insurance update

[Troy Murphy]

Don't forget to request an update to your insurance every year or so; as the value of the rig goes down, so should the premium. I just got my renewal statement, and thought the listed value was a little high, so checked with the carrier to see if they were adjusting it. Mine doesn't do that, so I have to check with them to have it updated. Saved about 10% on a two year old boat this time.

Troy

 

[Jim B]

Troy,

It must depend on what type of insurance you have. My boat's value listed is its "replacment value" not a depreciated value. So if for some reason my boat was a total loss i would get essentially what i paid for it new as a payout.



Im not sure what you pay yearly for insurance but where i live i think i pay somewhere around $300 a year.

 

[KEVIN WERHAN]

Just because your insurance says "replacement value" does not mean they will replace

it at the cost of a new boat. For example the housing dilema, a lot of people that had

State Farm Insurance this summer found out that they were not going to get all of their

siding replaced after hail storms. My in-laws ran into this problem. State Farm was only

going to replace the sections on the house that were damaged even though it was not

going to match the original sidings color. They eventually did get the whole house done

after months of arguing and deal making. I'm not 100% sure about boats, but I have also

heard of people getting hosed on boat insurance too. Just a little F.Y.I. for

everyone. Maybe someone here is an insurance agent and can set us right?

 

[Scott Hammer TOXIC]

Ah....insurance. I have State Farm and have for years. They wrote my homeowners and auto in New England when there was a moritorium on new policys. Had them in KC where I had a shake roof that got pummeled by a hailstorm and while all of my neighbors were getting new roofs, my adjuster said I would only get 1/2 due to depreciation. I asked him which 1/2 of the roof they were going to do?:angry: I got a new roof. When my jeep got rear ended and my windshield cracked in 1/2 the told me they would not cover it since it had some chips in it.....chips not stars I might add. I fought with them tooth and nail with the logic that my frickin windshield WAS NOT cracked in half before the wreck no matter how many small rock chips it had in it. They wouldn't budge, so I told them since you consider it a loss because it was already chipped then put it in under my comp!! They didn't know what to say then...I got a new windshield!! You have to fight for EVERYTHING.



TOXIC