Boat · Updated October 2026
With an agreed value policy, you and the insurer agree on the boat's value when the policy is written. If the boat is a total loss, the policy pays that agreed amount, minus any applicable deductible. No arguing about depreciation after the fact.
Agreed value is common on newer boats and is often worth the extra premium for owners who want certainty.
An actual cash value policy pays what the boat was worth at the time of the loss: its replacement cost minus depreciation. Boats depreciate, so an older bass boat or pontoon may be worth much less than you expect. ACV policies generally cost less.
Even on an agreed value policy, partial losses may be handled differently. Some policies apply depreciation to certain parts, such as engines, canvas, upholstery or batteries. Read how your policy handles partial losses, or ask us to explain it.
Boat policies may use a flat deductible or a percentage of the boat's value. Some have separate deductibles for certain losses, such as storms or theft. Know the dollar amount before you need it.
Fish finders, trolling motors, GPS units, audio systems and wake towers can add up. Some are included as part of the boat; others need to be listed or are covered under a personal effects or equipment limit. List your upgrades when you buy the policy.
If you financed the boat, owe close to its value, or would need to replace it with a similar one, agreed value is often the better fit. If the boat is older and you could absorb a lower payout, ACV may make sense. We can quote both.
Engines and outdrives are expensive. Some policies pay replacement cost on engine damage only if the engine is below a certain age, and depreciated value after that. Others exclude mechanical breakdown entirely. Insurance generally covers sudden accidental damage, not wear or mechanical failure. Ask how your policy treats engine damage from striking a submerged object versus mechanical breakdown.
When you add a new motor, a wake tower or electronics, call us. On an agreed value policy, the value may need to be updated. On an actual cash value policy, documentation helps establish what the boat was worth with the upgrades.
If you buy a used boat, an independent marine survey can help establish its value and condition, which some insurers require on older or larger boats.
You and the insurer agree on the boat's value up front, and that amount is paid on a total loss, minus any deductible.
Usually, but it pays a depreciated value, which can be much lower on older boats.
Often, but some equipment needs to be listed or falls under a separate limit. Tell us what you have.
Not always. Some policies depreciate certain parts on partial losses.
Questions about your own situation? Call 417.206.3733 or send us your current policy. We are licensed in Missouri, Kansas and Oklahoma, and you can buy by phone without coming in.
Keep your boat around Table Rock? See insurance around Table Rock Lake.
Or send your details and an agent will call you back with options from the companies we work with.