Why have insurance???

[bigwormy]

my boat has now been in the shop 5 weeks for a new lower unit. it took the place 3 weeks to give me an estimate after they told me they would have it in a few days. now i am fighting with the insurance company as they do not want to pay. i hit a log in yatesville and tore up the whole lower unit. they claim that didnt do the damage because there weren't much scuff/scratches on the motor and prop. i proceeded to tell him its a stainless still prop and they are dang hard to scratch. also mentioned to him that the boat and motor had knocked the log under and didnt even hit the prop. his main point of emphasis was that there just werent "much" signs of where i hit it. now i have had insurance for almost 20 years and have NEVER filed a claim for boat, car, homeowners nor has my wife. the total estimate is 1392 and they dont want to pay 892 dollars. after several calls (threats of change of companies) and a call to my agent, a new adjuster has been sent, and the claim is under review. i asked if next time if i should just set it on fire and claim arson? i know a couple people whom have gotten away with that crap. i also asked, if this happens again, do i bash the motor and prop with a bat and make it look beat up? its ridiculous to have to pay high rates because of the liars and cheats and they dont ever want to pay for the truthfull folks. 892 bucks is all they have to pay. i wish i know how much money ive given those frauds over the years!

[coombro]

If they do pay the'll probably drop you later.

[olgreenboat]

They try to reject the claim in hopes you will pay it and move on , They do this all the time it what they call good cop bad cop but one thing you can count on is either being dropped or you're rates will sky rocket. In the long run you will pay for it 10 fold even if you go to another company you;re rates will still be high.

My claim was storm damage to a car and my rates were so high I had to put everything in my wife's name and take myself off the policy.

[zx150]

Tell them you will call the insurance commissioner. I don't know who he is or what he does but it will put the fear of God in em'.

[coombro]

Tell them you will call the insurance commissioner. I don't know who he is or what he does but it will put the fear of God in em'.

Don't think that will do any good. Like my lawyer told me dropping is one thing yet not willing to renew you is another so they get their way, however they want.

[Embrey]

why are they even worried about what you hit? you obviously hit SOMETHING! that shouldnt matter i wouldnt htink

[Fishin is life]

What company do you have....I hit something a couple months ago and tore up the lower unit on my boat....I went to the insurance company, filed a claim, they came and took pictures and i had a check within 2 days....the only visible sign i'd hit something were scratches on my prop...I have Farm Bureau and would highly highly suggest them...The guy I took my boat to said he mainly deals with 2 companies....Farm Bureau who pays every claim, and another company who hasn't paid a claim yet....I work in a family owned body shop and can say the same thing for these companies....KFB is by far the easiest to deal with

[kc]

I feel your pain. I didn't even submit a claim to be screwed. I got a ticket going down to the big lakes a couple of months back. I was doing 80 on WK Parkway and got pegged - 10 over. Pretty minimal ticket in my book on the wide open WKP. My insurance company caught wind and sent me a notice that they were raising my rates $400 dollars. Ouch. After looking closer the actual change was nearly $1000 per year -- the $400 was immediate and on the next bill they wanted the additional coin. Dropped them like a bad habit and went to KY Farm Bureau. I understand with all of the fraud why insurance companies are careful but this kind of crap is for the birds - a 30% increase for a minimal ticket with a company in which I had never filed a claim...

kc

[lilmule]

Unless one has a new boat kind of a waste with full coverage as pro rated,for years carried full coverage on a 1985 373v ranger,the payoff wouldnt have boght a decent motor let alone another pristine boat.
I do fish T and 300k is a requirement,I cover the other guy running an allison 2002 with a 140 insurance is but about 100 bucks a year,does not cover me for hitting a log,so one is a tad more carefull.
Studies indicate any boater that has accidents is more prone to repeat same accidents-example guy has a collision in 2009,had one again in 2010 but killed someone.This did happen nearby.
Studies also indicate if not new not required and you arnt using full coverage,having to pay for mistakes you actually make less of them.
Thus why insurance companies raise when it hits the fan.
I sign a waiver prior to going out with a boater,yet if I knew the guy ever had a collision id sit it out and be out entry fee.
Are you positive it wasnt that sandbar that sticks out all the way across almost just prior to rich creek.Yatesville was always one of my favorites.

[kyriver]

I almost started a thread on insurance the other. I am debating about cancelling it. I have never used it, but have always had it (paid for it). I'm carrying 7730 on the boat and accessories, 5300 on the motor, 1200 on the trailer, 2500 on personal property, and 500 for towing/assistance. The deductible for each of the above ranges from 100 to 250 dollars. Overall, the annual premium is 126.00.

I've been paying for the coverage since 1995 on two different boats. So I could estimate that I've spent a little over 2,000 for coverage.

In trying to find ways to cut my budget, this is on the table. I would absolutely "go insane" if I paid for this coverage and my insurance company acted like that mentioned by the original OP.

So my question is.....I would like to know how many you in this forum do or do not choose to have coverage. It's not required by law, so for those of us that do its simply a matter of choice.

The real answer is most likely: If you have 5 - 10K in savings or reserves, paying for insurance is a bad choice. If you're like me and don't have that cash sitting around, it may be best to buy the insurance. I can't afford to pay cash for the damage and I can't afford to be without my fishing vessel until I can save the money to fix it.

[ESOX2009]

I don't carry boat insurance.

I just paid 1732.00 to have my lower unit replaced.

I figure that over the years, my lack of insurance premiums covered this costs.

At least, that's what I tell myself...

[lilmule]

At 126 a year for full coverage bet youve had that policy a long time,get a new policy same is over 400.Insurance is great in case of major damage,loss of life etc and T requirement for that reason.That dais and turning in a 1300 dollar item with 500 deductible considering whats left is prorated,is a mistake,rates will increase and the difference is would be cheaper to pay small bill by yourself and not even tell them.
But having it for major problems since new 20 ft bass boats run 50 k and up isnt a bad idea.
Should something happen im not to awfully worried about my 1990 model allison( I would be miffed),but glad to have if the other boat involved was a newer one.
Also when in doubt they dont like to pay off so you have representation
Also new lower units for just about all brands are made by an off mfg now days costing about 800 dollars..