10/09/2026
If your boat, pontoon, or PWC were totaled, would you know how your policy determines the payout?
The settlement basis matters:
Actual Cash Value (ACV) pays the watercraft’s market value at the time of the loss, minus depreciation. On an older boat, or one with added equipment, this can mean a smaller payout than expected.
Agreed Value is a value you and the insurer establish when the policy is written. For a total loss, that agreed amount is generally the basis for settlement, subject to the policy’s terms and conditions. It can be a helpful option for older, classic, custom, or restored watercraft where market value is difficult to determine.
Agreed Value typically costs more, and some carriers may require a marine survey, inspection, or appraisal. Coverage terms, eligibility, and definitions vary by carrier and policy.
Give us a shout for a complimentary policy review. We’ll help confirm whether you have ACV or Agreed Value, and whether it still fits your boat or PWC. As a family and locally owned agency with 10+ years of experience and access to multiple carriers, we’re here to provide personalized guidance and fast responses.
Call 615 505 1007 or visit thesouthinsurance.com. Need a quote? Use our portal: https://the-south.lumenbo.com/quote, and let us know what you think!