Go Back   TeamTalk > General MasterCraft Topics > General Discussion

Reply
 
Thread Tools Display Modes
  #41  
Old 04-04-2013, 10:00 PM
jakethebt's Avatar
jakethebt jakethebt is offline
MC Fanatic
 
Join Date: Jul 2005
Boat: '96 Prostar 205 LT-1
Location: Dayton, OH
Posts: 581
I just got my renewal from progressive. It is still agreed value. I called because I thought they said after some time it would revert to fair market value or nada. I don't want that to happen. I just called and they said that will not happen, it will stay at agreed value for as long as I want. Of course I am paying for that agreed value and over time I may want to reduce it as the market drops. I really want to keep an eye out for it and ensure they never change it to nada or fair market value. We all know that a clean MC will not be placed for nada.

It is interesting ski safe just told you what I thought progressive told me last year. I guess I better watch out next year as that will be my third year, because sometimes the customer service reps don't always know the rules and you end up taking it in the shorts!
__________________
1996 Prostar 205 LT-1
Reply With Quote
  #42  
Old 04-05-2013, 07:37 AM
tommydbouy's Avatar
tommydbouy tommydbouy is offline
TT Regular
 
Join Date: Mar 2012
Boat: 2009 X-15, MCX
Location: NE Ohio
Posts: 67
Quote:
Originally Posted by CC2MC View Post
Tommy, what all is included with yours, bc mine is slightly more than that with a much older boat, (94 PS 205). I would think it should be less than that new of a boat.

Not sure if all other insurance agencies are this way, but Ski-Safe says that agreed value is only good for first two years of policy then it drops to fair market value. Thought that was interesting.
It was 300k Liability
25k medical (i need to check if thats per person or per incident)
1000 vanishing deductible
No salt water navigation
6 month layup
1000 towing, on water or land
2500 personal property w/ 250 deductlible

I'll need to also check how long the agreed upon price is good for. I realized my agreed upon value does not include my 7.75% sales tax. Who pays that in a total loss?
Reply With Quote
  #43  
Old 04-05-2013, 02:27 PM
tommydbouy's Avatar
tommydbouy tommydbouy is offline
TT Regular
 
Join Date: Mar 2012
Boat: 2009 X-15, MCX
Location: NE Ohio
Posts: 67
Quote:
Originally Posted by tommydbouy View Post
It was 300k Liability
25k medical (i need to check if thats per person or per incident)
1000 vanishing deductible
No salt water navigation
6 month layup
1000 towing, on water or land
2500 personal property w/ 250 deductlible

I'll need to also check how long the agreed upon price is good for. I realized my agreed upon value does not include my 7.75% sales tax. Who pays that in a total loss?
Just talked to Ski Safe

The boat needs to be no older than 10 years old to get into the "Prefered Agreed Upon Program" The value does not automatically drop to nada. They even said the boat will stay in program even after it's 10 yrs old if it started in the prefered program. I'm not sure how long that lasts.

Also, the agreed upon value needs to include your sales tax.
Reply With Quote
  #44  
Old 04-06-2013, 07:20 AM
bturner2's Avatar
bturner2 bturner2 is offline
MC Devotee
 
Join Date: Mar 2008
Boat: Maristar 200VRS w/ X2 Package, 2007, 310HP
Location: Brighton, MI
Posts: 2,267
Interesting statement on the 10 old rule. I would think that the agreed on price would apply more to an older boat than newer as an extremely well taken care of MC would be worth far more than what NADA would ever value it at.
Reply With Quote
  #45  
Old 04-06-2013, 07:33 AM
Traxx822's Avatar
Traxx822 Traxx822 is offline
MC Devotee
 
Join Date: Jul 2012
Boat: Mastercraft, Maristar 200VRS, 1995, Indimar 5.7, My first MasterCraft
Location: Chicago SW sub
Posts: 2,484
Quote:
Originally Posted by MASTIQUE View Post
Skisafe is the least expensive usually and has agreed value. State Farm will only do current NADA value at date of loss.
Not true. I have state farm and have a guaranteed amount of coverage and its way over Nada. My boat just turned 18 and I started the plan last year.

Sent from my HTC VLE_U using Tapatalk 2
__________________
When I was a child, I used to talk as a child, think as a child, reason as a child; when I became a man, I put aside childish things.
1 Corinthians Chapter 13 - 11
Reply With Quote
  #46  
Old 04-10-2013, 04:51 PM
tommydbouy's Avatar
tommydbouy tommydbouy is offline
TT Regular
 
Join Date: Mar 2012
Boat: 2009 X-15, MCX
Location: NE Ohio
Posts: 67
Quote:
Originally Posted by tommydbouy View Post
I recently got quotes on an 09 x15 from Progressive, Nationwide (my home and auto provider), and Ski Safe:

Progressive $390
Nationwide $327
SkiSafe $262

Ski Safe had better coverage as well. They let me set the agreed value where Nationwide would not.
Has anyone had to file a claim with SkiSafe? How was the experience. They seem to be a good value but how's the service when you need them?
Reply With Quote
  #47  
Old 04-10-2013, 05:19 PM
bsloop bsloop is offline
MC Fanatic
 
Join Date: Jan 2005
Boat: 91' MC 240sc
Location: Perry Lake, KS Lake of Ozarks
Posts: 568
Quote:
Originally Posted by Traxx822 View Post
Not true. I have state farm and have a guaranteed amount of coverage and its way over Nada. My boat just turned 18 and I started the plan last year.

Sent from my HTC VLE_U using Tapatalk 2
I suggest you and anyone else that thinks they have Agreed Value, have a very detailed discussion with an agent and/or manager, asking the question 4 different ways.

I have close friends that are State Farm and independent reps and we have had this discussion on multiple occasions.
SF, Progressive and most main line insurance do not offer Agreed Value like you think you have. You are free to declare what ever you think the boat is valued but when there is a large/total claim, they WILL base off market values. Your higher premiums paid will be wasted. You might be able to appeal by getting multiple values from boat retailers who will have to certify they would value and sell the boat for XX price but even then you are at the Insurance co mercy and they will probably not change much and you will be out a ton of time and effort.

IF you are trying to protect excess value of accessories they can sometimes fall into a separate rider, the exact name escapes me. Basically it is for non-installed items like boards, jackets, ipod, etc but depending on the definition of installed things like amps, tower speakers and subs may be included. If they agree, I would get it in specific writing and keep it with other important documents.
If you are trying to gain higher value to due blood and sweat of a new interior, fiberglass work, wrap etc, good luck.

True Agreed Value is difficult to find and will usually entail a marine survey which will set you back a couple hundred.
Reply With Quote
  #48  
Old 04-10-2013, 06:32 PM
holms's Avatar
holms holms is offline
TT Enthusiast
 
Join Date: Mar 2007
Boat: 2013 X 25
Location: Midwest
Posts: 108
I had agreed value from Erie on my X2 and it was not an issue to collect after I had a fire in my garage and the boat had heavy smoke damage... The boat went thru the auction was sold, cleaned up and resold...
Reply With Quote
  #49  
Old 04-10-2013, 09:02 PM
Mastercraft13's Avatar
Mastercraft13 Mastercraft13 is offline
TT Enthusiast
 
Join Date: Sep 2012
Boat: 2013 X-10 6.0
Location: Columbus
Posts: 319
Well speaking with my dealer, ski safe is good on claims. He said the best was Progressive they will cut a check on the spot.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 05:38 PM.