Insurance Question.

[AlbanyMotorsports]

I dont know if this has been talked about before but has anyone found any tricks as far as insuring a ski yet?? The more I put into my equipment the more I feel like I need an enclosed trialer and a Will.

Has anybody come up with a way to insure your boat for more of a value than just a stock hull and components??

I sure wouldnt mind a bit more of a premium if I new they could replace more than just my hood and pole (based on the appraised replacement value of a stock '01 sj)

 

[keefer]

My insurance agent told me to get a dealer or qualified mechanic to produce a list of all aftermarket equipment with values. He said that he would see what he could do to get me more coverage. I also told him that I would be willing to pay a higher premium for true value coverage.

One thing that I learned is that the insurace company would gladly let you insure the ski for whatever value you wanted, say $8000. They would also gladly let you pay a premium based on that number. The reality of the matter is that they would only pay out on the actual book value on a claim.

It is funny how they have no problem taking your money and not explaining the details unless you ask them directly and then only wanting to pay out what they want to no matter how much you have paid in on premiums. Insurance is a effin racket but a necessary evil :grumble:

 

[Fro Diesel]

Maybe it's my current legal status, but i get seriously screwed on car insurance, i can't imagine trying to insure my jet ski. I think you are better off just cutting your losses after a break. Now getting it stolen is another issue.

 

[crammit442]

One of mine is insured for a bunch and the other for a whole bunch. Both have adequate liability coverage as well. I provided them a list of parts and modifications with prices and receipts where needed. I also have photos of everything listed. My rates through State Farm are still fairly cheap. I want to say in the neighborhood of 25ish for one and 35ish for the other per month. With State Farm I'm not the least bit concerned about being paid in the event of a catastrophe. They wanted to make sure it wasn't a race boat. I heard a story from a guy that said State Farm doesn't insure the boat if it's damaged in transit and not on the water. I checked with my agent and was assured that that was incorrect. It also helps with prices if you have many different vehicles/homeowners insurance, etc. with the same company.

 

[Lucas]

I had a motorcycle insured through progressive, and it got stolen, when I sat and made my claim with them they told me to bring in any reciepts for aftermarket items on the bike, and they paid me for the items including sales tax, I only had a aftermarket exhaust and frame sliders, but I dont know why it would'nt be the same for PWC if one were to get stolen.

 

[ketsair]

i work auto claims, you could insure it as a stated value policy, then in the event of an unrecovered theft or total loss, you'd be paid the stated value that you & the agent come up with, just keep a folder of the mods & prices in the event only part of it gets damaged (providing that it's a covered loss) provide that info to claims upon initial reporting, there would be no issues

 

[ketsair]

I heard a story from a guy that said State Farm doesn't insure the boat if it's damaged in transit and not on the water. I checked with my agent and was assured that that was incorrect. It also helps with prices if you have many different vehicles/homeowners insurance, etc. with the same company.

as long as the boat has it's own policy, it is covered in transit, the coverage from the vehicle pulling it would not extend to the boat unless it was owned by someone else, then it would have to be an at fault claim & covered under liability

 

[AlbanyMotorsports]

Thanks guys. This is def helpful.

 

[Rickster]

as long as the boat has it's own policy, it is covered in transit, the coverage from the vehicle pulling it would not extend to the boat unless it was owned by someone else, then it would have to be an at fault claim & covered under liability

What about ski's that are being transported on racks or in the back of trucks? Are they covered under the vehicle insurance policy?

 

[ketsair]

What about ski's that are being transported on racks or in the back of trucks? Are they covered under the vehicle insurance policy?

no, not unless the vehicle pulling it is unwritten to cover it, a ski would need it's own policy, .....to correct my self, it would only be covered under the vehicle it was being transported by if it were a non owned property & the vehicle transporting it was at fault, but it would then fall under liability, not collision or comp

 

[nightrider05]

Hey also I just want to let you guys know...if you have a Country Agent financial around you definitely check them out. They are THE guys to go to around here for streetbikes and they have always gave great rates on offroad vehicles as well. Im 21 and was only giving $38 dollars a month for full coverage on a 03 Ninja 636.

 

[crammit442]

I should mention that my family(Grandfather, Grandmother, two uncles) have been State Farm agents for 50 plus years. I don't get any deals or breaks. I just have easy access to 24/7 info when I have a question or issue. I just called one of my uncles and he said the boat is covered for ANY damage or loss that is not SPECIFICALLY excluded. It doesn't matter if it's in my living room and a tree falls on the house or if it's in a tralier on the way to Daytona. Covered. If you simply insure the ski w/a given company and there are no provisions to address the addtional(beyond book) value you will probably be paid book value in the event of a claim. He said the coverage he defined is accurate for State Farm and that any of you should check with your contract or agent to be certain what your coverage is. Hope that helps.

 

[ketsair]

I should mention that my family(Grandfather, Grandmother, two uncles) have been State Farm agents for 50 plus years. I don't get any deals or breaks. I just have easy access to 24/7 info when I have a question or issue. I just called one of my uncles and he said the boat is covered for ANY damage or loss that is not SPECIFICALLY excluded. It doesn't matter if it's in my living room and a tree falls on the house or if it's in a tralier on the way to Daytona. Covered. If you simply insure the ski w/a given company and there are no provisions to address the addtional(beyond book) value you will probably be paid book value in the event of a claim. He said the coverage he defined is accurate for State Farm and that any of you should check with your contract or agent to be certain what your coverage is. Hope that helps.

you should ask about a "stated value policy", i've had to deal with these quite a bit, agents don't like to write them, i had a claim last week with a car that was worth about $4000 on a good day, but the agent insured it as a stated value policy at $15000, car was wrecked, totaled, per our policy with the customer, we had to pay $15,000, that was the premium he paid for,

but if it's not an agreed value (stated value policy) then you are correct

in short the stated value policy gives provisions to address the addtional(beyond book) value

 

[Rockstar]

I HIGHLY recommend anyone interested in insuring their ski to check for themselves. Every insurance company works differently. I know from experience. The way that ketsair is explaining it isnt the way the company that I work for pays out. It actually states in our policy contract that in the event of a claim, we will pay out the stated amount or the Actual Cash Value, whichever is less. All the while you will pay a premium based off the stated amount.

 

[ketsair]

I HIGHLY recommend anyone interested in insuring their ski to check for themselves. Every insurance company works differently. I know from experience. The way that ketsair is explaining it isnt the way the company that I work for pays out. It actually states in our policy contract that in the event of a claim, we will pay out the stated amount or the Actual Cash Value, whichever is less. All the while you will pay a premium based off the stated amount.

that is correct for a standard written policy, however most companies do offer a stated value policy, our policy reads the same as you said, but a stated value policy will come with a separate policy page as a addendum to the original policy, in the same way that the original policy describes a land motor vehicle as 4 wheels, but can be underwritten to insure a motorcycle, it will come with an addendum, but yes, all of this is something to discuss in detail with your agent