Insurance increase this year (post Sandy)

[rondds]

Just got my renewal. Jumped up by almost 54%. No claims on this policy, although my previous boat sunk in Sandy (which this company knew about when I signed on a year ago). Anyone else get nailed like this with their renewals?

 

[jason78]

I am sure many other people in your area will see similar increases. They are probably just now starting to adjust their rates to recoup the cost of all the Sandy payouts. My entire region's Homeowners and Auto went up more than average last renewal. The insurance guys say it was a result of so many claims for storm damage in 2012.

 

[mjmason1]

I had BoatUs last year. They did the same to me and I had no claims ever. They said it was because of Sandy. I quickly dropped them and went with NBOA which gave me a lower premium than before the increase and better coverage. I don't know the effect having a claim from Sandy would have on your insurance, but give them a call. They also have a discount for Club SeaRay members.

 

[Fred]

I have always had Boat US, 20+years. My reasonable rate last year, considering my larger / newer boat after Sandy, is actually being reduced this year due to no at fault claims.

 

[rondds]

I got quotes from about 7 companies last year when looking to insure this boat. NBOA and BOAT/US were outrageous - 4x the quote I got from Markel. Fred, I know you were in the same situation as I was (with a big loss). Allstate was great throughout the process of my claim but they don't insure boats larger than 35'. Of all the quotes, Markel was the lowest and was the same in terms of coverage (belileve me, I got a lesson on coverage after the storm). With the increase, the price is still better than any of the other 6 quotes I got last year. Not really complaining - just curious if anyone else found this to be the case.

 

[spfortjohn]

54% is all. What about your homeowners. The insurance companies have really screwed us on the Gulf Coast after Hurricane Ivan in 2005. We now pay more then anybody In the US.

 

[Turtlesboat]

Yes, my rate went up 126% in Jan, I laughed, NBOA found another insurer for me. I have a feeling we are going to go through a period of insurance musical chairs for awhile.

 

[rondds]

126% increase is a message that they no longer want to do business. One step shy of dropping you. I'm sure they were happy when you bailed. Homeowners hasn't been effected...yet. Had one renewal since Sandy and the increase was negligible.

 

[saopm]

Mine is up 9 buck this year with NBOA. Just renewed last month.

 

[Xplicitlnck]

I had old united last year and they no longer offer marine insurance but they had to offer to renew my policy but at a 50percent raise in price. But they also offered me a policy with another company (forgot the name) at only 200 $ more. .. but it did go up. Not to mention 250 $ a month for my car insurance with no claims on file while b4 Sandy I had 2 claims paying 150 $ a month.

 

[Alex F]

Yes, my rate went up 126% in Jan, I laughed, NBOA found another insurer for me. I have a feeling we are going to go through a period of insurance musical chairs for awhile.

That was exactly my case, Mike. But, my agent gave me plenty of advance notice, so we had enough time to find the new carrier.

 

[Rich122]

Like Mike, I go through NBOA and the old underwriter (I think it was Zurich) put in a crazy increase. NBOA called me and told me they wouldn't even accept it and found a new carrier, same AAA rating, and 4% decrease for same coverage, and hull value.

Rich

 

[mistercomputerman]

Mine is about $1600 for year round in the water, Atlantic Ocean and ICW to Brownsville, TX. How much money are you complaining about?

 

[dvx216]

Over all was not effected with my boat but after 5 yrs. with the same insurance co. I went shopping for home and auto reduced my cost by two hundred dollars. Better coverage on home and the same coverage on the auto now two hundred dollars doesn't sound like much but I refuse to pay more to stay with an agent for something I don't really want to use.

 

[Rich122]

Rick

Mine was $4025.00 with a 11/15~3/15 on land lay up and navagation from 48*N, than So along NE & Mid-Atl to GA coastal waters. So a 120% increase is serious $$$$$

Rich

 

[Zorba]

I guess I need to stop complaining about my $500 premium now...

 

[fwebster]

You guys in the North are in about step #1 of the "boat insurance dance". Grab a seat and hang on for a ride that lasts several years:

I've had a boat on the Gulf coast thru Andrew, Opal, Katrina, Isaac plus a hand full that weren't named or that I forgot. Step one is when the claims are totaled and the insurance carrier sees that he has lost his ass…….your rates sky-rocket. This is where you are now. The next step will be when the politicians see a potential good-will pay day and pressure state insurance commissions to hold the line on rates. Step 3 is when the insurance carriers decide to stop selling products upon which they cannot control the income (premium) on and withdraw from the market. (We actually had a period where there was only one carrier who would write boats over 40 ft and more than 5 years old). Step 4 is when prices get sure enough nutty and rates become affected by limited supply and monopolistic practices employed by the giants. Step 5 is when a few smaller companies re-enter the market, but with all sorts of protective exclusions in the policies they write (learn to read lot os fine print!) Step 6 is when boat insurance becomes an "untapped" income source and enough companies are actively selling insurance that competition causes rates to moderate or at least go sideways instead of up.

Disclaimer: This is from the jaundiced eye of an owner who protects his assets by removing them from an area of risk. I have never filed a claim, yet been have thrown into the general "Gulf Coast pleasure boater" pool and ,a s a result, have had to pay the price for others claims experience. I do not have an insurance background…..I've just had to buy policies and have been the screwee helplessly watching the above unfold time and time again.

 

[standers]

Only a 1.6% increase ($44) for me this year. Includes lay up period in water.

 

[Dasch Boat]

I switched over to Geico/Sea Worthy a few seasons back and saved just over $300 per year, this year they jacked me up $400. I was told the increase was partially due to NY State and part to my boat becoming 10 years old. I'm standing at $1,400 right now and have just begun shopping around, so far the only quotes I've received have been from Progressive at $4,200 and The Hartford at $3,250. This is with no claims and the boat docked in my yard and on the hard from November to April. I will give NBOA a try but $1,400 doesn't sound so bad now.

 

[rondds]

Watch out b/c if you switch the new company may require a survey and a 10+ year old boat, which could negate some of your savings. $1400 is pretty good.