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Thread: Insurance

  1. #16
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    Estimate top speed with a smaller pitch prop! It's perfectly legal and most (a lot) of people switch props frequently depending on intended use, conditions, etc. Alternatively, you can get a stated value policy for just the boat & trailer....it will protect you from liability for accidents on the water, accidents while towing and theft. You might be able to include the motor also but I'm not sure.

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  3. #17
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    The value of your boat is completely irrelevant to the insurance company (insignificant). The reason they won't write coverage is the liability. If someone is ever injured or killed your insurance company will go to extreme lengths to deny your claim. Even if they agree to your claim, the limit on your liability coverage is probably $500,000 (typical boat coverage). Really not much help when you're facing an indefensible civil case that will start in the millions.

    Good Luck with that "small propeller" explanation.
    Just Duck'n Around

  4. #18
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    Quote Originally Posted by Thunderduck View Post
    The value of your boat is completely irrelevant to the insurance company (insignificant). The reason they won't write coverage is the liability. If someone is ever injured or killed your insurance company will go to extreme lengths to deny your claim. Even if they agree to your claim, the limit on your liability coverage is probably $500,000 (typical boat coverage). Really not much help when you're facing an indefensible civil case that will start in the millions.

    Good Luck with that "small propeller" explanation.
    With a bass boat, yes, you are talking < 6-figure value that goes very fast, often on small bodies of water, etc.. etc.. Replacement cost is small, liability is more of the risk.

    Get into bigger boats though, like practically any saltwater boat that is meant for the open ocean, fast or not, and commonly you are talking > 6-figure value with lots more space for typical use, possibly stored in the water, etc.. etc.. Then what costs you $$ in the policy is often the replacement cost, that's where the most risk is for them. > 90 MPH - sure that's gotta mean something too but most of the claim $$ they pay is likely sunk-at-the-dock.

    With that said, if they asked me what the top speed of my motorcycle was for instance, I'd tell them - no freakin idea I don't go over 70 MPH on it. On a boat I'd probably tell them the same thing, "no idea, fastest I've ever gone was 45 MPH". What they hell do they say to that, "oh could you go out on the lake and run it full throttle?"

    Jon
    Last edited by leaky; 05-25-2017 at 11:32 PM.

  5. #19
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    You're asking them to insure you and your boat. What they say to that is easy - NO. The insurance companies have figured High Performance Boating out. They know how fast your boat is whether you do or not. It all comes back to simple math. Balancing perceived risk to reward (premiums).

    I would guess that most 40 Skater owners also have a massive liability umbrella policy (millions) and pay thousands for it annually. Those policies protect the individual owner.
    Just Duck'n Around

  6. #20
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    It really boils down to two options:

    1. Make up some story about how fast it is based on props, weight, drive height, whatever and have the agent push it through to get a lower rate or get it covered based on fraudulent information and literally roll the dice that they won't deny the claim if you have an accident.

    2. Correctly state the realistic top speed under average conditions. Locate an agent and company that is willing to write the policy under full disclosure. Pay the premiums and at least have a sound legal basis to fight them if they try to deny a claim.

    It's entirely up to you which path you take but make sure you go into it eyes wide open. Remember, all it takes is an investigator doing an internet search to find someone boasting about a 100mph+ run in a boat just like yours to get a claim denied, a policy cancelled and for you to potentially lose everything you've worked hard to acquire if you cause bodily damage to you or anyone else in an accident. If you are honest up front then you at least have a legal basis to fight.
    Mark

  7. #21
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    Exactly. Well said Mark.
    Just Duck'n Around

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