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Nationwide boat insurance

Old 03-18-2009, 08:28 AM
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Default Nationwide boat insurance

Are there any Nationwide Insurance boat policy experts out there? I would like to find out if the policy is agreed value or actual cash value?

Thanks
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Old 03-18-2009, 09:05 AM
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Run away. I am a long time, multi line Nationwide policyholder. Putting my boat with them was the worst thing I could have done. I have a claim for vandalism that is almost a year old with no resolution. I have been lied to and my agent is helpless because it is a "special line" and he has no access to the claims people. I am filing a complaint with the Ins comm this week. Laird
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Old 03-18-2009, 09:45 AM
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A reading of the policy contract should make it pretty clear which type it is.
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Old 03-18-2009, 09:56 AM
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I had Nationwide-it was a ACV policy. I switched to BoatUS & got an agreed value policy and pay about 40% less....they even added $10k coverage for fishing equipment. Only downside is there's a $1600 deductible if the boat is damaged in a named storm.(otherwise the deductible is $400) I didn't worry much about the named storm deductible, though, because my boat would likely be in the driveway during such an event, so homeowners should pick up the difference.
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Old 03-18-2009, 09:58 AM
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They offer it both ways read your policy close
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Old 03-18-2009, 11:20 AM
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They offer it on a Agreed value, Actual cash value or Replacement cost....

Fishnutz...better check the details of the homeowners insurance...there would not be coverage for your boat here in FL on a homeowners policy(unless a special endorsement was added to the policy).
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Old 03-18-2009, 12:49 PM
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Originally Posted by CaptnJack View Post
They offer it both ways read your policy close
Yes they do. Request whichever you want. If you already have it, you can change it to whichever you want.
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Old 03-18-2009, 12:55 PM
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Try MARKS MARINE INSURANCE Ken Marks has been in the business for a long time and has a really good reputation. kenm@insuretheboat.com 856-384-0111

www.insuretheboat.com
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Old 03-18-2009, 12:59 PM
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They offer all three but you may not qualify.
It depends on the age of your boat.
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Old 03-18-2009, 01:51 PM
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Mark 290 has it right from what my agent told me. According to them, a replacement cost policy is only available during the first 2 years of the boat's life.
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Old 03-18-2009, 02:10 PM
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Agreed Value can be written if you can provide a bill of sale when you purchase the boat. A marine survey would probably also be sufficient. The coverage will stay agreed value until the boat reaches 11 years of age. At that point the coverage will switch to ACV (actual cash value).
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Old 03-19-2009, 09:43 AM
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Thank you for the replies I did see a copy of the policy and it is ACV. Deffinately something to stay away from. Thanks again.
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Old 03-19-2009, 09:54 AM
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Originally Posted by fishnutz View Post
I had Nationwide-it was a ACV policy. I switched to BoatUS & got an agreed value policy and pay about 40% less....they even added $10k coverage for fishing equipment. Only downside is there's a $1600 deductible if the boat is damaged in a named storm.(otherwise the deductible is $400) I didn't worry much about the named storm deductible, though, because my boat would likely be in the driveway during such an event, so homeowners should pick up the difference.
I'd be very surprised if your homeowners provided any coverage for your boat and it like a car and is excluded from coverage in most cases. Some homeowners policies do provide coverage for smaller row boat but even those coverages have basic limits.
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Old 03-19-2009, 12:52 PM
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Originally Posted by fishingfun View Post
I'd be very surprised if your homeowners provided any coverage for your boat and it like a car and is excluded from coverage in most cases. Some homeowners policies do provide coverage for smaller row boat but even those coverages have basic limits.
Homeowners insurance often covers small boats. The agent is the one to ask. Before there is a claim.
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Old 03-19-2009, 12:54 PM
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Originally Posted by mariner1 View Post
Thank you for the replies I did see a copy of the policy and it is ACV. Deffinately something to stay away from. Thanks again.
ACV is fine for some people. It's less expensive. As I posted above, you can contact your agent and have it changed.
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Old 03-19-2009, 12:58 PM
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Originally Posted by FishingKdr View Post
Agreed Value can be written if you can provide a bill of sale when you purchase the boat. A marine survey would probably also be sufficient. The coverage will stay agreed value until the boat reaches 11 years of age. At that point the coverage will switch to ACV (actual cash value).
I got an agreed value policy on an eight year old boat without showing a bill of sale. I had the boar surveyed but she didn't ask about that. The agent asked me how much I paid for it and I told her and told her I planned to invest another $5K in electronics so that's what she wrote the policy for.

BTW: If it matters, I have good credit, I have my home, two vehicles, and another boat insured with Nationwide plus an umbrella policy and I've been a Nationwide client since 1964.
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