My insurance is with USAA. First purchased in 1999, my policy is actually underwritten by USAA. Newer USAA boat policies are underwritten by Progressive and are, IMO, not as good as my USAA underwritten policy.
-- Dennis C. Touche' 35-1 #83 Mandeville, LA On Mon, Jun 27, 2022 at 12:12 AM ALAN BERGEN via CnC-List < cnc-list@cnc-list.com> wrote: > Call Progressive directly. They insured my boat. > > Alan Bergen > 35 Mk III Thirsty > Rose City YC > Portland, OR > > > > On Sun, Jun 26, 2022 at 5:13 PM Dennis C. via CnC-List < > cnc-list@cnc-list.com> wrote: > >> I'm going through this right now. I got a letter from my insurance >> company questioning my "agreed value". Years ago I got a condition and >> value survey for Touche' (1971 35-1) for $40K. That's what I had it >> insured for. >> >> The letter said the "most recent used boat price guide lists the current >> market value between $15,300 and $17,300". I don't disagree that >> many sisterboats without upgrades and refurbishments on Yachtworld are >> priced in that range. As always, value depends on market and condition. >> >> Okay, $40K is a bit high. I asked if my policy was truly an "agreed >> value" policy. They said no. One can insure a boat for way more than it's >> worth but I doubt the insurance provider would happily write a check for >> that amount. >> >> Now what? If the boat is physically damaged but largely intact, >> they will pay to fix it or total it based on the repair vendor's estimate. >> The adjuster can look at the boat and hopefully see that it is in much >> better condition than the ones currently on the market. I will show the >> adjuster the differences and all the upgrades and hope that the adjuster >> agrees with me. >> >> Now what happens if the boat burns and is completely destroyed >> with nothing remaining for the adjuster to look at? I plan on taking lots >> of pictures and arguing with the adjuster. >> >> Bottom line, I reduced the coverage to $30K. On a positive note, both my >> premium and my deductible dropped. The deductible is a percent of the >> covered value. I see this as a positive. Most likely, any claim will be >> to repair damages much less than the covered value. The lower deductible >> works in my favor. >> >> The real value of insurance is in the liability coverage. That's where >> the potential for big dollar claims lies. >> >> -- >> Dennis C. >> Touche' 35-1 #83 >> Mandeville, LA >> >> >>
