tunnel boats

[BayouRat454]

hi, do any of you guys know if insurance companies insure tunnel boats such as mirage,cyclone's, and stv?i know with a new boat loan you have to have full coverage. being a performance hull , i was wondering if they would give me a problem. thank you.

[Steven]

i have a 19 ft liberator tunnel, 1986 yr model insured for 12000. i know that sounds high for the age , but i have that much in it. my mistake but thats how it worked out when i got finished with it. ins. co. said they would pay full amount in case of a total loss if i could provide reciepts proving 12000 spent on this boat which i can. less than 300 per yr, i think it is 262 dollars per yr. maybe this will help. steven

[captcarb]

What company?

Jim

[Superdave]

I've been declined for not having insurance before. I asked them how was I supposed to get insurance to start with? DOH!!!

[FLMIRAGE]

Let me know so I can get my Mirage insured! 300 bucks a year sounds like your agent has'nt seen the boat. If its true I want his name now!

[BayouRat454]

thanks steven.thats another thing i'm worried about right now. my boat was stolen out my back yard 2 weeks ago. i'm insured with progressive for 13,000 but alot of people are telling me they will give me book value. i have a 9,000 pay off. i'm getting some receipts together that i hope will help.

[Steven]

i think the name is progressive but i am not sure. all the papers are at our shop. i will reply 1st thing in the morning. the response to this scares me a little but i am pretty sure i am right on this. steven

[Steven]

my wife handles this and she was told about the reciepts. i had 9000 at first, and we asked them about raising it to 12000. thats when they told us to provide reciepts. .steven

[Dutch]

The best way to get insurance is to first have a policy for a non
performance boat. Then you just get the coverage changed to
your new purchase. When you get a new policy, it goes to the
insurance underwriters, and when you just change to different
boat, it gets changed in the computer and doesn't have to go
past the underwriters again.
Progressive won't knowingly insure a tunnel boat. A Mirage
is on Allstates uninsurable list, but a STV is not. I couldn't get
a new policy with State Farm, when they asked for pics and saw
it was a tunnel, was rejected also. I did get a new insurance
policy thru Allstate, the agent said the STV was one he could
get through. He put it in as a Summerford Euro Ski just to be
safe, and I don't even want to guess as what he told them for
speeds.

[randy 77zt]

i got my mirage insured by farmers but i have house and 2 cars insured by them .$270 a year

[Unloaded Racing]

State Farm better hope you don't ever have a claim. I have had State Farm for years had a bunch of boats insured with them. My agent told me when I bought my first Mirage that it clearly states in State Farms Policies NO TUNNEL BOATS. If you have insurance on a Mirage with them they will not honor the claim. We had a long thread on this subject last year. The bottom line was if you got a tunnel boat you are gonna have to pay big premiums to have it insured or else the policy is not worth the paper it is written on. As for reciepts, it don't matter. the only way that would even begin to work is if the boat had been appraised and was noted on the policy. Face it guys its just like owning a sports car. If its fast and insured where they will pay off it cost. I didn't write this to offend anyone just to save you some of the false sence of security that you think you have.
Tim

[jesel]

State Farm paid two claims on my Sleekcraft, one blow over, one Vandalism. But the sleek is NO pickle fork, I think that is the PROBLEM. Pickle Forks are ___________.

[BayouRat454]

i appreciate all your post.

[pyro]

Progressive insures my Hydrostream. One thing about this company, they don't ask how fast it goes...

[BK]

Hi guys~

There was a thread not long ago on OSO about what is going to happen this year with insurance rates. Within those threads there were some suggestions on obtaining fast boat insurance without breaking your bank account. I'm not endorsing these, because I really dont know anything about them, but they were recommended by the posters over there a few times. Good luck.

Boat Insurance:

Sy Goldberg at www.Totaldollar.com

or

Reese at IMIS: 1-800-541-4647

[Scott Gilmore]

Don't worry, if your rig's insured for 13k & that's what it states in your policy THEY'LL PAY IT , reciepts or not !! They might cancel you & not allow you to insure another boat with them , but they'll pay. Scott :D

[BarryStrawn]

Probably not Scott. In most cases $13,000 would be the upper limit they would pay and is used to calculate the premium. In general most insurance will only pay the "actual cash value" of the insured item. In other words, what it could have been sold for at the time of the incident. And it is their adjuster who will determine that value at the time of the claim. If they determine the value was $15,000, you might get $13,000. If they think $10,000, you get $10,000. For most insurance policies, just because someone has spent $13,000 or personally values it at that level doesn't mean you can sell it or get a claim paid for that amount. If you can get a "replacement cost" policy for a boat then maybe. Policies with prior appraisals and agreed values are available in some situations. The apprasial would be attached to the policy and I am certain an underwriter would review every one.

[Scott Gilmore]

Barry, all I can say is insurance & claims must be a hell of alot different in Fla. ! My family's been in the insurance business for 40 years up here in Mich. & I've seen every type of claim & policy , in alot more states than just Mich. As a general rule, if you insure a boat for X number of dollars & your premiun is based on that amount that's what the company will pay for a total loss. Call it replacment value, whatever they will pay ! Scott ;)

[BarryStrawn]

If the policy amount is accurate, then yes they should pay the full amount. If you are overinsured, they generally will not pay above the actual value. There should not be a profit motive for the customer. It tends to encourage fraud. Been a lot of years since I studied insurance law but I understand that general principle applies to insurance everywhere. Maybe not.

[Steven]

talked with ins. agent this morning and she again said in case of a total loss they would pay full amount, 12000. she said i would need reciepts. i never heard of having to have reciepts before but i have been told this twice. i told her it was a tunnel boat, and she said could not find any problem with that. she said she would check on this to be sure. 284 dollars per yr progressive steven

[Steven]

i just got a call back from ins co. now they are saying they screwed up. cancelling me in august. you guys we re right about tunnels. i am checking with farm bureau now. steven

[Rusrog]

That should be illegal. I have to say this... I went to school with an insurance agent's son and the old man wouldn't insure anyone who had anything on his driving record for the last 10 years and if something happened he would drop you like a hot rock. Sorry deal if you ask me but this guys Dad made money hand over fist. I don't place most insurance agents much higher than most attorneys....
Notice I said 'most'...
For all the insurance agents and attorneys on the board I reserve judgement....
Sorry to hear about that Steven...
That's a BS deal all the way around....

Russ
Ft Worth TX.

PS... You tower housing is at the powder coaters and should be done early next week...Have you found a tuner yet?

[Steven]

HEY RUSS, THAT REALLY IS A BS DEAL. I GUESS I SHOULD HAVE LEFT IT ALONE BUT I WANTED TO KNOW FOR SURE. I JUST ORDERED A TUNER. TALK TO YA LATER STEVEN

[Big Gun]

I never have told my agent I have a Tunnel hull because I don,t. I have a modified tunnel with a center pod, technically it is a tri-hull. I would never file a claim unless it was stolen or burned to the ground. I look at it as a policy for major loss, not for anything else. I attached it to my homeowners policy and it is $230.00 per year.

[Gordie Miller]

For what it's worth.........I have a 1989 Ford E-350 box van(old Ryder truck)blue books out at about 5000. I have a payout value of 30,000 bucks on it. I use it to hauk my race boat, so it is converted to shop/motor home combo and insured accordingly. When I added it to my auto policy, I took the truck to my agent and had him take phoitos which he sent copies to corp., keeps copies in his office and I have copies. We update photos annually, the premiums go up slightly as truck ages to keep payout at 30,000. Even with increased value premiums are still reasonable. It's easier to be honest and upfront right away rather than to try and pull the wool over their eyes down the road. I don't know if you can insure you're boat as a specialty vehicle the way I handled my truck, but that's my story and I'm stickin to it. Good Luck Gordie Miller

[jesel]

Right ON.BIG GUN--- Then you have the Coast Guard under 20 foot rules, why do you think Allison builds ONLY over 20' boats.

[Steven]

after reading Big Guns post i got to thinking about what he said and called back. she has pictures to look at and they show 2 sponsons in the water, not 3. my boat has 3, not atrue tunnel. thanks to Big Gun for saving me the hassel of insurance shopping steven

[David]

I have insured my boat for years with Boat US as I could never find a company in Canada to cover it.

Boat US will charge more $ for perceived risk.

David
Virage