Wozencraft
06-28-2007, 03:53 PM
Is it for real...especially with high performance boats???
I'm bringing the State Farm boat policy into question. My experience tells me there are loop holes in the coverage available & acceptable boats they insure.
Firstly, I want to mention that my comments & concerns are directed only at State Farm's boat policy and NOT towards State Farm as a company. State Farm has a very good repuation in the insurance industry.
There are 3 main concerns I have with State Farm's boat policy:
1. Valuation of the hull - Actual Cash Value or Agreed Value (or something else???) - What is it? The wording in the policy seems to point towards it being an Actual Cash Value (ACV) policy. This means that in the event of a loss, the ins. co. would only pay out current market value on the boat plus any depriciation. [With Agreed Value Policies, the boat is covered as stated in the policy]
2. Uninsured/Underinsured Watercraft - Where is it??? I have yet to find this coverage ANYWHERE. Don't overlook this coverage either. In the event someone were injured, including your own family, this coverage would pay for any injuries on or around your boat, pain and suffering, and loss of wages (while out of work).
3. No High Performance Boats allowed! - That is the wording in the agent program guide. Not sure where to begin with this one. :) A good friend of mine is a State Farm agent. He read to me the wording in his agency program guide. It states that they do not write any high performance boats. It also went on to say that they do not write any cat or tunnel hull boats.
I am interested to know what anyones thoughts are regarding the State Farm boat policy. Again, if you have State Farm covering your boat, I'm not saying anything negative towards State Farm as a whole. It's just that there may be some loop holes or gray areas that may need mentioning. I welcome anyones feedback on the topic, even State Farm Agents.
Devin Wozencraft
I'm bringing the State Farm boat policy into question. My experience tells me there are loop holes in the coverage available & acceptable boats they insure.
Firstly, I want to mention that my comments & concerns are directed only at State Farm's boat policy and NOT towards State Farm as a company. State Farm has a very good repuation in the insurance industry.
There are 3 main concerns I have with State Farm's boat policy:
1. Valuation of the hull - Actual Cash Value or Agreed Value (or something else???) - What is it? The wording in the policy seems to point towards it being an Actual Cash Value (ACV) policy. This means that in the event of a loss, the ins. co. would only pay out current market value on the boat plus any depriciation. [With Agreed Value Policies, the boat is covered as stated in the policy]
2. Uninsured/Underinsured Watercraft - Where is it??? I have yet to find this coverage ANYWHERE. Don't overlook this coverage either. In the event someone were injured, including your own family, this coverage would pay for any injuries on or around your boat, pain and suffering, and loss of wages (while out of work).
3. No High Performance Boats allowed! - That is the wording in the agent program guide. Not sure where to begin with this one. :) A good friend of mine is a State Farm agent. He read to me the wording in his agency program guide. It states that they do not write any high performance boats. It also went on to say that they do not write any cat or tunnel hull boats.
I am interested to know what anyones thoughts are regarding the State Farm boat policy. Again, if you have State Farm covering your boat, I'm not saying anything negative towards State Farm as a whole. It's just that there may be some loop holes or gray areas that may need mentioning. I welcome anyones feedback on the topic, even State Farm Agents.
Devin Wozencraft