Join Date: Feb 2010
Location: Narragansett Bay
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Re: NE Insurance Rates - Reasonable?
In the US, you're out of your head not to have liability insurance. Whether you care about the value of your boat, is your business.
Not for profit insurance companies have been done many times. They are no more or less successful than the others. Regardless of profit, which is a very small fraction of premium, they still raise premiums when loss experience exceeds expectations.
I don't want to rub salt in the would, but my premium actually went down by 50 bucks or so this year. However, I had a weather claim about three years ago and I'll bet that bump ran off, while the Sandy but came on and they netted the difference.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.