2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase... - Page 5 - SailNet Community
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post #41 of 48 Old 06-09-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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Originally Posted by Rocky Mountain Breeze View Post
I think there is a huge misunderstanding of what a nonprofit corporation actually entails. I had a nonprofit corporation to operate the Bicycle Motocross track my wife and I sponsored for 6 years so the local kids had a place to safely learn and compete. The nonprofit status simply means that the owners cannot take possession of any of the assets when the corporation is dissolved. Those employed by the nonprofit can have completely ridiculous salaries and benefits (such has been exposed in the Red Cross and other such "charities") so individuals can still be completely greedy and selfish.

Concerning corporations in general: Are you willing to invest your money in a company that guarantees to never pay you back any interest, dividends, or other gains on your original investment? If so, you guys are as ignorant as you have revealed.
I don't invest... simple

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post #42 of 48 Old 06-10-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Thanks for that explanation Sander as it helps my understanding of a lot of your posts. An old customer of mine once told me that you can determine a lot about a man's opinion if you know from where he gets his cornbread.
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post #43 of 48 Old 06-10-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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My understanding was that insurance companies make their money by INVESTING not from premiums. If this is the case... which makes sense to me... their premiums should not be driven my losses they pay out.... especially is their investments and the market are performing well. I believe that was the case.
When there is a huge storm year, like last year the insurance company has to pay out huge amounts. If they have to empty out much of their investment accounts. An upmarket does you no good if your investment accounts have no money in it. The markets are down 7.5% since January. This means the insurance company companies have lost also unless they have somehow beat the market, unlikely.

If every year a hurricane is going to wipe out large portions on the east and southern coast every boat owner will be paying the cost of the new fleet of charter boats in the Caribbean. Even if your boat is on a trailer 2000 miles from the nearest hurricane, you pay this cost. My boat is more likely to be buried in an avalanche than get caught in a hurricane, yet I pay the cost for those who choose to live in hurricane country. I blame Bernie.

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post #44 of 48 Old 06-10-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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I don't invest... simple
That's too bad, because insurance companies are public companies and they are a huge racket and make huge profits. You could get in on it.

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post #45 of 48 Old 06-10-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I'm told premiums rising more rapidly than inflation or incomes is a phenomenon occurring across the entire insurance industry, not in boat insurance alone. The three driving factors a friend who's an analyst mentioned over dinner one night are swelling personal injury claims, environmental damage requirements, and increasing numbers of uninsured people especially in driving cars. He further touched on the relationship between casualty and health insurance, with the exploding costs in the latter area draining revenue from the former. Apparently there are enough companies involved in both to establish a relationship.

Taking his remarks as solid commentary, it sounded to me as if the insurance system has reached a tipping point through several causes, one at which it has become unaffordable to so many people a growing number of them are checking out, riding the bus with tickets paid for by others, or using the system like a convenience store in the night as an opportunity for larceny, all of which shift costs to those who remain and follow the rules. That's not an attractive scenario, nor is it a circumstance you can defeat at least in the long run by switching insurance companies.
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post #46 of 48 Old 05-16-2019
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I had a 30% increase last year, although I always did everything right to protect my boat. No claims in 10+ years!! I think shopped around, and recommend xxxxcc.com - they got me a much better premium, and I wish I'd have used them earlier!

Last edited by MarkofSeaLife; 05-16-2019 at 08:33 AM.
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post #47 of 48 Old 05-16-2019
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Boat US/GEICO here. I was pleasantly surprised when I opened my recent renewal notice. My premium fell by almost half! That will buy a lot of beer.
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post #48 of 48 Old 05-16-2019
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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Boat US/GEICO here. I was pleasantly surprised when I opened my recent renewal notice. My premium fell by almost half! That will buy a lot of beer.
https://www.sailnet.com/forums/vendo...post2051602522

I didnít want to type it over.


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