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View Full Version : Cancel or keep insurance over winter???



TBroccoli
11-29-2007, 11:31 AM
Thoughts??? My boat is stored inside for the winter in a safe place. Has anyone thought of canceling there insurance over the winter and getting new for the boating season? I now have Drive insurance through Progressive. It has gone up over $150 in three years. I am paying $650/yr for a 1996 22 Classic with stock 454 mag.

Thanks,

Tom

Trueser
11-29-2007, 11:40 AM
I keep my insurance all year. what if your safe place caught fire, building fell in or something else.

It's not worth saving a few bucks..

BUIZILLA
11-29-2007, 11:40 AM
I am paying $650/yr for a 1996 22 Classic with stock 454 mag. Thanks, Tom I pay more than that for each Sea Doo...

Donziweasel
11-29-2007, 11:45 AM
I had a Milan 21 ft w/454 stored in a heated storage area. The power went out for 3 days in 1999 when it was 20 below. Due to the fact that it was inside and heated, I had not drained the water out of the heads or block. In the spring when I took it out, I noticed a hairline crack on the port head. Upon further inspection, I found the block had cracked as well. If I had not had insurance, it would have cost me a fortune to replace the engine. Since the block was cracked, I had to get a new one and did not even have a core to exchange.


The moral is, even though the boat is stored, anything can happen. Fire, weather, who knows. I would never cancel my insurance. If anything happened without it, you could lose your whole boat. IMO, keep it at the least for peace of mind. Murphy's law, you will only need your insurance if you cancel it!

TBroccoli
11-29-2007, 12:02 PM
I think you guys are right. I will sleep better knowing it is insured. Question?? would the storage building's insurance cover damage to the boat if the building burned down or weather damage??

Donziweasel
11-29-2007, 12:22 PM
I think it would depend on the company, thier insurance, how the fire started, etc.... Definetly something to inquire about before choosing a storage unit. Mine did not cover it when my block cracked. I told them what had happened and they got out my contract. In the fine print, it said it was not reponsible for damage due to power outages, acts of god, etc.... I think my insurance company went after them but not sure if they got any money.

BTW, I did switch to the Gieco (it is calles SEA something, can't remember) recommended water craft insurance this summer and pay 154.00 a year for my 16 with full coverage and $1000.00 ded. Not a bad deal.

RedDog
11-29-2007, 12:48 PM
Thoughts??? My boat is stored inside for the winter in a safe place. Has anyone thought of canceling there insurance over the winter and getting new for the boating season? I now have Drive insurance through Progressive. It has gone up over $150 in three years. I am paying $650/yr for a 1996 22 Classic with stock 454 mag.
Thanks,
Tom

Dang - I have Progressive for my '98 22 Classic w/502 mag but my yearly premium is around $450 per year. Must have something to do with those high risk Yankees :wink:

p729lws
11-29-2007, 03:52 PM
Progressive is also jacking up the rates on new policies in some areas so you might get a rude awakening when you try to reinstate the policy. The insurance on my 22 is less than $500 / year and the new policy on my 28 Pantera is $1,500 / year:shocking: The agreed value on the 22 is $25K and the the agreed value on the Pantera is $35K. Go figure:doh:

Dan

CHACHI
11-29-2007, 05:54 PM
Progressive is also covering my '99 22C with a 454 MPI $475.00/year.
Not worth the time to change coverage when it comes out.
Ken

McGary911
11-29-2007, 06:02 PM
When I got the insurance on my big boat, they required a survey. I'd hate to have to pay for ANOTHER survey because the policy was not in force.....and it would basically be a new policy.