Insurance question

Michael Mirra

Member
Jan 18, 2017
176
Rock Hall, Md
Boat Info
360 Sundancer 2002
Engines
8.1 Horizon X 2
I have about six thousand dollars in damage to my running gear after hitting a submerged log in the bay. I have a $1600.00 dollar deductible and my insurance company says it should be covered less the deductible. My concern is will they drop me or significantly raise my rates if i submit the claim. If they do and i have to go to a different insurance company I will probably need a survey plus pay a much higher rate. Anyone have any input or similar experience? I am considering just paying for the repairs but the boat is still not fixes and the repair costs keep increasing.
 
I have about six thousand dollars in damage to my running gear after hitting a submerged log in the bay. I have a $1600.00 dollar deductible and my insurance company says it should be covered less the deductible. My concern is will they drop me or significantly raise my rates if i submit the claim. If they do and i have to go to a different insurance company I will probably need a survey plus pay a much higher rate. Anyone have any input or similar experience? I am considering just paying for the repairs but the boat is still not fixes and the repair costs keep increasing.
You going to pay a higher rate by more than $6k? If so, pay for the repair yourself. If not, you'll be money ahead.
 
This why we have insurance. Ask your broker this question. Unless you have a pattern of insurance claims and a questionable credit history, probably no premium bump. Insurance companies look at all claims when premiums are set. So auto, homeowner, and boat losses are reviewed. Also speeding tickets are fair game. If this just a deadhead in navigational waterways, I would not be too concerned unless there are other factors in play.
 
I hit a huge log last year, $15K damage. Marine Max was careful to communicate all the details and photos to my carrier State Farm, and they were great. Paid the claim promptly, minus my $1000 deductible. The coverage has a clause that anything else that is discovered within a year is also covered, and State Farm paid to have the starboard prop retuned the following season when I had a WOT RPM discrepancy between the engines. No increase in my rate the following year.
 
My claim 2 years ago was $30k (burglary) and no price increase. 15 years I hit a submerged log $25k and it went $100 per year.
 
I would be surprised your rates would go up for something that you could not avoid. Unlike hitting another boat or dock.

Please post up their response when you talk to them.
 
I can deal with one or two hundred a year, just heard some horror stories of people getting dropped or premium doubled. This is my first claim and i have excellent credit so i guess i will be ok.
Thanks for the feed back.
 
My brother had a truck that was only a couple months old. An elderly woman went through a red light and hit him totaling his truck. Her insurance would only pay him 75% of what it cost to replace his truck with a new truck. And his own insurance covered the rest. His premiums went way up. He asked his insurance man why his premiums went up. His insurance man said they paid out $15,000 toward his truck and they need to recover that money.
 
I wouldn't be surprised if your brother's insurance company sued the other carrier, got their money, and still raised your brother's rate.
 
I've had two large claims with Travelers and they haven't changed my premiums except for a small annual increase which is expected. The first was a bit north of $35K and one which is being repaired right now for a bit south of $10K.

On each I had to pay my deductible and on this one they depreciated the transmission repair by 17.5% due to the age of the boat. That's fair and I have nothing but good things to say about Travelers.
 
It really depends on the policy and how it was rated. If you are receiving a "loss free" credit for having no claims you will probably lose that which results in you paying more but it's not really a rate increase. Most companies will not drop someone for 1 claim unless there was clear neglect on the part of the policyholder. It's usually customers who file numerous small claims that get cancelled.
 

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