Thread: Insurance vs. Stolen Boat
10-31-2007, 11:58 AM #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?
10-31-2007, 02:33 PM #2
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!
11-01-2007, 07:53 PM #3
- Join Date
- Aug 2006
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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