Insurance Question.....Maybe just Ontario, or Canada folks?

BellevilleMXZ

Ok, question, as I have someone I know having an issue, and this may be me down the road. He has a 29 foot or so Regal, I think it is. Last fall he tore up the one  drive bad. Talking to him the other day, he mentioned ins., he thought was stroking him on the claim. As its an 04 and over 10 years old, there is a clause that says they depreciate any claims on boats over 10 yrs old. Well according to him they are depreciating it 35%!  Dealer says about 11500 to fix and they are only paying 7000.  I never thought much of it, until he mentioned it was Premier Marine.......hmmmmm......same company as me. So I read through MY policy, and lo and behold buried in there is wording about  what sounds like the same thing. I get him to bring HIS paperwork in, and its exactly worded the same. Is this a common boat ins. policy??? Are there any companies out there that don't have a clause like that? I don't want to be looking at a huge bill if something goes wrong, I'll switch companies now. Mines now 11yrs old, so worriy about a future issue if anything happens.

TonyWalker

I believe there are policies that repair damage regardless of the depreciated value.  I think this type of policy is termed "agreed hull value."  That is what I have.

TonyWalker

Try Boat US or Progressive.  I have Progressive.  I recently heard about damage to a local boat and progressive covered, no questions asked.  His case was sort of like yours.  He broke the skeg off of one of the drives, requiring the replacement of the entire lower unit.  The insurance company insisted they pay for both units to be replaced to avoid any differences between the "good" surviving unit and the replacement for the damaged unit.  Pretty awesome.

TonyWalker

I am pretty sure those type of policies are available in Canada.

BellevilleMXZ

TonyWalker said:

Try Boat US or Progressive.  I have Progressive.  I recently heard about damage to a local boat and progressive covered, no questions asked.  His case was sort of like yours.  He broke the skeg off of one of the drives, requiring the replacement of the entire lower unit.  The insurance company insisted they pay for both units to be replaced to avoid any differences between the "good" surviving unit and the replacement for the damaged unit.  Pretty awesome.

I think this guy would be happy with one new one, never mind both, lol ......Thanks for the info, I think I'm going to cancel this plan I have before splashing in the spring. Just looking online I have found 2 that offer replacement cost in Ontario. Glad I heard about this before I had a problem!

Michael T

BMX,  in Phoenix right now for two weeks so can't get exact name of my insurer but I know there is no age limitation of the boat on my policy.  I think it might be Michael Davis Boat Insurance.  I'll see if they can e.mail me the name......also Very important -  check how FAST they settle a claim.  My insurance broker checked with six companies and found that their settlement speed and paperwork hassles varied greatly.  Also ask if you file a claim do they dump you or raise rates? In the past I have found great differences. Read the fine print. 

Michael T

BMX,  in Phoenix right now for two weeks so can't get exact name of my insurer but I know there is no age limitation of the boat on my policy.  I think it might be Michael Davis Boat Insurance.  I'll see if they can e.mail me the name......also Very important -  check how FAST they settle a claim.  My insurance broker checked with six companies and found that their settlement speed and paperwork hassles varied greatly.  Also ask if you file a claim do they dump you or raise rates? In the past I have found great differences. Read the fine print. 

sixpacksummer

Agreed Value Policy and Replacement Cost Policy is not the same. Agreed value pays for an agreed value for a total loss and may or may not pay totally for a partial loss. Replacement cost policy pays to replace at whatever it would cost to replace the boat at today's price. A true replacement cost policy is extremely rare and very expensive for a boat.

sixpacksummer

Agreed value and replacement cost not the same. Agreed value pays an agreed price in the event of a total loss and may or may not pay in full for a partial loss depending on the policy. Replacement cost policy pays to replace at today's price. Policy is rare and very expensive.

MarkB

I believe you can pay extra premium to avoid depreciation. I'm certain I tooknow that option with my insurance. 

Stodge

Also talk to you boat mechanic about insurance companies.  Some companies are much harder to work with than others (so I'm told).  I plan to shop for insurance this year with my mechanic's recommendations in mind.  

TonyWalker

When I get the Salt Shaker back from the "repair/upgrade" yard I will look at my policy and see precisely what it say about this.  Will let y'all know.  Good idea about talking with the mechanic.  He was the one who pointed out to me what a dynamite job Progressive was doing for their client.

Handymans342

Tony, what are having done and who are you using? I didn't particularly like where I took my boat. 

TonyWalker

My comment has to be approved?

TonyWalker

Well, when my comment is approved or there is an explanation why not, I will be back.

Tony
Salt Shaker 342

raybo3

Tony what do you mean " when my comment is approved" I dont see anything to approve. 

TonyWalker

I regret not keeping a copy of it.  Here is a piece of it.  Maybe it got caught up is some RBO filter.  I can not recall what I referred to myself as being one of.  It was very innocent in meaning and context so that would not have been it.  It had a website for my favorite repair marina incorporated.  The response was that the comment would be reviewed and then posted if it passed muster.  My words but that was the meaning.

"I have used Marsh Harbor Marina for years.  Nice family operation. They are the ones who installed the new engines.  They are located on the Snead Island Cut that connects the Manatee River with Terra Ciea Bay where we are located. 

 

www.marshharbormarina.com"

I am never offended.  I have kids.  LOL

Tony
Salt Shaker 342.

Handymans342

Easy to get to Tony?

Handymans342

Oh and they are a Yanmar dealer too! Nice

raybo3

Sorry Tony looks like I can not do anything with it. Must have went to the administrator (who I do not hear from anymore).

TonyWalker

Yes, easy to get to.  On the Snead Island cut that connects Tera Ciea Bay with the Manatee River.

TonyWalker

Thank you Raybo and others.  It just struck me crosswise.

TonyWalker

I am ok, I am ok, I am ok!  Pushing 76 has its upside.  And I can be grumpy if I want!

BellevilleMXZ

Thanks guys for all the info!

raybo3

TonyWalker said:

I am ok, I am ok, I am ok!  Pushing 76 has its upside.  And I can be grumpy if I want!

No your not grumpy at all.......LOL But I would like to know why your post was looking for an approval......

Dream_Inn

I've seen that as well.  I think if you post links, it will wait for an admin (not moderator) for approval.  that's my guess anyhow.

Handymans342

I have seen it to when I tried to post a web link. 

TonyWalker

It did have the link to the website for my repair marina.  It was for Handy who was looking for ideas for better service that he is now receiving.  The repair marina I use and am quite happy with is Marsh Harbor Marina on the Snead Island cut between the Manatee River and Terra Ciea Bay where we are.

Handymans342

Thanks Tony

nhsd

I would think it difficult to pay "depreciated value" for a repair. Certainly they pay book value for a used boat if it is totaled - and use book value to determine if totaled, but a repair should be covered I would think. I had a 12 year old boat that I busted up the outdrive on. My insurance, Progressive, paid the full repair bill (less deductible of course). Now they did get a remanufactured drive casing and reuse my existing gears (since I did not damage them), but still paid full cost and returned to me a boat in as good (actually better) condition than it was in before the accident - which is what you buy insurance for.

bella-vita

 I had progressive over 10 years ago I did destroy a out drive and they paid in full to repair it but like you said there were used parts involved. I don't use progressive anymore because my agent does not deal with them but I think I might have to review my policy.