Boat insurance anyone?

[Cooper]

After hearing about the shocker sinking I am curious if anyone has ever recieved an insurance claim. Would homeowners insurance cover any of this stuff? After looking into one of my boats I realized if I had to replace it I would have over $1200 in cost. That wasn't including props, servo, radio, hours of work, any of the little things. Just hull, motors, speedos, and batteries. Probably more like $1500 twin cat castle motors n speedos. So that would just be the things I would have a receipt for. I think I have like a $500 deductable. I never claim anything with my insurance but I think I would cry if I lost this saw boat. So I just was curious if any has talked to insurance company about this. Or if anyone that has had a boat lost ever went this rout. I ask as I am mostly running on a river where if it went under in the channel there would be a good possibility of loosing it. And yes I have plenty of flotation and try every aspect of not sinking, but always the possibility. Again just wanted to know if anyone has done or thought about this.

[siberianhusky]

I talked to my insurance and had my guitars and music stuff insured separately from homeowners, now covered wherever and however anything happens to it. With the cost of the boats they would probably write some kind of policy for it.
Might be a bit different because I generate income from music. INteresting question, think I'll call my insurance today and get the scoop on rc toys.

[srislash]

After hearing about the shocker sinking I am curious if anyone has ever recieved an insurance claim. Would homeowners insurance cover any of this stuff? After looking into one of my boats I realized if I had to replace it I would have over $1200 in cost. That wasn't including props, servo, radio, hours of work, any of the little things. Just hull, motors, speedos, and batteries. Probably more like $1500 twin cat castle motors n speedos. So that would just be the things I would have a receipt for. I think I have like a $500 deductable. I never claim anything with my insurance but I think I would cry if I lost this saw boat. So I just was curious if any has talked to insurance company about this. Or if anyone that has had a boat lost ever went this rout. I ask as I am mostly running on a river where if it went under in the channel there would be a good possibility of loosing it. And yes I have plenty of flotation and try every aspect of not sinking, but always the possibility. Again just wanted to know if anyone has done or thought about this.

It would help a little to be compensated for my loss. If I don't recover it I may check into this myself.Especially if I'm to continue to run at that pond.Really didn't worry at the 4-10ft deep pond.

And hey,what about Namba?I wonder if there is anything there?

[Cooper]

After reading your loss srislash I thought about "what if" with my shocker. Sorry to hear about your loss and hope you find a way to recover. But even with recovery there is still going to be alot of loss. I want to run this weekend here but river is high and murky due to recent rains. And I was going for some very high speed runs. At high speed passes I always worry about the boat comming apart if it goes airborne. I've done my best to reinforce and ensure it floats. But if the hull is compromised the weight of everything even with flotation might just make her negatively boyant. Recovery in these conditions would be very lucky at best due to current and lack of visibility. And yes for those, I know I could wait or find a suitable place but that isn't the issue. I think I'm going to call insurance co over lunch and ask. As all this is just a thought of mine for the "what if" situation ever occurring.

[srislash]

Yup,a few have said that I should have had floatation.I had as much floatation as that hull could fit.It is a sleek hull to be holding 10+lbs of weight in her.I will only be hoping to get half of my cost back in retrieval.
But there is no other like it.We have been through alot of time and testing,as you know Cooper. These are expressions of our individualism. You know though,I am glad I have all the vid and pics.In the past when I lost a boat I did not have that.

[Doby]

Pretty sure any standard policy would laugh at anyone trying to make a clain for a sunken/deestroyed toy boat.

Car=Car insurance
House=Home insurance
Real Boat=Boat insurance

Perhaps you would be covered if they were stolen from your home...but while playing with them...I think you are SOL.

[srislash]

I am pretty sure it would fall under trying to insure a race car as well.

[sampit]

My boats are insured,on my house insurance, but only if they are stollen from my car not if i sink them.

[Cooper]

Lol, that's what I believe insurance would cover. Gonna check with them about lost due to use (sinking)

[Cooper]

Just a thought as these boats are $1000 and up. So maby not a toy. Like a mini bike, it's a toy no title no motorcycle insurance.

[HTVboats]

Your boat is considered personal property under your homeowners policy and theft should be covered. I have been a licenced agent in more than one state and without a copy of your actual declarations in the policy to determine coverage it is a grey area. Ask your agent who writes your policy to be sure as terms differ may state to state. That said you need to consider insurance is not a catch all waranty for everything in your life. As people want to save money policy coverages get minimized. The other aspect is with a claim on your insurance record your options for another policy in the future could be affected. Say you collect $1200 minus the $500 deductible netting $700. Next year a storm takes your roof off and you have a second claim that you have to turn in as the ammount is in the thousands. Two claims in 3-5 years and most companies will not drop you immediately but at the end of your year term they will likely non renew you. Two claims makes you undesireable to other companies and could put you on a risk policy or state assigned carrier at a greatly increased rate. Here in Florida where homeowners companies are not money makers and prices are high that $700 claim could cost you a few thousand. If you were my client and had a roof claim and called me later about a theft claim under 2 grand I would counsel you that the theft claim is elective and maybe not in your best financial interest. Ask your agent what you would save going from a $500-$1000 or even $2500 deductible. Add up 10 years and do the math. Effectively self insuring against small claims can be in your favor. That $700 or more could just stay in your pocket by paying smaller premiums. People go years and never have a claim and then in a short period can have more than one. Murphy's law.
Mic

[MR2NR]

Your boat is considered personal property under your homeowners policy and theft should be covered. I have been a licenced agent in more than one state and without a copy of your actual declarations in the policy to determine coverage it is a grey area. Ask your agent who writes your policy to be sure as terms differ may state to state. That said you need to consider insurance is not a catch all waranty for everything in your life. As people want to save money policy coverages get minimized. The other aspect is with a claim on your insurance record your options for another policy in the future could be affected. Say you collect $1200 minus the $500 deductible netting $700. Next year a storm takes your roof off and you have a second claim that you have to turn in as the ammount is in the thousands. Two claims in 3-5 years and most companies will not drop you immediately but at the end of your year term they will likely non renew you. Two claims makes you undesireable to other companies and could put you on a risk policy or state assigned carrier at a greatly increased rate. Here in Florida where homeowners companies are not money makers and prices are high that $700 claim could cost you a few thousand. If you were my client and had a roof claim and called me later about a theft claim under 2 grand I would counsel you that the theft claim is elective and maybe not in your best financial interest. Ask your agent what you would save going from a $500-$1000 or even $2500 deductible. Add up 10 years and do the math. Effectively self insuring against small claims can be in your favor. That $700 or more could just stay in your pocket by paying smaller premiums. People go years and never have a claim and then in a short period can have more than one. Murphy's law.
Mic

This is why I hate insurance. It's insurance not, "Sorry about your luck but you took out more than you put in so we are going to drop you"?!?!?!

Might as well call it what it really is "Black Mail Robbery"

[silvermansteve]

what the agent says. i'd never make that claim here in florida. i've been non-renewed already. had only one storm related claim.

[Cooper]

Yes I understand what you all are saying. I have had my insurance rep on payroll for over fifteen years now and I believe I had two claims both involving grand theft charges. So I don't ever make claims over the little stuff (under$10000). I was just curious if anyone had use their insurance for lost boat as they are not cheep toys. Personally I never buy the extra insurance on cameras, computers, electronics, ect. I figure if I break it I bought it and usually it ends up cheaper just to buy new one. (except on my cell phone-I damage them fairly often due to working conditions). And yes the insurance industry is excellent with helping you in whatever misfortune you have as long as you don't ask them to reimburse you for your insured loss:). Alot of things are not right but they are in business for a reason and if you claim more than you put in (over x time) then yes they will most likely drop or not renew you. Kind of like that bad employee that made the costly mistake once, ok but three times--he is fired!
All in all I just read about a friends boat sunk and thought about how expensive these toys are. Got to think if anyone ever tried their insurance co.

[HTVboats]

This is why I hate insurance. It's insurance not, "Sorry about your luck but you took out more than you put in so we are going to drop you"?!?!?!

Might as well call it what it really is "Black Mail Robbery"

You have to keep in mind insurance is a for profit buisness and has free market choices. Third parties require you buy insurance, not insurance companies. Actually you can self insure as insurance is not forced on you. Some states (not all) have auto insurance requirements but if you can prove financial responsibilty you could waive auto insurace. Banks and lenders make you buy homeowners to cover their risk, so just pay cash for your house and you won't be required to get insurance. Yes people who have claims especially more than one in a 3 year time frame are considered a higher risk. If you eliminated fraud and people padding claims your rates would be much better. Then you have lawers who know they can get 30-40% of large judgemennts just pitting poor ole Bubba against any large company. We all pay for that with higher rates. There is no monopoly or only one carrier so prices are also determined buy competition. A lot of companies advertising on price. If they go in the red their out of business. Insurance regulations are by law run by states and not any federal control so your local vote has power.

I guess the best insurance policy for loosing a boat is "flotation". When it sinks it really isn't lost its just X amount of feet down under the water. I lost a boat a couple years back and a diver friend of mine spent an hour in mucky water, 30 feet down and we wrote it off. I check flotation on all my boats since. It was a tunnel and the builder suposedly had flotation in it. Well wasnt enough. It still isn't lost, I know where it is but salvage is more cost than it's worth. Another friend of mine recovered a sunken boat and found out leaking nitro ate most of his flotation. Pay attention rather than paying a premium will save your hull.
Mic