vinnimon Posted December 22, 2009 Report Share Posted December 22, 2009 Do I cancel the policy while its parked in the driveway.The ins value is about 8gs.My house policy will cover at least 60%of that.Do I take a chance to save 5obks amonth on my ins payments?Just trying to cut costs.The only reason that the ins is still in effect,is because there are a lot of kids around,and my two also,that think that the trailers tongue is somewhere to sit.Esp when im at work.Its more of a liability issue.Any insurance guys out there with any info would be great,for now Ill keep it insured.Thanks Link to comment Share on other sites More sharing options...
misfish Posted December 22, 2009 Report Share Posted December 22, 2009 there are a lot of kids around,and my two also,that think that the trailers tongue is somewhere to sit.Esp when im at work.Its more of a liability issue Dont forget about using it as a skateboard rail. Link to comment Share on other sites More sharing options...
irishfield Posted December 22, 2009 Report Share Posted December 22, 2009 (edited) All that is covered under the house policy liability. If they take a header off the trailer tongue.. the house policy will be in effect for the lawsuit from the Nancy next door that wants to get rich instead of disiplining their brat for cracking their head open. Boat coverage itself... if you can afford for someone to hook up to it and leave on you.. take the insurance off. If not then it's cheap "insurance". Edited December 22, 2009 by irishfield Link to comment Share on other sites More sharing options...
vinnimon Posted December 22, 2009 Author Report Share Posted December 22, 2009 Dont forget about using it as a skateboard rail.no skateboarders in my hood thank god for that. Link to comment Share on other sites More sharing options...
vinnimon Posted December 22, 2009 Author Report Share Posted December 22, 2009 All that is covered under the house policy liability. If they take a header off the trailer tongue.. the house policy will be in effect for the lawsuit from the Nancy next door that wants to get rich instead of disiplining their brat for cracking their head open. Boat coverage itself... if you can afford for someone to hook up to it and leave on you.. take the insurance off. If not then it's cheap "insurance". Ive decided to cancel the ins on the wifes car,she destroyed the whole exhaust system.We will be down to one vehicle(I have a company vehicle to use anyway).The ins will stay on its 3 times cheaper and she cant chase me down Link to comment Share on other sites More sharing options...
splashhopper Posted December 22, 2009 Report Share Posted December 22, 2009 no skateboarders in my hood thank god for that. DENIAL Link to comment Share on other sites More sharing options...
Greencoachdog Posted December 23, 2009 Report Share Posted December 23, 2009 Keep your boat ins. vinni!!! If someone decides they like it more than you do and takes off with it you'll be better covered! ... also if you cancell now and look for a new policy in the spring, I promise your rates will be higher, do you really wantn to pay more? Link to comment Share on other sites More sharing options...
JPD Posted December 23, 2009 Report Share Posted December 23, 2009 Hey Vinnimon... $50 a month for $8000 value seems rather high to me for boat insurance. I have my boat insured for $40,000 and it only costs me $640 per year... who are you with? Link to comment Share on other sites More sharing options...
vinnimon Posted December 23, 2009 Author Report Share Posted December 23, 2009 Hey Vinnimon... $50 a month for $8000 value seems rather high to me for boat insurance. I have my boat insured for $40,000 and it only costs me $640 per year... who are you with?state farm ins Link to comment Share on other sites More sharing options...
danbouck Posted December 23, 2009 Report Share Posted December 23, 2009 I pay $420 a year and my boats insured for $20,000. Link to comment Share on other sites More sharing options...
BITEME Posted December 23, 2009 Report Share Posted December 23, 2009 All that is covered under the house policy liability. If they take a header off the trailer tongue.. the house policy will be in effect for the lawsuit from the Nancy next door that wants to get rich instead of disiplining their brat for cracking their head open.Boat coverage itself... if you can afford for someone to hook up to it and leave on you.. take the insurance off. If not then it's cheap "insurance". Aint that the truth!!!!!!!!!! Link to comment Share on other sites More sharing options...
Fish4Eyes Posted December 23, 2009 Report Share Posted December 23, 2009 Get a coupler lock, a wheel lock, and turn the boat into a position where the thief would need to move it considerably to get to it and I think your good. If your real worried, raise it up on jacks and even remove the wheels off the trailer. Link to comment Share on other sites More sharing options...
justin elia Posted December 23, 2009 Report Share Posted December 23, 2009 (edited) Just got this quote from State Farm, No lay up period too. "Here are the details. The boat: $30,000 Amount Liability $2 mill Ded: $2000 Total Annual cost $559.82 tax in" Your policy should only be about $150 per annum. Unless I missed something or you've had previos claims, I would cancel your existing policy and get a new one. Edited December 23, 2009 by justin elia Link to comment Share on other sites More sharing options...
craigdritchie Posted December 23, 2009 Report Share Posted December 23, 2009 also if you cancel now and look for a new policy in the spring, I promise your rates will be higher, do you really want to pay more? Beyond that, you may not be able to get a new policy come spring. Most insurance companies no longer offer seasonal coverage, and take a dim view of people who create their own by simply canceling their policy in late fall or early winter. In spring, they may refuse to cover your boat. Or, as GCD says, they may charge you much higher rates as a result. It's not a good idea to list the boat on a rider to your house policy, since any claims on the boat (like hitting the lower unit on a rock) will directly affect your house coverage. Keep the boat on a separate policy with full replacement-cost coverage. If you only have cash-value coverage, you will be in for a shock if you ever make a claim. Hit a rock with your lower unit and they will only cover the depreciated, pro-rated value of your old lower unit. If they figure it's worth $250, and a new one costs $2,000, then you're left on the hook for the difference. When people say they got screwed by their insurance company, this is usually why. Full replacement cost coverage only costs a microscopic amount more (like maybe five percent more), but it is worth every penny. If your boat is over 20 feet or has an engine over 50 hp, it's best if you deal with a broker that specializes in boat insurance. Robertson & Robertson (Toronto) or Northstar Marine Insurance (Barrie) are both pretty good. Link to comment Share on other sites More sharing options...
charlesn Posted December 23, 2009 Report Share Posted December 23, 2009 Not really totally related vinnimon but a cautionary tale for all boat owners. My 2nd boat, I had insured for less than full replacement. Figured "what could possibly happen" since I am extremely safe and gentle with all my possessions and yet when something did happen in spite of everything I did, I ended up out of pocket for wanting to save a few (and I mean a few) dollars a month on insurance. Saw it happen also to a young guy this fall. Boat fell apart, but was worried that boat was underinsured as he was trying to keep the premiums down. Saving those few dollars a month will not add up to what it will cost you if you do end up needing that "insurance policy" whether it is theft, fire, vandalism, etc. Also, like the guys above say, sounds like you are paying far too much for the amount you have insured. Link to comment Share on other sites More sharing options...
asdve23rveavwa Posted December 23, 2009 Report Share Posted December 23, 2009 Just got this quote from State Farm, No lay up period too. "Here are the details. The boat: $30,000 Amount Liability $2 mill Ded: $2000 Total Annual cost $559.82 tax in" Your policy should only be about $150 per annum. Unless I missed something or you've had previos claims, I would cancel your existing policy and get a new one. I am also with State Farm...paying less than $20 a month for a $6000 boat...sounds like you are paying way too much!! Link to comment Share on other sites More sharing options...
vinnimon Posted December 23, 2009 Author Report Share Posted December 23, 2009 I have to go to the ins company anyway,ill post later on,on the type of coverage I have.I know its fullperil coverage up to$ 7000,and 1 million liabilty.Regardless in transit,on the water on in the driveway. Link to comment Share on other sites More sharing options...
jjcanoe Posted December 24, 2009 Report Share Posted December 24, 2009 Look around for a better deal, Mine with State Farm and I pay $114/year for mt Lund Valued at $7,600 jjcanoe Link to comment Share on other sites More sharing options...
vinnimon Posted December 24, 2009 Author Report Share Posted December 24, 2009 Look around for a better deal, Mine with State Farm and I pay $114/year for mt Lund Valued at $7,600 jjcanoe Im with state farm.Mind you my boat is a 19.5ft rinker bowrider,140 mercruiser I/O,22 gal fuel tank,with a 4 stroke 7.5hrs honda kicker(1985)Downriggers and all.I guess 50 isnt bad. Link to comment Share on other sites More sharing options...
John Bacon Posted December 24, 2009 Report Share Posted December 24, 2009 Im with state farm.Mind you my boat is a 19.5ft rinker bowrider,140 mercruiser I/O,22 gal fuel tank,with a 4 stroke 7.5hrs honda kicker(1985)Downriggers and all.I guess 50 isnt bad. Shouldn't that be insured for more than the eight grand that you mentioned in your original post? Link to comment Share on other sites More sharing options...
vinnimon Posted December 25, 2009 Author Report Share Posted December 25, 2009 Shouldn't that be insured for more than the eight grand that you mentioned in your original post?I will eventualy have it appraised but for what I paid and put into it its way under the seven mark.for some reason i thought it was 8gees but called the ins comp,it was actually 7gees.If the apraisal is over 10g notes,my rate may sky rocket.Just making sure its covered for now and will cover more than what it cost me,repairs and all. Link to comment Share on other sites More sharing options...
fish_fishburn Posted December 25, 2009 Report Share Posted December 25, 2009 Hi Vinnie, Take my advice. Keep your policy current. I lost my bass boat in a garage fire a few years ago along with two other bass boats. All three boats were severely damaged mine was a right off. Thank gad we all had insurance or we would of been screwed. My carrier had to pay me out 30,000.00 and let me keep the boat. I was paying 60.00 a month for 30,000.00 coverage. Oh yeah and in the mean time you should be looking for a new company because I think they are hosing you bad. I think its better to have a seperate policy for your boat and not tying it in with your home car etc. Its called a vessel policy. It usually costs more but when theres an incident like I had they had it settled in about two weeks. My other two buddies had theres insured under there home policy and they were fighting for months, and one of them got screwed by a lousy settlement. Just my 2 cents. Link to comment Share on other sites More sharing options...
vinnimon Posted December 25, 2009 Author Report Share Posted December 25, 2009 Hi Vinnie, Take my advice. Keep your policy current. I lost my bass boat in a garage fire a few years ago along with two other bass boats. All three boats were severely damaged mine was a right off. Thank gad we all had insurance or we would of been screwed. My carrier had to pay me out 30,000.00 and let me keep the boat. I was paying 60.00 a month for 30,000.00 coverage. Oh yeah and in the mean time you should be looking for a new company because I think they are hosing you bad. I think its better to have a seperate policy for your boat and not tying it in with your home car etc. Its called a vessel policy. It usually costs more but when theres an incident like I had they had it settled in about two weeks. My other two buddies had theres insured under there home policy and they were fighting for months, and one of them got screwed by a lousy settlement. Just my 2 cents. My boat ins is a seperate policy for sure.I estimated the replacement cost of what I baught it for and put into it and some more.Im a lic truck mechanic.The expenses that most people have is paying someone.I can cut my costs down to min for parts and such.Which will put more towards the boat in case of any mishaps.ps when you go to buy parts there are always 2 prices on the invoice on the commercial end.The lesser I always get.Usually about half the price of what goe blow pays and thinking hes getting a discount.I rebuilt my 140 mercruiser for about(total rebuild)including 2 cracks in the block,crank turned,head redun,piston rings,2 new piston heads,cam,cam bearings,and gears etc for about a grand plus a hun or two.2500 elsewhere for a running engine rebuilt with warranty. Link to comment Share on other sites More sharing options...
lhousesoccer Posted December 25, 2009 Report Share Posted December 25, 2009 Hey Vinnimon... $50 a month for $8000 value seems rather high to me for boat insurance. I have my boat insured for $40,000 and it only costs me $640 per year... who are you with? I have a $37,000 Ranger Reata 1850 with a Honda 150hp, I bought new in 2005. My insurance is $160 for the whole year, with Total Replacement Coverage, and $500,000 liability. With TRC, if I total my boat when it's 10 or 15 years old, I get what I paid for it, not what it's current blue book value is. Link to comment Share on other sites More sharing options...
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