What's happened to boat sales- 2008-2011

[C-Nile]

Matt,

You are right, and you got me to do more research. My policy is with Progressive, and it is for Total Loss Replacement/Purchase Price within the first five model years. Thereafter, the cost of the boat can be determined based upon either agreed value or cash value. On Progressive's website, they state: "Agreed Value: With Agreed Value coverage, we pay the agreed value of your boat—an amount you previously chose and to which we agreed—regardless of its current market value at the time of the loss. To determine your boat’s value, you can refer to your sales receipt (for newer boats), an ABOS, BUC or N.A.D.A. appraisal guide or an accredited marine survey. "

Thanks, too, "Wild Blue" for pointing out this important insurance option.

Here is the link to Progressive's website, defining the various insurance terminology:

[url=http://www.progressive.com/bo...w.progressive.com/boat/boat-in ... ision.aspx

Rich

 

[Beflyguy]

Actually, the term is "agreed value". Usually this is either the value of the new boat when you bought it, or based on an independant survey of your vessel, in the case of a used vessel. The insurance company will usually require a survey of your boat every few years to determine its current value.

And just to clarify this a little more. "stated value" is available and is the worst option; you pay the premium based on the stated value, but then have to prove the value when there is a loss. With agreed value, both parties agree on the amount.

 

[REBEMUP]

Thanks Les, like many things in life, the devil is in the details. Your analysis did add a greater dimension of reality to my thoughts around a rebuild. In the end it feels a lot like the situation I get into when I am buying a new car and trying to decided on which "level of luxury" model I want. I wind up moving up from the base model to the the top of the line, then get sticker shock and move back down....then up again...ahhh.

It sounds very much like the 20K difference between a as "good as new" rebuild vs "new." New would be better...but 20K well..ahhh... The outcome probably depends on the economy and the individual.

Les, I really appreciate your deep knowledge and your willingness to share it here on C-Brats. I continue to learn a lot about boats and boating here.

Ron

 

[JamesTXSD]

Actually, the term is "agreed value". Usually this is either the value of the new boat when you bought it, or based on an independant survey of your vessel, in the case of a used vessel. The insurance company will usually require a survey of your boat every few years to determine its current value.

And just to clarify this a little more. "stated value" is available and is the worst option; you pay the premium based on the stated value, but then have to prove the value when there is a loss. With agreed value, both parties agree on the amount.

My thanks, gents, for clarifying this. Agreed value is what we have, forgive my misnomer. We use State Farm for our boat insurance - they allow us to trailer anywhere in the US or Canada without having to "get permission" and boating up to 75 miles offshore. Mexico coverage is NOT included.

We had one claim, about 8 years ago due to storm damage to a sailboat. State Farm was good to work with, allowing us to take the boat to a factory authorized repair place (travel at our expense) a couple months after the damage occurred; there were no local repair shops that could do the gelcoat and fiberglass work necessary. Prompt payment. I even received a follow-up call from a claims adjustor after I sent photos of the finished repair... complimenting the work and assuring that we were satisfied. While the service was good, I'm hoping we don't have to find out if it is still the same.

Best wishes,
Jim B.