How will my boat insurance pay me in the event I suffer a partial or total loss? I've been seeking an explanation for a long time!
Total Comments: 6
Posted: Mon Apr 26, 2010 12:21 pm Post Subject:
Most boat policies are ACV... so it will pay you replacement cost minus depreciation unless you've obtained a replacement cost policy.
Posted: Wed Apr 28, 2010 10:22 am Post Subject:
Do all boat insurance carriers offer such replacement cost policies? Do I get any replacement cost rider? Are these policies too expensive?
Posted: Thu Apr 29, 2010 09:13 am Post Subject:
Are these policies too expensive?
It would depend a lot on your policy terms and the deductible that you've opted for. The applicability of replacement cost is different than that of the depreciated value. You may wish to have a policy that reimburses replacement cost in the event you suffer partial losses.
Posted: Fri Apr 30, 2010 05:51 am Post Subject:
You may wish to have a policy that reimburses replacement cost in the event you suffer partial losses.
Some of the boat insurance carriers won't cover replacement cost towards partial losses at all. On the other hand some of them would cover replacement cost (for partial losses) till a certain age of the boat.
Posted: Sat May 01, 2010 04:19 am Post Subject:
See, if the value depreciates it would cost you thousands of dollars. A majority of insurance carriers who offer replacement cost towards partial losses would list items that might depreciate over time.
Posted: Sat May 01, 2010 05:34 am Post Subject:
Why is it so important for us to understand how our policy would compensate for a partial loss as compared to that of a total loss? The chances of a total loss are much less than that of a partial loss.
Posted: Mon Apr 26, 2010 12:21 pm Post Subject:
Most boat policies are ACV... so it will pay you replacement cost minus depreciation unless you've obtained a replacement cost policy.
Posted: Wed Apr 28, 2010 10:22 am Post Subject:
Do all boat insurance carriers offer such replacement cost policies? Do I get any replacement cost rider? Are these policies too expensive?
Posted: Thu Apr 29, 2010 09:13 am Post Subject:
Are these policies too expensive?
It would depend a lot on your policy terms and the deductible that you've opted for. The applicability of replacement cost is different than that of the depreciated value. You may wish to have a policy that reimburses replacement cost in the event you suffer partial losses.
Posted: Fri Apr 30, 2010 05:51 am Post Subject:
You may wish to have a policy that reimburses replacement cost in the event you suffer partial losses.
Some of the boat insurance carriers won't cover replacement cost towards partial losses at all. On the other hand some of them would cover replacement cost (for partial losses) till a certain age of the boat.
Posted: Sat May 01, 2010 04:19 am Post Subject:
See, if the value depreciates it would cost you thousands of dollars. A majority of insurance carriers who offer replacement cost towards partial losses would list items that might depreciate over time.
Posted: Sat May 01, 2010 05:34 am Post Subject:
Why is it so important for us to understand how our policy would compensate for a partial loss as compared to that of a total loss? The chances of a total loss are much less than that of a partial loss.
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