Tell insurance about HP improvements?
 

How many of you advise your insurer of power improvements to your boat? If all goes according to plan my boat will gain about 20mph this winter. Hot rodding a car doesn't affect the insurance, does this hold true with boats? I know if I tell them I will be dropped by my current company. But I don't want to have a claim denied because blowers some how grew out of my motors.:rolleyes:

I wouldnt think that it would not matter unless you were involved in an accident and it was proven that you were going faster than what you told the insurance co. the boat would go:confused:

just my .02

Wouldn't adding power or changing motors add to the value of the boat if there was to be a claim? I would think that you would have to notify them to be fully covered. Could they not pay off a claim if they were not propery informed on what they were insuring? They must have trained investigators who check out claims, who know the difference between a 1300hp Sterling and a stock 7.4 Merc. Just my .02

Actually I've been told buy a dealer (whom I trust) that adding the blowers doesn't change the value of my boat because it's not original Merc power.

I would be less concerned about the insuring the value of the boat/motors than the liability issues if involved in an accident.

In my opinion, the insurance company needs to be notified of any changes so that they cannot deny a claim based upon changes you made to the boat/motor.

The cost of the insurance increase is minor in comparison to what you have at risk.

my .02
Tom

i have been told be multiple people who know,that your/my claim could be denied if u b/s em..
maybe i need to make a call. ,,,hmmm ... nah.

Insurance company's are ALWAYS looking for a way to get out of filed claims. I have been through several motorcycle claims that they would not cover certain modifications.

I have personally never had problems with boat insurance but I have never had a claim substantial enough to file. I would ask my agent if I were in your shoes. Insurance company's are at the top of my hate list and I try to be on the up and up so I have the least amount of problems when/if claim time comes.

Just my .02

This is a dam if you do and dam if you dont situation. Some companies will raise rates for the added coverage but at least if something happens ie; theft, vandalism, accident, act of nature or what ever, then you will be compensated. If you dont tell them, then if something happens, they will not cover the boat/equipment for what it is trully worth. So, tell and pay more for the better coverage or dont tell and roll the dice on coverage. Lets face it, insurance companies have us by the balls on this because we have to play by their rules.

Change or update something that makes the boat not exactly like what they are insuring, and they don't have to pay any claims. Like Clearcut3 said, they are always looking for ways out of paying claims. Why pay $1K, $2K, or higher for insurance, if you are going to then negate the purpose. Might as well just throw the money away.

To quote my buddy George, "Insurance, you're covered for everything except for what happens". Here's a tip, check your vehicle coverage on your tow truck. If you are in an accident while towing your boat, or whatever, the first thing the insurance company checks is if what you are towing exceeds the factory tow rating of the said tow vehicle. If it does, GUESS WHAT, YOU'RE NOT COVERED. I had to upgrade trucks because of that.