new insurance

[gride300]

a few questions. what is the difference in agreed price and cash value? is 5000 medical enough per person or should i go more? also, is 100/300/100 ok for person/accident/property or should i up it to 250/500/100? how much should i insure an 05 sante 330 w/ tandem galvanized? if insuring it for less makes it cheaper i wouldn't mind whatever an 03 or 04 is going for as my value if it works like that. thanks alot.

[Chexi]

Cash value is not necessarily what they are really going for, but what the insurance company's books say the value is. Think NADA, which means you probably want agreed value. If you have done anything to your boat as far as upgrades, you really want to go with agreed value.

[gride300]

thanks. they told me stereo stuff is included in "gear" which i am going with 5000.00 i'm thinking of agreed value of 36000, the 250/500/100, same for uninsured boater and a 1000 deductible on comprehensive and collision, no towing, 5000 medical. it seems sufficient yes?

[DealsGapCobra]

Unfortunately, only you can decided what is sufficient. It really boils down to your tolerance for risk and what you have to protect. Having said that, it seems to me that your limits are reasonable, my only question is about trailering. Are you saying you have no hull coverage while trailering? If so this may be fine if you have low exposure. I trailer every time I use my boat so this is a risk I would not be willing to accept.

FYI - I have agreed value coverage on my new boat and had cash value on my old one.

[shag]

Even though I have never used my boat insurance, I am still from the school that a little bit now can help prevent a large expenditure down the road should something happen. Check (and get in writing) from your car insurance what they cover as far as towing, and adjust accordingly. Also, be sure you are covered for an appropriate distance for towing, some companies only cover towing to closest safe place. towing coverage is cheap (imo). I switched to Global marine insurance last year after being with ski-safe for 20 years. I know that this site has ski-safe as a sponsor, but after 20 years with no claims - they almost doubled my rate in one year. My CC dealer recommended Global Marine and I am happy so far. Good rates, and very professional. Agreed value should be just that - what you and the insurance company agree to pay should there be a total loss, and imo is the best way to go. No questions that way. I also make sure that the agreed value is sufficient to pay the loan plus more.
Jut my .02

[DealsGapCobra]

Ah, "Towing" not Trailering. I don't know what I was thinking?

[sls]

do I need to use ski safe or another companies do get agreed value?

First summer with the boat and I used state farm. I wanted something like agreed value, did not use those terms and the agent said i could not do that.

I used my state farm guy because I know him from the lake and he boats. Not a Nautique guy so maybe he is not trustworthy!

[DealsGapCobra]

I am with Travelers. They asked what the boat was worth, I told them and that is what is on the policy.