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Brite Idea

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Joined
Jan 28, 2004
RO Number
12714
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615
So I just got my renewal and the premium went up 25 percent. I didn't even make a claim so I guess we all have to pay to cover the cost of Sandy. Are you seeing premium increases?
 
The marketplace had been inconsistent post Sandy. Some of my carriers have been higher on renewals some have been cheaper on replacement boats, go figure. If you want some alternative quotes feel free to pm me
 
My boat sustained about $40k worth of Sandy damage. My renewal came in before the repairs were completed. All of the Sandy damage but the bow railing has been repaired or replaced at this point. I had less than a 10% increase from the same carrier and they lowered my agreed value by $20k. They went from $165k to $145k in agreed value. I'm actually fine with the policy and the reason the bow railing isn't fixed is I am waiting on the yard to get a few free days to build the new and replace the existing. It's not a safety issue it just looks like crap.
Bill
 
No increase for me through Boat US.
Jim
 
I received a 30% increase from ACE, I am in Connecticut and sustained no damage, and I am in my 3rd year with them and no claims.
Mike
 
BoatUS 30% increase, I'm looking to chance after 13 years I have had enough. I'm leaving on vacation tomorrow and I just got this letter today I will be real busy securing new insurance when I return I will only have a couple of weeks to deal with this.
 
I received a 46% increase from ACE and didn't have a claim. There was no damage to my boat. I called my broker about it. He was surprised too, but told me everyone in the area was getting a raise in rates even if there was no claim. I had him look around, and they were all about the same price so I stuck with ACE. Thought about leaving them just on principle, but figured they wouldn't give a crap anyway.
 
My policy came in $600 more then a friend is paying for a boat with twice the value, this is not right!
 
quote:
Originally posted by Audrey II

My policy came in $600 more then a friend is paying for a boat with twice the value, this is not right!

Click to expand...
Did your friends new policy come in yet?
Bill
 
My friend has a new policy his boat was destroyed in the storm! This is the boat I brought up from Delaware about a month ago. His boat is twice the agreed value and he has a higher liability and a lower percentage deductible. My new quote came in at $2048 and he is paying more like $1400 something wrong with this picture! Granted I understand they charge a higher rate for older boats but this is ridiculous. I'm now going to have to pay for a survey just to get a new policy yet another expense.
 
boat us has been taking the most consistent increases of anyone. they have an exclusive program with CNA, and they're looking to get out of the business.
 
prior to the hurricanes of 2006 we were paying about 1 point of the agreed upon value for larger policies (over 250k) down here in FL. after 06 the rates generally doubled and the fine print changed with a lot of carriers to provide depreciated replacement cost on individual items. not all, but a lot did so.

the upshot is the insurance industry generally is/was looking to recoup some of their losses beyond what they layed off in reinsurance.

absent direct intervention from a state insurance commission its unlikely that things will be done differently in the NE. the public is far more sympathetic to an insurance commission coming down hard on big rate hikes for home owners and auto policies after post storm rate hikes, not so much sympathy for boat policy holders.
 
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