bff
that is the whole problem, what you call agreed value really does not exist in the insurance industry any more. In boats, it is likely more important than cars, motorcycles, health, life, etc.
After taking my premiums for three years on a motorcycle that we "agreed upon" having a value of $2500 and then suffering a loss, hit and run...Progressive refused to pay, as the "market value", "actual cash value", "replacement value", etc, etc...was less than the "agreed upon value"...their "book only went back to 1995 for "your" type of bike"...and they let me know quite candidly that in the State of VA where they made me "write" the policy, insurance law and definitions were vastly different from those in CT, where the loss occurred. They would pay based on which state had the laws most advantageous to THEM.
Everything changed to "your" bike at that point. What WE agreed to, no longer mattered. After months of back and forth, we got about 30% of the previously agreed to amount, and felt quite lucky to do so. And with out a salvage title.
Again in boats, you can't just let them "sit there" while the insurance company plays their game.
that is the whole problem, what you call agreed value really does not exist in the insurance industry any more. In boats, it is likely more important than cars, motorcycles, health, life, etc.
After taking my premiums for three years on a motorcycle that we "agreed upon" having a value of $2500 and then suffering a loss, hit and run...Progressive refused to pay, as the "market value", "actual cash value", "replacement value", etc, etc...was less than the "agreed upon value"...their "book only went back to 1995 for "your" type of bike"...and they let me know quite candidly that in the State of VA where they made me "write" the policy, insurance law and definitions were vastly different from those in CT, where the loss occurred. They would pay based on which state had the laws most advantageous to THEM.
Everything changed to "your" bike at that point. What WE agreed to, no longer mattered. After months of back and forth, we got about 30% of the previously agreed to amount, and felt quite lucky to do so. And with out a salvage title.
Again in boats, you can't just let them "sit there" while the insurance company plays their game.