There are many who THINK they have insurance but if it came right down to a claim they would have nothing.
During one of the many insurance discussions on Hotboat.com an insurance claim adjuster posted what I believe to be the most realistic scenario yet.
He said in the event of a claim the first order of business for the insurance company is to see how they can avoid paying the claim.
If someone put down that their boats top speed was 60 and the adjuster questioned it, they would bring in an expert to tell them what the boats actual top speed would be. If what was represented was not accurate, all premiums would be refunded and the company would wash their hands of the whole policy.
Same thing for the engine HP. If someone said it was 330 hp and it looked like the HP had been increased at all, no policy.
Then someone can sue the insurance company and try to get them to pay with inaccurate original information on the policy.
Unchained hit the nail on the head!
Plus because my 21 is too old (1983) or has OT headers no one would insure it. I've been quoted this >" sorry, it's on our list of boats we don't insure". And that includes just trying to insure it while it's sitting behind my home!
If I sink the boat..no coverage..it's too old unless you pay a fortune, if I damage another persons property or boat, I'm covered, if I injure another person in my boat or someone elses, I'm covered..call your homeowners agent and ask about adding it to your policy. You might be surprised. I could pay additional money, if I wanted full coverage on the boat if it sinks..also it is covered if it catches fire. I was wrong about the theft..it is covered..
Oldelmn8tr I just got insurance from Devin Wozencraft. I told him the absolute truth about the Liberator. It can go 70.6 all day long. In my policy it states that also. I didnt guess that speed I GPSed it. I talked / emailed him for a couple of days before I purchased the insurance. I wanted to know if I was gunna get scammed. The boat does what I stated. So there will be no questions since I have many witnesses as to what the boat can do. Now if I add a blower the premium may go up or they may decide to drop me. But there is no plans to do any of that.
If I do add any more power I'll call him 1st He is a great guy to deal with. Just tell him what you really have. A blown Daytona is gunna be hard to insure. But if you want to insure your investment (Blown motored Daytona) I'm sure for the right price you can get it. Its all about money and a good driving record
also another problem i have found is how well known the name of your boat is. dytona is very known for speed to the insurance companies. my buddies has a splash of a 19' cheyenne and had no problem getting insured.
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