Agreed value

11 Nov Agreed value

When you take out or renew your insurance policy, we agree on a value your boat, personal watercraft or classic car is worth. If we agree your boat is worth $17,000 and it is declared a total loss after an accident or theft, we’ll pay you $17,000. There’s no complicated formula involving the effects of age, wear and tear that will make a total loss payment less than the agreed value. It’s that simple.