insurance

[teamstromer]

does anyone know the forumula used to insure a boat,motor and trailer?<br />how do i know how much % to put on each?

 

[rc581]

Re: insurance

go into nadaguides.com and get the true value of your boat motors and trailer, and insure from there. in michigan, they will only pay off the low book value. i tried putting a 10,000.00 policy on mine to cover replacement. i was told i could buy the policy, and they would accept the premium, but would still only pay off the low book value. research it well, and ask alot of questions, and good luck

 

[PAkev]

Re: insurance

You may need to take a good look at additional insurance policies to discern any overlapping coverage.<br /><br />When my boat is on the water it is covered by my boat insurance policy.<br /><br />When it's being towed, it's covered by my auto insurance policy.<br /><br />When it's sitting in my garage on the trailer, it's covered by my homeowner's policy.<br /><br />Although the boat and auto policies may be influenced by NADA, our homeowners policy covers the boat's replacement value. Fortuanately, I have all my insurances with the same agency and they were able to work with me to eliminate some overlapping coverages and reduce my premiums a little.

 

[Solittle]

Re: insurance

Your insurance company will do this for you. They pay out a loss based on what they determine the value to be. For example my insurance company will reimburse me for more than I paid for it in the event of a total loss.<br /><br />You do not haqve to accept their valuation but then you have to find a different ins. co.