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  1. #1

    Join Date
    Jun 2007
    Syracuse, Indiana

    Insurance vs. Stolen Boat

    My pontoon boat was stolen this fall. I finally received my insurance settlement and was quite suprised to find it covered the entire purchase price. NO depreciation.

    My agent explained that boat insurance was different from auto insurance in that respect. He also added that if I had chosen, I could have periodically increased the coverage to cover the cost of a new pontoon.

    In other words, I could have increased the coverage on my 1996 pontoon to actually pay for a 2008 pontoon.

    Don't know if that's a "boat insurance" thing or an "Indiana" thing. Either way, I'm now looking into increasing the coverage on my speedboat and jetskis.

    Has anyone else experienced this?

  2. #2
    All hail the Chief! fullboogie's Avatar
    Join Date
    Nov 2005
    I tried to get similar coverage in Texas, but was told by every insurance company I called that the only policy available was an ACV, or Actual Cash Value, policy. In other words, my very modded '02 GPR would be worth about $2,000 if stolen.

    I even offered to pay a higher premium to get replacement value coverage, and nobody would do it. Consider yourself lucky!

  3. #3
    PWC's are completely different! they are easy to steal or hide and pretend to be stolen so getting a good payout on them is tuff Boats usually do show depreciation unless you go to an agreed hull value so your insurance did good buy you !! unless it is an Indiana thing ? Z

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