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dvuyxx 03-31-2013 05:10 PM

Boat Insurance Rate Increase
 
Whoa nelly, I just received my insurance renewal from Boat U.S. and it increased about 20%. That's with a discount for being claim free!

Is everyone else seeing increases? Is it because of Sandy and other recent storms?

MSN2Travelers 03-31-2013 06:28 PM

Re: Boat Insurance Rate Increase
 
Quote:

Originally Posted by dvuyxx (Post 1010448)
Whoa nelly, I just received my insurance renewal from Boat U.S. and it increased about 20%. That's with a discount for being claim free!

Is everyone else seeing increases? Is it because of Sandy and other recent storms?

Yes and yes. (plus last season's tornados & increased groundings on the Great Lakes) They lost their shorts with Sandy. They lamented their tale of woe in the last issue of Seaworthy.

In the world of insurance, everybody pays for the insurance company's over exposure in a hurricane zone.

scratchee 03-31-2013 06:38 PM

Re: Boat Insurance Rate Increase
 
My insurance went up about 50%, so I shopped around and found another company that gave me a policy for less than I paid last year. I didn't even call the old company back...just let it expire.

Fortunately, I have an inexpensive boat with modest insurance requirements.

RichH 03-31-2013 06:47 PM

Re: Boat Insurance Rate Increase
 
Someone has to pay for the catastrophic boat losses for H. Sandy ... youre 'it'.

eherlihy 03-31-2013 08:43 PM

Re: Boat Insurance Rate Increase
 
Note that you can get a lower premium by increasing the deductible. Boat US was going to bump my premium up by about 30% ($700 to $900). I called them about it. As I recall, they had decreased my deductible from $1000 to $500, because I did not have any claims in the last two years (or ever).

I told them to bump the deductible back up to $1K, and the premium went DOWN by about $20.

Also, because I just received my OUPV, I received an additional check for $20 (woo hoo!).

ctl411 03-31-2013 09:16 PM

Re: Boat Insurance Rate Increase
 
Wait till you get you house insurance bill. That's going up also tornadoes, floods not in my area but I get to pay. I say if you want to live UNDER sea level YOU pay.

benesailor 03-31-2013 09:20 PM

Re: Boat Insurance Rate Increase
 
It's weird. I bought a brand new car a month ago; my insurance went down. 2 weeks ago i cut my boat insurance in half. My house insurance is about the same. My motorcycle insurance is at rock bottom.
The world is coming to an end..
Oh yea, i live on a hill far away from hurricanes, tornados, floods, tsunami's. I just get lots of snow.

Tempest 03-31-2013 09:31 PM

Re: Boat Insurance Rate Increase
 
Quote:

Originally Posted by eherlihy (Post 1010506)
Note that you can get a lower premium by increasing the deductible. Boat US was going to bump my premium up by about 30% ($700 to $900). I called them about it. As I recall, they had decreased my deductible from $1000 to $500, because I did not have any claims in the last two years (or ever).

I told them to bump the deductible back up to $1K, and the premium went DOWN by about $20.

Also, because I just received my OUPV, I received an additional check for $20 (woo hoo!).


Just checking, because I have Boat US too.

Did it go down $ 40. from $700..to $680 after you doubled the deductable..? or down $40 from the new price of $900. to $860.

Congrats on the OUPV.

deltaten 04-01-2013 12:53 AM

Re: Boat Insurance Rate Increase
 
Insurance carriers..... the only gamblers that never lose, 'cause they are trhe "house" and it's always the rules they make-up as they go along!:D

JimMcGee 04-01-2013 08:59 AM

Re: Boat Insurance Rate Increase
 
The funny thing is everyone I talk to around here has a story about how their insurance company isn't paying or is only offering a fraction of what they're entitled to under their policy - though in fairness I have heard some good stories about BoatUS.

With most insurers everything is a fight.

Hmm, write a contract, get paid, then refuse to provide the services. In any other industry this would be breach of contract and fraud. Insurance companies call it "customer service.":hothead


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