Boat Insurance Rate Increase - SailNet Community
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post #1 of 50 Old 03-31-2013 Thread Starter
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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?

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post #2 of 50 Old 03-31-2013
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Angry Re: Boat Insurance Rate Increase

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Originally Posted by dvuyxx View Post
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.

Paul
`99 Beneteau Oceanis 352, #282 WiTCHCRAFT
Milwaukee, WI
Sailing Lake Michigan and the Great Lakes
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post #3 of 50 Old 03-31-2013
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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.
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post #4 of 50 Old 03-31-2013
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Re: Boat Insurance Rate Increase

Someone has to pay for the catastrophic boat losses for H. Sandy ... youre 'it'.
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post #5 of 50 Old 03-31-2013
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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!).


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post #6 of 50 Old 03-31-2013
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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.
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post #7 of 50 Old 03-31-2013
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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.
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post #8 of 50 Old 03-31-2013
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Re: Boat Insurance Rate Increase

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Originally Posted by eherlihy View Post
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.

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post #9 of 50 Old 04-01-2013
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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!
utchuckd and MikeOReilly like this.

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post #10 of 50 Old 04-01-2013
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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."
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