Join Date: May 2018
Location: East Cackalacky
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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.