Three years ago I insured my 208 with the insurance offered by BOATUS. In the subsequent years, I went with other companies - first with Travelers, the next year with NBOA. The premiums became progressively cheaper. Then this year, I decided to give BOATUS another whack at it. Their policy came in at 10 -15% higher than it was when they insured me three years ago. And I have had NO insurance claims for the boat. How does this happen that the premium goes up while the value of the boat goes down with age, being 3 years older?? No claims, no changes to the boat, still housed at the same place. WTH??? Am I getting hosed for jumping ship to look for a better deal? I did have an accident in the truck two years ago.
Questions About Marine Insurance
- Thread starter hotajax
- Start date
Don't know why Boatus advertises they have the lowest rates.
When I got my G/W they were the most expensive. I now have Travelers for $850
with a lay up time from Dec. 15 to March 1
With my last boat (26 Seamaster) I had State Farm for $360. I had BoatUS go over my current policy then around 1995 and they quoted me $550. Same thing with my neighbors boat.
When I got my G/W they were the most expensive. I now have Travelers for $850
with a lay up time from Dec. 15 to March 1
With my last boat (26 Seamaster) I had State Farm for $360. I had BoatUS go over my current policy then around 1995 and they quoted me $550. Same thing with my neighbors boat.
I have been with travelers for the last few boats for the last 4 years or so. BoatUS should be coming down as they have not gotten whacked with florida hurricanes in the last few years....
journeyman
GreatGrady Captain
A couple of years ago, we got a solititation for boat insurance in the mail that was significantly less than what we were paying. We have had the same insurance company since forever and were paying a little bit more each year. My wife called our carrier and told them we were thinking about switching and with one call they matched the quote.
Kinda makes ya think how they come up with these rates????
Kinda makes ya think how they come up with these rates????
Do you recall who the solicitation was from? It may be better ( i. e. legal ) to pm me with the name of the company. Thanks
journeyman
GreatGrady Captain
I'll check this afternoon when I get up and see if we kept the mailing or if "She who must be obeyed" remembers, I don't.
I have the same issue with my personal and business auto policies. When I asked why, I got the following back.
The comprehensive portion of your policy will go down with time but the liability portion does not. From my experience with all of my insurances, the rate may not go down with time but it does not go up ether. It alway seams to ballance between age and reducing value and liability rate increases.
One other thing I have seen that surprised me, I moved my offices this year from a New Hampshire city, albeit small, to a suburban bedroom town abutting the city and my business auto policy went down by about 15%. So location is a big issue, did you move?
The comprehensive portion of your policy will go down with time but the liability portion does not. From my experience with all of my insurances, the rate may not go down with time but it does not go up ether. It alway seams to ballance between age and reducing value and liability rate increases.
One other thing I have seen that surprised me, I moved my offices this year from a New Hampshire city, albeit small, to a suburban bedroom town abutting the city and my business auto policy went down by about 15%. So location is a big issue, did you move?
No, I didn't move the boat. Same place. Everything is same same. Except for the accident. No new power, no new electronics, same old fishing buddy.
I had BoatUS Insurance when I first got my boat, the coverage was good and the price was reasonable, but I switched to Travelers when they kept raising the premium, I have been very happy with Travelers, fast claims return when my electronics were stolen and when I left the ladder down and needed a fiberglass repair. I would definately recommend Travelers.
journeyman
GreatGrady Captain
journeyman
GreatGrady Captain
I bought my boat new 2 years ago and priced out several different policies. My auto/home insurance is through USAA and they no longer insure boats and PWCs. They now use Progressive. I priced Boat US, Sea Insure, GEICO and Progressive and went with Progressive. We have a replacement cost policy for the first 5 years and they will pay out what we paid for the 228 new starting the 6th year. Our rates are around $600 and change a year. Both Boat US and Seatows Sea Insure were quite high....dont recall the rates.
Ditto on Progressive. I paid $667 last year and that includes coastal coverage, off shore and replacement value. Great company, I never had a claim on the boat insurance but the claim we had on the auto was settled in a week.
I also requested a quote from BoatUS and they said $2,580.00 for my 30' Marlin.
Went to the local boat show and discussed this with Traveler's Ins. which fully covers my $21K worth of electronics, engines and $5K worth of fishing tackle on board. This includes payment to me for what I paid for the boat if a total loss. Plus $500. towards towing if needed. My cost is $973.00 yr. !!
I told Boat US to get a life...!!!
Went to the local boat show and discussed this with Traveler's Ins. which fully covers my $21K worth of electronics, engines and $5K worth of fishing tackle on board. This includes payment to me for what I paid for the boat if a total loss. Plus $500. towards towing if needed. My cost is $973.00 yr. !!
I told Boat US to get a life...!!!
What time is it if your boat insurance is more than $600 a year?
Time to find a new insurance agent :-|
Time to find a new insurance agent :-|