DaFish
Active Member
- Mar 11, 2011
- 663
- Boat Info
- 1999 370 DA
- Engines
- 7.4 MPI Horizon Merc w/ V-Drives
Just a quick question - is it normal that boat insurance companies will insure a vessel for the "agreed value", which is what you paid for the boat, not what the boat is worth at retail?
I was able to negotiate a very agressive deal/price in the purchase of the '99 370 we just purchased and because that is the purchase price, that is what the insurance company is taking as the "agreed value" if the vessel was a total loss, not what it would cost to replace her. In this case there is almost a $40k difference.
Is this normal? The insurance company that we are with is a national carrier that writes a lot of marine polices, so they are not new to it. Your thoughts ..............
I was able to negotiate a very agressive deal/price in the purchase of the '99 370 we just purchased and because that is the purchase price, that is what the insurance company is taking as the "agreed value" if the vessel was a total loss, not what it would cost to replace her. In this case there is almost a $40k difference.
Is this normal? The insurance company that we are with is a national carrier that writes a lot of marine polices, so they are not new to it. Your thoughts ..............