Some Advice to all the Fisherman/Boater as it relates to insurance!

[Halls1030]

Guys...

Couple things I wanted to share with you as it relates to your insurance:

First off, I would STRONGLY SUGGEST doing the following as it relates to dealing with a possible claim situation:

1. Get yourself a box for storage of receipts for <U>ANYTHING</U> you buy for your boat/fishing...

2. Anytime you buy ANYTHING: rods, reels, tackle, lures, life jackets, etc...put that receipt in the box. Also, I'd recommend taking pictures of your gear and save the images. Again either in that box, or save the images on your computer in a file folder.

The reason for the above is for claims purposes...if you were to have your gear stolen, etc...this is the best and most substantial way to verify to the adjuster/company you have to deal with EXACTLY what you had prior to the date of the loss...I can't stress how much stress & headaches you will save yourself if you do this and keep receipts/pictures in a orderly fashion and stored in a safe place: (not in the boat!)


Next, when reviewing/renewing your policy call your agent and find out exactly what type of policy coverage your have as it relates to your boat. Do you have an agreed value/stated value policy? Or do you have a policy that allows for depreciation as the boat gets older? YOU WANT TO HAVE A STATED VALUE/AGREED VALUE POLICY! Regardless, finding out what type of policy you have is very important as it tells you how you should expect to be covered in the event you file a claim against your policy...if you happen to have a policy that allows for depreciation and you don't change coverage to a company that offers a stated value policy, at the very least you want to annually review the amount of coverage provided for the hull/boat, motor, and trailer as most likely they will lose some value - you can adjust the coverage amounts downward based on values you can find on http://www.nadaguides.com so that you are not overpaying for coverage you likely will never see in the event you boat it totaled. (example: If you bought your 01 Ranger for 45k, insured it for 45k, and it's now worth 25k, and you have a policy form that allows for depreciation...paying for 45k in coverage will not get you 45k in the event you total the boat...the insurance company will only pay will the current value of the 25k)

Lastly, here's what I really want to get across to you guys:

When you bought your boat did you simply shop for and then buy the cheapest rig you could find? Why or why not? Some do and that's OK...but I am willing to bet most of you shopped long and hard for exactly what you wanted with what you could afford...that being said:

Remember the following sayings:

1. <U>Good insurance isn't cheap and cheap insurance isn't good.</U> It doesn't mean being properly covered has to break the bank...but sometimes $5-$10 dollars extra a month or even a year can go a LONG way to covering you adequately.

2. There are no dumb questions when it comes to your coverage...Don't Be Afraid to Ask Questions About Your Policy & it's Coverages!!! I can't stress this enough: Don't be one of the people who wait to have a claim to then find out whether or not something is covered by your policy terms.

and most importantly:

3. <U>YOU BUY INSURANCE FOR CLAIMS...</U>
if you haven't had a claim: A.) of course you're happy with your company, as long as you pay them on time and they get your money why wouldn't you be...it's only B.) when you file a claim that you find out what you truly are getting for those insurance premiums you've been paying!

Hope this helps!

[insurancepro]

Halls, Very well said. I have been amazed at how much the members here have appreciated me going over all their coverage's in detail. It makes the whole claim process much easier. Like I tell my clients, I insure every boat the exact way I would do it for myself. Thanks. Bob Luellen

[Ludicrous]

LOL.

Still doesn't matter how many times you explain this, 95% always shop this way..."what's the cheapest...."

[Flyswatter]

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Ludicrous &raquo;</TD></TR><TR><TD CLASS="quote">LOL.

Still doesn't matter how many times you explain this, 95% always shop this way..."what's the cheapest...."</TD></TR></TABLE>

World Wide Marine was not the cheapest Insurance provider but the most affordable saving me 30% vs. my long standing insurance company.

Flyswatter

[Ludicrous]

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Flyswatter &raquo;</TD></TR><TR><TD CLASS="quote">

World Wide Marine was not the cheapest Insurance provider but the most affordable saving me 30% vs. my long standing insurance company.

Flyswatter</TD></TR></TABLE>


That's what it's all about. Customer service, great rates for the proper coverages! I am in the automotive collision repair industry. I work customers on a DAILY basis who went the "cheapest" route. Just when I think I've seen it all something else pops up to prove me wrong. Over and over. I also used to work in the insurance claims field.

[ricqik]

My understanding is, if my policy is for an "Agreed value of 30k" when I insured it many moons ago, but now boat is only worth 10k. One day boat sinks in black hole, ins pays be 30k, right?

[NitroZ7]

New member here. Wanted to pass this along to any boaters that may live in hurricane prone areas. When I was shopping for insurance I noticed that some companies had a "Named Storm Exclusion". Essentially if your boat gets damaged as a result of a named storm then you have no coverage. Now at first blush one would think if you take your bass boat out in a hurricane then, yeah, you are probably not the sharpest tack in the box and shouldn't be covered. But after asking a few questions it turns out if your boat is stored in your garage at home and a hurricane comes through and destroys your garage and your boat then you are out of luck. Your homeowners won't cover it and your boat insurance won't cover it. Its a total loss. So for those of you that live in hurricane prone areas make sure to review your policy for this exclusion. It may seem like a far fetched possibility but you want to be covered for all aspects of the unforseen.

[geodebasser]

I am surprised how much time agents spend talking about property coverage on this site but very little about the specifics of liability insurance. Worse case scenearo, I get a depreciated value for my boat. I lose my house and everything I worked for with low liability limits or exclusions that limit the coverage. Pollution is another subject that I see very little mention of. Sink a boat and you can have a huge clean up fee from the fluids such as the gasoline.

[crazy cranker]

Here are a few items that are not normally considered, mentioned by insurance agents and not part of a standard marine policy: Full replacement - in the event that the boat is a total loss the payout is based up current market cost of a like-same boat (this type of coverage is usually only obtainable for boats 4 years old or less). Personal items coverage - covers theft of rods, reels, tackle, etc. Electronics coverage - covers locators, GPS, etc. Uninsured - provides coverage in the event that someone without insurance causes damage to your boat and or persons. Under insured - same as uninsured except it provides coverage over and above in the event someone who does not have enough coverage damages your boat or persons. I'm not certain as to the nomenclature but coverage for damage to a lower unit it you were to hit a submerged object. Many of these add-on to a normal policy are relatively inexpensive.

[M4A1]

Here are a few items that are not normally considered, mentioned by insurance agents and not part of a standard marine policy: Full replacement - in the event that the boat is a total loss the payout is based up current market cost of a like-same boat (this type of coverage is usually only obtainable for boats 4 years old or less). Personal items coverage - covers theft of rods, reels, tackle, etc. Electronics coverage - covers locators, GPS, etc. Uninsured - provides coverage in the event that someone without insurance causes damage to your boat and or persons. Under insured - same as uninsured except it provides coverage over and above in the event someone who does not have enough coverage damages your boat or persons. I'm not certain as to the nomenclature but coverage for damage to a lower unit it you were to hit a submerged object. Many of these add-on to a normal policy are relatively inexpensive.

These are definitely some excellent points that people need to keep in mind. By all means people, if you buy a new boat every couple of years, do yourself a favor and get replacement cost insurance coverage on the boat. Now with my companies here in Indiana, we are seeing specific coverages for Personal Effects (items that you would use outside of the boat, but take with you when you are on the boat), that is different from Fishing Equipment (rods, reels, tackle, etc.). They might normally have the same deductible, but a completely different limit (Personal Effects is usually around $750). I would have to say one of the more interesting coverages I see is Pet Injury Coverage, and is definitely something I like to have simply because I take my dogs with me most of the time while fishing.

[richg99]

I normally carry the highest deductible that I can get. Usually it is $1000.00 or so. I have an inexpensive 1996 Lowe with an "all-in" value of $2800.00 (what I paid plus a few things I added).

I am far more concerned with liability than anything else. Any suggestions? Thanks richg99

[jbird68]

Something I haven't done yet is to catalog everything on my boat. Since I got my boat 2 years ago I have upgraded my sonar units. I plan on adding a stereo, too. Should I keep track of everything I've added? Would that increase the value to be covered? I've also added a kicker motor I can easily remove when not needed. How do you value the table on my tackle in my tackle boxes? Take photos of everything? Seems Mike a lot of work but might be worth it. Some of my lures are discontinued and I only found them on eBay.

[jbird68]

Something I haven't done yet is to catalog everything on my boat. Since I got my boat 2 years ago I have upgraded my sonar units. I plan on adding a stereo, too. Should I keep track of everything I've added? Would that increase the value to be covered? I've also added a kicker motor I can easily remove when not needed. How do you value the table on my tackle in my tackle boxes? Take photos of everything? Seems Mike a lot of work but might be worth it. Some of my lures are discontinued and I only found them on eBay.

[PTR52]

Mr Insurancepro, ( Bob Luellen,
I will call you early this coming week to discuss coverage, including liability for my older Ranger 350 V, 150 Johnnie. Not sure your company will write for a 1985, but wish to try.
Many thanks,
Peter.

[Hookdem]

LOL.

Still doesn't matter how many times you explain this, 95% always shop this way..."what's the cheapest...."

You are 100% correct!

[Pafish Pa]

Guys...

Couple things I wanted to share with you as it relates to your insurance:

First off, I would STRONGLY SUGGEST doing the following as it relates to dealing with a possible claim situation:

1. Get yourself a box for storage of receipts for <U>ANYTHING</U> you buy for your boat/fishing...

2. Anytime you buy ANYTHING: rods, reels, tackle, lures, life jackets, etc...put that receipt in the box. Also, I'd recommend taking pictures of your gear and save the images. Again either in that box, or save the images on your computer in a file folder.

The reason for the above is for claims purposes...if you were to have your gear stolen, etc...this is the best and most substantial way to verify to the adjuster/company you have to deal with EXACTLY what you had prior to the date of the loss...I can't stress how much stress & headaches you will save yourself if you do this and keep receipts/pictures in a orderly fashion and stored in a safe place: (not in the boat!)


Next, when reviewing/renewing your policy call your agent and find out exactly what type of policy coverage your have as it relates to your boat. Do you have an agreed value/stated value policy? Or do you have a policy that allows for depreciation as the boat gets older? YOU WANT TO HAVE A STATED VALUE/AGREED VALUE POLICY! Regardless, finding out what type of policy you have is very important as it tells you how you should expect to be covered in the event you file a claim against your policy...if you happen to have a policy that allows for depreciation and you don't change coverage to a company that offers a stated value policy, at the very least you want to annually review the amount of coverage provided for the hull/boat, motor, and trailer as most likely they will lose some value - you can adjust the coverage amounts downward based on values you can find on http://www.nadaguides.com so that you are not overpaying for coverage you likely will never see in the event you boat it totaled. (example: If you bought your 01 Ranger for 45k, insured it for 45k, and it's now worth 25k, and you have a policy form that allows for depreciation...paying for 45k in coverage will not get you 45k in the event you total the boat...the insurance company will only pay will the current value of the 25k)

Lastly, here's what I really want to get across to you guys:

When you bought your boat did you simply shop for and then buy the cheapest rig you could find? Why or why not? Some do and that's OK...but I am willing to bet most of you shopped long and hard for exactly what you wanted with what you could afford...that being said:

Remember the following sayings:

1. <U>Good insurance isn't cheap and cheap insurance isn't good.</U> It doesn't mean being properly covered has to break the bank...but sometimes $5-$10 dollars extra a month or even a year can go a LONG way to covering you adequately.

2. There are no dumb questions when it comes to your coverage...Don't Be Afraid to Ask Questions About Your Policy & it's Coverages!!! I can't stress this enough: Don't be one of the people who wait to have a claim to then find out whether or not something is covered by your policy terms.

and most importantly:

3. <U>YOU BUY INSURANCE FOR CLAIMS...</U>
if you haven't had a claim: A.) of course you're happy with your company, as long as you pay them on time and they get your money why wouldn't you be...it's only B.) when you file a claim that you find out what you truly are getting for those insurance premiums you've been paying!

Hope this helps!

Good info, I had my 22' avx1880 Vexus rear ended in a traffic accident, the boat was 16mths old, after 8 weeks and 5 different appraisal companies they gave me approximately 75% of what I spent on the boat, but I was also able to strip everything off the the haul ( engine, trolling motor, graphs etc.. fast forward I bought a similar boat and my current insurance company doesn't offer agreed value! but instead offered a $1500/year policy. So my question is what companies offer agreed value type insurance?