READY2GO
Guru
- Joined
- Jan 3, 2012
- Messages
- 521
- Location
- USA
- Vessel Name
- Walkabout
- Vessel Make
- 1989 Sea Ray 380 Aft Cabin
Certainly think you have a valid point. Just curious, as a hypothetical, what would you consider a reasonable percentage (not $ amount) of hull value for a premium to be?
Ted
I think for the Keys, 3 or 4 percent would be fair. 15% is beyond ridiculous.
Geico had an "Actual Cash Value" policy that they would sell me for $2,600. I had them send me a sample policy so I could read how the depreciation would be calculated in the event of a claim. They depreciate 10% per year after the boat is 20 years old with a maximum depreciation of 80%. My boat is 28 years old and thus would incur the maximum of 80%. So in the event of a major mishap of say $20K they would take $16K off the top, then deduct the $2K deductible leaving a payout of $2K, not even one years premium. This is borderline criminal to me.
I think the $200 a year for $300K of liability exposure is just as ridiculous only the opposite way. Way to large an exposure for such a small premium. I am a claims adjuster for an independent claims company so we work with a lot of different companies. See lots of stupid stuff. Nothing with an insurance company has to make sense. It just is what it is.