Personal Watercraft Insurance: What is an Agreed value of watercraft benefit, and how does it work?
Agreed value watercraft benefit is an insurance policy that provides coverage for your watercraft’s value as agreed upon by you and your insurance provider. Unlike other types of coverage that may only provide the actual cash value of your watercraft at the time of loss, agreed-value coverage ensures that you receive the total agreed-upon value of your watercraft in the event of a total loss. This can be especially beneficial for owners of high-value watercraft, as it offers peace of mind and protection against loss or damage. To obtain this type of coverage, you will need to work with your insurance provider to determine the agreed-upon value of your watercraft and pay a premium based on that value.