Learned something about insurance premiums - SailNet Community
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post #1 of 7 Old 07-17-2012 Thread Starter
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Learned something about insurance premiums

Maybe this is common knowledge, maybe not. I am posting this incase it could help someone in the future.
I received my annual renewal notice yesterday and guess what…it went up.
This prompted a call to my agent to discuss the increase which ended up with good news for me.
In July 2008, my significant other (living together) and I purchased our boat as co-owners. We fully insured the boat as it was financed.
We married one year later and we are going into our 5th year of ownership of our boat.
I never knew nor was I informed that insurance premiums for co-owned boats are about 28% higher than single owner boats.
After speaking with my agent, who BTW, is the owner of the agency and not the person that initially wrote the policy, he informed me I was paying too much. After some investigation and questioning, he told me that spouses owning a boat together does not constitute co-ownership and is not subject to the “co-ownership surcharge”.
He not only reduced my premium by 28% but also got me a rebate of about 28% from this past year. That is as far back as the insurance company would go.
Now my new bill (with rebate) is only ½ of what it was one day ago…a savings of almost $700. KaaaaChing
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post #2 of 7 Old 07-17-2012
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Re: Learned something about insurance premiums

Honest broker.
Refreshing in this day and age.
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post #3 of 7 Old 07-17-2012 Thread Starter
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Re: Learned something about insurance premiums

I thought so too. I told him he was added to our Christmas card list.
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post #4 of 7 Old 07-17-2012
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Re: Learned something about insurance premiums

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Honest broker.
Refreshing in this day and age.
I've found that insurance brokers are mostly like that - they are not affiliated with any company so it's in their interest to have happy clients. I've had similar experiences a number of times over the years with house & car insurance.
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post #5 of 7 Old 07-18-2012
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Re: Learned something about insurance premiums

The term Broker and Agent are often used interchangeably, but are very different. A broker is a salesperson that brokers a contract between a carrier and customer. They have no legal authority to act on behalf of the carrier. An agent, is an agent of the carrier. If the agent makes a commitment, they are making it on behalf of the carrier, such as when binding coverage. You are insured from that moment. A broker has to wait for the carrier to bind coverage and the carrier can change anything the broker told you.

Semantics to some. Whichever you prefer, it often comes down to the person and how many carriers they represent in either form. I am a big fan of using a local independent agent who represents several carriers that specialize in whatever I'm insuring. They should be able to get you good competitive prices, but more importantly, advise on the difference. Most often, the lowest price has coverage exclusions that others don't or are the most difficult to get to pay a claim.

Most insurance is simply sold on price, while a smart consumer would focus on value. For example, I don't have the rock bottom premium I could find, I have all the coverages, such as hurricane hauling, that I want.


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post #6 of 7 Old 07-18-2012
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Re: Learned something about insurance premiums

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Originally Posted by steveg353 View Post
Maybe this is common knowledge, maybe not. I am posting this incase it could help someone in the future.
I received my annual renewal notice yesterday and guess what…it went up.
This prompted a call to my agent to discuss the increase which ended up with good news for me.
In July 2008, my significant other (living together) and I purchased our boat as co-owners. We fully insured the boat as it was financed.
We married one year later and we are going into our 5th year of ownership of our boat.
I never knew nor was I informed that insurance premiums for co-owned boats are about 28% higher than single owner boats.
After speaking with my agent, who BTW, is the owner of the agency and not the person that initially wrote the policy, he informed me I was paying too much. After some investigation and questioning, he told me that spouses owning a boat together does not constitute co-ownership and is not subject to the “co-ownership surcharge”.
He not only reduced my premium by 28% but also got me a rebate of about 28% from this past year. That is as far back as the insurance company would go.
Now my new bill (with rebate) is only ½ of what it was one day ago…a savings of almost $700. KaaaaChing
I did not know that! We insure with BoatUS (whoever they use, I cannot remember, think it is Zurich??) ANyways, not sure we get upcharged but good info!!

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post #7 of 7 Old 07-18-2012 Thread Starter
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Re: Learned something about insurance premiums

To clarify, my agent is a local, independent broker agent and represents multiple carriers.
I did not have the presence of mind during our discussion to ask if the co-owner surcharge was an industry standard or specific to my insurance carrier (Progressive). I guess I started thinking about what to spend my new found $700 on.
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