Insurance Premium Increase

H

Harlan

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806
Just received my 2013 insurance premium notice, 30% increase. Seems a little steep. Maybe time to sever 13 yr. relationship w/BoatUS. Any suggestions as to who is hungry for new business?
 
Shop around, Harlan. It can save you some serious $$$$. Most places (like BoatUS) are just brokers representing other companies. You might want to call BoatUS first and ask them for other options. I know they write for Progressive as well as others like Travelers. Personally, I'm with Progressive via NBOA.
 
Just a aheads up. Boat US appears to be the only insurance company on top of the damage here in NY. Only people getting checks and getting the repairs done appears to be BOAT US clients .

Rob
 
quote:
Originally posted by mixman

Shop around, Harlan. It can save you some serious $$$$. Most places (like BoatUS) are just brokers representing other companies. You might want to call BoatUS first and ask them for other options. I know they write for Progressive as well as others like Travelers. Personally, I'm with Progressive via NBOA.

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Mine is with CNA Marine. Called them and the only option they wanted to talk about was lowering coverage.
 
quote:
Originally posted by Robski97

Just a aheads up. Boat US appears to be the only insurance company on top of the damage here in NY. Only people getting checks and getting the repairs done appears to be BOAT US clients .

Rob

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I understand. Just shopping, I think a 30% increase is a little steep. Especially since I am inland and the boat is stored in a barn out of the weather.

25ftSeaRay002.jpg
 
quote:
Originally posted by Robski97

Just a aheads up. Boat US appears to be the only insurance company on top of the damage here in NY. Only people getting checks and getting the repairs done appears to be BOAT US clients .

Rob

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As noted in Rob's other post we're with Travelers, but have yet to have a claim.. so, waiting to see how they do for others who have been affected... (esp w/the Sandy claims)

We're inland Great Lakes, but did see a slight decrease in premium last fall upon our renewal.. (appears they made up for that with our Homeowners tho) :(
 
Most property & casualty insurance companies are taking rate increases. I know I have had increases in our car & home insurance. While a factor is claims, insurance companies count on the investment income they earn on their required reserves for a sizable portion of their bottom line, and they are earning very little on investments. I am not at all saying don't shop insurance, as shopping it is the prudent thing to do. Just don't be surprised if you end up with an increase over the prior year.

You should shop your insurance or ask your agent to shop it often. I have Travelers for all property/liability coverage and a few years ago received a cold call trying to sell me insurance. I declined until he said he would provide a detailed quote at no obligation. I let him, and he quoted a Travelers policy with much cheaper premiums. Insurance companies are continually slicing and dicing policy classifications to maximize their rate filings. My policy was renewing each year and my then agent was not making an effort to see if I qualified for any different classifications. Travelers went up on my auto policy 14% with the December renewal and my agent is going to shop my coverage with other companies before the June renewal.
 
+1 on NBOA Brokering. They worked with me as to my habits and normal cruising territory and saved me 50% over Progressive via USAA.
 
Progressive!!!!! I had over 10K damage from Ivan several years ago....claim handled quickly to my satisfaction and my rates have not increased!!!!!
 
Thanks for the advice. Waiting on quote from NBOA, just got a quote from Progressive, about $125.00 less than what I am paying now.
 
Progressive has gone up some on my policy each year. However, never in the 30% range.

George
 
I also have Progressive through an agent who also has my business coverage and personal car insurance. Progressive wrote the policy when I bought this old boat four years ago and did it without a survey. A good thing at the time.

Since then, the premiums have been increasing in small increments but my vast experience, lack of claims and remarkably good looks have earned me a "disappearing deductible." Since my deductibles were not much more than petty cash to begin with, I've come to see the disappearing deductible as just a marketing ploy.

Bill
 
I have USAA for home and car. They sent me a check this year....dividends earned and that's even after I had a $1200 comp claim on one of the cars. I called USAA for the boat and they flipped me to Progressive. When we had the Silverton I bought my insurance through United Marine Underwriters. They wrote me with ACE who was not only the least expensive but I can't say enough good things about how they handled the major claim we had on that boat, but that was about 5 years ago.
 
I am with star thru Nboa.
1% deductible $250k agreed value
$1150 premium
 
quote:
Originally posted by MikeeH

I have USAA for home and car. They sent me a check this year....dividends earned and that's even after I had a $1200 comp claim on one of the cars. I called USAA for the boat and they flipped me to Progressive. When we had the Silverton I bought my insurance through United Marine Underwriters. They wrote me with ACE who was not only the least expensive but I can't say enough good things about how they handled the major claim we had on that boat, but that was about 5 years ago.

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USAA got out of boat insurance. They use Progressive.

George
 
quote:
Originally posted by Robski97

Just a aheads up. Boat US appears to be the only insurance company on top of the damage here in NY. Only people getting checks and getting the repairs done appears to be BOAT US clients .

Rob

Click to expand...


I always heard that about Boat U.S. I have them but never had to submit a claim, knock on wood!
 
I have filed two claims with Progressive, both times they were handled professionally and quickly.

I just had some damage to my swim platform, they were at the boat within two days of me calling (in the middle of the Sandy clean-up). I got a check on the spot. When my marina looked at the platform and gave me an estimate, it was almost twice as much. I called Progressive and they had a different guy there withing two days. He agreed with the marina's estimate and wrote a new check on the spot.

So far, no notice from them about raising rates.
 
quote:
Originally posted by HOGAN

I have filed two claims with Progressive, both times they were handled professionally and quickly.

I just had some damage to my swim platform, they were at the boat within two days of me calling (in the middle of the Sandy clean-up). I got a check on the spot. When my marina looked at the platform and gave me an estimate, it was almost twice as much. I called Progressive and they had a different guy there withing two days. He agreed with the marina's estimate and wrote a new check on the spot.

So far, no notice from them about raising rates.
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Nice to see the positive feedback on Progressive here on BE.
 
My Progressive premiums have gone up about $100 total in the past 6 years.
That is not bad after having all the hurricanes we have had. And I had $10K damage for Ike.
They sent a claims adjuster out to look at it. Wrote a $4K check on the spot.
Boat yard said that wasn't enough money, so Progressive sent out a surveyor. They wrote
another check.
Just before the work was completed, the boat yard found damage the surveyor and claims
adjuster didn't find. Boat yard sent pictures and an estimate and they sent another check.
I had good luck with Progressive. I went straight thru a Progressive agent, not thru any
boat insurance underwriter.
I used the same agent that the past owner had. They just changed the name on the paperwork.
Same policy. The hurricane deductible did go up from $1000 to $2000 after Ike.
 
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