I hadn't checked in years. I called insurer and asked what they would pay for a loss? They have a chart which shows a range from the minimum to maximum based on condition of your boat/Trailer. I was insuring for more than twice what they would pay for a total loss. So I am reducing my insured amount to within the range the insurer would allow. You may be paying for an amount you will never get. One surprise was that there was still a significant value on a boat well over 10 years old. I suggest you check to see what you would get and insure for closer to that amount.

If you had a agreed value policy there are no surprises in the event of a total loss. The insurance company pays the amount on the declarations page. In addition most agreed value policies included no depreciation on partial losses as well. I have been able to help a lot of the members here to better understand Marine insurance. Bob Luellen 800-339-1235