mine hasn't gone up anywhere near that much

 

Well there was first Irene then Sandy and it appears that the North East is expected to see more and more big storms due to shifting weather patterns.

 

Some companies will try to lure you in, with a lower premium than they intend over the long term, and slowly jack you up. I even think its most companies. You can routinely bid it out and move, but they eventually figure you out and stop quoting the low premiums. No fun to be had here.

My premiums have risen about 20-25% over that time period. Mostly in this last years premium. Sandy, no doubt.

 

My boat insurance is $2,500 a year. When I look at the coverage for fuel spillage, I think it is a bargain. When I look at the coverage for sinking a mega yacht, it is a bargain. If I damaged a $1 million yacht I would not have enough to cover what my insurance does not cover. What do you think?

 

With that kind of argument you will still be happy if you have to pay 10 times as much?

Insurance is a betting game, don't pay more than what is fair, unless you want to contribute to the bottom line of insurance companies.

 

Call a few other insurance companies (agents) for their quotes. Don't forget about BoatUS insurance also. Do the same for homeowners insurance, auto insurance, commercial property insurance as it seems they all keep raising rates. The Florida racket is "white collar" thievery. I'm sure you can find better rates.

 

I am sure that it is possible to find insurance companies with lower rates. If that is your only criterium, go.

Some here on SN have other stories to tell.

Why do you have an insurance at all?
- because authorities require?
- want to pay some money on a regular basis?
- or, do want a final safety?

Safety costs. When needed then the annual rates are not so important.

/J

 

I left United Marine Underwriters because of a $1200 increase when I moved my boat. Shopped my insurance with a broker and my insurance bill actually dropped.

 

Yup that seems really high.. I just got a quote for 170K coverage (2004 boat) anywhere in the Caribbean and it was $1600cdn. I shopped with a local broker.

Actually I was expecting a little higher so I was pleasantly surprised.

 

We had a similar experience albeit over a longer time period with our coverage by Markel. Take a look at (click on) Seaworthy Insurance

Same limits of liability, slightly better limits of navigation (to the Turks and Caicos), AM Bests A+ rating, and 1/3rd less costly than our old coverage for a $105K "Agreed Value" plan for our 1986 era Beneteau First 42.

FWIW...

 

Insurance companies love price shoppers. They can peel out their riskiest coverages from the policy, change less and make more. Buyer beware. Storm coverage, dock rash and consequential damage are biggies that some policies don't have and seriously lower premiums.

 

I went through something like this last year.. went from a 14 foot trailer sailor to a 23 foot full keel. Here in NJ insurance is mandatory, so I went back to the people who have my home and auto insurance and who were happy to insure my trailer sailor... soon as they found out it was a full keeled boat that would stay in the water, they said no.

Basically, after Sandy, they do not insure anything that sits in the water in a hurricane prone area...

 

I had very good service from Allstate, They took very good care of me for 20 years. I had two claims during that time which they took care of, no problems.
I would still be with them but they do not cover ( more than 100 miles from US) blue water sailing, or if you use your boat as a business.
When I left Allstate three years ago I was pay less than $900 a year for full coverage on a 44' s/v.

 

On my 1987 35 footer the premium for my coverage through Boat US for year one was the most competitive of the three companies that I contacted. Year two, the deductible dropped because I had no claims. But, the premium jumped up about 12% (guessing based on my recollection).

I was furious, so I called them on the phone. Speaking to the underwriter I learned that they could increase my deductible, to the same as year 1, and the premium would be reduced to roughly the same as it was for year 1 ($10 increase). I chose that option. Year three, the deductible was decreased, and the premium went DOWN by $60, and year four, when I got my OUPV, the deductible was further reduced, and the premium went DOWN by $25.

 

The cost difference between US companies (Boat US, Progressive, etc.) underwriting for boats operated only in the US and those companies that do international and blue water coverage is significant. In my case my premium tripled (yes, three times) when I wanted to take the boat to Mexico and Central America.