quote:
Originally posted by wstrickland1
you have to be careful even with agreed value policies. I almost made a mistake. Agent #1 quoted me a very nice price on an agreed value but after 100 questions (from me) I found out it would cost another $100 to have true agreed value coverage on the motor. Had I just went with it I would not have had the coverage I thought I was getting. I don’t know if he was trying to pull a fast one or was just not on top of his game but in either case I went with agent #2 and got what I wanted and for less money.
Boatless
The “devil” is in the details.
quote:
Originally posted by UT_VOLS13
I would also look at the insurance companies “rating” If it were me I would go with a company with at least A “rating” or better.
In regards to an outboard motor I believe that if the motor is 7 years or older they do an actual value not an agreed value.
And they ACV the motor on a brand new rig as well unless you buy an endorsement for the motor. That’s where I almost screwed up. One guy told me what I wanted to hear, probably to make his deal look better.
Boatless
I meant endorsement, not binder…duh
Wstrickland, I won’t ask you who the agent was who almost messed you up, but would you mind telling us the agent you went with? Please? 
(By the way, in case anyone wonders, Wstrickland and I are not related. ).
Regardless, those are very important and truthful points, guys (UTvols and Wstrickland). Not all agents (or policies) are created equal, so to speak. Experience and product knowledge are very important in a marine insurance agent, as it is not the same as HO or auto insurance. There are a lot of details that can make big differences in coverage, and without a very knowledgable agent on your side, you might not have what you think you have.
Wstrickland1’s example is a good one. Most agreed value policies actually cover outboard motors on an ACV basis by default–even though the policy is called “agreed value” (which refers to the hull coverage). Some allow you to add an endorsement to upgrade the outboard to agreed value coverage. Those who allow the endorsements charge for them. A few of our companies actually insure outboards on an agreed value basis by default, though–some of which I personally worked out the change with the company to add the coverage at no charge to the standard policy coverages. That ability comes only from a long history of high-quality production and service that led to us becoming recognized by the companies and underwriters as leaders and experts in the industry. Other agencies sell policies, but we actually help the companies create them.
Wstrickland1, I doubt that the other agent that you spoke with was intentionally misleading you to get the deal (although that’s always possible, as I have seen some wierd shenanigans before). The more likely scenario is that he simply didn’t know his product as well as he should have. Marine insurance can be complicated, and policies vary a lot from company to company. Agencies that do marine insurance as a sideline or single product among others in a general-lines agency (homeowners, auto, etc.), and/or agen
I went Strickland/Chartis. Jan knows what she’s talking about.
Boatless
Thank you very much for the positive ■■■■■■■■, guys. Jan is great with customers and knows her product, and we work hard to keep the staff up to speed with expert-level mastery of the multitude of marine policies and options we provide. We also have some other fine employees working for us. I’ll pass on the well-earned praise to Jan. She makes me proud often. Take care.
Gotcha Covered,
Lee Strickland
Strickland Marine Insurance Agency, Inc.
https://stricklandmarine.net
843-795-1000 / 800-446-1862
The Girldawg and I agree…you can’t go wrong with Lee and Strickland Marine Insurance.
The fear of the LORD is the beginning of knowledge…Proverbs 1:7
I’ve said it before and now I’m saying it again. For marine insurance there is nobody better in my opinion than Strickland Marine. They have insured my boat for about 14 years and have always been outstanding.