Boat Insurance Question

[Jackman]

So we know over the past few years out Hats have taken a dump in value....my insurnace renewal this year cam with a letter saying that they are dropping my coverage value from 105k to 45k because of the boats losing value. This won't even cover the diesel engines which are pretty much new.

Any of you dealing with someting like this?

 

[saltshaker]

So we know over the past few years out Hats have taken a dump in value....my insurnace renewal this year cam with a letter saying that they are dropping my coverage value from 105k to 45k because of the boats losing value. This won't even cover the diesel engines which are pretty much new.

Any of you dealing with someting like this?

That's pretty common but better insurance co. Don't do it that way. They require a survey to ensure the boats value is in line with the policy. Talk to your agent and see what they suggest but I'd be shopping for a better carrier.

 

[fnuttersny]

hello everyone new to forum..looking at a 1968 TC 44..current boat owner/mechanic/vintage machinery junky so have an idea what I'm getting into. First of many??? why rent value drop?

 

[jim rosenthal]

I'd like to know who your insurance company is- the one that halved the value of your boat without a survey.

 

[fnuttersny]

is this a none issue "value drop" or isolated incident …really like to know?

 

[lake of the woods]

fnuttersny,

Do you know Jackraider?

Mark
Lake of the Woods
1989 40 DC

 

[fnuttersny]

unfamilliar

 

[tunasea]

I would change insurance companies. My carrier has been constant with value and never has mentioned any type of drop in value or coverage. Who is carrier? What state(not sure it matters)?

 

[JakeC]

When insurance carriers make large unilateral changes to individual policies, it's often mistaken by the policy holder as a personal affront. What happens behind the scene is that for a variety of reasons, the "appetite guidelines" for underwriters changes. Usually it is due to losses in a "class of business", but can also be because someone in charge simply has had a bad experience with that class. Policy renewals go out that are designed to make that book of business go away. I worked for Liberty Mutual Commercial for decades and one year we were crazy to underwrite school districts, five years later we were crazy to make school district insurance go away. It's a normal cycle in the insurance industry and one of multiple reasons NOT to be loyal to your insurance carrier.

 

[drburke]

fnuttersny,

Do you know Jackraider?

Mark
Lake of the Woods
1989 40 DC

Funny, Mark!