Agreed replacement cost!

[Boat Crazy]

Another topic built my curiosity but I did not want to hijack that topic: When I purchased my boat new, I have a set reimbursement replacement cost from my insurace company in the event the boat is totalled. My set reimbursement is actually higher than was my purchase price to cover inflation prices. Yes, my insurance may be slightly higher than most. So curiosity is now getting to me. Am I, one of few, or one of many, that have this coverage? Has anyone ever had this coverage and had to use it? And if so, how did it work out?

 

[itsdgm]

I e got it too. I also checked to make sure that I have salvage coverage too after reading the Bimini trip posts.

 

[farrelltravis]

I have it also.

 

[Bruce]

What company are you with? I would like to have agreed replacement cost but I am not aware of Allstate offering it.

 

[Glassman]

I have more insurance than I'll ever need and on ALL my toys, cars, boats, homes, etc.

I'm starting to think I'm way too over insured. In all my years boating the only insurance claims filed were on the racing boats and that was a separate policy from the family boat and toys. And those claims were fairly small since they were for holes in other peoples boats! Which we fixed, typically that night so we could race the next day.

There was a running joke that people wanted to get tangled up in a port/starboard rounding with us so we'd hit 'em and have to fix their boat - 1. it would keep half our crew away from the bar at the yacht club immediately after the race (more free beer for them!) and 2. the repair would be the fairest spot on their hull!

 

[farrelltravis]

I don't know if you are asking me, but my answer is BoatUS.com

 

[Eurocat]

I have that type of police as well with allstate. Covers about 3k more than what I paid for the boat (actually about the same if you factor in the taxes). with extra for the trailer.

 

[Boat Crazy]

What company are you with? I would like to have agreed replacement cost but I am not aware of Allstate offering it.

@Bruce I have mine through State Farm.

 

[Ronnie]

I have it through boat u.s. And used it when my boat and trailer were stolen years ago. It was great, I got what I paid for the boat and trailer a few years earlier. Got nailed on the personal effects (e.g., vests, tubes, etc.) since my policy only covered $1,500. Now I have anglers coverage to pick up an additional $5k in case the stuff is stolen or sinks with the boat. My premium only went up $100 but part of that must have been because the replacement boat costs more.

I have other bundled coverage through AAA but they advised me to stick with boat us because aaa didn't even offer agreed value coverage. There is another coverage option with boat us, I think it is purchase price plus 10%, I'm not sure if I bought that though. Either way, agreed to coverag is good stuff IMHO.

 

[itsdgm]

@Bruce. I'm with Geico/Seaworthy

 

[txav8r]

I have full replacement cost value from State Farm. Never had to use it.

 

[Williamsone46]

I have full replacement value + some w/ Allstate. Never had to use it but it's nice to have.

 

[sstegh]

Same coverage with allstate.

 

[PEARCE]

I have full replacement with Progressive.

 

[rkluck]

Yup I have the same with Allstate but never had to use it and plan to not ever use it!

 

[Bruce]

This is what my Allstate policy looks like. The "Actual Cash Value up to" part concerns me. I should explore an agreed value policy. I really like the within 100 miles of the United States part. My quote from BoatUS was over $100 higher.



And an actual agreed value policy from Leland West for comparison.

 

[Knot Practical]

I've had some friends use full replacement insurance and carry it myself. The ins. co isn't going to give you any cash unless you go out and purchase the product again and turn in the receipt. My friend lost his garage in a fire, and he had to fight them tooth and nail for everything in the garage contents.

 

[Eurocat]

Wouldn't that fall under the home insurance rather than the boat insurance? That might have been one of the causes for the "fight".

 

[Knot Practical]

He wasn't claiming a boat. Just contents, He had to go out and spend 40k+ of his own cash on tools, shop equipment and such and turn in for a draw. Then he had a list of materials golf clubs, fishing poles, etc. that he wanted fair value for in cash and the ins. co. wanted to cut that value on the list in materials in half. Plus they wanted one complete list of receipts on the tools and he was tapped out on cash. The reason he wanted a draw off from the claim so he could finish getting his equipment replaced. Insurance companies don't ever work in your favor.

 

[OCMD]

I hate insurance companies. I love taking their money for me and my clients! Don't ever think they are looking out for anything other than their bottom line. I should write a book. I do have an agreed value policy with Boat US.