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Location: Portland, OR
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Re: Am I paying too much for insurance?????
These threads usually always start out with a premium $ amount, which makes sense given that we all are concerned with the actual check we have to write.
The underlying issue is really "cost per thousand" and also your "agreed value". There is a geographic price index too, as others have pointed out regarding weather-related risk.
Ask about an agreed upon value so there is no question about what you would receive in case of a total loss. And, note that it's pretty darned easy for your boat to become a total loss for insurance purposes if there is any significant damage. I know of a 37 footer that lost it's multi-spreader rod rig over the side and the ins. co totaled that boat, for instance.
With the recent sale of BoatUS to Geico, and reports of very unprofessional service already, I will be curious to see if we have to change to a broker next time around.
(I suspected that something was 'rotten' when last year I found that my agreed upon value had been arbitrarily lowered and I called and complained; their representative was argumentative at first, finally admitted that the phrase Agreed Upon means that I had to ... agree... and had never done so nor been asked to.)
I started to suspect a "disturbance in the Force" and months later read about the sale to Geico and it all became clearer.
You need to get some bids, and I would suggest also checking with a marine specialty broker.
ps: our '88 Olson 34 has been continuously updated for the 20 years that we have owned it and could *not* be completely replicated for the 65K it is valued at.
Last edited by olson34; 06-07-2016 at 04:42 PM.