Insurance Recommendation Needed

[seasick]

Travelers up 10% per year or more for the last 5 years. This year's bill $1123 on a1999 30' GW w original engines. coverage Prior to 5 years ago it was constant at around 700 per year. Something triggered the routine 10% increase. Maybe they just do it, and if you drop oh well, and if you stay, they make higher margins. My coverage is 45K in replacement + 300K indemnity/uninsured boater.

Think of all the storms, flooding and tornados etc. in the last several years. All those events cost the insurers a lot of money and they adjust rates accordingly. I expect rates to continue to increase due to many factors including the substantial increase in new, less experience recreation boaters.

 

[georgemjr]

I was also dropped this year due to previous insurance company getting out of the boat business. My new policy from Progressive was comparable. But, like was already said, they would not increase the agreed upon value. Will only insure for what I originally asked for (100K) as they said the policy is to make me whole from the purchase price (which they never verified from the beginning). I asked things like what if I have done a bunch of upgrades and put on new motors and increased the value of the boat (let alone what the market has done lately). They told me to go pound salt.

 

[seasick]

I was also dropped this year due to previous insurance company getting out of the boat business. My new policy from Progressive was comparable. But, like was already said, they would not increase the agreed upon value. Will only insure for what I originally asked for (100K) as they said the policy is to make me whole from the purchase price (which they never verified from the beginning). I asked things like what if I have done a bunch of upgrades and put on new motors and increased the value of the boat (let alone what the market has done lately). They told me to go pound salt.

When you switched to Progressive, did they require a survey or a physical inspection to take photos?

 

[Mustang65fbk]

When you switched to Progressive, did they require a survey or a physical inspection to take photos?

For me personally they didn't require anything... no survey, photos or anything else. Just an agreed upon value, signed the documents and then they gave me a policy and insurance cards. Not sure if it's different in different locations throughout the country or dependent upon who you talk to on the phone, but that's the experience that I had with them.

 

[seasick]

For me personally they didn't require anything... no survey, photos or anything else. Just an agreed upon value, signed the documents and then they gave me a policy and insurance cards. Not sure if it's different in different locations throughout the country or dependent upon who you talk to on the phone, but that's the experience that I had with them.

I guess your insurance history was good or else I would expect proof of value. Of course, I don't know what the agreed upon value is and don't want to know but it it were out of whack with BlueBook values, that would have raised a red flag.

Although used boat prices have risen as far as the insurance company is concerned, as long as they know their liability and are comfortable, they could care less if the boat was under insured. Believe it or not, the insurance companies often will use your credit score and automobile claim history as well as traffic violation history to determine boat insurance pricing.

 

[Mustang65fbk]

I guess your insurance history was good or else I would expect proof of value. Of course, I don't know what the agreed upon value is and don't want to know but it it were out of whack with BlueBook values, that would have raised a red flag.

Although used boat prices have risen as far as the insurance company is concerned, as long as they know their liability and are comfortable, they could care less if the boat was under insured. Believe it or not, the insurance companies often will use your credit score and automobile claim history as well as traffic violation history to determine boat insurance pricing.

Well yes, they're not going to give someone better rates that has multiple claims or infractions as well as a lower credit score over someone like myself that hasn't had either of those things and an almost perfect credit score. I will say that even just about every option that I can think of, I still have the boat with an agreed upon value of slightly more than what Nada.com says it's worth.