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Posts: 176
| Hey Guys,
Who are you using that is good and understands boat insurance? Are there certain things you look for, or have had incidents you wish you would have done something different with your insurance?
Let me know,
Thanks,
Kevin |
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Posts: 1126
Location: Minnesota. | Had a garage/house fire in 2011 lost my 1997 Ranger along with an auto. Boat was insured thru State Farm for $25,000 when I bought it new in '97.
Claim went it and was paid in full 3 wks later, no questions! Same with the auto and my home!
I did something stupid in the garage - don't ask - then left and went shopping and owned up to it on the Fire Dpt. inspection!
I replaced it w/a new 2012 Z118 but had to drop a car loan in on top of the payout... |
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Location: Athens, Ohio | If you are a home owner, check with your agent abt adding the boat and tackle to your policy. m |
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Posts: 32784
Location: Rhinelander, Wisconsin | The company most of the guys I know guiding or competing in tournaments is World Wide Marine, Bob Louellen. Good company and good people, and very detailed full replacement coverage.
http://www.worldwidemarineins.com/ |
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Posts: 187
| State Farm Policies are stated value policies. The premium is higher than many other companies but in the event of a total loss you are paid the face value of the policy not the depreciated value of the boat. If you have a liability umbrella with your homeowners policy that limit; typically $1,000,000 is also applied to scheduled watercraft. Friend of mine got sued when his backseat partner (drunk) fell getting onto a pier after a club outing and broke his arm. MedPay would have covered the event if he would have purchased a policy. Another component of a boat policy is the pollution coverage and salvage costs. If you have an accident that leads to a fuel and oil cleanup recovery or salvage the policy will pick up that expense. Policy would not cover any business pursuits - guiding etc. Read the policy as there are some really crappy policies out there. Some years back my father bought some cheap policy and when his boat sank in the marina due to a storm his claim was denied due to a sinking exclusion. I typically chose to insure for less the then full value (self insure) of the rig to save some on premium based on what I consider to be a reasonable out of pocket expense if the xxxx hits the fan.
Edited by pstrombe 3/23/2021 11:40 PM
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Posts: 1126
Location: Minnesota. | Paul, thank you, that was VERY informative to read!!! |
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Posts: 176
| Thanks for the information everyone.
You can always learn a lot here.
Kevin |
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Posts: 239
Location: Elroy, Wisconsin | Progressive, claim I had got me back on the water in two weeks fully paid lower unit. Rates are low from what I have seen. I am a very satisfied customer.
Mudpuppy |
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