Quote:
Originally Posted by Greene's Basin Girl
Has anyone insured their boat/boats with Sea Insure? It is being offered by Sea Tow International. I have a membership with Sea Tow for lake towing purposes. I have had my boat insurance with State Farm as long as i have owned boats, but I think their price is high. Sea Insure has quoted me a price that would result in significant savings.I also noticed that State Farm insures for the original cost of the boats purchased price. My PWC is 13 years old. State Farm said that they will pay me for the the boat purchased amount. I thought the price would be depreciated.
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State Farm may be insuring you on a Replacement Cost Value using the cost of your machine as a cost basis value.
Sea Insure may be insuring you for Actual Cash Value (what the machine is worth today). This value would be lower than cost new and the payout in event of a claim would be lower as well.
Unfortunately, when talking insurance, what is said to you may not be totally true
. Best advice is to sit down and read the policy, paying particular attention to the policy's limit of liability and their claims procedures. You will have to do your own due diligence (unfortunately).
Good luck either way you go.