What does it mean?

[Actual Cash Value]

What does Actual Cash Value mean and why is that not a good coverage?

[Insurancepro]

With a Actual Cash Value policy you will recieve the actual cash value in the event of a total loss. You could be at the mercy of the insurance company as to what your boat is really worth. If you owed $30,000 on your boat and the insurance company thought the value to be $25,000 you could have a serious problem. I always try to write Agreed value or replacement cost coverage. That can depend on age of boat, driving record, Loss history ect. What I want to do for the members here is educate them as to what the really have. I just want people to understand there coverage's so there are no surprises in the event of a claim. Feel free to give me a call if you have any other questions or you can e-mail me www.worldwidemarineins.com 800-339-1235 Thanks Bob Luellen

[Terroreyes]

Does that work in reverse? I have a boat that is worth about $10-15 more than I owe because the factory replaced it with a new boat on a warranty claim. My insurance agent, State Farm, told me in the event of a total loss, they would only pay off the loan balance, regardless of what it's worth.

You do biz in Michigan Bob?

[Insurancepro]

Does that work in reverse? I have a boat that is worth about $10-15 more than I owe because the factory replaced it with a new boat on a warranty claim. My insurance agent, State Farm, told me in the event of a total loss, they would only pay off the loan balance, regardless of what it's worth.

You do biz in Michigan Bob?

I'm in Michigan and our weather has sucked, The amount that you owe on the boat has nothing to do with what the insurance company will pay in the event of a total loss. If you have a total loss and you have the boat insured for $ 30,000 and it is really worth $ 40,000. The maximun they will pay is the insured amount. That is why you should always go with a agreed value policy. If there is a total loss the insurance company will pay the insured amount. In addition to that a lot of companies that offer agreed value policies also include replacement coverage on partial losses. That means no depreciation on parts. I have been able to insured a number of the members here with agreed value for less than there actual value policy. I insure every boat the exact way I would do it for myself. Please give me a call and we can discuss your options. Thank you Bob Luellen 800-339-1235

[southerncomfort1]

Bob just wondering with the policy you quoted me(Ed Szymczak aka Southerncomfort1) it was an agreed value policy how does that amount work as years pass.Let's say $22,000 agreed value policy wrote today does it always stay $22,000 if I myself chose not to change it or is there a depreciation rate the insurance company uses automatically?

[Insurancepro]

Bob just wondering with the policy you quoted me(Ed Szymczak aka Southerncomfort1) it was an agreed value policy how does that amount work as years pass.Let's say $22,000 agreed value policy wrote today does it always stay $22,000 if I myself chose not to change it or is there a depreciation rate the insurance company uses automatically?

Ed, I apologize for the delay in posting this. I spoke with you about this and thought we were all set. I did not realize there were other people who wanted to see my answer to this question. The quote that I did for you is agreed value policy and will stay that way as long as you want to keep it at the current value. You may want to in the future reduce the value to lower the premium. In addition to the agreed value you have no depreciation on a partial loss. If you were to hit a submerged object and do $5000.00 damage to your lower unit we would replace it with no depreciation. You would only pay your deductable. I also included a diminishing deductible. Every year you do not have a loss your deductible will be reduced by 25%. If you purchase a like kind boat in the future, your deductible will be transferred as well. I hope this answers your questions. Thanks Bob

[southerncomfort1]

Thanks Bob.Will be talking to you in the end of May as we discussed to get that policy going.

[Liquid Metal]

Bob, do you handle policies in washington state?

[brentfrank]

How about Nebraska?

[Insurancepro]

Bob, do you handle policies in washington state?

I'm licensed in 48 states. Please give me a call or go to www.worldwidemarineins.com Thanks Bob Luellen 800-339-1235

[Insurancepro]

How about Nebraska?

I'm licensed in 48 states please give me a call or go to www.worldwidemarineins.com Thanks Bob LUellen 800-339-1235