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GAP INSURANCE

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calvinhead

Post subject: GAP INSURANCE

Posted: Tue May 04, 2010 8:09 am

Goldfish

Joined: Thu Aug 16, 2007 7:09 am
Posts: 31

Since boat values have taken a beating the past couple of years the "actual cash value" of my Horizon 220 is much less than what I owe on the boat. Has anyone purchased "GAP" insurance or have opinions on whether or not this is a good idea? Thanks!

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'07 Horizon 220

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Txjole2

Post subject: Re: GAP INSURANCE

Posted: Tue May 04, 2010 8:56 am

email admin your custom rank

Joined: Thu Mar 20, 2008 12:02 pm
Posts: 652
Location: Dallas TEXAS

A boat in ANY economy should NEVER be insured at actual cash value. In marine insurance its called agree value instead of gap. If you have an actual cash policy I would change to actual cash value YESTERDAY.

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aguyindallas

Post subject: Re: GAP INSURANCE

Posted: Tue May 04, 2010 10:29 am

Nauti Luv

Joined: Mon Jan 05, 2009 9:55 am
Posts: 2186
Location: Little Elm - Lake Lewisville TX

Txjole2 wrote:

Joe is right and in most states/cases, you cannot just go buy a GAP policy...it has to be done at the time your boat was financed. Agreed value is the ONLY way to go.

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Current Boat:
2004 Sea Ray 320 Sundancer "Nauti Luvin'"

Previous Boats:
1999 298 Vista "Seas The Day"
2008 H200SS "Nauti Luv"
2006 Tahoe Q4

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