{"id":707,"date":"2012-09-12T15:14:13","date_gmt":"2012-09-12T15:14:13","guid":{"rendered":"http:\/\/www.unitedmarine.net\/blog\/?p=707"},"modified":"2012-09-12T16:34:47","modified_gmt":"2012-09-12T16:34:47","slug":"boat-vs-automobile-insurance","status":"publish","type":"post","link":"https:\/\/www.unitedmarine.net\/blog\/index.php\/2012\/09\/12\/boat-vs-automobile-insurance\/","title":{"rendered":"Boat vs Automobile Insurance"},"content":{"rendered":"

There are many more differences than there are similarities between boat and automobile insurance; including how a physical damage (comprehensive and collision) claim is settled. A claim on a boat is settled differently than how a claim is settled on an automobile.<\/p>\n

First, we have to determine if the loss is a partial loss or total loss. <\/a> A partial loss is when the boat or automobile has been damaged but can be repaired. A total loss is when they have been destroyed or the cost to repair exceeds their value.<\/p>\n

Partial Loss<\/h3>\n

When an automobile sustains a partial loss, the insurance company simply pays for the damage less the deductible. A partial loss on a boat may be subject to depreciation. If an automobile has $3000 in repairs with a $250 deductible, the insurance company pays $2750. If a Boat has $3000 in repairs to an aged stern-drive subject to 50% depreciation, the insurance company would pay $1250 ($3000 loss less $1500 depreciation less $250 deductible).<\/p>\n

Total Loss<\/h3>\n

A total loss to a boat insured using agreed amount is not subject to depreciation. If the boat is insured for $100,000, the insurance company will pay $100,000. A total loss to an automobile is subject to the depreciated market value. The insurance company will pay the depreciated value of the automobile at the time of the loss. <\/p>\n

Partial Loss<\/b>
\nAutomobile No Depreciation – Boat Subject To Depreciation.<\/p>\n

Total loss<\/b>
\nAutomobile Subject To Depreciation – Boat No Depreciation.<\/p>\n

It Is Not Just Boat Insurance!<\/b><\/p>\n