When to file an insurance claim?

[douglee25]

I'm sure there's no fast rule to this question. First time in 20 years I've had anything like this happen while on the water (besides the tornado that totaled my boat years ago while on the hard). This past weekend there was a 10% chance of rain on the weekend. Tied up in a cove. Storm came in FAST while I was in the head. By the time I got up onto deck, the boat had drifted 25-50 yards to some trees/brush closer to the shoreline. Got the boat back on course but the anchor wouldn't raise up completely. It was about 3' from the pulpit. Didn't find this out until afterwards but we picked up ANOTHER Bruce anchor with about 30' of chain while we drifted. The additional weight tripped the overload breaker hence why it stopped raising. My anchor did a ton of damage above the waterline on the bow while we rocked in the storm and the anchor/chain that I picked up did a ton of damage under the waterline along the keel about 5' back from the bow. Another boat rocked into me when his anchor broke free that also put a 1.5" gouge into the glass. Total repairs are estimated at $5k and the shop won't fully know all costs until the boat is raised out of the water. I can self insure but wondering what the threshold should be to file a claim or not? My deductible is about $600. The storm cause further flooding in Texas and was said to have dropped 4" of rain in 1 hour.

Thoughts?

 

[KevinC]

I would think that this is what you have insurance for.

Yes, after placing a claim your insurance rates will go up and if you have any disappearing deductibles they will reset. The real question is how much of a discount you are getting for a no claims history and how long it will take to reset. If those discounts x numbers of years to a clean history again is less than your out of pocket expense then don't place the claim. If it is higher then you are ahead of the game and get to pay your portion over time.

Now, if you need the repairs and can not afford it at this time just go the way of an insurance claim.

-Kevin

 

[KevinC]

One more note, you will probably be filing a claim against the boat broke free that did damages to your boat. If you place a claim the insurance company will most likely subrogate the claim for you. This may reduce your overall claim and possibly part of the deductible.

-Kevin

 

[The Bill Collector]

My recent adventure was a little over $3,000.00 but my deductible is $1500.00 so I just ate it... With your situation of $600 deductible and repairs north of $5,000, I think I would call my agent.

 

[douglee25]

One more note, you will probably be filing a claim against the boat broke free that did damages to your boat. If you place a claim the insurance company will most likely subrogate the claim for you. This may reduce your overall claim and possibly part of the deductible.

-Kevin

He did a small ding in the grand scheme. I don't even know who he was... everyone was just trying to regain control and get moving.

 

[douglee25]

My recent adventure was a little over $3,000.00 but my deductible is $1500.00 so I just ate it... With your situation of $600 deductible and repairs north of $5,000, I think I would call my agent.

Appreciate your advice.

 

[JVM225]

With a spread that big between the demand the cost of repair I’d file the claim!
Besides, chances are the actual cost is going to be even more once they pull the boat out and start working on it.

 

[NotHerDecision]

Agreed with all above here. This is why you pay premiums. Sorry to hear!

Josh

 

[sbw1]

A good agent will give you the answer you need.

 

[douglee25]

View attachment 70780 A good agent will give you the answer you need.

Worried about calling... even an inquiry puts a ding on your record. Had a similar situation happen in a vehicle where a tractor trailer/loader dropped rocks onto my car during transport at 75 mph. Even calling in to ask a question resulted in inquiries from every rep on subsequent rate checks.

 

[sbw1]

Worried about calling... even an inquiry puts a ding on your record. Had a similar situation happen in a vehicle where a tractor trailer/loader dropped rocks onto my car during transport at 75 mph. Even calling in to ask a question resulted in inquiries from every rep on subsequent rate checks.

Very surprised to hear that. Our rep is a friend who prides himself on getting the best coverage for reasonable pricing. Would not hesitate to give advice about filings that might cause rates to increase. I ran a large business for 34 years and our insurance broker functioned as a team member on matters involving the management of insurance costs as well as the levels of coverage necessary to protect our interprise.