When you get boat insurance what value does insurance company insure up to.?
Answers:
You get actual cash value less your deductible, UNLESS you have AGREED value, then you get the amount you agreed upon but I bet they will make you prove the amount - Not many companies will do agreed value anymore. Most will do STATED value which is actual cash value UP TO the amount stated on the policy. If the actual cash value is more than the stated value, you only get the stated value.
the best way to find out is call an insurance company and assk some questions. Ask the insurance company about the coverage. Only they can clarify it!
a $15,000 trailer ? I think you are over insured.
the best way to find out is call an insurance company
The lesser of the policy limit you specify, or actual cash value (which is replacement less depreciation).
Why would your boat be worth $20,000? If that's the sticker price new, the second you drive it off the lot on the trailer, it's used, and not worth that much.
They'll CHARGE you based on the $35,000, but when claim time comes around, you're not going to get that. Aside from the fact that trailers aren't worth $15,000, you get ACV.
I'm not following the last bit, want pay on waht I'm paying . . .
It's NOT an agreed value, that the dollar you name is paid out. It's "actual cash value". They'll look it up. If you lowball, and insure for LESS than actual cash value, you get the policy limit.
But boats are RARELY stolen. Most of the time it's vandalism or collision. And if you're underinsured THEN, you get the percentage of the boat you insured. Example: $2000 vandalism damage on a $10,000 boat you have insured for $5,000 - you're half insured, you're responsible for half the loss. They pay $1,000 - less your deductible.
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