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Discussion Starter · #1 ·
Finally got a settlement on my twin engines that were totaled last month. They are not going to give me enough money to buy even one motor!

My point: check your coverage and better yet ask your agent specifically how much coverage you have. The ins cos. have all kinds of outs. I know how much coverage i asked for... but the policy, somewhere, got watered down. I knew how much it would cost to repower but the value per engine somehow was underwritten at a value for both!


I have two quotes to repower around 31K! i went ahead and bought a nice used 19'cc to get me through the summer until i can figure out how to repower.

check your coverage!
 

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I am an insurance agent and he is exactly right. Talk to your agent and make sure he / she explains things to you. There is a big difference between Actual Cash Value, Agreed Value, and Replacement Cost especially when it comes to a partial loss. Feel free to b-mail me if you have any questions.

Andy
 

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I have had better luck in Las Vegas than dealing with insurance companies. And, I mean all types, life, health, casualty. Insurance contracts are designed to confuse and confound the public. The hottest corner of hell will be reserved for insurers, right next to politicians.

My advice to young people would be to avoid insurance, be sure to save what other people waste in premiums and insulate yourselves against law suits as best you can. You will end up wealthier and much less frustrated.
 

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If you have the money to self-insure I say go for it but unfortunately most people dont have those means. Most peoples problems with insurance is that when it comes time to purchase they want the cheapest but at the time of the claim they want the best coverage. Also you have agents out there that only care about the sell so they talk you into whatever they think you will buy. A good agent will explain you options and let you make the decision. Here is a good article to read on boat insurance. Only thing they left out was to also understand the difference between "comprehensive" coverage or "named perils"




#5 Know thy insurer:
Boat insurance can be "added on" to a homeowner's policy or purchased from an independent insurance agent or directly from a marine insurance specialist. Buying a policy through a reputable agent or directly from a marine insurance specialist is the best way to go. "Adding on" to your homeowner's policy may be convenient, but when there's a claim you will appreciate a company that knows more about boats than homes. Homeowner's policies often limit or don't adequately provide some of the marine related coverages like salvage or wreck removal.

Ask experienced boating friends for their insurance recommendations and check on the insurance "carrier," - the company that will actually be providing your coverage - at http://www.ambest.com/ratings. A.M. Best ratings are the industry's benchmark for assessing an insurer's financial strength; look for an "A" rating (excellent) or better. State insurance regulatory agencies are also a good reference and can be found online.

#4 Agreed Value vs. Actual Cash Value:
These are the two main choices for boat insurance and depreciation is what sets them apart.

An "agreed value" policy costs more up front but it potentially pays more - it will cover the stated value of the policy in the event of a total loss. For example, a total loss on a $50,000 agreed value policy would pay you $50,000. More importantly, with a partial loss an agreed value policy replaces damaged boating equipment on a "new for old" basis with no depreciation. Hence, a claim for a stolen four-year-old GPS would get you a new, comparable replacement GPS. Some repairs, however, are subject to depreciation, such as paint, canvas and aging machinery.

"Actual Cash Value" policies cost less but only pay up to the actual cash value at the time the boat or property was lost - depreciation is factored in on all losses. Actual Cash Value policies are better suited to less expensive boats or to situations where you are more concerned with liability protection and defense against lawsuits than you are with boat damage.

#3 Know the salvage truth:
If the worst happens and your boat needs to be salvaged, you want to ensure that your policy covers salvage costs up to 100% of your boat's insured value. If it covers anything less, you could end up paying salvage costs out of your own pocket. Unfortunately many homeowners and some marine insurer policies limit salvage coverage to a percentage of the boat's total value.

For example, if you have chosen a $50,000 "agreed value" policy, you want salvage coverage up to the same amount as the boat's agreed value - $50,000. You should not have to subtract these "salvage" dollars, or the policy's deductible, from the total amount available to fix the damage. An actual cash value policy should have the same, with the dollar salvage limit being equal to, but separate from, the actual value of the vessel.

Some policies also have "hurricane deductibles" - a significantly higher deductible for damage to your boat caused by a hurricane. Be sure that this dollar amount is acceptable to you.

#2 Speak to me in a language I understand:
Don't treat boat insurance like other insurance. Make sure you understand exactly what is covered as well as what isn't covered. If the policy doesn't make sense, ask for an explanation in laymen's terms.

#1 One size doesn't fit all:
A bass boater may need fishing gear and tournament coverage as well as "cruising extensions" if they trailer their boat far from home. If you're in the hurricane belt, hurricane haul-out coverage makes the decision to safely store your boat ashore that much easier as a storm approaches. If you have a fuel tank aboard, you should be concerned about fuel spill containment and clean-up coverage along with 24-hour assistance to get it done immediately, especially in light of today's environmental protection laws. A good insurer will tailor your coverage to fit your needs, so there will be no surprises if the unexpected happens.
 

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I second Andy - you can only get out of insurance what you pay for - the cheapest rate does not necessarily equate to the best coverage. Take a look at the recent post on the Jil-Carrie to see why you need insurance. Hopefully this guy has a policy to cover the damages he caused to both property and person. If not he will probably loose his boat, home, and savings after they all finish collecting.

If your agent is not providing you with good advise, find a new agent. Believe it or not, some of us really do look out for the best interest of our customers. Good luck!
 

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Have you talked to Jett's in Reedville. We repowered our Grady in Sept. 2003 with twin 200 HP HPDI Yamahas and it was about $6K less than you say you were quoted. Not sure if the price has gone up a whole lot or if you are looking for four strokes. Ours was a complete job since we were swapping from Johnsons.
 

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Discussion Starter · #7 ·
thanks rick. it must have gone up because that is where i got the quote... or they like you a lot better.

i ordered 2 '02 hpdi's from a guy i know in Miami for less than half and only 197 hours.
 

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Discussion Starter · #9 ·
i am really looking forward to the better mileage. My research claims 20-30% better fuel economy. My mariners would make the boat scream but i was dropping 100 dollars each trip to the bay and back.

do you have any mileage computation, rick?
 

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I am not sure that the Grady screams, it did hit 48 Knots the day I picked up from the repower when I went on the test ride with the mechanic (some break-in, huh). My best cruise is 4000 RPM, 28 Knots and 16 gallons an hour. The digital guages are way cool, they probably are worth whatever the cost in gas savings because you "tune" the throttles and tabs for the most economical cruise.
 
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