I have wrestled with the Agreed Value and Progressive Ins and Allied Insurance.
Before you change your policy, try to obtain an appraisal on your current rig.
You may find that getting three satisfactory appraisals is difficult.
I know NADA and its straight line depreciation valuation does not seem to reflect market pricing on older rigs.
Also, dealers appraise with the idea of a Trade-In value which can float all over the place dependent on the selling margin of the target rig.
Frankly, that $400 insurance policy against original cost seems pretty good. The older a rig gets, the lower the Total Loss threshold.
