Join Date: Feb 2010
Location: Narragansett Bay
Thanked 261 Times in 245 Posts
Rep Power: 7
If you over insure, the carrier will be more likely to want to repair your vessel than pay it off as a total loss. If the damage is that bad, I would prefer to be paid off and buy another.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.