Just got my renewal bill from Boat US (now Geico) - up 25% from last year for Long Island Sound compared with 9% year before. Called and not much they could do to lower outside change deductible or agreed upon value.
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Just got my renewal bill from Boat US (now Geico) - up 25% from last year for Long Island Sound compared with 9% year before. Called and not much they could do to lower outside change deductible or agreed upon value.
Curiosity question. Taking the 92 sinker as a good example, assuming when the dust settles, so to speak, the boat is a total loss, as in the cost to restore exceeds the value following the restoration. What is the likely set of events to follow? At this point there will be an owner, who has options for the future. Is there a recycling process for such a boat, and if so what is it?
The boat presumably has many usable items to be picked off it, primarily stainless and fiberglass, or perhaps the hull get stripped and repaired for commercial reuse such as commercial fishing, or perhaps there is a big shedder somewhere that chips it down to something a landfill will take for a price.
Again, just curiosity.
Pete
Back in August this year I also got a 25% increase from 2016/17 from BoatUS/Geico. And that premium was set before the active hurricane season hit.
IMHO, given the way boat insurance works, those of us that had no claim primarily from prudent ownership conduct, will pay for those who opted to sell their boats to the insurance companies and move on to some non boat lifestyle. So, those that cause the problem escape the penalty, and those that did not cause the problem pay the penalty for others.
Thus, why should the insurance companies be strictly enforcing the T&C's of their policies on claims, they will be made whole in the process!!!
Pete
My policy has a 25% windstorm deductible on an agreed value policy. I wonder if this encourages some to say screw it and hope to lose the whole boat rather than deal with paying the first 25% to repair it. That is not how I think but I wonder if that is one of those ideas that have unintended negative consequences and encourages behavior the insurers are hoping the owner’s will avoid.
Just thinking outloud here... seems like it would be a GREAT time to start an insurance company in Florida right now! ;)
I renewed my 46 1982 in October with BUS. Is sits behind my house. I went down two dollars !
No losses ever and BUS since 1985
A friend of mine runs a constant ad on Craig’s for free removal of unwanted boats. Once he strips out all the saleable stuff including any straight flat sections of fiberglass ( cut out with a circular saw) he takes the hull to the dump where a couple of run overs with a D8 cat and it’s flat as a pancake. They charge him at the construction debris rate.