Boat Insurance-ACV vs. Agreed Value

[thinkxingu]

This thread piqued my interest, so I called my State Farm agent, and they use "Stated Amount" for what sounds like people are using "Agreed Amount." I was told that, in the case of a total loss, I would receive what we "Stated" we paid when we created the policy, which is essentially retail. The same applies to both my boat and jetski.

Cars, she said, are different and are "Actual Cash Value" unless insuring a "classic" or "special" car, in which case a survey would need to be completed to come up with an official value.

In all cases, she'd expect, as I think most of us would, notification from the company both in terms of initial policy info, i.e. that a periodic adjustment would take place, and at the time of adjustment.

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[Woody38]

I have Geico through Boat/US. Last year they cut my agreed value considerably. There was no advance notice. But, the decrease in coverage was not followed by a decrease in premium. Sneaky way to increase premiums.
Many decades we had Geico for auto coverage and was really glad when we went to another insurer. We have been insured with AMICA for auto, home, 2nd home and liability. It may be time for a switch in boat insurance as well.

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I am a retired workaholic and continuing aquaholic

[garysanfran]

I had an experience with Geico that was so negative, not my insurer, I still can't believe.

Waiting in my car, stopped to pay a toll, got rear ended. I had a passenger Geico would not recognize as a witness. I had no camera, they said without pictures, I had no proof.

The young lady who hit me went home and filed a claim for my damage. She admitted her fault. (AAA, my insurer verified this).

Geico said I intimidated her into showing me her license, home info, contact info, insurance info, that's why she gave me all this...I intimidated her! And thus she filed a claim to reimburse me for damages... and Geico said...We can council you to a different end.

If she felt intimidated she should have called the police, not given me her license. She had an occupant, and both apologized for hitting me. She had a camera and took photos. Never produced. Damage to me? About $1,500. I didn't file a claim with my insurer for such an amount. Geico told her how to deny the claim. Had I sued?...A no-brainer for ay judge.

If you don't carry a photo device, Geico won't believe you. Wonder where this is in there contracts

No Geico for me. Their rates are low for a reason.

[Descant]

There are rare exceptions, but mostly, call your own insurance and collect under the collision part of the policy. If there is a "bailment:" (separate discussion) your company will pay you less the deductible, then subrogate against the other comp[any. If they agree, you'll get the deductible back a little later. You're paying for these (legals defense) services. get what you're paying for. If it is somebody else's fault, your rates won't change.