insurance question.
 

looking for some advice from some of the insurance guys on this site. this past season i legitimately hit a submerged object with my scorpion. on impact it broke off the propshaft right at the seal. along with that my upper gear set got chipped and when the engine over-revved it floated a valve and took out the block/head/piston trashing that engine. basically it wiped out the entire stb side drive line. my question is i went ahead and just paid out of pocket for the repairs because i have never made any ins claim of any type in my life. my fear is that my rates would go up and i am holding out for if i ever really need it. is this the right attitude or should i use it because thats what i pay for? how do insurance companies view clients who rarely use the policy are rates still raised when it is used? thanks all :cool:


btw i'm insured through boat US and am looking for a new company (i think i can do better $$ wise)

Re: insurance question.
 

The best thing to do is ask an underwriter from that company what will happen they will give you the right answer.

Re: insurance question.
 

This sounds like about a $8,000 to $10,000 claim and should have been reported.I know my carrier would have paid the claim and you would have about a 10 % premium increase at renewal.I advise my clients not to report the small claims but this is not small.

Re: insurance question.
 

sy would know better than me, I am primarily a life insurance guy, but he is right that is too big of a claim not to turn in, it is not worth spending 10g's to save 300 a year

Re: insurance question.
 

I agree with Sy on this one. But as Glass pointed out, sometimes it is better to pay out of pocket;, sometimes deductible dictates it. But this is also why you buy insurance. Sucks selling a product no one wants to have, but has to have, and shouldnt use. :unhappy:

Re: insurance question.
 

thanks Sy. actually this wasnt to bad. my boat has small blocks and alphas. and i was able to work a labor swap with Tizbad here on the board. hes a good wrench and luckily he is always ding'in up the graphics i put on his cat :D so the whole thing was only about $3000.00 in parts give or take a few. i see what you are saying though. i guess if it were over 4 or 5 grand than it would be better to run it by the underwriter and see. is the 10% a standard increase after a claim? right now i am paying about $800 a year and an extra $80 wouldnt kill me. hell i still have all the parts could probably still make the claim :D thanks

Re: insurance question.
 

Thanks for the information Sy

Re: insurance question.
 

I agree with Sy also. But at this point it is probably a matter of what deductible you have. If it is less than 1000, then the claim is probably worth filing. Assessing points against you to increase your premium also may depend on how long you have held your policy. It could also make it a bit harder to find new insurance with a recent claim.

Re: insurance question.
 

Do you have a phone number I can contact you about a quote?

Tommy