Scagburner

I really don’t understand insurance… I’m in the process of buying a new boat and checked around for insurance. I have 14 policies with State Farm (2 boats, 2 bikes, 2 houses, sleds, quads, multiple vehicles, disabilities, etc) but figured I would check… As it turns out, I have somewhat of a “poor insurance score” and apparently a “high risk of a loss” yet have only have one claim in as many years as I can remember. No one will explain this “insurance score” thing to me but they will tell me it is a propriety calculation to the insurance industry??? WTF? Is it the law of averages???

Anyways, State Farm is going to insure the boat at the best rate. My agent says that I’m his best customer….

ChadB

I must be looking at this from a different angle than most... last time I checked boating was one of the most dangerous things around.. I don't care if you are going 25 mph on a pontoon or 200 mph on a cat if anyone is riding with you you're at risk for their lives... someone falls off at 10 mph and drowns for some reason or they get thrown off or hurt at 100 as the operator you are responsible and I don't care how much money you have but the law suit that takes place will wipe you out in minutes... like i said people could have a way around this but the insurance should be valued at a lot more than just the price of the boat

VoodooRob

Can you tell us a little about umbrella and personal protection policies? I'm in the dark on these.

PremierPOWER

Basically it's additional protection. Most umbrellas start at $1M in protection and go up from there. It's basically additional protection in the event of a lawsuit that goes above your insurance policy whether it be on your car, boat, home, etc. Have to read the fine print though as some specifically spell out no coverage in poker runs or racing events.

36Tango

[QUOTE=VoodooRob;4024434]Can you tell us a little about umbrella and personal protection policies? I'm in the dark on these.[/QUOTE

They are typically additional insurance for liability that takes over where the first policy ends. A primary policy is required to be covered with an umbrella.

Cat insurance with no cat experience would be tough.

Velocity Tom

A few years back a old 390 of mine was thrown off the trailer on I -4 upside down. The EPA dirt bags where all over it. Thank god it was insured. The clean up of the wreck was big $$$$. The EPA is still after him fo BS.

I think Ill just stay with v bottoms. I'm don't live on the water anymore and I won't be boating quiet as much as I did. I just cant justify 4k a year for insurance.

Tinkerer

Have you tried talking to the insurance person that does your car or house insurance. When I originally called Liberty Mutual they told me NO WAY - about one week later when I was two days out from picking up the new Daytona I called back to just get insurance to cover the boat on it's way home. THIS TIME I talked to my insurance rep. - That person said let me check into it. Because I have been with them since 1975 they covered my boat to an agreed value with a rated speed. I have a policy that spells all of this out. And the cost is $645 per year. Cheaper than the SCARAB.

bwd

iTrader: (1)

This is a tough one. For 20 yrs I never had ins on my old boat, but I would agree with anyone that says I should have. However, where does it all end. One would have to gauge the risk. We all pay a pile of dough to ins companies already.

Interceptor

[QUOTE=36Tango;4024443]Yup, I got the umbrella policy for additional lawsuit protection primary. I'm retired and don't need to be writing six or seven digit checks because my dog bit someone or my shopping cart ran over someones foot or my chainsaw accidentally cut down a neighbors prized tree.
ed

Velocity Tom

My home owners insurance was dropped 2 time because of my king Sheppard. He is only 2 years old. I live in rural area and everyone has big dogs. But NOOOOOOOOOOOOO! Now I'm with citizens insurance getting raped. So I'm sure they don't do boats.