First time! Insurance question

[JPow]

Hey guys, I’m happy to be joining the world of jet boat owners and have an unfortunate insurance question.
I just got my 2017 Yamaha 242x about a month ago. I had to get new batteries and asked a friend to install them since I was out of town for work and wasn’t able to do it before the weekend. The engines turned on, music was good and the fun was ready to commence. Until the engines cut out in the middle of a channel and we drifted into some rocks bc of the high wind that day. Good times! turns out the connections were not tightened down enough on the terminals and we lost power.

Heres my question. I have about $4k worth in fiberglass repairs to get done. My deductible is $1k but my concern is that because I’m a first time boat owner, and now making a claim within a month, that Progressive will drop me at the end of this year. Does that seem likely/possible? How much would my monthly premium likely go up? I called and they wouldn’t even give me an idea. I also have my condo and car insurance through them as well so maybe that will give me some leverage but I have no clue. Any advice you guys can give me I would appreciate. Thanks!

 

[HangOutdoors]

I would probably guess to not worry about it and file the claim. I have filed claims with my Insurance company AAA and never had an issue. I could basically pay for insurance for my boat, car, home and life insurance for the rest of my life and the premiums would never cover what they have covered.

 

[JPow]

Ok thanks! That’s kinda what I thought too but my lender said they could drop me which was surprising. Even if my monthly payment jumped 50% it would take years before I’m losing money on the deal.

 

[Beachbummer]

Exactly. Yes, They might drop you, that's a definite possibility. You are looking at a $3K+ payout so if they drop you, you can find someone else to cover you. That's what insurance is for.

 

[Robconn]

I’m sure that what an insurance actuary has already figured out. The odds of a first time boat owner vs the value of potential claims. So the deductible and payment structure have been pre determined based on statistical data. You pay pay for what you get. Sorry for your experience on the water. Your negative boating experiences will make you a better captain. I know I have upped my game around the docks just from the 2 times I misjudged my approach costing me dough and above all pride. Just like you will be sure to automatically check all your connections routinely. Good luck with your claim.

 

[granpachuck]

I would probably guess to not worry about it and file the claim. I have filed claims with my Insurance company AAA and never had an issue. I could basically pay for insurance for my boat, car, home and life insurance for the rest of my life and the premiums would never cover what they have covered.

Agreed, file the claim. I hit a submerged log a few years back, you could find my posts and pics on this site if you search for it. I thought I had 10k in damage. My insurance company paid it immediately, the dealer had all the work done , and it was under 4k . No further issues. I still have the same company and the rate hasn't changed . I still pay around 400 a year. My plan has a disappearing deductible, starting at 500, so I had to start over with that.

 

[Hergy]

Hey guys, I’m happy to be joining the world of jet boat owners and have an unfortunate insurance question.
I just got my 2017 Yamaha 242x about a month ago. I had to get new batteries and asked a friend to install them since I was out of town for work and wasn’t able to do it before the weekend. The engines turned on, music was good and the fun was ready to commence. Until the engines cut out in the middle of a channel and we drifted into some rocks bc of the high wind that day. Good times! turns out the connections were not tightened down enough on the terminals and we lost power.

Heres my question. I have about $4k worth in fiberglass repairs to get done. My deductible is $1k but my concern is that because I’m a first time boat owner, and now making a claim within a month, that Progressive will drop me at the end of this year. Does that seem likely/possible? How much would my monthly premium likely go up? I called and they wouldn’t even give me an idea. I also have my condo and car insurance through them as well so maybe that will give me some leverage but I have no clue. Any advice you guys can give me I would appreciate. Thanks!

I’ve had Progressive for insurance for a couple of years now. I had my Sea Doo GTX230 insured with them. Hit a submerged log the first year while jumping across some waves. $3500.00 in damage. They paid up, and did not raise my rates. Damn, if I didn’t hit another submerged log the second year. This time it was $2300.00 for the repair. They been great. I traded in the Sea Doo for a Scarab 165id a month ago. I thought they would put the screws to me in the insurance for the boat, but it only went up about $25.00. I think they will treat you right!