In a message dated 98-09-28 19:57:46 EDT, Sandy writes: << I have locks on my rack and a cable to secure my yak, but for $45 a year, I also have an insurance policy to cover the loss of the boat and equipment. >> Yup. Good idea, Sandy. The security devices we use in kayaking really only "harden" our toys a little bit --- mostly in comparison with those of us who <don't> use security devices. The bad guys simply are put off a little and go to a softer target. The little locks on Thule and Yakima racks make it a little more difficult for someone to steal your boat, but that's all --- just a little more difficult. They want it, they'll get it. The insurance policy is a good idea. If you feel comfortable sharing the info, where did you get a $45 policy, and what method did the underwriter use to determine the true value of the boat? Jack Martin *************************************************************************** PaddleWise Paddling Mailing List Submissions: paddlewise_at_lists.intelenet.net Subscriptions: paddlewise-request_at_lists.intelenet.net Website: http://www.gasp-seakayak.net/paddlewise/ ***************************************************************************
At 08:43 AM 10/1/98 EDT, JCMARTIN43_at_aol.com wrote: >If you feel comfortable sharing the info, where did you get a $45 policy, and >what method did the underwriter use to determine the true value of the boat? Just butting in with my experience. When my Romany Explorer was stolen this summer, I had it insured through Farmer's Insurance for $2000, with a $100 deductible. This policy cost me $25 per year. They never questioned the value of the boat until it was stolen. Then, the claims adjuster made calls to 2 kayak shops (one of which I suggested they call) to find out what they would be selling the same boat for, considering it's age (3 years, but bought brand new one year ago) and condition (excellent). They then averaged the quotes they received from the kayak shops. I found out that the shop I recommended they call gave a ridiculously low quote, so I called several more shops myself, all of which gave much higher quotes. I disputed the amount the insurance company wanted to give me, and told them to call some of the other shops which they did. They ended up giving me the full value of the policy. My renters policy covered the accessories that were stolen along with it he boat, since it was taken from my yard. Bottom line here is that they probably dont care what the true value of your boat is when you insure it. It's probably up to the owner to make sure they dont under or over insure it. If your boat it stolen, thats when they will take a very close look at what its true value is. I now have my Sirius insured for $2700 which is the list price for new ones. I dont know how much more the policy will cost, but my agent said it will only be a few bucks. It is insured for "replacement" value. Right now the boats replacement value is the same as its original value, but a few years down the road they would never give me $2700 for it, so I will reduce the policy coverage accordingly. Best to err on the high side though. Wayne *************************************************************************** PaddleWise Paddling Mailing List Submissions: paddlewise_at_lists.intelenet.net Subscriptions: paddlewise-request_at_lists.intelenet.net Website: http://www.gasp-seakayak.net/paddlewise/ ***************************************************************************
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