Boat Insurance Claim Question

[Breakin"even]

I hit a submerged log awhile back, I had moorage/comprehensive insurance. Do to
the age of the outboard the mechanic deemed it unfixable. The aluminum transum
was also damaged. The Insurance co. only payed out 10,000 which was enough for a replacement
outboard, but not enough for guages/controls and instalation. Nothing for the damage repair for the
transum. They said 10,000 was all they would give me becouse on purchase of the insurance they asked
how much I figured the boat was worth in it's current shape and age, which I replied "10,000 guess".
Has anyone had experience with claims like this, I'm wondering if they should have paid more to
repair all damage done by the log strike.

 

[pescador]

Every insurance policy I’ve ever had separates the boat value, main motor value, kicker value and trailer value. Whatever you tell them or get a survey for is the max you’d expect to be paid for the total package or individual item. That’s what I was told. I increased my value by $15k two years ago and the policy price went up. $65K a year in insurance costs about $750 per year. Pretty similar for other people I’ve talked to.

 

[Aces]

Had you had a survey done before you got it insured?

 

[spring fever]

If they paid out the named amount on your policy-I don't see how you can complain and want more. That is what your premium was based on.

 

[Foxsea]

I agree with S.F. The value YOU provided (guess???) is what you are insured for. That's why it's important to be accurate when providing information. Consolation: you saved a bit on premiums by under-declaring the value. Many people do this but you got bit.

 

[Breakin"even]

Great, thank you for your input and it makes sense.
One question, should I have declared it at replacement value?
He asked what it was worth and I wanted to be truthfull, and certainly
not trying to save on premiums.

 

[Foxsea]

Great, thank you for your input and it makes sense.
One question, should I have declared it at replacement value?
He asked what it was worth and I wanted to be truthfull, and certainly
not trying to save on premiums.

I declared my boat at the surveyor's market valuation which was 50% more than I bought it for. Boat valuations are very high these days.

 

[Trophy21]

I hate insurance company’s and feel they always rip you off, however in your case you declared the value and they are willing to pay it. Take it and run!

 

[Aces]

I declared my boat at the surveyor's market valuation which was 50% more than I bought it for. Boat valuations are very high these days.

I’ve always believed in getting a proper survey to get realistic values

 

[Breakin"even]

however in your case you declared the value and they are willing to pay it. Take it and run!

So true, one more reason to call her "Breakin"even. Lol