Boat insurance

[Lowlysubaruguy]

If I turn this into a rant im sorry. Maybe theres help maybe its life. My boat insurance almost doubled this year. The cause was hefty losses for insurance companies in the state I live in and a few other states. No fault of my own. I get to couple this with VWs feasco which has added 15% to the insurance on my shops. We dont even work on VWs.

Anyone have suggestions for better rates with good coverage. Maybe its life.

 

[alldodge]

I only need liability so I put all the boats in my sig on my home owners policy with 500K limit (cost additional $120 a year. Use to be with boat US but since they went to GEICO I bailed, long story but its one of those never again kind of things

 

[ajgraz]

I’d like to hear your GEICO story...

 

[RGrew176]

There were several hurricanes last year. From what I read over 60,000 boats were totaled. Lots of claims to be paid. Insurance companies need to make that up somewhere. So, we all pay with increased premiums. Mine went up from $388 last year to $451 this year. Definitely a smaller increase than I thought it would be.

I lucked out only a 16.2% increase.

 

[roscoe]

So your ins premium doubled, went from $50 to $100 ? Or went from $600 to $1200 ?

What are you insuring?
What is its real value?
What level of liability coverage?
What level of damage coverage?
Where is the boat kept/stored?
And where are you located?

All pertinent questions if you want real answers.


Actually, the insurance companies are supposed to have those monies in reserve, saved up from premiums they have already collected over the past 10 years.

 

[briangcc]

Travelers here. Only reason mine went up, and it was only a couple $, was that I went from a 2005 to a 2017 boat. For clarity, I went from $22/mo to $27/mo.

 

[jkust]

My car insurance trippled when I added my teen driver, that was annoying. My boat insurance went up about 50% when my last Chap was totaled. Boat Insurance in my state is cheap with our 90 day summer so for me gets the least amount of concern. The bigger concern is the umbrella coverage.

 

[jkust]

So your ins premium doubled, went from $50 to $100 ? Or went from $600 to $1200 ?




Actually, the insurance companies are supposed to have those monies in reserve, saved up from premiums they have already collected over the past 10 years.

Insurance companies have both pro rata reinsurance and cat covers in the event of these major cats. Their reinsurance cover presumably got very expensive as well. They have a gross and net surplus ratio they have to maintain hence the pro rata cover.

 

[dingbat]

Here are a few useful statistics when selecting your liability limits:

• The average fatal accident claim for an adult man is $4.1 million ($1.4 million median); for an adult woman, it is $3.1 million ($1.4 million median)
• The average verdict for a minor male is $4.3 million ($2 million median); for minor girls, the average is $3.4 million ($1.5 million median). No, we can't explain the difference.
• The average verdict for deaths over 65 is $1.3 million.
• The average settlement/verdict (combining the two) in accident death claims is $500,000.

 

[jkust]

Here are a few useful statistics when selecting your liability limits:

• The average fatal accident claim for an adult man is $4.1 million ($1.4 million median); for an adult woman, it is $3.1 million ($1.4 million median)
• The average verdict for a minor male is $4.3 million ($2 million median); for minor girls, the average is $3.4 million ($1.5 million median). No, we can't explain the difference.
• The average verdict for deaths over 65 is $1.3 million.
• The average settlement/verdict (combining the two) in accident death claims is $500,000.

Interesting stats. The hardest cover for me to find is an umbrella cover over all of my stuff. There is always some problem why a particular carrier can't quote it. If my company didn't offer a voluntary umbrella benefit, I don't know what I would do.

 

[dingbat]

Interesting stats. The hardest cover for me to find is an umbrella cover over all of my stuff. There is always some problem why a particular carrier can't quote it. If my company didn't offer a voluntary umbrella benefit, I don't know what I would do.

We have an umbrella as part of our home owners that covers most everything. About the same price as bumping up the liability on the boat or auto policies to a quarter off the umbrella coverage.

 

[jkust]

We have an umbrella on our home owners that covers most everything. About the same as bumping up the liability on the boat or auto policies to a quarter off the umbrella coverage.

My issue is that I own several homes, vacation homes and properties with different carriers due to each home's characteristics and each carriers ability to quote and believe it not, owing a waverunner for some carriers is a non starter even if they provide the underlying boaters policy for the waverunner, they won't quote an umbrella. It's been very frustrating to say the least.

 

[dingbat]

My issue is that I own several homes, vacation homes and properties with different carriers due to each home's characteristics and each carriers ability to quote and believe it not, owing a waverunner for some carriers is a non starter even if they provide the underlying boaters policy for the waverunner, they won't quote an umbrella. It's been very frustrating to say the least.

Don't have that problem. Primary and vacation home with same carrier.

Try finding a home owners (farm Insurance) if you own and board horses. One conversation started out, "Sure, we insure farms. "What breed of a dog(s) do you own...Clydesdale/ Thoroughbred cross...silence....lol

 

[jkust]

Don't have that problem. Primary and vacation home with same carrier.

Try finding a home owners (farm Insurance) if you own and board horses. One conversation started out, "Sure, we insure farms. "What breed of a dog(s) do you own...Clydesdale/ Thoroughbred cross...silence....lol

Yeah....I have multiple agents and also some direct policies and no one agent or carrier can take care of us. It's actually quite frustrating and time consuming. My monthly insurance spend is actually crazy. Next to taxes which take over 50% of my income (very high tax state), insurance is the second biggest expense (albeit much smaller) and I can't seem to do much to mitigate it. Someday we will simplify down to just a few house and move somewhere warm and be done with it.

 

[JimS123]

I have tried them all and have stayed with BoatUS for 3 of my boats. I saw no issues when they went to Geico. The boat policy I just renewed this month actually went down, due to what they called a loss-free renewal.

I still have Travelers on my main family boat, and have kept them for 34 years now. The only reason I didn't switch was because they grandfathered an agreed value policy, even though the true value is half of what the policy is written for.

My jetski is also with BoatUS, and NOBODY will ensure a 60 mph craft for less than what I pay.

 

[Lowlysubaruguy]

In answer to one of the questions it went from $680 to $1275 No fault of my own. I get the costs of insurance rates and increases its life. But double on a policy with no claims. My auto shop insurance agent came out personally to explain to me the $1300 a year increase in my policy because of VW Ive had them a very long time never met my agent but he drove out to personally explain that one.

Today I found two companies with the exact coverage almost word for word for $850 and ive only tried two. One of them has an agent 15 minutes from me to boot. I am going to have them quote my personal cars as well. This company also states in writting a garanteed reduction after x amount of years without a claim.

Im kind of lazy I will work every angle and then commit and stay pretty loyale from that day forward because I dont have time to shop for a new supplier or carrier every year. But you double my rates with no cause created by me im going to look for other options. Seemed to be pretty easy to beat my origonal company.

 

[alldodge]

Didn't want to answer the Gieco question to stay on topic, but since its varying off I'll explain

I'm 19 years old in California, wife and one kid in the USCG with a 70 road runner. Have Ins with another carrier and Gieco offered a cheaper rate. Pay my money and the good thing is I didn't cancel my old policy. Here it is 12 days later and I get a letter from Gieco saying they cannot insure me and send me a check for what I paid them.

I go back to my previous Ins Co and the agent said we will just list it as a late payment. If I would have cancelled the policy I would have a higher rate for having a period without Ins. So I was saved only by dumb luck and a nice agent.

It's the old story, screw me once shame on you, do it twice shame on me, I give no Co ever a second chance

 

[Lowlysubaruguy]

I want to talk more about my insurance wows

i made a post a few weeks ago about my insurance company doubling my rates with no cause of my own.

It went from $670 to just under $1300 a year. So it did double

The following day i did some on line quotes and then followed up with a few calls. I dont have time for the price wars but I’ll shop for a long term solution if there is one. In reality it’s less than two tanks of fuel but doubling my rate for no reason on my part just ts me off.

i settled on a company that was highly ranked on line with a number of great reviews. There $420 less a year for a duplicate policy almost word for word. I found three quotes in this price range but this company has an office 7 miles away.

Fast forward a week or so for some reason they cannot find my boat. Mind you there’s actually a picture of my boat floating in the water somwhere not a boat like mine but my boat when it was getting moved for the boat show. Im pretty sure its a real boat because it hogs up a lot of driveway space. They have all the figures needed to make the policy but it seems my boat doesn’t actually exist in there insurance world yet. There going to figure it out but I am now down to about a week before my old policy ends. Makes my head spin.

For me i want to know there's not going to be a glitch if my boat is stolen or something totals it we have the right dollar figures in all the right places but they can’t find a way to load the model. I think what bothered me today was this agent suggesting I try getting a quote from the company that I have car insurance from right now. Way to sell your product lady I was seriously thinking about getting a quote for all 12 of the cars I insure and the five drivers on my list because your boat quote sounded great at first. And the company I get car insurance from is the same company that owns the insurance company that just jacked my boat rate.

Im going to give her a couple more days and then call one of the others on my list. Makes that do business locally thought sound stupid now, I think that legalized pot in Oregon has made people think its ok to be stoned on the job or something.

Thanks for letting me vent vent I feel better already.

 

[alan ber]

Favorite topic , here's my 2 cents
Here is Fla my rates went up apx $ 200.00 a year .Calling agent , he said due too all the claims they paid out due too Irma
I have Sea Tow , and a feature they advertise, as a Sea Tow member we get discounted rates, plus engine coverage .
Engine coverage? Seems internal parts are covered ? Calling agent basically a salesperson . Could careless , just SELL SELL . If pistons or rods etc go , covered as long as its not OWNER CAUSED . Bad manifold causing water intrusion

 

[jkust]

My homeowners went up on my main house a few years back and my Farmers agent said I should just lower the value of the rebuild cost a couple hundred grand to keep the renewal rate increase down and not to worry the odds are my house won't burn down. Suffice it to say, I stopped working with him but tried to move the business to a different farmers agent to keep some other stuff insured with farmers. Interesting, other farmers agents wouldn't take the business because they don't get paid commission on takeover business or should say they don't get first year commission rates. I had to go to corporate farmers and force the issue. I still have Farmers with a different agent but all of the bills come with that first unethical agents name on them so he still gets paid even though he really had some ethics issues on some other stuff prior as well.