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Bummer luck for my old ski team


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My alma mater (by way of 3 years at UW) is a small school in northwest WI (which has sadly been in the news lately).  Not sure if they were footing (they foot a ton) to do this much damage, but they hit something very hard and tore the bottom out of their '98 Sporty, sending her to the bottom of Lake Menomin.  Fall season is obviously over, but they will need to get creative to get back on the water in the spring.  Fortunately they were insured and the company totaled their Sporty.  Unfortunately, it was a 98 and wasn't all that valuable.

They've started a gofundme page here for anyone willing to kick them a couple bucks.  https://www.gofundme.com/donations-for-new-boat

It was my last semester on campus before we actually had the funding and organization for a boat, so I know the struggle of having a boatless waterski team.  It sucks...

Edited by UWSkier
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Not sure if anything like this happened to your WS team, but the buoys on our lake come out (and go back in) on a very loose schedule based on who in the lake homeowners association happens to be doing it and when they feel like doing it.  When there are no buoys you really have to pay attention to where you are.

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On 11/5/2016 at 7:34 AM, Sixball said:

One thing you can do is insure a boat for a dollar amount. I do it, I do it as well on some of my other gear camera and lenses. Stops the fighting if something bad happens! It does not cost me much if anything overall.  

Yep, I insure with an "agreed value" and that way I know (hope) I won't get screwed by my insurance company.  The "blue book" value for my boat was a little low in my opinion, so I added $5000 to their value and it wasn't much more than the original premium.

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I saw those on Facebook, really sad to see that. 

That said....I have an Echelon with a 454 that they could probably buy with the settlement, listed here in classifieds:

 

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All 3 insurance companies, Geico, Allstate, Boat US, I spoke with would only insure my 1990 Euro for $7,500 (for the boat). They would not cover any more, even if I paid more.

Sixball- who do u insure with?

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1 hour ago, ski40mph said:

All 3 insurance companies, Geico, Allstate, Boat US, I spoke with would only insure my 1990 Euro for $7,500 (for the boat). They would not cover any more, even if I paid more.

Sixball- who do u insure with?

Agreed value doesn't typically allow you to pick an unreasonable agreed value.  They'll let you go above book value to a reasonable replacement value, and allow bumps for the value of added accessories but they are not going to insure a $7500 boat for 40K.  There has to be a reasonableness to the valuation so that you don't just accidentally sink it.  My boat has agreed value insurance (state farm).  The amount is about 5K more than I paid for it, but still within reason for what it would cost me to find another one just like it as a replacement.

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2 hours ago, ski40mph said:

All 3 insurance companies, Geico, Allstate, Boat US, I spoke with would only insure my 1990 Euro for $7,500 (for the boat). They would not cover any more, even if I paid more.

Sixball- who do u insure with?

We use Auto Owners, I have house, vehicles, boats, and a lot of other smaller things. Oh and a Cabin and all my things up at that  place. I have a very good agent, he looks everything over every year. He called me just a month ago and made changes, saved me $ 200.00 bucks a year! And yes you cannot put unrealistic values on things.  

Edited by Sixball
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3 hours ago, Arick said:

I got through State farm and was able to essentially name my price.

 

Seriously doubt you could buy a $10K ski boat and name a price of $30K on it.  Unless your first year premium was $20K.  If I am wrong, please let me know.  I have everything insured with State Farm and would love to go buy an $80K Landcruiser, name a price of $200K on it, then use the 'Crawl Mode' to watch it sink slowly into the lake at the nearest boat ramp.

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24 minutes ago, RTS said:

 would love to go buy an $80K Landcruiser, name a price of $200K on it, then use the 'Crawl Mode' to watch it sink slowly into the lake at the nearest boat ramp.

This is known as insurance fraud.

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I imagine the agreed value has to be an amount that can be substantiated fairly easily. Beyond that, a policy would be based on appraised value just like jewelry, classic cars/boats, custom homes (think silk wall coverings and 14K gold fixtures), etc. The insurance company's potential liability will be reflected in the premium.   

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I think I could make an argument that my boat has a $XX engine upgrade, that I can substantiate with receipts.  Therefore, it should be valued $XX higher than the book value for a '94 Echelon.  Or something like that.  I expect you'd have to have some kind of proof/justification for the higher value, and not just an arbitrary number.

Side note - a buddy of mine works for an insurance company.  He HATES it.  Says it's the worst industry in the world, they make a business out of providing less that what is expected/valued/deserved, but hard to leave because he's making good money.

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23 hours ago, RTS said:

 

Seriously doubt you could buy a $10K ski boat and name a price of $30K on it.  Unless your first year premium was $20K.  If I am wrong, please let me know.  I have everything insured with State Farm and would love to go buy an $80K Landcruiser, name a price of $200K on it, then use the 'Crawl Mode' to watch it sink slowly into the lake at the nearest boat ramp.

What I said was taken out of context.  They didn't blink when I wanted basically doubled what I paid for my echelon.  And no I didn't get it dirt cheap.

Edited by Arick
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On 11/8/2016 at 1:53 PM, Arick said:

I got through State farm and was able to essentially name my price.

 

You said you were able to 'name my price'.  Not real sure how that is out of context.  Double what you paid is one thing.  Naming your price is another.

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8 minutes ago, RTS said:

 

You said you were able to 'name my price'.  Not real sure how that is out of context.  Double what you paid is one thing.  Naming your price is another.

I believe I used the wrong word, essentially.  Anyway, the point I was trying to get across was that I didn't have to justify anything for getting 2x more coverage than what the boat was worth.  I can certainly call and see if they would triple it and report back.  Let me know.

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21 minutes ago, Arick said:

I believe I used the wrong word, essentially.  Anyway, the point I was trying to get across was that I didn't have to justify anything for getting 2x more coverage than what the boat was worth.  I can certainly call and see if they would triple it and report back.  Let me know.

It is an "Agreed Hull Value"... I have it on both of my boats. I highly suggest this route.. they will look at your "name your price"... review it with underwriters and let you know if they agree or not... Luckily my 2010 was an agreed value of 70,000. If not, they would have totaled it last year and gave me $30,000.00 for it... Try to find a 2010 LSV for 30,000.00

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  • 6 months later...

Local fisherman found the shaft still buried in the dead-head that took out the Sporty.  No wonder the boat sunk.  Don't think I've ever seen carnage like this before!

18664205_1406683282729397_22541209006089

18664249_1406683286062730_70262514901643

Edited by UWSkier
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On 11/8/2016 at 9:54 AM, ski40mph said:

All 3 insurance companies, Geico, Allstate, Boat US, I spoke with would only insure my 1990 Euro for $7,500 (for the boat). They would not cover any more, even if I paid more.

Sixball- who do u insure with?

Mine: Travelers Marine

agreed value for boat, trailer and motor

covered for blown motor as well

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