Here we go again with Insurance issues

NJ had Sandy, maybe we should restrict anything other than Liability there?

Or how about if the government sets up a new agency, with czar to see if they could manage recreational boat ownership?

Don't they see, how all these people who love boating is making it such a mess?

Sorry, couldn't resist a bit of tongue in cheek...
I have 3 cars, 4 boats and 2 houses. All are insured. Back in 1968 I had a car broken into and they stole my radio. OK, no problem. Two years later it happened again and my rates went up. MY problem for parking in the ghetto. Other than that I have NO claims. They took my premiums and they never had to pay me back again. For those single incidents they raised my rates. Eventually it came back down again.

You should be able to have liability AND damage insurance. Just charge a rate that makes sense. And if the inevitable happens, raise YOUR rates, not mine.
 
My bad if I interpreted the discussion only on boat insurance.

I have no qualms about the insurance industry having all kinds of issue.
 
NJ had Sandy, maybe we should restrict anything other than Liability there?

Or how about if the government sets up a new agency, with czar to see if they could manage recreational boat ownership?

Don't they see, how all these people who love boating is making it such a mess?

Sorry, couldn't resist a bit of tongue in cheek...

Dude, you can't put that in writing or even say it out loud. A Dumbocrat might read or hear it and decide it's a good policy.
 
I have 3 cars, 4 boats and 2 houses. All are insured. Back in 1968 I had a car broken into and they stole my radio. OK, no problem. Two years later it happened again and my rates went up. MY problem for parking in the ghetto. Other than that I have NO claims. They took my premiums and they never had to pay me back again. For those single incidents they raised my rates. Eventually it came back down again.

You should be able to have liability AND damage insurance. Just charge a rate that makes sense. And if the inevitable happens, raise YOUR rates, not mine.

Why not have a high deductible? If all you want is catastrophic insurance, carry a 10k deductible.
 
Why not have a high deductible? If all you want is catastrophic insurance, carry a 10k deductible.
Because the insurance industry generally will not make it financially feasible to do this. I wanted to increase my deductible to just $5000 and it was pennies off the premium…
 
Because the insurance industry generally will not make it financially feasible to do this. I wanted to increase my deductible to just $5000 and it was pennies off the premium…
My recollection is that it would be $35 less with $4000 more deductible. Only take 114 years to break that even once.

The marine insurance broker thought it was silly also but said that is what the companies do…
 
My recollection is that it would be $35 less with $4000 more deductible. Only take 114 years to break that even once.

The marine insurance broker thought it was silly also but said that is what the companies do…
You think they have it down to a science. Makes no sense to give up that extra premium vs. the likelihood of a claim, all their bellyaching about Florida storms notwithstanding.
 
Well what I am not getting is I see a number of small trailerable type boats still in the water. I thought insurers wanted the boats out of the water during the storm.

As I said before the storm, all those folks that bought boats with Covid bucks just found a way to get out of their payments. I know I’m a cynical guy.
 
My recollection is that it would be $35 less with $4000 more deductible. Only take 114 years to break that even once.

The marine insurance broker thought it was silly also but said that is what the companies do…
All my boats are covered by the same company. A second one covers everything else. Both have the diminishing deductible clause. Since I've been with both companies for a lot of years, right now ALL my deductibles are ZERO. Nevertheless, when I started out I had one of the largest amounts they offered.
 
You think they have it down to a science. Makes no sense to give up that extra premium vs. the likelihood of a claim, all their bellyaching about Florida storms notwithstanding.
Yeah, I ran a scenario where I lowered my agreed value by 25% and the premium on went down $25/year. For $25, I'll stay over insured. They're more worried about the loss in premium revenue than reducing claims exposure.
 
Yeah, I ran a scenario where I lowered my agreed value by 25% and the premium on went down $25/year. For $25, I'll stay over insured. They're more worried about the loss in premium revenue than reducing claims exposure.
Thing is they know exactly what their claim exposure is. And it's not worth giving up all the revenue. That's why the numbers don't add up to the common man.
 
So a 2022 update. Last year I signed with Progressive and paid $983 for 12 months. The renewal just came in and they want $1,412 for the exact same policy.

No claims.....just a 44% increase in the premium. This is the same reason I left BoatUS after 30 years .....once Geico bought them.....the "let's raise all the rates" team took over.

I have never had a claim and a 44% increase is just unbelievable.

Dropped an application to NBOA and we will see what they say.
 
Insurance companies have just two departments. One sells you the policy and tells you how wonderful the company is and the other has a big rubber stamp that says, "Claim Denied".
 
So a 2022 update. Last year I signed with Progressive and paid $983 for 12 months. The renewal just came in and they want $1,412 for the exact same policy.

No claims.....just a 44% increase in the premium. This is the same reason I left BoatUS after 30 years .....once Geico bought them.....the "let's raise all the rates" team took over.

I have never had a claim and a 44% increase is just unbelievable.

Dropped an application to NBOA and we will see what they say.
I also had the same insurance company for 30 years. A few years ago they raised my rates by an astronomical amount. Trying to insure a jetski with them was outrageous.

I switched to BoatUs because they had the lowest rates around. Now every year when my policies come due I look around. Still can't beat BoatUs.
 
Insurance companies have just two departments. One sells you the policy and tells you how wonderful the company is and the other has a big rubber stamp that says, "Claim Denied".
I have not had this experience. I haven't had a claim on the boat but we have had 2 home owner's claims over the last 7 years. The first was a hail event. The Safeco adjuster came, looked at the damage and cut a check for $35,xxx to replace our roof, replace siding and our garage door and they even included replacing my grill cover. The second was a couple years ago. Our dishwasher solenoid failed and flooded our kitchen and unfinished basement. The flooring in the kitchen was ruined, but since it went throughout the 1st floor and couldn't be matched they replaced all of it. They had our cabinets removed and had the boxes rebuilt. The remediation company Safeco hired subed out the granite removal. They seriously f'd up the job and ended up bending our under mount sink. When I used a different company to reinstall the granite, they couldn't get the sink to mount flush. I couldn't find a matching sink and none of the granite companies in town would re-cut the opening to fit another sink. Safeco paid to have all of our granite replaced. The total claim was over $50K and I didn't hear "no" or "denied" once. We were without a kitchen for 2 months and Safeco paid for all of our meals.

All of that, and our rates have not gone up any more than rates in general. YMMV.
 
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Just like Jim, I’ve had Progressive on cars forever. Got boat, quote not bad, asked about insurance for dinghy. 7’7” with a 2.5hp. They require a separate boat policy. At same rate as my 250. No concept of a dinghy. BoatUS covers for free as part of main policy. It was a no brainer.
 
Just like Jim, I’ve had Progressive on cars forever. Got boat, quote not bad, asked about insurance for dinghy. 7’7” with a 2.5hp. They require a separate boat policy. At same rate as my 250. No concept of a dinghy. BoatUS covers for free as part of main policy. It was a no brainer.
I have my boat and jet ski with Progressive. Boat is $600 and when I added the jet ski it was $145. Same policy. I hate to leave because I have been with them long enough that I don't have a deductible and have enhanced coverage. But I expect a huge increase in May and will be shopping.
 
I have not had this experience. I haven't had a claim on the boat but we have had 2 home owner's claims over the last 7 years. The first was a hail event. The Safeco adjuster came, looked at the damage and cut a check for $35,xxx to replace our roof, replace siding and our garage door and they even included replacing my grill cover. The second was a couple years ago. Our dishwasher solenoid failed and flooded our kitchen and unfinished basement. The flooring in the kitchen was ruined, but since it went throughout the 1st floor and couldn't be matched they replaced all of it. They had our cabinets removed and had the boxes rebuilt. The remediation company Safeco hired subed out the granite removal. They seriously f'd up the job and ended up bending our under mount sink. When I used a different company to reinstall the granite, they couldn't get the sink to mount flush. I couldn't find a matching sink and none of the granite companies in town would re-cut the opening to fit another sink. Safeco paid to have all of our granite replaced. The total claim was over $50K and I didn't hear "no" or "denied" once. We were without a kitchen for 2 months and Safeco paid for all of our meals.

All of that, and our rates have not gone up any more than rates in general. YMMV.

Good feedback, thanks. I left State Farm a few years ago for American Family when the rate on my new pickup was astronomical. SafeCo was a few hundred cheaper overall a few years ago, but we didn't switch due to not hearing much feedback about them.
 
NBOA is shopping for me now. The past two years with the 420DA on an inland lake have been right around $1k/year. Interested to see what they come up with.

Bennett
 
I am with Travelers and my renewal went up $550. Unbelievable! This is probably not the best time to shop boat insurance after the hurricane in Fla.
 

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