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Hypothetical Accident Liability Question

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Old 04-25-2008, 05:00 PM
  #41
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State Farm insures my Cig Cafe' and it made it through underwriting with no problems.
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Old 04-25-2008, 05:03 PM
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Originally Posted by RunninHotRacing158 View Post
State Farm insured our 33 Daytona with 1150s and 138 mph Lakes,rivers, did'nt matter just no poker runs & no coverage for the shootout
You must have told them it was a Ranger bass boat. They certainly had no idea what they were writing.

I've spoken to several people in the last 3 months who have openly admitted to me they lied to their insurer about engine size, horsepower and speed in order to get coverage or to get more affordable coverage. The adjusters you'll meet are going to be much more knowledgeable than most of the agents and they're not trying to earn a commission off of trying to sell you something.
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Old 04-25-2008, 05:30 PM
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You must have told them it was a Ranger bass boat. They certainly had no idea what they were writing.

I've spoken to several people in the last 3 months who have openly admitted to me they lied to their insurer about engine size, horsepower and speed in order to get coverage or to get more affordable coverage. The adjusters you'll meet are going to be much more knowledgeable than most of the agents and they're not trying to earn a commission off of trying to sell you something.
Hey BIG Daddy is'nt a 33 Daytona a BASS BOAT ??????? chit There adjusters required a survey with motor # s & horsepower and the Eliminator dealer turned us on to them Bad dog sorry for the hijack
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Old 04-25-2008, 05:37 PM
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One of my best friends is a State Farm agent. He laughed out loud when I asked him about coverage for a Cigarette. He said he didn't need to hear anymore, Cigarette was on their "no" list.
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Old 04-25-2008, 09:54 PM
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Last week, I just tried State Farm on '02 PQ 340 w/ 425hp 496s. (Not a super serious boat) agent said underwriters wouldn't go for it. However the current owner has it insured under State Farm. (different agent)
Definately, something goofy going on with State Farm.

I went Progresive for 1250 to keep the purchase rolling, but I am still looking to get around 800. I think it's possible.
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Old 04-25-2008, 10:56 PM
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all the banks told me to take a hike, im 24 years old, no house, paid off truck, i have a cell phone bill and student loan, and i couldnt get a loan to save my life, ended up breaking open the piggy bank and empting it completley out to buy a offshore, sure i could have bought a house, or invested it, but where would the fun in that be?? its obvious im single too
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Old 04-26-2008, 11:51 AM
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Being young myself, I have to side with baddog on this subject. Right now we have no kids, both self employed, Im 28, shes 29. Talk of having kids is in the near future, maybe a few years down the road. But right now, we are enjoying ourselves, working hard and playing hard.

I admit having a big old boat is a waste of money for sure. Chris, buy the boat and have a good time with it. If your making 70g a year, and living at home, buying the boat should not put you under. You should still be in a position to save, make investments, etc. Its not like you are signing for a 300k dollar boat. Then I would have to say DONT DO IT! LOL
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Old 04-26-2008, 11:36 PM
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I guess I don't understand why you need a loan when you make 70k and have no house payment. Why not just pay cash and keep your freind. Credit is not a issue if it's paid for. People have different philosophy's when it comes to buying boats. I laugh at people who borrow everything to there name to buy a boat and then can't afford to run it and pay insurance. I'm not into loans so I wont buy anything I cant afford to pay cash for, other than my house. Half the boats on the water are owned by the bank but you would never tell by the frauds driving them. Think through all your options and make a confident decision.
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Old 04-27-2008, 12:16 AM
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I guess I don't understand why you need a loan when you make 70k and have no house payment. Why not just pay cash and keep your freind. Credit is not a issue if it's paid for. People have different philosophy's when it comes to buying boats. I laugh at people who borrow everything to there name to buy a boat and then can't afford to run it and pay insurance. I'm not into loans so I wont buy anything I cant afford to pay cash for, other than my house. Half the boats on the water are owned by the bank but you would never tell by the frauds driving them. Think through all your options and make a confident decision.
I dont laugh at anyone. I know there are lots of guys who have bank notes on boats, but can buy and sell most of us anyday of the week.

I saved my pennies when I was 23 and bought my first boat cash free and clear. But the boat was 11k dollars. Engine took a $hit first time out, a month later the drive blew. There i was with a boat sitting on a trailer in the yard with no money to fix it because I blew my wad on the purchase price. Ended up selling it for 5g cause I couldnt afford to fix it. Looking back, it would have been easier to finance the thing, keep my 11g in the bank, and would have had a few bucks aside to keep it running.

Everyones situations are different, I financed my current boat that was 35g. Unfortunatly, having 35g in disposable savings isnt in my budget right now, I need that money in the bank to help keep my business running. Sure, paying cash is great, but in this day and age when a new 30ft boat is 150k, and a new pickup truck cost 60g, the average cop, fireman, truck driver, construction worker, just doesnt have that kind of disposable income to just fork over cash.

I would bet that the finance departments in places like lake cumberland marine, shogren, etc, are a pretty busy area of there business. I doubt it very much that people are walking in on a daily basis with checks for 200g to buy a skater or new fountain free and clear. I wouldnt call someone a "fraud" because they have a loan on their boat.
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Old 04-27-2008, 08:54 AM
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Quick story-

I have a very good friend. In college he decided to go into the student apartment rental business when he graduated. He couldn't believe how expensive rentals were close to his college. Upon graduation, he agreed to help his brother and come to work in his elecrical contracting business in exchange for him co-signing on a couple properties. All of his classmates took corporate jobs and he went off to string wire. They played after 5pm and all weekend while he rehabbed houses.

Fast forward. One became two, became four became 185 buildings today, 25 years later. All through sweat and bootstrap. 15 years ago, while most of the rest of us were hitting stride on earnings, he was still living on the thin side. Driving used cars, modest vacations, etc.

Today he owns more than $15 million in real estate and sees about a 10% cash flow from them. Works a few hours a day several months a year. Goes where he wants, buys what he wants.

Do you want to be doing in 15 years what you're doing today?
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