Recommended coverage for a used b-m-t?

[GBS]

OK, I'll ask. I'm changing Insurance carriers (total package, house, car, boat). Old one raised rates dramatically this year. New one saves LOTS of $$. But, as far as the boat goes, both companies seem to provide coverage the same way:

I purchased my 2000 boat/motor/trailer used, total price of $12,500 almost four years ago. No loans. We have the ACV coverage rougly split using NADA book values for the boat, the motor, and the trailer seperately. The trailer, for example, comes in at $1,500. With a $500 deductble, that seems rather pointless. If I needed a replacement trailer, I'll be spending a lot more than 1K. (tires are close to $300 alone!). Personal possession coverage is at $1,500
My agent was unable to advise on how to cover all the "stuff" I've added - depth finders, trolling motor, batteries, travel cover, etc., etc. Probably easily an additional $3,000. Most would have to be purchased new to replace. He advised that it would be covered under homeowners - which I doubt! Do I add it to the boat or to the "personal possessions" coverage?

So, any general words of wisdom on how to derive and apportion coverage on a used rig? Use NADA as we attempted? Or is there a better way? Should I be re-evaluating the coverage each year, as the "value" of everything will be depreciating, or do premiums tend to take that into account over time, like with automobile coverage?

Thanks in advance for any advice!

[Yellowbelly]

my homeowners covers all detachable accessories on my boat with full replacement cost. Only things not covered on my homeowners policy are the gas motors. On my policy, if I were to insure my accessories under the boat policy it would be double insuring my accessories and ACV when under the boat and replacement cost when under the homeowners, plus it would cost me more money. I am guessing your agent is correct when he says your accessories are covered under homeowners. My policy carries a single deductible per occurence whether it is my boat, truck, or homeowners.

[jcfishing]

Have your agent check with Progressive. They have coverage packages that include coverage for accessories, tackle etc. I've had my last two boats insured through Progressive. They recently started doing home owners insurance, so now I have the house, cars/trucks and boats with them. I saved $300 compared to my previous home/auto carrier.

[Insurancepro]

BMG, I would strongly recommend agreed value coverge. In the event of a claim you know what to expect. With actual cash value coverage you will recieve what the insurance company feels your boat and equipment are worth at the time of loss. With agreed value you will recieved the agreed amount at the time of loss and in a lot of cases you will also get replacement coverage on partial losses. With most A.C.V. polices they have depreceation schedules on partial losses. What does this mean to you? The estiment for repairs is $6000.00 your boat is 9 years old. The nsurance company could depreciate it and only cover half of the loss. In most cases because we represent so many companies and exclusiley do watercraft we can be less money with agreed value than a A.C.V. policy. I insure every boat they exact way I would for myself. I will be happy to speak with you and go over your needs. Thanks Bob Luellen 800-339-1235 www.worldwidemarineins.com