Insurance questions:

06Rinker27006Rinker270 Member Posts: 1,277 ✭✭✭
Currently have Boat US, I have read most of the insurance talk on here.  So far I have been happy with them.  I dont really have a lot of experience in what a good policy is so hoping for some advice as mine is about to renew.  I need to find about about an umbrella policy.  A call to them will take place after I get a little more info. 

Question 1:"For $113 more a month , A depreciation waiver enforcement is available.  It will cover the reasonable cost of repairs or replacement without deduction of depreciation for partial losses.  The company has the option to replace the property with a new or comparable rebuilt item."  Should I do this?

Question 2: "For additional $20/month medical payments will increase to $5000."  Currently at $1000.  Worth it?

Question 3: I currently have the boat insured for the price I paid for the boat.  Should I insure for what the boat is worth or for what I paid?  I believe its worth more than I paid from my research but everyone thinks their boat is worth more than it is.

I will soon have USAA but for the time being, here I am.

Here are the details:

Investigative Services : 5% of the above 
*Boat & Boating Equipment Deductible : $260.00 
Boating Liability per Accident : $300,000.00
Fuel Spill Liability : $854,400.00 
Boat Trailer : $0.00 
Uninsured Boater per Accident: $300,000.00 
Medical Payments per person : $1,000.00 
Personal Effects per Accident : $500.00 
Personal Effects Deductible : $ 50.00 
Freeze State - Ice and Freezing Endorsment - Yes 
Current Annual Premium : $480.00

Thank you
06 Rinker 270


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    Dream_InnDream_Inn Member, Moderator Posts: 7,594 mod
    well, just my opinions here and nothing more.  But, the first question...well, I'd certainly not pay an extra $100+ per month for depreciation.  Heck, that is 1 & 1/2 times more than my total insurance cost for the boat.  & I have to say, I've had to use my insurance twice in the last 3 years.  They fully covered everything with new parts, minus deductible.  & then they yours states the option to use rebuilt.  That makes that extra $ not worth it.

    Medical, well, there may be many opinions there.  I'll say, with 16 years of boating, at $20/mo, I'm almost up to saving $4k of that money to cover that if it happened.

    #3, a lot of insurance companies will only cover the cost of what you paid for the boat.  I did have BUS insurance for 13 years, and I think maybe one of my boats may had been higher than what I paid.  I'm not sure how much it matters, you may have to see what the price difference is.

    USAA, well they are probably the best.  If you're a Veteran, well, happy belated Veterans day!

    Dream 'Inn III -- 2008 400 Express

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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
    edited November 2015
    I always thought the fuel spill liability was way too high. 
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    Michael TMichael T Member Posts: 7,227 ✭✭✭✭✭
    My biggest concern is the third party liability. In Canada we are advised to carry at least 2 million. All marinas where you want to rent a seasonal slip that I know of require at least 1 million in 3rd party liability. I'm guessing in the U.S. you'd want to carry at least 2 million 3rd party liability too?
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    F1100F1100 Member Posts: 292 ✭✭✭
    Michael T yep!!

    in Canada my policy has 2,000,000 liability, and 1,000,000 spill liability and 1,000,000 for uninsured boater.

    So much higher than your US policy. Considering the USA is vastly more litigious than Canada, I would say your policy limits are pretty low in comparison.

    1993 300 FIESTA VEE TWIN 5.7L ALPHA GEN 2
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