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  1. #1
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    Insurance Deductible

    If you hit something with your lower unit and bend a prop shaft or somehow damage your lower unit...

    What insurance do you have and what is your deductible for something like that?

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  3. Member Fishysam's Avatar
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    #2
    So many variables, I just spent an hour with my agent, 1- 1000 deductible, 2 I can insure rod/reel combos for replacement value at 3$ per 100$, 3- they will not cover anything in a tournament...
    Mercury 250 proxs 2B115089

  4. Member DrewFlu33's Avatar
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    #3
    Not sure what you're asking?

    You'd have to have a policy on your boat, and the deductible would be whatever you set it to be when you started the policy. Most boat policies are just that - boat policies. They often won't have separate liability, collision, comprehensive, etc. policies like you might have with a car.

    If you're asking about what policies people actually have, I have a standard boatowners' policy with State Farm with the liability coverages required by most tourney organizations (believe it's $100k/$300k), have the boat valued at $10k broken out some way between the boat and trailer, have an additional rider for $3k of stuff in the boat, and a $100 deductible. $145 a year. I do have multiple other policies with State Farm (cars, home, umbrella liability, etc) so I'm sure that includes some multi-policy discount.
    1995 Ranger 481VS
    175 Merc XRi EFI (0D123631)

  5. Member
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    #4
    I bent a prop shaft...Paying out of pocket to fix it because my deductible is $1,200...Traveler's Insurance...

    Looking for a better rate...

  6. Member DrewFlu33's Avatar
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    #5
    Quote Originally Posted by bassmasterffej View Post
    I bent a prop shaft...Paying out of pocket to fix it because my deductible is $1,200...Traveler's Insurance...

    Looking for a better rate...
    Gotcha! With every policy I've ever priced, you can choose what you want your deductible to be. Of course a lower deductible means a higher premium. I'm sure you're on top of this and are just looking for another company with a cheaper premium for a lower deductible. I've been very happy with State Farm, but I'm not sure that would be the best option for a boat policy unless you also have other policies with them.

    I know A LOT of people are very happy after talking to Bob from Worldwide Marine Underwriters. I believe he's an agent that will shop multiple insurers to find you the best price. I've read story after story from folks for whom he found a deal that beat the pants off whatever they were able to find on their own.
    1995 Ranger 481VS
    175 Merc XRi EFI (0D123631)

  7. Member
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    #6
    I have $500 deductible, bent prop shaft, to get it fixed was a little over $500 so I just paid out of pocked.

    Mike

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    #7
    Good info guys...Thank you!

    I'd like to get my deductible down to around $500...I'll keep shopping around.

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    #8
    I hit a stump and ripped the prop out of the back end with all the gears. $500 deductable. Progressive covered the rest.....to the tune of $4200. I was back on the water in 10 days.
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    #9
    I just went through bob for my new x19. They beat everyone on price and answered all my questions. insurance is through travelers and I’ve read nothing but good things. Hope to never use it honestly.
    2017 x19 175 sho

  11. Member
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    #10
    Quote Originally Posted by Skipper View Post
    I hit a stump and ripped the prop out of the back end with all the gears. $500 deductable. Progressive covered the rest.....to the tune of $4200. I was back on the water in 10 days.
    Yeah, but did your premium go up the next year?
    Boatless Bank Trash Again...

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    #11
    Mine went up from $460 a year to $1,460 (this year right before I sold my boat) because I hit a stump and did $12K worth of damage to the motor. My Mechanic got me hooked up with remanufactured Mercury parts because Geico depreciation hit me for 50% due to the age of my boat. So instead of me getting $12K for the repair they only gave me right at $6K. I'll never go with them again!
    Boatless Bank Trash Again...

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    #12
    Wow

  14. Bullet/Reels4Sale/Rods4Sale Moderator jayfaro's Avatar
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    #13
    $12,000 damage from a stump? You can buy a brand new motor for $14,000.

    Jeff my policy carries a 1% deductible for boat and motor. I think I carry $27,000 so in this instance my deductible would be $270. I’m wondering if you have a deductible that is based on the same premise but with a much higher percentage. Does your policy show the deductible amount? Good luck with the repair
    Jay Faro
    Bullet 21xdc/300xs

  15. Member
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    #14
    Quote Originally Posted by Bassmaster2003 View Post
    Mine went up from $460 a year to $1,460 (this year right before I sold my boat) because I hit a stump and did $12K worth of damage to the motor. My Mechanic got me hooked up with remanufactured Mercury parts because Geico depreciation hit me for 50% due to the age of my boat. So instead of me getting $12K for the repair they only gave me right at $6K. I'll never go with them again!
    Bob won't sign anyone up through Geico for that reason.

  16. Member
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    #15
    $250 deductable on mine through Erie. 300k liability, 20,000 agreed value replacement. $155 a year
    2016 Xpress HD 1760
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    Minn Kota 101.

    Bouncin' off rocks, and catching the smallies.

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    #16
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  18. Bullet/Reels4Sale/Rods4Sale Moderator jayfaro's Avatar
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    #17
    Quote Originally Posted by bassmasterffej View Post
    Jeff looks like a 2% deductible. I’d ask your agent if you were to lower the agreed value from $60,000 to $50,000 would the deductible go from $1200 to $1000. That way you’ll know if it’s a percentage or flat deductible
    Jay Faro
    Bullet 21xdc/300xs

  19. Member
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    #18
    Will do...Thanks for the help!

  20. Member
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    #19
    It seems like when I've checked into it the extra price for the lower deductible wasn't usually worth it in the long run. I can't remember exact numbers but if you're premium goes up $75-$100 a year to save you the $500 on the deductible vs a $1000 deductible you'll spend more in five or six years on the premium than what you will save with the lower deductible. And if you have a disappearing deductible like through progressive you'll be even further ahead.

  21. Member
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    #20
    Got it fixed...I did have a 2% deductible...Switched over to 1% and lowered my deductible to $600...Increased my premium by $47/year but I'm cool with that.


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