Why have insurance???

[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..

[bigwormy]

i could pay for the lower unit, but that is not why i pay for my insurance. it just makes my blood boil to not have this paid for. with my deductible all it is they have to pay is 8 freaking 92. come on! like i said. ive never filed a claim or even had a ticket in over 10 years! insurance is just safe to have especially if you have any others in your boat. you never know what the smell of money could do to a "friend" if you had a boating accident.

[coombro]

i could pay for the lower unit, but that is not why i pay for my insurance. it just makes my blood boil to not have this paid for. with my deductible all it is they have to pay is 8 freaking 92. come on! like i said. ive never filed a claim or even had a ticket in over 10 years! insurance is just safe to have especially if you have any others in your boat. you never know what the smell of money could do to a "friend" if you had a boating accident.

It's a racket man they get us coming and going. Thats what you bought it for and they should pay up regardless of your claim. Hitting a log and lower unit damage or hitting a deer with your car. Thats what you been paying for that piece of mind for. Now your out of your boat 5+ weeks and more thanks to your agent. Then the time to repair your boat. Lot of down time. Good luck and let us know what happens in the long run.

[Fishin is life]

What company do you have Bigwormy?

[JoeB]

Allstate pulled this same crap on me a couple of years ago after being a customer for years and never filing a claim. Dropped 5 policies the next day that totaled about 5 k annually. They should have covered the $1500.00 claim.

[bobbyg47]

Why not just drop your coverage and start a savings account with the monthy payment you pay the insurance company? If you've been paying that amount over 20 years, you would have more than enough for your lower unit minus the BS. I do not own a boat yet, but am currently looking around. I will probably take this route when I purchase a boat. It just seems like this would be the easier route.

[stoner]

No boat insurance and your garage catches fire, I bet your home owners will not cover it. Most likely will cover equipment but nothng thats licensable. I would definately check on this and at least have it written in the policy if possible.
I speak from experience regarding a motor cycle that was stolen a while back.

[LMHunter]

No insurance.... you hurt someone or something....start praying!
If someone sues You get ready to lose your home, vehicles, any personal property or assets. They will take everything you own. If your homeowners insurance picks up and covers the claim you will more than likely be dropped and good luck finding another policy. The will also require you to pay back what they have paid for that claim because they are not liable to cover boating accidents. Don't want to pay it back and they will garnish your wages. Do yourself a HUGE favor and get boat ins.
Recommendations would be State Farm and Farm Bureau.

[coombro]

No boat insurance and your garage catches fire, I bet your home owners will not cover it. Most likely will cover equipment but nothng thats licensable. I would definately check on this and at least have it written in the policy if possible.
I speak from experience regarding a motor cycle that was stolen a while back.

You are right about that the higher dollar boats aren't covered at least not through farm buxxxx. Seperate policy required.

[Jabbo]

Boy there sure is a lot of disdain for insurance companies out there..
I work for the largest boat insurer in the country. I think they are the best personally. Not because I work for them but because I know the extent they go through to be fair. A lot of people don't like the results sometimes but you get that with any company.
I will tell you that most insurance companies look at previous loss history as a partial way to rate people but most of the rating comes from your credit score.. Thats right.... So if you have poor credit, a lot of outstanding debt, etc. your insurance will likley be higher.
I don't write policies but I do handle claims. I have made a lot of people happy and ticked a lot of people off.
I can tell you that it is our policy to look for every available way to pay a claim. That does not mean we just pay stuff arbitrarily, we always refer to the policy and look for coverage. if it's not there it's not there. Most of our adjusters are highly trained and we can give you an exact reason why we are denying claim. If one has a claim that is denied, they need to ask why. I can assure you if I ever declined to pay a claim I have all my "T's" crossed and "I's" dotted. Insurance is not out to get you, but they are in the business to make money too. A lower unit can fail for multiple reasons. Many of these reasons can result in sudden jarring of the boat where one would think that they hit something and it be a completely internal failure never having hita thing other than water.
I hate to hear you had a bad experience and hope it all works out for ya so you can get back out and catch a BIGGUN!!.