Was just told this morning my marine premium was going up 27.4 percent annually. I don't keep my boat in the water, nor have I had any claims in 20 years. Unbelievable. Any of you guys write insurance?? Send me PM, we'll talk..
Ridiculous Rate Increase From BoatU.S.
- Thread starter hotajax
- Start date
I have a good friend who's family has been writing insurance for classic and non classic boats for years. They are in Chicago and can write policies for all 50 States. I have used them for many years to cover all of my Classic Whalers and now my Grady too. Since they own 5 Museum Quality Classic Whalers themselves, they know how to properly insure vessels for their true market value. He is a very knowledgeable guy who may be able to help...
Your best contact would be:
Let him know Jeff Rohlfing referred you.
Hope this helps....
Your best contact would be:
Let him know Jeff Rohlfing referred you.
Hope this helps....
I suppose that 27% is a lot unless the insurance was really cheap to begin with. I use Progressive and it has been the least expensive each time I price out insurance. Boat US was the most expensive when I priced it.hotajax said:
Many if not most of the insurance companies are using credit scores as a factor in rate setting. If your credit rating is not stellar or has dropped, your rates may go up.
Actually it was hurricane-related. The underwriter I spoke with said those who lived in the areas hit hard with boat damage paid even more. But, I have learned something about BoatU.S. insurance, labeled as "CNA". CNA is owned by Allstate, the company that wouldn't pay homeowner claims in the storm areas. Yeah, that Allstate. Good enough reason for me to find a new carrier.
Actually it was hurricane-related. The underwriter I spoke with said those who lived in the areas hit hard with boat damage paid even more. But, I have learned something about BoatU.S. insurance, labeled as "CNA". CNA is owned by Allstate, the company that wouldn't pay homeowner claims in the storm areas. Yeah, that Allstate. Good enough reason for me to find a new carrier.
Actually it was hurricane-related. The underwriter I spoke with said those who lived in the areas hit hard with boat damage paid even more. But, I have learned something about BoatU.S. insurance, labeled as "CNA". CNA is owned by Allstate, the company that wouldn't pay homeowner claims in the storm areas. Yeah, that Allstate. Good enough reason for me to find a new carrier.
Doc Stressor
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CNA sold one of their divisions to Allstate a while back. But CNA has always been a different company.
I use a local agent who signed me up with Travelers...got my renewal, no claim for Sandy (thank you!) and my rate went up only 10 bucks...
I can live with that...
I can live with that...
Parthery
GreatGrady Captain
Got my renewal notice today... premium went from $278/yr to $340. 21% increase.
Time to do some shopping before I renew.
Time to do some shopping before I renew.
Parthery said:
And you're inland, or so it would seem from your profile. Can you imagine what your increase would have been if the boat was stored in a coastal area?
One Other Thing About Boat US
As I have stated I got a hefty increase from them this year, and of course CNA blamed Sandi. But a few years back, I had them, and the following year they gave me a very hefty rate increase and there was no natural disaster that year. I spoke with a broker in the biz this week, he told me that this is pretty much MO for BoatUS, that you probably will not see stable premiums from year to year. The other consideration is whether or not they will actually make good on a claim. I would rather be with a company that boat owners have said have treated them well.
As I have stated I got a hefty increase from them this year, and of course CNA blamed Sandi. But a few years back, I had them, and the following year they gave me a very hefty rate increase and there was no natural disaster that year. I spoke with a broker in the biz this week, he told me that this is pretty much MO for BoatUS, that you probably will not see stable premiums from year to year. The other consideration is whether or not they will actually make good on a claim. I would rather be with a company that boat owners have said have treated them well.
1998sailfish
Well-Known Member
FWIW:
I use Foremost Insurance Co. of Grand Rapids MI. I just received this years renewal and it reflects a policy increase of $ 190 from last year. I Insure my 98 Sailfish 272 with a replacement cost of 35,000, personal liability of 500,000 and electronics of 5,000
My yearly premium is 1,076
I use Foremost Insurance Co. of Grand Rapids MI. I just received this years renewal and it reflects a policy increase of $ 190 from last year. I Insure my 98 Sailfish 272 with a replacement cost of 35,000, personal liability of 500,000 and electronics of 5,000
My yearly premium is 1,076
Fishtales
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Just sharing...
I have it through Travelers. Minor very increase occasionally over the years. For 2013 it is $1052.00 for an agreed to value of $177K ($143K boat, $34K motors). I'm told this is the best type of coverage you can have. If the worse happens they pay the agreed to amount - no haggling. There is a $1770 deductable on the boat and $250 deductable on the motors. There is the usual coverage personal property, protection and indemnity, uninsured boater, and small amounts on personal property and towing and assitance.
In the water 4/15 - 11/15. I lay up outside of these dates.
I have it through Travelers. Minor very increase occasionally over the years. For 2013 it is $1052.00 for an agreed to value of $177K ($143K boat, $34K motors). I'm told this is the best type of coverage you can have. If the worse happens they pay the agreed to amount - no haggling. There is a $1770 deductable on the boat and $250 deductable on the motors. There is the usual coverage personal property, protection and indemnity, uninsured boater, and small amounts on personal property and towing and assitance.
In the water 4/15 - 11/15. I lay up outside of these dates.
I'm hearing good things about Travelers, not too many people grumbling about them. Certainly nowhere near the number of people grumbling about BoatUS.
Parthery
GreatGrady Captain
hotajax said:
I'm inland....boat stored on the trailer...in short...not much of a loss risk. And I've never (knock knock) had a claim.
We'll see what they say, but a 21% increase seems awful steep.