Insurance policies: agreed value or actual cash value?

[Stumble]

Originally Posted by rosatte

what about salvage cost say ur boat sunk in a marina dose insurance pay for costs of removing vessel from the water or dose that onnis fall on owner..

It depends on the policy. Typically marine insurance policies cover salvage claims, and mandatory refloating, but if it sinks in five mile deep water it will be there forever. A big recent change is environmental damage protection coverage, I recommend at least $1m on any boat that carries substantial amounts of petroleum.

[valhalla360]

Keep in mind, with an "agreed value" policy, they aren't going to giveyou $1million dollars on a $5k boat.

The actual value you insure for won't change much. It just avoids the debate after the fact.

[Badsanta]

I had agreed value, the price doubled when boat turned 25 years old. I could have the same premium cost if I went with cash value. About half of boat. I'm still thinking that over.