Insurance, Agreed Value or Market Value?

[PeterInSA]

Every 2 years I have my boat/trailer etc assessed for Agreed Value Insurance, each item eg Hull ,motors, canopy, fish finder, CB, trailer etc etc is given a value so that if say if something is broken/stolen a previous agreed amount could be expected from the insurer.

However the sum of these individual items, exceeds the value of the Boat/Trailer combo which is fair for the insurance company if an individual item/s are stolen etc, but if the whole boat/trailer etc is stolen.......

A friend has Market Value Insurance, along the lines of, assessed once, then no assessment (and cost) there after ( 12 years later).

Comments appreciated

Peter

[mitc69]

if you do get it assessed for some reason, you still agreed with the market value anyway lol that the funny part... he gonna look ah! 2003 gps that 500$ on market and u say and show proof u got it for 700$, he gonna say u got rip off mate tough!
when u mention individual item exceed boat/trailer... im here thinking u have a tinnie with gps/fish finder and tackels more expensive.. suggest u keep them at home
but no, if u look at the insurance setup, like RACQ they have the section of your needs, like accessories for that peace of mind

remember every year, u lose 5% to 10% value.. been 4yrs with my seafox ive dropped from 100k to 75k now so expect that... even if u repair your stuff topping up own expense it wont change that value

[Jeremy]

Mate, if you want other people to answer your questions, you need to answer questions that are asked of you. I asked you what insurance company. There is no valid reason to decline to answer.

[PeterInSA]

I am insured with Club Marine