Gap Insurance

[papogator24]

Do any of you guys have Gap insurance? I just found out that my insurance does not offer gap insurance on policy. Also, when I closed the loan with the dealer, they did not offer it to me either. I remember when I bought my car, motorcycles, trailer, I was offered gap insurance for each of those purchases. Should I be worried?

 

[Presentation]

..... Should I be worried?

:smt017

Only if you are financed to the point that if something happened and the boat was totaled and the insurance company only paid the value of the boat, not the loan balance and covering the difference would be an issue for you.

 

[papogator24]

Well I meant if I should be worried that other insurance do not offer gap insurance because my boat is financed.

 

[280 SeaRay]

Do you not have an agreed hull value policy? If you set the agreed amount at what you paid.... there would not be a gap, right?

 

[papogator24]

They asked for the purchase price of the boat. After calling Progressive, they advised me that they would replace my boat to the depreciated value of the boat.

I wonder if i still use that same loan if they replace the boat close to the depreciated value of the previous boat.

I think I am confusing myself with this question. :smt021

 

[STIHLBOLTS]

You need to change your policy to a "Agreed Value" My 220SD has a agreed value of $56k if something happens to it. No deprecated value for me. That covers me if something happens and I need to purchase a new boat and the price has gone up. My rate for that is roughly $1200 per year with the 2 jet skis under the same coverage. If your not getting that shoot me a e-mail and I will send you to my insurance agent. :grin:

 

[Presentation]

....My rate for that is roughly $1200 per year

What the…….. :smt017

That sounds very high.

My rate is $174/year.

I get
Med Exp 2,000 $8
Watercraft Liability 300,000 $37
Boating Equip – per item 2,000
Boating Equip – Aggregate 4,000 $14
Boat Basic $103

Repair cost coverage Endorsement $12

Total $174

Credit
Boaters safety Course Credit

I also carry a separate umbrella, auto and homeowners with the same company.

 

[STIHLBOLTS]

Your total annual bill for insurance is only $174.00?? :smt017

My bill for the 220 is roughly $800 for it and another $400 for the two skis. The break down of coverages for medical, liability and don't know exactly without calling my insurance agent. That is annual premium. :grin:

 

[papogator24]

What the hell...I pay 2k a year for my insurance with Progressive for a 75k but its for a depreciated value of the boat. :smt021 I need to find another insurance with will have an agreed value of the hull.

 

[RT 240SD]

$174 is extremely low. I'm around $480 per year, in marina but have been warned NBOA will be handing out 25% increases this year.

 

[Presentation]

Your total annual bill for insurance is only $174.00?? :smt017

Correct. You have me wondering if I am missing some coverage or something.

By comparisons – my homeowners is $425/year. 4 bed/3 bath/2 ½ car attached, we built new in ’92. Limits are $376K for dwelling and $300K for liability. Personal property is insured to replacement value. Policy includes increased building limit coverage up to 120% of dwelling limit. Again, liability is too low so I have the umbrella also. That is extray but its not sitting in the file so not sure how much it costs. I think its less then the homeowners.

However we have not has a hurricane since,…..well……we have never had a hurricane.

 

[Morpheus]

Ok so that everyone understands those of us that live in the great state of Florida are paying A LOT more then everyone else.

That is why the one person is paying only 174 and the other person is paying 1200.

I have a 2006 240SD insured for agreed value so that if something happens the loan is paid off. I have 300,000 in liability insurance the recommended amount and have the electronics insured so they are replaced if stolen.

I paid 1095 for a year back in Nov 06. Now my dedcutible is 1000 but my electronics deductible is 75 but the gotcha for me and the southern half of florida if there is a hurricane and it takes out the boat you pay as much as 10% of the coverage as the deductable so if there is a hurricane I'll be either driving out of the state with my boat or bearing it underground or something.

 

[280 SeaRay]

That 174 sounds like it is not a Agreed Hull policy rather an actual cash value (depreciated) policy.... I was surprised how low those policies would go. I was never interested in depreciated policies but asked out of curiosity. Agreed Hull is cheap on boats for what you get....