Insurance - SailNet Community
 
LinkBack Thread Tools
post #1 of 8 Old 05-26-2011 Thread Starter
Senior Member
 
Leocat66's Avatar
 
Join Date: Dec 2010
Location: Slidell, LA. USA
Posts: 171
Thanks: 3
Thanked 0 Times in 0 Posts
Rep Power: 5
 
Insurance

Today, We received our new policy from the Good Hands People. What a shock. The premium for boat, contents, liability, and medical, has way more than doubled over what it has been for the last few years. We have filed an inquiry and complaint with the Commissioner of Insurance for Louisiana.

We cannot afford these increases, and are retired on fixed income, so we will be shopping around or doing without, except for liability of course. Has anyone else experienced this recently, or any suggestions on where to look for reasonable coverage.
Leocat66 is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 8 Old 05-26-2011
Large Member
 
Join Date: May 2007
Location: Texas
Posts: 1,000
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 9
 
Curious why you would file a complaint? They gave you a price, you don't like it, so don't buy the policy.

The obvious answer is to shop around for a better price. A lot of people recommend US Boats, I found them higher than Progressive but it also depends on type of boat, location, types of coverage etc.
mdbee is offline  
Quote Quick Reply Share with Facebook
post #3 of 8 Old 05-26-2011
Reward for lost Kraken!
 
hellosailor's Avatar
 
Join Date: Apr 2006
Posts: 11,438
Thanks: 5
Thanked 131 Times in 128 Posts
Rep Power: 11
   
Leo, did you ask the insurer or broker what changed? Maybe it was a rate increase, maybe it was a change, i.e. someone entered a different age group?
hellosailor is offline  
Quote Quick Reply Share with Facebook
post #4 of 8 Old 05-26-2011 Thread Starter
Senior Member
 
Leocat66's Avatar
 
Join Date: Dec 2010
Location: Slidell, LA. USA
Posts: 171
Thanks: 3
Thanked 0 Times in 0 Posts
Rep Power: 5
 
I filed a complaint at the direction of the Insurance Commissioner, as they were astounded at the amount of the increase, as all blanket increases here must be approved by their office before being implemented by any insurance company.

According to our agent, whom we have known for years, like, and respect, this rise is not unique to us, but an increase which applies to all policy holders here. That is what may put the ball in the court of the Commissioner. Our agent advises that he is receiving many complaints of this nature, which originate from the company and not his office.

We have been doing business with this Company for 50 years, everything we own is covered through them. We have had normal rate increases over the years like everyone else, but never one which is even near 110%.

We, like most others, live on a budget. We expect and plan for some consistent expenses so that we can plan our lives and meet our obligations. Imagine what would happen to most of us here if tomorrow ones boat note, house note, or car note doubled, without much advanced notice. True, this is not exactly the same thing, but the effect is the same.

How many of us will be able to retain full coverage on our boats if this is a trend?

In our case we are seeking other sources. We are putting this out here to see if this may be a trend or an isolated situation.

Last edited by Leocat66; 05-27-2011 at 08:42 AM.
Leocat66 is offline  
Quote Quick Reply Share with Facebook
post #5 of 8 Old 05-28-2011
Senior Member
 
swampcreek's Avatar
 
Join Date: Feb 2010
Location: Pasadena MD
Posts: 334
Thanks: 1
Thanked 7 Times in 7 Posts
Rep Power: 6
 
Insurance is a royal pain! In part I guess we have the idiots that turn in claims for every scratch, stubbed toe or other minor mishap. I go with the cheapest I can find, right now its Progressive. I have heard the arguments about discount insurance being below par and I can believe that. I also have heard about extended warranties on appliances and cars being a good idea. I never buy extended warranties either. If I look at insurance as one block of expense that I have been paying for my entire life, whatever loss I may take will have been paid for though the savings I've aquired throughout the years. Now this is on selective things, I do plan on upgrading my homeowners insurance due to the addition of an apartment I just built above the garage, but other than that I choose the cheap way out.

2000 Catalina 320
Previous:
1993 Macgregor 26S
1981 Hobie H16
19?? Sol Cat
19?? Penquin
Many, many power boats

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Life should be an adventure, not a guided tour!
Not all of us in the herd are sheep.
swampcreek is offline  
Quote Quick Reply Share with Facebook
post #6 of 8 Old 05-28-2011
Large Member
 
Join Date: May 2007
Location: Texas
Posts: 1,000
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 9
 
50 years

I suspect if you have been with the same company for 50 years, you have paid too much money over many of those years. If you mean that you have used the same independent agent for 50 years, I might understand that, if you have a good rapport / trust with them.

Even if thats the case, you should still do a little shopping. Friendship is all well and good but don't assume a close relationship is going to help you with claims etc. The insurance company pays the claims, not your local agent. If you find that other companies aren't cheaper (be sure you are comparing apples to apples) then you will feel even better. If another company is noticeably cheaper, let your agent explain why you should pay more for his policy.

Quote:
Originally Posted by Leocat66 View Post
I filed a complaint at the direction of the Insurance Commissioner, as they were astounded at the amount of the increase, as all blanket increases here must be approved by their office before being implemented by any insurance company.

According to our agent, whom we have known for years, like, and respect, this rise is not unique to us, but an increase which applies to all policy holders here. That is what may put the ball in the court of the Commissioner. Our agent advises that he is receiving many complaints of this nature, which originate from the company and not his office.

We have been doing business with this Company for 50 years, everything we own is covered through them. We have had normal rate increases over the years like everyone else, but never one which is even near 110%.

We, like most others, live on a budget. We expect and plan for some consistent expenses so that we can plan our lives and meet our obligations. Imagine what would happen to most of us here if tomorrow ones boat note, house note, or car note doubled, without much advanced notice. True, this is not exactly the same thing, but the effect is the same.

How many of us will be able to retain full coverage on our boats if this is a trend?

In our case we are seeking other sources. We are putting this out here to see if this may be a trend or an isolated situation.
mdbee is offline  
Quote Quick Reply Share with Facebook
post #7 of 8 Old 05-28-2011
Senior Member
 
Join Date: Jun 2006
Location: Eastern Shore MD
Posts: 135
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 10
 
A good friend of mine, who does some insurance work told me that unless you've had to make claims you should shop around every 5 years. When you buy insurance you go into a 'class' and as claims get processed for the class the rates go up. Shopping around every 5 years will get you into a new class at a lower rate.
saillife is offline  
Quote Quick Reply Share with Facebook
post #8 of 8 Old 05-28-2011
Senior Member
 
fallard's Avatar
 
Join Date: Nov 2009
Location: Mystic
Posts: 959
Thanks: 1
Thanked 13 Times in 12 Posts
Rep Power: 6
 
By all means, shop around, but before you pick a policy, be sure you read the policy--they're not all the same when it comes to what is covered and how they will depreciate your boat and gear when a claim comes due. I had an issue with my power boat insurance last year when I found out that they would not provide new parts for a motor more than 5 years old. As it turned out, I had paid for a higher coverage on my motor than they were willing to honor.

On the other hand, I had a lightning strike on my sailboat last year that was fully covered with new replacement equipment--but that was with a different underwriter. I had checked BOATUS a few years ago for a rate comparison, and I could have saved $200/year, but they would have depreciated the lightning-damaged electronics. I kept my original policy and am glad that I did.
fallard is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance EpicAdventure Boat Review and Purchase Forum 3 07-23-2010 02:51 PM
Insurance geary126 Gear & Maintenance 3 07-29-2007 11:43 AM
Who to get insurance from? sailboatcnc General Discussion (sailing related) 4 06-04-2007 09:12 AM
insurance coondogger Boat Review and Purchase Forum 3 11-13-2004 07:54 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome