300% + Increase???? WTF

Victorias Secret

Victorias Secret

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Apr 17, 2004
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13316
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Since my boat was totaled in Sandy I have been dealing with Boat/US to get the claim resolved and the agreed value in my pocket. We have also located the new boat were are purchasing. It is a 2007 Sea Ray 44 Sedan Bridge. Today I contacted BOAT/US to get a quote on the insurance for it. They almost knocked me over. The quote was 303% more than what I was paying on our 2007 Silverton. When I questioned the amount they told me to consider insuring it for less than we are paying for the vessel. After being with BOAT/US for 19 years it is time to look at alternatives. Plus I was not thrilled with how long it took them to process my claim and it is still not 100% paid out.

What companies are BoaterEd people using, and are you happy with the rates and the level of service you get? I am hoping that not all the boat insurance companies are raising rates this much, because if they are more people will pull out of the lifestyle. Thanks for any imput provided.
 
Welcome to the wonderful world of post-storm insurance rates. ps: From their perspective, they feel they are doing you a favor by even considering writing coverage.
 
We have Travelers for all of our insurance policies. I had a $10,000 accident on my care recently and had no issue at all. I read on other posts that people have issues with them as well for their boat insurance which seem to me a Sandy problem all together. Travelers rates are very reasonable, I spoke to my insurance agent this morning and ask him to compare rates with other companies... I was knocked of my feet. Staying with Travelers.
 
Check you email Bill. I sent you some info...
 
I thought they were excessive with a 30% increase. They pulled the, lower the coverage", crap also. I have a quote from Progressive that is $125.00 less than my old Boat US rate, still waiting for a quote from NBOA.
Shop around! Good luck.
 
Thanks all I need to reach out to NBOA, plus I am open to any other suggestions.....
 
Switched to Progressive two years ago after a simialr rise in rates. Have no issue, rate remains low, and was in effect 33% lower then previous rate.
John
 
Hoping they do the right thing but...not feeling the love from Traveler's right now...I would stay clear.
 
victoria, i have many carriers we write in ny, chartis, one beacon, ace, etc. feel free to reach out if i can help.
 
Yes, I find NBOA gets great deals.
They shop it around and only book with A rated companies.
Think about it.
I was insured with them for Sandy.
Paid in full in 6 weeks from loss with no deductible, no argument.
Sandy took my boat, insurnace bought me a better one and I signed back up with them with no increase and no prejudice due to prior loss.
 
Yes, I find NBOA gets great deals.
They shop it around and only book with A rated companies.
Think about it.
I was insured with them for Sandy.
Paid in full in 6 weeks from loss with no deductible, no argument.
Sandy took my boat, insurnace bought me a better one and I signed back up with them with no increase and no prejudice due to prior loss.

Only reason policy went up $300 is because I lowered by deductible, I had 2% before and I increased my agreed hull value!
 
I just got a quote from NBOA this morning.. & are ~1/2 what our Travelers premium is... Only the deductible was 2% as opposed to 1%.. And less mechanical breakdown option. (which to date, Travelers has been vague about)

I can get the same 1% deductible for an additional ~ $50..

I had a quote w/in an hour & was afraid to look.. but pleasantly surprised once I did look. I had one email exchange this afternoon & waiting on one other..

ACE is an AA+ & top rated insurer from what I'm seeing.
 
I think NBOA gets good rates because of the power of the coop policy writing. They are bringing in alot of polices and they don't really take a big cut. I think their fee is $25 and then they give you free towing to boot. Though I still get seatow because their towing you pay then get reimbursed.

www.nboat.com is their site.
 
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