Ah! Insurance.
 

So I was writing a check to renew policy, when I thought I would read through the pages. I got to one section and said, wait a minute. Quote from page:
"We" will pay the reasonable costs of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age. Huh?

So: I had to reread this a few 8 times but
if you have a 1989 boat..
and add 20 years = 2009
in 2010 you would get 90%
2011 = 80%
2012 = 70%
2013 = 60%
do the math


Looks like you might get 20% of what it's worth if older than an 1989.
Time to find a new insurance company that will pay agreed value.
Glad to see that you are "reading the policy" and paying attention.
The insurance industry thrives on the fact that most people either don't read or DO NOT understand what they are reading and profit on those who DO NOT.
Quality marine repair practice? Reasonable costs? Less deprecation? Who decides this?
Some half ass kissing adjuster? I will love to see what posts are to follow on this subject.

Have had good luck finding an agreed value policy with Geico/ skisafe.... always a great idea to read!

Well after reading through all 31 pages of the policy, everything that is covered, not covered, privacy policies, ect, I called the company (same one as above by the way). The guy told me that since I had an agreed value, that would not apply to me. You would think, with all those pages, there would be an asterisk or something explaining what that paragraph applied to.
While looking for clarification on the depreciation issue, I stumbled upon another. It seems that if the boat is damaged and the cost of repairs is more than its value, then the boat and all documents will be turned over to the company if they wish. Maybe I just read too much.

The guy told me is reassuring but what the policy reads is what you need to go by. Is there anything in writing to state what he told you?
Not trying to be a pita just interested.

It did have an agreed value amount filled in, so I guess that's a good thing.

Sounds good.. Best of luck. Hopefully you never need to use it to find out.;)

I'm willing to bet the price of the policy does not depreciate with the value of the boat. Never hurts to shop and compare.

What kind of rates and agreed values are you guys getting?


I really need to get insurance on our 23. BoatUS quoted 1500 yr for max agreed value of 19k

We need an agreed value of 30k, but the rates I was getting for that through Geico and Allstate were through the roof.

Try Charter Lakes. That BoatUS $$$ number you mentioned is why I do not have them.

I have $22k value, $300k liability with the other usual medical, personal, uninsured, trailer, towing and pollution for $446/yr. on my SeaCraft. Both my boats are $727/year. $1500 is crazy talk!!