Compare
Agreed value and market value settlement terms
- Check the exact total-loss settlement clause
- Keep purchase invoices and valuation evidence
- Review major refits and equipment upgrades
- Do not assume an old agreed value remains adequate after inflation or a refit
- Check whether partial claims include depreciation or betterment
Depreciation and partial-loss provisions
- A high agreed value may need evidence
- Market value can be disputed after a loss
- Underinsurance can leave a refit difficult to replace
- Accessories may have separate limits
- Financiers may have an interest in settlement
Comparing valuation bases across quotes
Request quotes using the same vessel value, storage location, cruising area and usage assumptions. If one quote is materially cheaper, identify the policy feature creating the difference before assuming it is better value. Save the PDS and certificate that apply to the quote.
Frequently asked questions
Is agreed value always better?
Not automatically. It provides more certainty about the insured amount, but premium, evidence requirements, policy terms and partial-loss treatment still matter.
Where should I look in the policy?
Start with the cover section, exclusions, definitions, excesses, navigation limits, claim settlement provisions and any endorsements on the certificate of insurance.
Related guides
- Compare Boat Insurance Quotes Australia
- Product Disclosure Statement Guide for Boat Insurance
- Boat Insurance Exclusions Explained
- How to Make a Boat Insurance Claim
- High-Value Yacht Insurance Australia: Over $1 Million
- Compare Boat Insurance Australia: Cover, Costs and Providers
General information onlyThe information on sailboatinsurance.com.au is general educational information only. It may be wrong, incomplete or out of date, and you should not rely on it as a substitute for the current policy documents or professional advice. It does not take into account your objectives, financial situation or needs and is not personal financial product advice. Insurance cover depends on the actual policy wording, Product Disclosure Statement, certificate of insurance, endorsements, exclusions, limits, sub-limits and underwriting decisions that apply to your vessel. Always read the current policy documents before buying, renewing or changing cover. For legal, financial or insurance advice about your own circumstances, consider speaking with an appropriately licensed professional.