:lol:
 
We have an agreed policy with Progressive. Never have had to submit a claim though. The previous policy, Yacht policy, was with Boat US and was twice the price for the same agreed coverage. Plus we had to notify them every time we went into Canada, to change the coverage area.

Satisfied with Progressive, Brent
 
Thanks for those helpful replies ,

Nothing beats the real-world experiences of friendly shipmates here at this board.

This gives me a starting point to work from.

Now I'll put in some phone time and massage the numbers.
 
I have an agreed value policy with Progressive for both boats. Reasonable rates for a real marine policy. Never had a claim.
 
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