Hit a log - Insurance Claim??

duffman04

duffman04

Active Member
Apr 20, 2020
148
Lake Erie/Sandusky Bay
Boat Info
2001 Sundancer 340
Engines
Twin 454 MPI Mercruiser V-Drive
As the title says, we hit a submerged log last fall. We heard the klunk and saw it spit out the back. Shut the boat down and opened the hatch and did not see any water. Slowly ran back up on plane and no vibrations. Since it was basically the last run of the season, we left it in until we pulled it for winter. Thought we got lucky...

Got my estimate Thursday, bent prop, bent prop shaft, bent stanchion, minor fiberglass repair, etc. Local mechanic and prop shop is fixing everything. $2600 total.

Should I make a claim?
 
This year is gonna be bad for logs and docks floating all over the lakes, this high water is not are friend.
 
I would say that depends on how much your deductible is. The first year I bought my boat (2016) I broke the shaft right aft of the strut. No damage to the rudder luckily. New shaft, new prop, mechanic labor, and pulling out was just over 5000.00. I made the claim. Good luck and I hope the repair goes well.
 
Compare the $2600 cost (sounds like a pretty good deal to get all that work done for that price) to your deductible, and possible loss of no claim discount (if you have that) and potential insurance increase. It may be worth just paying it out...
 
I would double check that estimate. Sounds too good to be true. If you file a claim, at least you'll be covered for any "oops it's going to cost an extra $2000."
 
So, your net cost is going to be $2600, less your insurance deductible? You will also lose any no-claims credit you have on your policy. That make this kind of complicated because the no-claims credit or loss thereof stays with you for about 5 years.

On the other side of the coin, I think that estimate may be low, so when th e mechanics get into the repairs they may need to submit a supplemental claim to cover their under estimate, another complicating factor.

A replacement strut is going to be $75- $1000, working/balancing a pair of props is going to cost abound $650, a new shaft is going to be about $900....labor to realign the damaged side is probably about 4 hours for 2 mechanics = about $800; haul out about $350, but the marina/yard may eat the haul out since the boat is already out of the water for last winter. And, minor fiberglass repair and bottom paint touch-up.....≈$350 If I am close on the guesstimate (and I hope I am) for the repair, (and I hope I am) the original estimate is about 30% low. So, you may expect a revised estimate and a supplemental claim when the bill comes and the mechanic evaluates the condition of the shaft seal and check the seat for the strut.
 
With diminishing deductible I'm now down to $zero, so it wouldn't cost me a dime. But I would have to weigh the impact on the future deductible, plus any possible increase in premiums.

I guess I would be inclined to eat the cost and keep the future impact down. Nothing better than an insurance policy with no claims and a perfect record.

Now, if it were a collision that amounted to tens of thousands, my opinion would be different.

Also, since my auto and homeowners are with the same company, it could end up catastrophic.
 
GypsmJim said:
With diminishing deductible I'm now down to $zero, so it wouldn't cost me a dime. But I would have to weigh the impact on the future deductible, plus any possible increase in premiums.

I guess I would be inclined to eat the cost and keep the future impact down. Nothing better than an insurance policy with no claims and a perfect record.

Now, if it were a collision that amounted to tens of thousands, my opinion would be different.

Also, since my auto and homeowners are with the same company, it could end up catastrophic.
Click to expand...

Thats a mistake having house & boat with same company.
Shouldn’t even use same agent.
Friend of mine had a claim on her boat caused by the marina.
Marina staff moved the boat and didn’t tie it properly.
Wind came up and boat came loose and was severely damaged.
Insurance covered it but then dropped both her boat and house insurance.
Took her over 6 months to get home insurance.
Couldn’t go back against the marina as it is in a reservation and you can’t sue them, at least in Canada.
I have my boat, vehicle and house all with different agents and companies.
Only down side is you miss out on multi policy discounts.
 
My submerged log event ran over $25k... Glass work, struts, rudders and they pulled the transmission as it turning over 3k rpm and this was my previous boat... '89 300 Weekender 15 years ago.
 
GypsmJim said:
With diminishing deductible I'm now down to $zero, so it wouldn't cost me a dime. But I would have to weigh the impact on the future deductible, plus any possible increase in premiums.

I guess I would be inclined to eat the cost and keep the future impact down. Nothing better than an insurance policy with no claims and a perfect record.

Now, if it were a collision that amounted to tens of thousands, my opinion would be different.

Also, since my auto and homeowners are with the same company, it could end up catastrophic.
Click to expand...
I had a claim last year for a broken flywheel. It paid out 3200. It didn’t cost me anything. Kinda. My carrier moved me to someone else and raised my premium $100 this year. It’s on my record for 5 years. Now I’n my case I should have not gone through insurance because I did the work. I would definitely go through insurance if what happened to you happened to me. That’s a big dollar fix in parts. Mine was only minimal.
 
BEH said:
I have my boat, vehicle and house all with different agents and companies.
Only down side is you miss out on multi policy discounts.
Click to expand...
I get what you're saying, but I can't justify the cost increase. With 3 boats, 3 cars and 2 houses insured, the discounts amount to a couple thousand a year.

I bought my first insurance over 50 years ago and I have yet to file a claim on any policy. If I ever have to I guess I'll just bite the bullet then.
 
BEH said:
Thats a mistake having house & boat with same company.
Shouldn’t even use same agent.
Friend of mine had a claim on her boat caused by the marina.
Marina staff moved the boat and didn’t tie it properly.
Wind came up and boat came loose and was severely damaged.
Insurance covered it but then dropped both her boat and house insurance.
Took her over 6 months to get home insurance.
Couldn’t go back against the marina as it is in a reservation and you can’t sue them, at least in Canada.
I have my boat, vehicle and house all with different agents and companies.
Only down side is you miss out on multi policy discounts.
Click to expand...


I guarantee there is another side to that story....and by the way...companies don't drop 3 different lines of business because of activity on one of the lines...Like I said there is more to that.
 
BTW....BEH....
Actually it is the reverse, If you have other lines (supporting business) you are looked on MORE favorably than a mono line customer. Do I sound like a broker? Since 1978.
 
BEH said:
Thats a mistake having house & boat with same company.
Shouldn’t even use same agent.
Friend of mine had a claim on her boat caused by the marina.
Marina staff moved the boat and didn’t tie it properly.
Wind came up and boat came loose and was severely damaged.
Insurance covered it but then dropped both her boat and house insurance.
Took her over 6 months to get home insurance.
Couldn’t go back against the marina as it is in a reservation and you can’t sue them, at least in Canada.
I have my boat, vehicle and house all with different agents and companies.
Only down side is you miss out on multi policy discounts.
Click to expand...

Interesting that the marina, or the marina's insurance, did not pay.
 
Thanks for the advice all. I am calling agent tomorrow. Just switched to local Allstate agent for house, auto, and boat last year.

FYI, everything bent is at local propscan place to get realigned. No replacements in the quote. I will ask the agent about that also.
 
It's pretty sad that you pay insurance for all of those years, then when you need it, there's a good chance your rates will increase, or you'll be dropped.
 
OMG, Allstate...entirely a different scenario.

I had them for 32 years. He was my father's agent when I was 18, so he got me in. Grandpa had his insurance canceled when he turned 65, and the Allstate agent brought him in too, even at a cost savings.

He had my house, car, boat, RV, etc. Then he died.

They assigned me a new agent. About that time my son turned 16 so I tried to bring him in like my Dad did. To make a long story short he screwed us over big time. In talking with another allstate agent I was told that the agents have some personal leverage and they can upcharge at their heart's content. Get you in cheap then turn the screws later.

So, I switched to the new agent and got my old prices back.

Then he died. The new agent they assigned me - same old crap.

If an Allstate agent offered me free insurance I wouldn't take it.
 
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