Another Insurance Thread..........

[shrew]

Re: Another Insurance Thread..........

Incoop. Excellent post, I couldn't agree more. I carry full coverage. I live in a state where even auto liability (yes liability, not comprehensive) is optional. If a person opts to self-insure that is up to them. I think everyone has to simply ask themselves two questions:

Liability: Can I really afford to pay out of pocket in a 'worst case scenario'?

Comprehensive: Can i really afford to replace the entire boat, or a major rapair, out of pocket in a worst case scenario.

Nobody intends or even suspects these things will happen, yet they do. That's why they're called accidents. And yes, thankfully they cover 'human error' mistakes too.

 

[lncoop]

Re: Another Insurance Thread..........

So, I have one question,

Who are you insured with?

Foremost

 

[Ryanlewis2010]

Re: Another Insurance Thread..........

Thanks for posting this do they give referral discounts if so let me know i was in the hunt for ins so this post just won me over.

 

[roscoe]

Re: Another Insurance Thread..........

Duh.



"That's why we buy insurance. To cover our butts when we do dumb things lol. "

Exactly. If people didn't do dumb stuff, there would never be any accidents.

I understand "accidents".

But if you drive onto a rock bar and tear up your gearcase and props, well, that should be on you.

Forget to secure your boat to the trailer and drop it on the concrete, it should be on you.

What's next? I forgot to put oil in and the engine blew up. File a claim?

Or, I took the shift pivot screw out and the gearcase grenaded, hmmm, must have been the rock I hit, file a claim.

I guess that is why I only have liability, fire and theft coverage.


Got no problem with making a claim on a policy for what is covered. Just surprised that any insurance companies are willing to write a policy for anything that could be posted in the Stupid Human Tricks forum.

 

[oregoncruiser]

Re: Another Insurance Thread..........

You can get insurance on anything nowadays, including stupidity. Filing an insurance claim on an item (Like human error) that was agreed would be covered is fine. Being dishonest or fradulent is a different story. Sounds like the OP was straight up, and got what he paid for. Good for him!!

 

[lncoop]

Re: Another Insurance Thread..........

You can get insurance on anything nowadays, including stupidity. Filing an insurance claim on an item (Like human error) that was agreed would be covered is fine. Being dishonest or fradulent is a different story. Sounds like the OP was straight up, and got what he paid for. Good for him!!

Right. They did exactly what I pay them to do, and in my mind gave me the benefit of doubt besides. If they had declined to pay for the control box I wouldn't have had any hard feelings, but I did feel that it was damaged as a result of the accident and as such was at least worth submitting since the claim had already been filed. Clearly they agreed. I'll leave it to Roscoe and others regarding whether the admiral's running into the gas dock for no apparent reason belongs in SHTs, but I sure ain't goin' there!

 

[joewithaboat]

Re: Another Insurance Thread..........

Ive said this before in these threads... Decent insurance is so inexpensive your nuts not to have it.

Never-mind the boat, i think more about liability for the injury to another person. I don't want to loose everything i own because of some cutthroat attorney. I upped the liability portion of my insurance. According to my agent they almost never get claims against it, but i don't want to be the guy who should have had it.

For me, as far as the boat goes, i think the most likely claim would be damaging the drive from a floating log or similar.

 

[TilliamWe]

Re: Another Insurance Thread..........

I understand "accidents".

But if you drive onto a rock bar and tear up your gearcase and props, well, that should be on you.

Forget to secure your boat to the trailer and drop it on the concrete, it should be on you.

What's next? I forgot to put oil in and the engine blew up. File a claim?

Or, I took the shift pivot screw out and the gearcase grenaded, hmmm, must have been the rock I hit, file a claim.

I guess that is why I only have liability, fire and theft coverage.


Got no problem with making a claim on a policy for what is covered. Just surprised that any insurance companies are willing to write a policy for anything that could be posted in the Stupid Human Tricks forum.

Roscoe, if you INTENTIONALLY ran onto a sand bar, then it wouldn't be covered. But when was the last time you did that on purpose. Oh, wait, I realize you NEVER make a mistake at all.

But you obviously have no comprehension of how insurance works. It's a contract to pay for you loss caused by some specific things. And while "stupidity" isn't listed, it's the root cause of many insurance claims.

Your engine oil scenario is almost specifically addressed in most insurance policies. it says, "we will not pay for loss resulting in mechincal damage only..." or words to that effect. So it's not a covered cause of loss. Your gearcase scenario is fraud, and would be proven, and you'd get no money, and possibly criminal charges.

Guess what in your fire covereage, you're probably covered if you start the fire!

You're a fool to not have full physical damage coverage, for all the more it costs. And that's something that is truly a "Stupid Human Trick"!

 

[jkust]

Re: Another Insurance Thread..........

Well, we have boat/motor insurance tacked on to our homeowner's policy, never had a claim so far, and hope we never have one....but the insurance makes us sleep better. Almost any damage/repair to a boat/motor can run into a lot of $$$, so best to be covered! Liability against injuries is the other item that can bite you in the butt!

Do you mean that you have two policies with the same insurance company? For example in MN, a homeowners only policy will cover your boat but only if the engine is below I think 25hp. I don't recall the specifics but it seemed like a gotcha item if you weren't in the know.

As for the premise of the entire thread, I am at a loss that everyone doesn't have at the minimum, liability coverage. Boat insurance costs practically nothing even with full coverage. Why would you want to get sued and loose your assets in an at fault situation or have to shell out thousands for a new lower unit plus labor by hitting a submerged object? I appreciate insurance and have never been let down ever by any insurance company. I will say however I've yet to make a claim against my Progressive boat policy so they are still up in the air.

 

[ezmobee]

Re: Another Insurance Thread..........

But you obviously have no comprehension of how insurance works. It's a contract to pay for you loss caused by some specific things. And while "stupidity" isn't listed, it's the root cause of many insurance claims.

Pretty much what I was thinking. If I swerve to miss a deer and drive my truck into a tree, am I supposed to just suck it up and walk the 30 miles to work from then on? You aren't required to purchase anything other than liability but it's nice that the option is there for those of us that choose to purchase it.

 

[Mikeyboy]

Re: Another Insurance Thread..........

Full coverage is exactly that. "full" which covers stupidity as well as everything else. If you pay your premiums and your deductible than it's all good if you want your insurance to cover your stupidity.

 

[buildmark]

Re: Another Insurance Thread..........

I learned that AAA will tow your car but not the boat you're pulling. Many auto policies also give you tow coverage but I don' tknow if any include a trailer.

if you have the plus RV then they will tow your boat trailer too.

While we are talking about insurance, I have AAA for insurance and they don't cover older boats, but they say my homeowners policy covers it on the water.

Is that all that I need?

 

[lncoop]

Re: Another Insurance Thread..........

if you have the plus RV then they will tow your boat trailer too.

While we are talking about insurance, I have AAA for insurance and they don't cover older boats, but they say my homeowners policy covers it on the water.

Is that all that I need?

Doubt it, but you really need to contact your agent, and most importantly, read your policy, to know for sure because there are too many variables. I'm always amazed at how many misconceptions come to the surface in these threads (not picking on you buildmark). Generally speaking, boat insurance laws are administered on the state level, so I can only tell you how it works in Arkansas. If your boat's horsepower exceeds fifty you are required to maintain liability coverage. This coverage has absolutely nothing whatsoever to do with your homeowner's policy and only extends to liability situations, so in a case like mine it would have done me no good unless I had been held resposible for the damage to the dock. I chose to purchase full coverage for a number of reasons. That's not the best decision for everyone, but it was for the Coops. I also have umbrella coverage that kicks in if my liability limit is exhaused. Again, that may not be the best choice for everyone, but it helps me sleep at night. Buildmark, please contact your agent and find out exactly what's what. That's what you pay him or her for.

 

[jkust]

Re: Another Insurance Thread..........

. This coverage has absolutely nothing whatsoever to do with your homeowner's policy and only extends to liability situations, so in a case like mine it would have done me no good unless I had been held resposible for the damage to the dock. .

All good points, I believe the 25hp max limit for coverage under a HO policy was if it was stored in your garage and it burned down for example not if you got in an accident on the water. Again, however my point is that I know enough to know I'd need to look into it if I didn't already have coverage on my boat and trailer above 25hp that is currently sitting in my garage. This is in MN and all 50 states can be different.