posted 01-21-2012 02:13 PM ET (US)         

There are 4 parts to the physical damage part of the policy:
Hull, engine, accessories and unattached components, and trailer. Generally, boats cannot be insured like homes, and there is no automatic replacement cost valuation. In other words, you can't always buy new for old.

Engine: this valuation also includes propeller, controls and gauges associated with the engine, and replacement installation costs. Engines are like autos, and will suffer artificial depreciation based on the books. Putting a value which is inflated on an outboard will simply cost money, and not return a benefit. Value the engine based on what it would cost to buy a same condition used one. Just assume one could be found. With a new engine, obviously start with it's cost, but as the years go by, keep reducing it's value to match the market. Conversely, don't get suckered by the dealers and insurance company's wholesale trade in values. Value the engine based on what a dealership is selling one for, not what they are buying them for!

Hull/boat: Ignore the books, and submit an Agreed Amount to the company based on what you consider your boat could sell for, and what it would be legitimately worth. That would include the value of additional options, accessories you have installed/upgraded, etc. Whalers are generally worth a LOT more than the books state. In the event of a total loss, YOU WILL STILL HAVE TO PROVE YOUR VALUE to the Company, but if you have priced it right, it should be easy in these days of the Internet sales market. Relative condition to other similar boats is important, and don't value condition too low. Everything permanently attached to the boat is considered hull, with the exception of the engine items mentioned above. Include canvas, and even zip-in windshields, side curtains, covers, etc. Include canvas values as if you were going to sell it "loose" off the boat.
Only insure your boat with a Company that provides Agreed Amount coverage on the hull, and that will accept your valuation. Many won't, and simply want to go by the "book".
Walk away and find a new company if you are confronted with that issue.

Accessories/un-attached equipment. Ask your Agent whether Radios, Sonar/GPS, antennas are considered part of the hull value. Most are, but if not, include valuation in accessory/unattached category. Other items are anchor gear, life jackets, etc. Camera, cell phones, computers, clothing, etc are all part of your Homeowners insurance, and not marine if lost.

Trailer: this should be self explanatory, but don't forget that in this case old trailers have low re-sale values. But I would not value one too low, as generally they will pay for replacement of wheels and tires, winches, etc, so you want to have enough value stated so that replacement of those items will be covered, and not result in a total loss determination for a minor loss.

Finally, each of these categories of coverage will have it's own deductible, so chose accordingly.

posted 01-22-2012 09:13 AM ET (US)            

The old policy had an agreed value of a bit over 30,000. That was in 2004 when the engine was brand new and the boat was only 7 years old. Progressive would not insure it for this much.

posted 01-22-2012 11:22 AM ET (US)            

20-22 K with brand new engine. Can't ask more than that or you will be coming close to much newer hulls with four stroke power.
You better get ski goggles and face bandanna . Your Whaler should be flying now with so many ponies at transom .