OLD Boat+Theft+Insurance process/compensation...

[bockscar]

So...

I recently bought a 2004 Bass Tracker PT 175. I started looking into insurance for the boat.....mostly for theft reasons and liability. I dont forsee (i see the irony there) needing it for boat damage or anything like that.

Well the prices werent bad $170-$250 paid in full yearly (called progressive, farmers and allstate). Well I started talking to the agent about theft. She(they) stated that the policy was for $5000 boat, which was the value I gave them when they asked....but she said you get "actual cash value" in theft situations. She explained that for my specific boat the "actual cash value" was from $3200 "ALL THE WAY" up to $7500 in regards to what I would receive.

I then asked her what the $7500 valuation boat has, that the $3200 boat doesnt.....since it seemed to me that the $3200 is the price most/all 2004 tracker owners prolly get in a theft situation since most insurers tend to try to give pennies on the dollar. She couldnt give me an answer to what a 2004 Tracker PT 175 that would be valued at the $7500 end has, that the $3200 would not have....so then I started telling her that Ive already added about $800 in extras (SI graph), and was planning to add about another $1000-$2000 in trolling motor and other upgrades/updates (i.e. carpeting) and if that would bring the value up.....she said that all the additional accesories/upgrades are not how the boat gets to the higher end of the valuation....and offered to add additional coverage for the trolling motor!!! LOL

So....here is my summation. People that own old junker cars dont get full coverage insurance, and usually just liability due to the cost of the full coverage exceeding the likely utility in a situation where the vehicle is totaled/stolen. Although, I love my boat, it runs very well....and I paid over nada value (tough market out there right now for old bass trackers....i looked for over a year, and still felt I got a good deal despite it being over NADA value)....i have a strong feeling in the insurance company, and adjusters eyes.....I have a junker, and they will pay out accordingly.

So...my question. Is boat insurance (FULL COVERAGE) something I should shy away from considering the valuation on the model/year? She also mentioned that boats depreciate (obviously).....which I felt was further setting up a possible/likely lowball offer from the insurance co if I needed them. Yea....$3200 is nice for just paying $250 a month....but $3200 100% WOULD NOT get me back on the water and in another boat...especially one on the level that my boat is getting to shortly (i.e. nice trolling motor and graph, plus carpeting). I budgeted and saved for my boat....and unfortunately since im not rich was a BIG purchase for me. If the boat was stolen tomorrow, I was cut a check for $3-4000 (even $5k imo).....considering the market conditions for cheaper aluminums.....it would prolly take me another year or so before I could get serious about buying another boat.....which seems prolly only a few months (>6) less than I would need had I been uninsured. I cant imagine getting the boat stolen, buying another old boat that Ill need to pour an additonal amount out of pocket to make up difference between insurance money and boat cost....PLUS the $1-2000 for trolling motor, graph, etc.

[M4A1]

Do yourself a favor and call Bob. Don't deal with silly agents that can't answer your questions.

[JohnnyO]

Board Sponsor, Call Bob

[bockscar]

Do yourself a favor and call Bob. Don't deal with silly agents that can't answer your questions.

I was actually reading a sticky and saw it had mentioned a "stated value" policy....which is EXACTLY what I want! I even told the lady that I wanted it insured for a $5000 value if it gets stolen....she said, yea thats what this is.....but the conversation went south when I asked her "so if it gets stolen tomorrow, I get cut a check for $5000" and thats when the noise started. She was talking about depreciation...and needing an appraiser...which made no sense since boat is stolen. She meant adjuster but was trying to fast talk me....what she meant was adjuster and theyre gonna give you as little as possible...its what I expect based on most my interactions with insurance co's.

Ill call bob! I just want it for the peace of mind so I know ill be able to get back on the water with a new(to me) boat shortly after in a worst case scenario. And I 100% know $3200 wont do it. It was hard enough finding my boat at the price I paid.

Thanks guys!

[bockscar]

in the insurance company jabroni's defense.....I live in El Paso, Texas.....and most of the people think a Bass Tracker is some kind of Techno song or something! lol poor girl/people were prolly just punching stuff in to the computer and hoping for the best! haha

[Midnight Rider]

Take photos of condition and any add on stuff you upgrade to. Insure it for stated value. The insurance company has to pay you for what it would cost to replace the boat, motor, electronics at market value. Rods, reels, tackle, etc should be included in the information you provide to the insurance company. "Replacement cost" means that they will first give you a check for the depreciated value, BUT if you go out and purchase actual replacements, they will cut you another check for the difference.

My basement was broken into and they got 10 rods and reels, a big box of tools, weed eater, chain saw, etc. State Farm immediately issued me a check for the depreciated value, but since I had replacement cost insurance on my home and belongings, they made up the difference AFTER I bought the replacement items. It took the thieves about 5 minutes to grab 6-8K worth of stuff.