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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Thread: Insurance
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10-17-2017 09:07 AM #21
Re: Insurance
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10-17-2017 09:17 AM #22Senior Member
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- Apr 2005
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- 1,162
Re: Insurance
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
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10-17-2017 09:33 AM #23Senior Member
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- Apr 2005
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- 1,162
Re: Insurance
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
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10-17-2017 07:38 PM #24Senior Member
- Join Date
- Mar 2007
- Posts
- 518
Re: Insurance
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.
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10-18-2017 01:45 PM #25Senior Member
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- Jul 2013
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- 1,188
Re: Insurance
Just thinking outloud here... seems like it would be a GREAT time to start an insurance company in Florida right now!
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Re: Insurance
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
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10-18-2017 05:55 PM #27Senior Member
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- Apr 2005
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- 1,162
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Re: Insurance
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.
"DON'T BELIEVE ANYTHING YOU READ OR HEAR AND ONLY HALF OF WHAT YOU SEE" - BEN FRANKLIN
Endless Summer
1967 50c 12/71n DDA 525hp
ex Miss Betsy
owners:
Howard P. Miller 1967-1974
Richard F Hull 1974-1976
Robert J. & R.Scott Smith 1976-present
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Re: Insurance
"DON'T BELIEVE ANYTHING YOU READ OR HEAR AND ONLY HALF OF WHAT YOU SEE" - BEN FRANKLIN
Endless Summer
1967 50c 12/71n DDA 525hp
ex Miss Betsy
owners:
Howard P. Miller 1967-1974
Richard F Hull 1974-1976
Robert J. & R.Scott Smith 1976-present