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

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.
2005 Rinker 270 FV Volvo Penta 5.7Gi
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    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.
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    edited January 2016
    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.
    Post edited by TonyWalker on
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    I am pretty sure those type of policies are available in Canada.
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    BellevilleMXZBellevilleMXZ Member Posts: 732 ✭✭✭
    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!
    2005 Rinker 270 FV Volvo Penta 5.7Gi
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    Michael TMichael T Member Posts: 7,227 ✭✭✭✭✭
    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. 
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    Michael TMichael T Member Posts: 7,227 ✭✭✭✭✭
    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. 
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    sixpacksummersixpacksummer Member Posts: 43

    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.

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    sixpacksummersixpacksummer Member Posts: 43
    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.
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    MarkBMarkB Member Posts: 3,969 ✭✭✭✭✭
    I believe you can pay extra premium to avoid depreciation. I'm certain I tooknow that option with my insurance. 

    Boat Name: King Kong

    "Boat + Water = Fun"

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    StodgeStodge Member Posts: 2,738 ✭✭✭✭
    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.  

    2002 FV 342 on Lake St. Clair - Past Commodore SHC - Vessel Examiner USCGAUX

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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    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.
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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
    Tony, what are having done and who are you using? I didn't particularly like where I took my boat. 
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    My comment has to be approved?
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    Well, when my comment is approved or there is an explanation why not, I will be back.

    Tony
    Salt Shaker 342
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    raybo3raybo3 Administrator Posts: 5,469 admin
    Tony what do you mean " when my comment is approved" I dont see anything to approve. 
    2002 342 Fiesta Vee PC Point Of Pines YC Revere MA. popyc.org     raybo3@live.com
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    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.
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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
    Easy to get to Tony?
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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
    Oh and they are a Yanmar dealer too! Nice
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    raybo3raybo3 Administrator Posts: 5,469 admin
    Sorry Tony looks like I can not do anything with it. Must have went to the administrator (who I do not hear from anymore).
    2002 342 Fiesta Vee PC Point Of Pines YC Revere MA. popyc.org     raybo3@live.com
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    Yes, easy to get to.  On the Snead Island cut that connects Tera Ciea Bay with the Manatee River.
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    Thank you Raybo and others.  It just struck me crosswise.
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    edited January 2016
    I am ok, I am ok, I am ok!  Pushing 76 has its upside.  And I can be grumpy if I want!
    Post edited by TonyWalker on
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    BellevilleMXZBellevilleMXZ Member Posts: 732 ✭✭✭
    Thanks guys for all the info!
    2005 Rinker 270 FV Volvo Penta 5.7Gi
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    raybo3raybo3 Administrator Posts: 5,469 admin
    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......
    2002 342 Fiesta Vee PC Point Of Pines YC Revere MA. popyc.org     raybo3@live.com
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    Dream_InnDream_Inn Member, Moderator Posts: 7,594 mod
    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.

    Dream 'Inn III -- 2008 400 Express

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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
    I have seen it to when I tried to post a web link. 
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    TonyWalkerTonyWalker Member Posts: 744 ✭✭✭
    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.
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    Handymans342Handymans342 Member Posts: 10,375 ✭✭✭✭✭
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    nhsdnhsd Member Posts: 182 ✭✭✭
    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.

    Dave

    2002 Captiva 212, 5.0 220 hp, Alpha 1, 1.62 gears

    Moon Township, PA - boating in the Ohio River

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    bella-vitabella-vita Member Posts: 411 ✭✭✭
     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.
    2002 Rinker FV 342
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