I recently discovered something about insurance that really pissed me off. I've been with the same insurance company for more than 3 decades. They insure my home, two cars, boat and my musical equipment. In more than 30 years, we've never had a claim for an auto accident that was our fault. Five years ago, however, I had someone broadside my van on I-95 that did not have insurance. I had a $500 deductible for collision, but the van was totaled. My van was in fantastic condition, a custom conversion van with a "U" shaped couch that converted into a queen size bed, TV, all the bells and whistles. It was 10 years old, had nearly 150,000 miles on it, but ran like a Swiss watch. The insurance company gave me $1,500 for the van, claiming it was too old to fix.
Two years ago, my wife was slowly driving down the isle of a shopping center parking lot when someone backed out of their parking space without looking. They hit her car on the rear door, doing about $1,200 in damage. The door had to be replaced, the center post and frame straightened, and a partial paint job. Her deductible was $500, which she paid to the repair shop. The person who backed into her did not have insurance, consequently our insurance company had to pick up the tab.
Now, here's the kick in the a$$! Our insurance company raised our rates for the next three years to cover the cost of those two accidents. WHAT! The accidents were not MY fault or MY WIFE'S fault--they were the fault of two, uninsured motorist. What the Hell am I paying insurance for? The above post hit the nail on the head--Insurance is Government Sponsored Extortion--nothing more.
I had a friend that just went through the same thing two years ago when some whacko on a jet ski slammed into the forward quarter of his 30T-Catalina. The jet ski punched a 4-foot hole in the hull, the insurance company claimed the boat was a total loss, paid him $27,000 for the boat and walked away. His boat had an assessed value of $45,000, but that didn't count when it came to the insurance company--they could have cared less. After a year of looking for another boat, he settled on a 32.5-Morgan that was a few years older, but in great shape. He wheeled and dealed and managed to get a great price on the Morgan, but he said he would rather had the Catalina instead.
The irony of all this is the guy that slammed into his boat with the jet ski purchased the Catalina from the insurance company for about $4,000, patched up the hole, and the boat is still berthed at the same marina. I've never seen it sailing, but I guess the new owner uses it once in a while.
My suggestion for insurance is to go with the company that charges the lowest premium--they all a bunch of crooks!