speaking of insurance...when I repowered my 2004, I asked to have the agreed value increased and had to provide the paperwork for the engines. At that point, they asked about the Hp increase and wanted to see the boat was rated for it. I provided a copy of the sales literature off the grady website and that was enough.
I repowered my 2002 with Suzuki 250AP in 2021. Originally I had ordered 300AP (installing dealer had no problem with the upgrade) but based on the suggestion of a friend I checked with insurance company (Progressive) to make sure they were ok with it.
Following is the response from insurance agent
“Hi Jeff,
Progressive back to me, they advised that if you were to the hp exceeds the vessel rating of 500 hp, they would unfortunately have to cancel the policy, you can with the 250 hp engines.
Thank you,
Pete Fox
Account Representative
Gallagher Charter Lakes”
In discussion with the agent he had the following comments regarding checking with other carriers.
- Get the authorization from insurance company in writing, verbal authorization isn’t worth crap when it comes to a claim
- Even with written authorization, you may be tied to that company through any and all annual increases as you may not find another company willing to write the policy.
I realize there are a lot of if’s in my response but insurance companies throw a bunch of obstacles at any claim. I didn’t want to add one that could potentially void any claim. Total loss of the value of my boat would be a major hit to my wallet.