USA Insurance Coverage QUESTION

DSR-550SRMN · 01 April 2021, 13:29

New to boating....I have a 2012 Zodiac SRMN550 with a 2012 Yamaha F90LA (346.9 total hours) and 2012 EZ Load galvanized steel S-Axle trailer. All were originally mated together. Getting quotes from several insurance companies but confused on "Agreed Value" (AV) and "Actual Cash Value" (ACV) and how this relates to determining its current market value and how to pick the right (CV) or (ACV)? I want to look at both. I estimated what a new equally fitted 550 would be today and its roughly $46K USD. I'm also researching used and found a similar equiped between $28-32K USD. What I actually paid for the boat doesn't matter, its finding a number where the premium is affordable to me and I'm not over or under insuring. TIA

babbot1 · 01 April 2021, 17:09

I know you said the price you paid doesn't matter but that is the actual value. Not trying to be a jerk or anything, just saying...
If you did a marine survey use what they gave you otherwise I would use the purchase price plus any options you added. You will at least get what you paid for it if it's a total loss, minus the deductible.

In our area insurance is pretty reasonable so ask what the price differences are and make the decision of what's more important to you.
Also, check your home insurance. Sometimes it can already be included or add a rider for little money.

DSR-550SRMN · 02 April 2021, 03:02

No slight taken. If I didn't pay anything for it or I accepted the boat as a loan pay off that was higher than the boats market price is my point that it doesn't matter. And that's what I'm trying to deal with, not to over or under insuring. Today I refined the new 2021 cost today. A fair number is $40,000.00. The boat has 346.9 documented hours good to very good condition on a rating scale. Appearance, soundness & operating condition is very good. Is it worth 25%-35%-50% of new? What kind of Agreed value or what would be the ACV be? I'll adjust based on the premium I want to pay. I'm really trying to lean something here more than the what the actual premium turns out to be. TIA

babbot1 · 05 April 2021, 13:37

Okay, so say someone gave it to you and you don't know the value. Look at other similar boats for sale, but that will only be asking value not the value they are selling. If you can ask a boat salesman or broker they can look up previous sales and tell you actual values. Not sure a salesman will do that for you for free.
nada.com is another source for blue book values. I have found that site to be only a guide and your area will vary. It's not as easy to find boat values as cars as you can tell.

Rubber-raft2 · 06 May 2021, 11:10

This is a little off topic but may/could be of value to someone but, when I called to add theft liability insurance to my inflatable and my locally driven (not driven on highways) golf cart my insurance rep. said we'll add an umbrella policy for our homeowners to cover RVs and list them with the cost each.
Just over 100.00 annually, job done. FWIW

DSR-550SRMN · 06 May 2021, 14:04

To close this subject out I was able to secure "Agreed Value" coverage in Florida with a highly rated insurance company for $20,000.00 at a very reasonable cost. Thanks to all who responded to my post.