Insurance Question

Just got off the phone with my insurance agent. I called to ask if I should increase my coverage due to the recent rapid inflation of boats in the last year. He said I could, but that if I had a total loss situation, the agency would just cut me a check for how much it would cost to get me into a comparable ride at the agencies loss. Does that mesh with all of your understanding of how boat insurance works? or, have any of you increased your coverage with the recent increase in boat values?

Thanks,
-Luttes

I just increased mine as I had a stated value policy. The value I had put on mine would have got me a comparable boat at the time should something happen. Not anymore I raised my value 14000 and it only cost me about 7 dollars a year more.

yea, right now i’m paying $17.50 a month for 28k in coverage, and for 40k I was told it would be $21.60 a month. Definitely not much of a difference, but would paying for more insurance really do anything for me in the long run if I had an issue or would the original policy amount be just fine if they would just cover the cost of a new boat?

I guess it depends on the insurance company. My coverage strictly stated it was not replacement cost but stated value. There is no way I could replace my boat now for 30k. They would just send me the check for the amount I was insured.