Boat insurance questions

[yelmrap]

Re: Boat insurance questions

And that right there is why insurance costs so much, everybody. A Bravo 3 can be bought easily on e-bay for $5300. A coupler is what, another $300? At $100/hr labore, you're trying to tell me that there was 60 hours of labor? Hogwash. Your company got shafted. And the rest of us are too.

So I could have purchased the parts on "Ebay" and have the insurance company to pay for them? The dealer I had it estimated at wouldn't use re-mans or used equipment, they sent the quote over to the adjuster he approved it. No one from SF even looked at the boat. My deductible was $250. I'm playing phone with my agent now. Should have some answers today...

 

[yelmrap]

Re: Boat insurance questions

Heard from agent. Supposedly SF has a directive stating if a boat policy (didn't ask if this true for a policies) has a collision type claim within the first 60 days of origination date, the claim will be paid on and then cancelled. My agent did not know this off the top his head, he had to call someone to get an explanation. He said there's an appeal process, which are doing now.
I specifically asked if this policy was cancelled because of my past claims (2) in 2007. He said no.
I also asked if my current policies were under review too, he said no, there all looked at seperately.
Ask if I could liability cover through SF and said lets see where the appeal process takes us.
I'm going have to assume he knows what he talking about.

 

[lncoop]

Re: Boat insurance questions

That all sounds reasonable to me. Let us know how it turns out.

 

[TilliamWe]

Re: Boat insurance questions

So I could have purchased the parts on "Ebay" and have the insurance company to pay for them? ...

Of course. And a good adjuster would have even paid you a fair labor rate (not the shop's, but fair to you) to install them.

 

[Pez Vela]

Re: Boat insurance questions

Heard from agent. Supposedly SF has a directive stating if a boat policy (didn't ask if this true for a policies) has a collision type claim within the first 60 days of origination date, the claim will be paid on and then cancelled.

I would assume that is based upon the theory that an insured who has an "at fault" claim so quickly is a poor risk, as there may be more such claims to come. Pretty interesting directive. In fairness, that sort of thing should be written into the policy language so you could know about it and act accordingly. Alternatively, the agent should have known about it, and so advised you when you contemplated making the claim. Doesn't seem fair to me. Good luck with the appeal.

 

[TregoMark]

Re: Boat insurance questions

Boat insurance is kind of odd, but I've had good experience with State Farm. They totaled out a boat of ours recently. We then bought it back from them and had the boat repaired. State Farm then reinsured the boat for the same coverage.

 

[truckermatt]

Re: Boat insurance questions

on a related note, Progressive paid 2K for my claim on my 1990 boat when I hit bottom... And on the renewal I got a discount also.

I also want to add that I had a claim 3 weeks after the start of the policy

 

[floatfan]

Re: Boat insurance questions

As an agent, I'm betting State Farm is basing this strictly off your loss ratio. You had insurance on the boat for 1 year...so let's say you paid $200 premium. They then paid a $3000 claim. Your loss ratio is about 1500%. Rather than take the chance that you won't have another claim for the next 15 years to recoup their money, all they have to base those next 15 years on is your previous coverage...and they aren't willing to risk another big claim (big compared to your premium).

 

[JEBar]

Re: Boat insurance questions

without caring who was right/wrong, since they canceled on you, I'd strongly consider pulling all coverage from them and going with an different company .... in short, vote on the way you were treated with your pocketbook .... if your auto coverage rates were set a few years ago, you may save some money there as well

Jim

 

[TilliamWe]

Re: Boat insurance questions

I agree with Jim and others, as I stated before. Shop your ENTIRE insurance package, and see what you get.

 

[yelmrap]

Re: Boat insurance questions

I guess the appeal process worked. The policy has been reinstated with no premium increase, same coverage. It will be interesting to see what happens when the yearly renewal comes around. I still plan to shop the policies.

 

[gimp99]

Re: Boat insurance questions

As an agent, I'm betting State Farm is basing this strictly off your loss ratio. You had insurance on the boat for 1 year...so let's say you paid $200 premium. They then paid a $3000 claim. Your loss ratio is about 1500%. Rather than take the chance that you won't have another claim for the next 15 years to recoup their money, all they have to base those next 15 years on is your previous coverage...and they aren't willing to risk another big claim (big compared to your premium).

Hello, I see you are an agent so I hope you can answer a question for me also. I bought an old 18 foot aluminum Gregor about three years ago. Needed work but nothing I could not do.. I was an engineer on ships a long time ago so it was a fun project. Had never really delt with outboards before. It has a Suzuki motor on it. After I bought it I researched the motor and found it was a 140hp motor. Yippi lots of power. Oops! another boat owner said I could not insure the boat because it was over powered. Said the max hp for my boat was 90hp.It is a straight up fishing boat ocean going only. I don't do fresh water .No insurance not that big a deal at time since once I leave the bay I am in open water where accidents involving liability are more remote. Just made sure I had towing insurance Averaged about ten trips a year for the first two years. This year they inacted the EPA law for small pleasure boats for polution clean-up after an accident . This time I really wanted insurance in case of the boat sinking. Chance of happening? remote..But dealing with the EPA is not my idea of a good time . And they just flat out drop the hammer on you for a clean up bill. However the few people I talked to (2 who said they were in insurance but unfamiliar with the new law ), basically told me they would not sell me the EPA insurance which they werew not sure they covered without my boat at least having liability and of course they won't insure an over powered boat. Tried to trade down for a lower horsepower engine but as I have found out old suzuki motors have apparently got a bad reputation. I asked the only repair shop in town why and they said that the older smaller motors had trouble but the big ones were reliable. Basically the guy that sold me the boat knew the engine would stall after running a while at low speed but was fine from mid range on and just wanted to get out from under it and sold it cheap, or relatively cheap Figured it was a carb problem and took them apart and discovered the motor had recently been gone thru and whoever rebuilt the carbs had forgotten to tiighten the needle seat ,seat all the way down on the number one cylinder and it was leaking slowly into the float bowl at low speed and flooding the number one cylinder. Fixed it and put it all back together and have never had a problem since. But to late as rumor and inuendo in the boating community has made them a no no motor to own. I have determind it was cut rate and shade tree mechs that started the rumor and no one wants anything to do with them. Heck I found and corrected my trouble wihout even using a Suzuki manuel. So basically can't trade down unless I pony up a pile of cash plus the motor even though I know the rep the motor has is bogus. So after all this long winded discourse I would like to know if you are familar with the EPA insurance and if there is anyone that will insure my boat for that and that alone. I haven't taken it out this year for basically that reason. To expensive to re-power an old boat that runs fine. And as remote as sinking the boat may be on open ocean, anything will and most times do happen. And I am just not one to try to sell it to someone who does not know the problem it has and stick him with itl Overly paranoid? maybe but I am disabled and what I have is all I am ever going to have and do not want the feds taking it away for a stupid fine. Funny thing is after a downpour that is rare in San Diego but does happen they routine close the beaches for oil (from the roads) and (bacterial pollution from the sewage overflow). Don't see the feds fineing for that but a quart or two of two stroke?
It seems such a silly thing as even on a perfect day on the ocean any speed over 25 knots tops for any length of time with a small aluminum boat will shut your kidneys down for a week.I know companys have corporate policys but for just liability they should just put restricitons on a limited liability policy. Say. excessive speed accidents .From what I see on the ocean out there at least 2 out of ten older boats are exceeding there hull horsepower limits and are either uninsured or lying to the insurance company. I would be in your debt if you can help ,and even appreciate a "no way jose" answer to my question. Thanks ,John D

 

[yelmrap]

Re: Boat insurance questions

Hello, I see you are an agent so I hope you can answer a question for me also. I bought an old 18 foot aluminum Gregor about three years ago. Needed work but nothing I could not do.. I was an engineer on ships a long time ago so it was a fun project. Had never really delt with outboards before. It has a Suzuki motor on it. After I bought it I researched the motor and found it was a 140hp motor. Yippi lots of power. Oops! another boat owner said I could not insure the boat because it was over powered. Said the max hp for my boat was 90hp.It is a straight up fishing boat ocean going only. I don't do fresh water .No insurance not that big a deal at time since once I leave the bay I am in open water where accidents involving liability are more remote. Just made sure I had towing insurance Averaged about ten trips a year for the first two years. This year they inacted the EPA law for small pleasure boats for polution clean-up after an accident . This time I really wanted insurance in case of the boat sinking. Chance of happening? remote..But dealing with the EPA is not my idea of a good time . And they just flat out drop the hammer on you for a clean up bill. However the few people I talked to (2 who said they were in insurance but unfamiliar with the new law ), basically told me they would not sell me the EPA insurance which they werew not sure they covered without my boat at least having liability and of course they won't insure an over powered boat. Tried to trade down for a lower horsepower engine but as I have found out old suzuki motors have apparently got a bad reputation. I asked the only repair shop in town why and they said that the older smaller motors had trouble but the big ones were reliable. Basically the guy that sold me the boat knew the engine would stall after running a while at low speed but was fine from mid range on and just wanted to get out from under it and sold it cheap, or relatively cheap Figured it was a carb problem and took them apart and discovered the motor had recently been gone thru and whoever rebuilt the carbs had forgotten to tiighten the needle seat ,seat all the way down on the number one cylinder and it was leaking slowly into the float bowl at low speed and flooding the number one cylinder. Fixed it and put it all back together and have never had a problem since. But to late as rumor and inuendo in the boating community has made them a no no motor to own. I have determind it was cut rate and shade tree mechs that started the rumor and no one wants anything to do with them. Heck I found and corrected my trouble wihout even using a Suzuki manuel. So basically can't trade down unless I pony up a pile of cash plus the motor even though I know the rep the motor has is bogus. So after all this long winded discourse I would like to know if you are familar with the EPA insurance and if there is anyone that will insure my boat for that and that alone. I haven't taken it out this year for basically that reason. To expensive to re-power an old boat that runs fine. And as remote as sinking the boat may be on open ocean, anything will and most times do happen. And I am just not one to try to sell it to someone who does not know the problem it has and stick him with itl Overly paranoid? maybe but I am disabled and what I have is all I am ever going to have and do not want the feds taking it away for a stupid fine. Funny thing is after a downpour that is rare in San Diego but does happen they routine close the beaches for oil (from the roads) and (bacterial pollution from the sewage overflow). Don't see the feds fineing for that but a quart or two of two stroke?
It seems such a silly thing as even on a perfect day on the ocean any speed over 25 knots tops for any length of time with a small aluminum boat will shut your kidneys down for a week.I know companys have corporate policys but for just liability they should just put restricitons on a limited liability policy. Say. excessive speed accidents .From what I see on the ocean out there at least 2 out of ten older boats are exceeding there hull horsepower limits and are either uninsured or lying to the insurance company. I would be in your debt if you can help ,and even appreciate a "no way jose" answer to my question. Thanks ,John D

You might want to start a new thread to get the best/more responses.

 

[lncoop]

Re: Boat insurance questions

You might want to start a new thread to get the best/more responses.

Yep. You definitely need to start a new thread in this section and give it a title that fits your issue. You'll have a much better shot at getting the help you need that way. Also, not trying to be a wise***, but I'd strongly encourage you to break that up into at least a couple of paragraphs. It's pretty hard to read, and many guys will take one glance at it and not even try. Good luck and welcome aboard.

 

[TilliamWe]

Re: Boat insurance questions

...many guys will take one glance at it and not even try...

That would be me. Too long to read, and piggybacked onto another guy's thread.

 

[floatfan]

Re: Boat insurance questions

Hello, I see you are an agent so I hope you can answer a question for me also. I bought an old 18 foot aluminum Gregor about three years ago. Needed work but nothing I could not do.. I was an engineer on ships a long time ago so it was a fun project. Had never really delt with outboards before. It has a Suzuki motor on it. After I bought it I researched the motor and found it was a 140hp motor. Yippi lots of power. Oops! another boat owner said I could not insure the boat because it was over powered. Said the max hp for my boat was 90hp.It is a straight up fishing boat ocean going only. I don't do fresh water .No insurance not that big a deal at time since once I leave the bay I am in open water where accidents involving liability are more remote. Just made sure I had towing insurance Averaged about ten trips a year for the first two years. This year they inacted the EPA law for small pleasure boats for polution clean-up after an accident . This time I really wanted insurance in case of the boat sinking. Chance of happening? remote..But dealing with the EPA is not my idea of a good time . And they just flat out drop the hammer on you for a clean up bill. However the few people I talked to (2 who said they were in insurance but unfamiliar with the new law ), basically told me they would not sell me the EPA insurance which they werew not sure they covered without my boat at least having liability and of course they won't insure an over powered boat. Tried to trade down for a lower horsepower engine but as I have found out old suzuki motors have apparently got a bad reputation. I asked the only repair shop in town why and they said that the older smaller motors had trouble but the big ones were reliable. Basically the guy that sold me the boat knew the engine would stall after running a while at low speed but was fine from mid range on and just wanted to get out from under it and sold it cheap, or relatively cheap Figured it was a carb problem and took them apart and discovered the motor had recently been gone thru and whoever rebuilt the carbs had forgotten to tiighten the needle seat ,seat all the way down on the number one cylinder and it was leaking slowly into the float bowl at low speed and flooding the number one cylinder. Fixed it and put it all back together and have never had a problem since. But to late as rumor and inuendo in the boating community has made them a no no motor to own. I have determind it was cut rate and shade tree mechs that started the rumor and no one wants anything to do with them. Heck I found and corrected my trouble wihout even using a Suzuki manuel. So basically can't trade down unless I pony up a pile of cash plus the motor even though I know the rep the motor has is bogus. So after all this long winded discourse I would like to know if you are familar with the EPA insurance and if there is anyone that will insure my boat for that and that alone. I haven't taken it out this year for basically that reason. To expensive to re-power an old boat that runs fine. And as remote as sinking the boat may be on open ocean, anything will and most times do happen. And I am just not one to try to sell it to someone who does not know the problem it has and stick him with itl Overly paranoid? maybe but I am disabled and what I have is all I am ever going to have and do not want the feds taking it away for a stupid fine. Funny thing is after a downpour that is rare in San Diego but does happen they routine close the beaches for oil (from the roads) and (bacterial pollution from the sewage overflow). Don't see the feds fineing for that but a quart or two of two stroke?
It seems such a silly thing as even on a perfect day on the ocean any speed over 25 knots tops for any length of time with a small aluminum boat will shut your kidneys down for a week.I know companys have corporate policys but for just liability they should just put restricitons on a limited liability policy. Say. excessive speed accidents .From what I see on the ocean out there at least 2 out of ten older boats are exceeding there hull horsepower limits and are either uninsured or lying to the insurance company. I would be in your debt if you can help ,and even appreciate a "no way jose" answer to my question. Thanks ,John D

John,
The EPA insurance you're talking about is fuel spill cleanup, which is provided under your liability coverage on any reputable boat insurance policy. Progressive is the company I'd advise checking with, as I know that fuel spill cleanup is included with their liability. Basically what you want is a liability only policy with no physical damage for your boat. My advice is to either call a local Progressive agent or call them directly at 1-800-PROGRES. They insure custom boats, so I don't think the over HP will be a problem (no promises though).

 

[gimp99]

Re: Boat insurance questions

-Thank you , much appreciated