My boat was damaged recently by a boat that broke free from its mooring. There is extensive gel coat damage as well as a crushed stern rail, a broken Bimini frame, and several sheared off stanchions. I have contacted the insurance company of the owner of the offending boat. A claim is open that will address damage to several boats. My question is, should I get my insurance company involved? I am afraid the claim will increase my premiums or lead to me being dropped by my provider. Please let me know if you have had a similar experience.
Insurance Claim
- Thread starter Georgedoyle
- Start date
Yes!
Insurance Companies deal with each other. Your company provides your defense.
If you do not report it, you may lose your insurance.
Jim...
Yes, you should report this to your insurance company, assuming you have some sort of hull insurance.
Typically your insurance company will pay for the repairs and you will subrogate you the claim so your insurance company goes after the other guys insurance. From what I've heard insurance companies usually end up with multiple claims against each other and periodically they negotiate settlements between themselves. This gives the insurance companies more leverage than you will ever have.
Typically your insurance company will pay for the repairs and you will subrogate you the claim so your insurance company goes after the other guys insurance. From what I've heard insurance companies usually end up with multiple claims against each other and periodically they negotiate settlements between themselves. This gives the insurance companies more leverage than you will ever have.
First of all, I believe that action you fear by the insurance co. is illegal. Second, read your policy. Third, not reporting the incident may lead to breaking your agreement with the insurance co. Finally, your insurance company should and want to represent you in the matter.
While I understand the logic of avoiding premium increases, paying often expensive boat insurance rates only to avoid using it is inescapablly ironic, particularly when you are clearly not at fault.
I reported the accident To my insurance company. The response was that I would need to pay the deductible and then my insurance company would pay for the fix and try to recover the cost from the other insurance company. I was informed that I might not get reimbursed for the deductible, which is high at $5,000. So I am proceeding with the other insurance company. I now have pictures of the damage to both my boat and the offending boat. I was told to get an estimate at the boatyard. We'll see what happens. Fingers crossed.