Old United de-valued my boat

[blackknife]

got a letter last month saying because my boat is an 03 that it's only worth 6 grand which is half what I paid for it two & a half years ago. I'd love to know where I can buy another Skeeter TZX 190 like mine for 6 grand. My boat is in very good shape for an 03, not to mention the brand new MK Fortrex, or the thousand dollar sonar I have on it plus all the other goodies. Is it worth calling them to discuss it? Funny how my rate didn't reflect the policy change. There is no way 6 grand would even come close if it ever got stolen. I realize it's not going to hold a high value forever, but that seems a little extreme imho.

[insurancepro]

Old United is one of the companies I represent. That decission may not be etched in stone. If you want to give me a call, I will see what I can do. Have you contaced your agent? I will be on vacation next week but I will be in contact with my office. Give my assistant Bill a call and give him your information. Thanks Bob Luellen 800-339-1235

[blackknife]

thanks for the input Bob. I will have to call & see what they can do.

[wamma]

Funny I have an 03 ZX200 w/03 yammy.I got the same letter only they said they could now only give me book value on my motor not stated value as it was last year.

[davisxx]

So where does "agreed value" come into play or does it all? If you buy an agreed value policy the carrier can come back and "change their mind" and only give you book value? Ummm.....

[insurancepro]

If you have an agreed value policy, The insurance company will pay the amount shown on the declaration page in the event of a total loss. They do adjust the value at the renewal to make sure they are close to the current value. With an actual value policy you recieve what the company feels your boat is worth at the time of your loss. I would never recommend having a actual cash value policy. I hope this helps you better understand. Thanks

[davisxx]

Ok, so an agreed value policy can and will decline over the years of ownership of the boat. Year one the agreed value is $50,000 then a couple of years or so later (when time to renew) the carrier will adjust the agreed value to whatever they feel they would pay in the event of a total loss....

[insurancepro]

What you need to understand is with a Actual cash value policy, In the event of a total loss you will recieve what your insurance company feels your boat and equipment is currently worth. With a Agreed value policy you will recieve what is shown on the declaration page. No surprises. To keep your premium down we check values every few years, to make sure you are close to the current value. We go over this with our client. If a company is going to change your value, That is where your agent goes to work. I confirm any new equipment or updates that you have made since the last time we spoke. I will go back to the company and make sure they are aware of these updates and adjust the value accordingly. I also ask all my clients to forward photos of all there equipment. It will make a theft claim much easier. The most important thing to remember, is if your policy is done correctly in the begining. The whole claim process will be much easier. I hope this helps you better understand. Thanks Bob

[blackknife]

So I finally called Old United, and I was told that the new "books" had just come in that day. They looked at my policy which went from about 6500 total to close to 12 grand so it basically doubled. It was sure worth the time it took to make a phone call. I had already paid my premium, but just got another bill for 18 bucks to cover the changes. I'm a happy boater once again. At least I would get most of what I have into it if it ever got stolen. She said I could get even more coverage if I faxed her the receipts from the Fortrex, Lowrance, and H-Bird SI units I added. I told here I was in the process of installing an on-board radio and she told me to fax that as well

[MI17Explorer]

So, to those who have experienced when a company reduces the "agreed to value" of the boat, has your premium also been reduced since their "risk" has been reduced? Or, have they kept the premium the same as when they were going to pay you more if you had a claim?

[blackknife]

premiums were adjusted accordingly