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?
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?
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
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.
2011 Skeeter ZX225
225 Yamaha HPDI Series 2
Minn Kota Ultrex 112 52"
Console: HDS 16 Carbon
Bow: HDS 12 Carbon, Solix 12 G2, Mega 360, Garmin 106 SV, LVS 34
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.
2011 Skeeter ZX225
225 Yamaha HPDI Series 2
Minn Kota Ultrex 112 52"
Console: HDS 16 Carbon
Bow: HDS 12 Carbon, Solix 12 G2, Mega 360, Garmin 106 SV, LVS 34
I have $500 deductible, bent prop shaft, to get it fixed was a little over $500 so I just paid out of pocked.
Mike
Good info guys...Thank you!
I'd like to get my deductible down to around $500...I'll keep shopping around.
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.
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
2019 Ranger Z520c
2019 Mercury 250 ProXS
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!
2019 Ranger Z520c
2019 Mercury 250 ProXS
Wow
$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
$250 deductable on mine through Erie. 300k liability, 20,000 agreed value replacement. $155 a year
2022 Hog Island Skiff
Johnson 70/40 jet
Bouncin' off rocks, and catching the smallies.
Potomac River Smallmouth Guide
Owner of Potomac Custom Tackle
Jay Faro
Bullet 21xdc/300xs
Will do...Thanks for the help!
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.
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.