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Tiny is Gone... Hi, My Name is ROGER
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I have a friend who lost a brand new boat in Moses Lake some years back (sank at dock due to electrolosis.). The insurance totalled the boat and paid it off. Then they offered to sell it back to him for a greatly reduced price but, would no longer insure the boat or motors ever again.

Would this be the case for all these boats that are going to be sold cheaply because they were totalled out by the insurance company or would another provider pick them up?? (new policies).

Something to think about....
 

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archTech
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Boats cannot recieve a salvage title like an automobile. However, there may be other records they can go to (but typically don't) to figure it out. This is the reason most boats in conditions as such go out of state...just in case.
 

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my boat sunk and insurance sold it back to me and still have the same policy just had to get a marine servey to prove the boat was repaired
 

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Lifes 2 Short 2 B So Serious All Da Time
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Some of you might remember the Lady Anna that Elliotts use to own in Freeport.

It was a salvaged boat if I remember correctly.

Years ago it was totaled on the Freeport Jetties. Elliotts bought it back from the insurance company, completely over hauled it, and used it for im guessing another 20 years, then sold it for who knows how many hundred thousand dollars a year or so ago.
 

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I have been a witness in a lawsuit about the disclosure of wether the boat had been sunk. Keep that in mind when you sell one that's been redone.
 

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FishSick
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The other thing to remember is if they are new boats a dealer is selling after they have been damaged in a storm and totaled by the insurance company, the boat builder or engine manf will no longer warranty the boat/motors.
 

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I knocked my engine off my boat three years ago. The insurance company(Travelers) totalled my boat and I bought it back with only a 20% reduction of settlement. That was plenty to repair the boat, buy a used engine and put additional electronics on. I also had enough to change the color scheme on the stripes and canvas. After all repairs I insured the boat with Progressive. No survey or inspections.
 

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Insurance

A quit question my insurance (Sea-Safe) will not cover loss or damage due to hurricanes, tropical storms or tropical depressions. I have it set to pay off the loan @ 170k if lost.
Is this the norm. or am i missing somthing.

Thanks
 

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not the norm

ksh9711 said:
A quit question my insurance (Sea-Safe) will not cover loss or damage due to hurricanes, tropical storms or tropical depressions. I have it set to pay off the loan @ 170k if lost.
Is this the norm. or am i missing somthing.

Thanks
Go back and reread your policy because this is not the norm.

My boat and my house have higher deductables in a named storm but are still covered.

Randy
 

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"Go back and reread your policy because this is not the norm."

UNTRUE - many many policies are being sold nowdays with what is called a "Named Storm" exclusion. Mine, for instance, offers a significant rate reduction if I choose to bear the burden of trailering my boat out of harms way. After Katrina, these policies are very widespread.

You may have a named storm exclusion even if you did not request one.

Look CLOSELY at your policy.
 

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"Why would you buy insurance that doesn't cover hurricanes or tropical weather??"

Becaue for those of us that are accustomed to trailering our boats, the annual premium savings is about 1/2.

Regardless of coverage, I know that if a storm comes in, I am going to move mine out anyway, so why not save about $1500 a year in the process.
 
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ksh9711, I would change insurance as I agree with crossroads. Check your policy again. Mine used to state that I could not be out in the gulf of mexico if there was a "named storm" in the gulf. Da, who would want to be.
 

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Thought I would chime in here as we have a large amount of boats covered here on the gulf coast. The coverage you get depends on the company you get your insurance from. Some folks opt to remove named storm coverage for the significant decrease in cost. These folks (as En Fuego stated) are able to trailer their boat out of harms way with little to no trouble. Other people that are not able to trailer theirs should probably opt to have the NS coverage. It's all up to you what coverages you'd like and what rate you want to pay. As far as "normal"..............no such thing any longer in the insurance industry :) .
I write for almost every available boat ins company and they all have similiarities but also distinct differences. Feel free to pm me or give me a call if anyone has any insurance questions. No hourly rate for information :) 281-798-9456
As far as salvage boats...........be careful and get a survey done.

Good luck,
Brice
AMI
 

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I saw a tow boat operator last week who was busy shutteling adjustors around to view boats. He said that any boat insured for under $99,999 with more than $300.00 damage is being totaled and paid off. I have the boat replacement coverage but opted to take it to Austin.
 
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