Insurance

[Berkley1]

I recently had a incident where I hit an underwater obstacle and cracked the lower outdrive case filed an insurance claim long story short, they are totaling the boat if I buy it back who can I get to insure a salvaged boat

 

[Scott Danforth]

you have to call around. start with your current agent

 

[roscoe]

It might be helpful to know the value and age of the boat.
Is there actually any damage to the boat?
May be to your benefit to fix it yourself to avoid the salvage title.
Used outdrives are plentiful.
Insurance company may just be looking for a way to clear that boat from their portfolio.

 

[Berkley1]

NADA value is $11,250 for 2002 Wellcraft Martinique 2600

 

[aspeck]

You will have to check with insurance companies in your area to find your answer.

 

[dingbat]

You would probably be further ahead to just the buy a new SEI LU out of pocket.

 

[redneck joe]

I only insure my boats for liability using my umbrella policy. Anything under 20k or so i consider a disposable toy. At 11k, and still depreciating, think about is it worth the cost to keep insured for loss? Add up couple three years of premiums, look for the boat to lose 1/4 at least of its value per year and see what the math tells you to do again your personal finances.

I've used sei a couple times, good product, good warranty.

Sterndrive Engineering: MERCRUISER® STERNDRIVE APPLICATIONS

 

[JustJason]

I only insure my boats for liability using my umbrella policy. Anything under 20k or so i consider a disposable toy. At 11k, and still depreciating, think about is it worth the cost to keep insured for loss? Add up couple three years of premiums, look for the boat to lose 1/4 at least of its value per year and see what the math tells you to do again your personal finances.

I've used sei a couple times, good product, good warranty.

Sterndrive Engineering: MERCRUISER® STERNDRIVE APPLICATIONS

One would be silly not to have at least liability, environmental, and wreck removal insurance. All of which are policies that can be purchased without requiring any additional coverage for the hull value itself.

 

[redneck joe]

My umbrella covers all that and in case you didn't notice my screen name I can get a case of beer for my other boating friend to have a day on the lake pulling the boat out all but environmental and the 12 gallons of fuel or less I carry won't mean crap here in TN.

 

[nola mike]

I only insure my boats for liability using my umbrella policy. Anything under 20k or so i consider a disposable toy. At 11k, and still depreciating, think about is it worth the cost to keep insured for loss? Add up couple three years of premiums, look for the boat to lose 1/4 at least of its value per year and see what the math tells you to do again your personal finances.

I've used sei a couple times, good product, good warranty.

Sterndrive Engineering: MERCRUISER® STERNDRIVE APPLICATIONS

This. Not to mention your deductible. Not sure if a marine claim would count against your other insurance lines also...

 

[dingbat]

I only insure my boats for liability using my umbrella policy

Are you sure about that?

Our umbrella is only an extension to our primary insurance policy coverage. It does not provide stand alone coverage.

 

[redneck joe]

Are you sure about that?

Our umbrella is only an extension to our primary insurance policy coverage. It does not provide stand alone coverage.

Well, I was told that but I guess I need to get written documentation.

 

[airshot]

Insurance costs vary widely depending on where you live. Fiberglass boats are more costly to insure by a fair margin according to my ins company. I have had opportunities to buy back from insurance companies and never had an issue with salvage titles, depending on what the damage is. I only buy aluminum hull boats, far cheaper for insurance and often just added to your home policy. In all probability, your ins company is wanting to take an older fiberglass boat off their coverage knowing that more than likely there will be more claims in the not to distant future. Many companies around here will only insure fiberglass boats less than 25 years old unless they have a survey inspection of the hull on certain brands.

 

[nola mike]

Are you sure about that?

Our umbrella is only an extension to our primary insurance policy coverage. It does not provide stand alone coverage.

My primary liability is a rider with the homeowners, and my umbrella does cover after that. No umbrella provides stand alone coverage afaik.

 

[dingbat]

Well, I was told that but I guess I need to get written documentation.

Some insurance companies will add a boat to your homeowners as a rider, but an umbrella policy is primarily setup to protect your Net Worth from excess insurance liabilities should something happen.

It’s been my experience that a 3rd party stand alone insurer’s policy is considerable less expense than that offered through my home owners carrier.

 

[airshot]

Some insurance companies will add a boat to your homeowners as a rider, but an umbrella policy is primarily setup to protect your Net Worth from excess insurance liabilities should something happen.

It’s been my experience that a 3rd party stand alone insurer’s policy is considerable less expense than that offered through my home owners carrier.

Might be location....our rates here in Ohio are much better thru our homeowners than getting a separate policy, but they could be due to the companies I have dealt with. My homeowner policy even covers EPA fines and haul out costs. Less than half the cost of a separate policy based on my quotes.

 

[dingbat]

Might be location....our rates here in Ohio are much better thru our homeowners than getting a separate policy, but they could be due to the companies I have dealt with. My homeowner policy even covers EPA fines and haul out costs. Less than half the cost of a separate policy based on my quotes.

Asked my agent about the boat when I renewed our homeowners and upped our umbrella last fall. Told me it would be a waste of time and effort…

My policy has a $20k agreed hull value, $7k rider for equipment, $500 in towing, $75k spill coverage along with the same $30k/$60k/$15k liability as my car insurance for $267 a year.

Also carry unlimited towing (up to 75 miles offshore) thru TowBoat for $175

 

[DeepCMark58A]

My boat is used on the lake I live on, I store the boat 7 miles from my home. I only pay cash for my toys. My homeowners and the personal liability insurance is all I need.