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Home > Blog > Does Your Boat Have Actual Cash Value Insurance?
FRIDAY, MAY 9, 2025

Does Your Boat Have Actual Cash Value Insurance?

man riding on white and red boat on sea during daytimeWhen selecting boat insurance, you have plenty to think about before buying a specific plan. You need to consider the type of boat, the overall equipment onboard and the liability risks. You also have to consider the value of that boat. In many cases, boat insurance will help to cover the value of your boat if a significant event occurs and the boat is totaled. However, before you select an insurance plan, you need to know what value the insurer plans to assign to your boat and pay you in such an event.

Understanding Boat Insurance and Value Options

There are several types of coverage options available to most boat owners. You will need to work with your insurance provider to assign a value that you believe is best for your boat. Here are several options available to you.

Agreed Value

Agreed value is an amount that you and the insurer agree on at the start of the policy. If the boat is totaled in a covered incident, the insurer will pay this amount, which is listed on your policy. If there is damage that is not considered totaling the vehicle, the insurer will generally pay based on the replacement cost basis after your deductible is paid.

Actual Cash Value

Actual cash value keeps the cost of your insurance lower, but it pays out less than what you would get from agreed value coverage. It will provide coverage for up to the current market value of the boat if a total loss occurs. That is the value of the boat if you were to sell it right now. It takes into account depreciation and the overall condition of the boat at the time of the covered incident.

Total Replacement Value

Replacement value will pay you at the rate it will take to replace your vessel with a new one that is similar in make and model to it. This coverage is often only available to those with a new boat and generally will only be available for two or three years after the boat is new.

Before you choose any type of boat insurance, know what your boat is worth not just based on what you owe on it but on what the value is on the open market.

Do you have the right coverage? Call Nobles Insurance Agency at (919) 833-3803 for more information on North Carolina boat insurance.

Posted 2:27 PM

Tags: actual cash value
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