Notice of Non renewal - NBOA / American Bankers Insurance

Gimme Time said:
Mine renewed today and the new rate dropped almost $400.00
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Lets just say I received the same notification and NBOA found a new company, ACE and my coverage started August 15, 2011, with a new rate which included a substantial drop, a bit more than even your $400.00. I had to re-ask them if the new rate quote sent to me was correct.
 
skibum said:
Thanks Marshall. That's nice to know.
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Sure is. It looks like Ace will be my new insurance company as well. And it's about 200.00 LESS than American Bankers was. This never happens to us. Thank you American Bankers for getting out of the marine market. :)
 
I also was switched to ACE but premium up $5.00 but towing coverage increased so I guess I cannot complain.
 
Henry Boyd said:
+1 Global has been great for us as well

Henry
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We've been with Global for years and have had similarly good results. They sent me a letter last year telling me that my earlier coverage would be dropped because the company was getting out of the boat business, but not to worry. A new policy from another company was quickly arranged with good coverage and a competitive premium.
 
I had national marine underwriters for 19 years and when I purchased my new sea ray I was offered a quote from ace and it was half what I was already paying for coverage but the agreed value was twice as much. I spoke with a representative from nmu and they at first told me it was not similar coverage so I faxed my declaration page and was told they couldn't come close. I said I had been a nmu customer for 19 years and if they could do anything on the price I would insure my new boat with them but they told me it would be impossible. I told the agent that ace is the place for helpful low cost insurance but they didn't find that amusing.
 
I just got my notice from NBOA stating Starr Insurance would be my new underwriter. Anyone heard of them? I have not compared it exactly to last year but I think it may be a little more. Not a whole lot though.
 
I have SKISAFE insurance through Gieco, never heard of them before but after Irene blew through the east coast they paid me half of what is cost me to pull the boat out which ended up being twice as much as I pay them for my annual premium. I faxed them the bill and had a check in my mailbox one week later. I'm not used to being treated so fairly by an Insurance company. Kudos to them.
 
i was switched to markal. same rates more of less
 
jason78 said:
I just got my notice from NBOA stating Starr Insurance would be my new underwriter. Anyone heard of them? I have not compared it exactly to last year but I think it may be a little more. Not a whole lot though.
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Just checked and the switch to "Starr Insurance" through NBOA will result in an increase of $150 a year so I am back in the market for a new insurance company. Any suggestions? I had Allstate before and they were way more than even what Starr wants. Progressive originally gave me a quote of nearly twice what Starr wants so they are out too.
 
jason78 said:
Just checked and the switch to "Starr Insurance" through NBOA will result in an increase of $150 a year so I am back in the market for a new insurance company. Any suggestions? I had Allstate before and they were way more than even what Starr wants. Progressive originally gave me a quote of nearly twice what Starr wants so they are out too.
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PM sent. MM
 
I got Starr also. Not to thrilled, $75 more a year here.

I got quotes from Boat US and Global Marine Insurance agency...still more than I was paying. Mike shoot me a text and let me know where to look.
 
I should feel lucky, my policy with State Farm was renewed and had a 26% premium decrease.
 
OK, well I got a quote from State Farm and Nationwide and they were about $400-$500/yr more than Star Insurance/NBOA. I contacted Global Insurance and they are about $65 a year less than Star however they have a unusally high deductable for a loss during a named storm (10% of the policy value). Even if I was OK with it, I am not sure my leinholder would be. I am waiting for some clairification from Global on this point. If I was anywhere but the East Coast, I probably would not care about the high named storm deductable- but I am so I am concerned.

I called NBOA and asked them what the deal was with the increase. They told me American Bankers had overall unusally low rates and when they decided to get out of insuring boats many people have been in for a shock. Initially I figured NBOA just picked someone else out and stuck me with them. To my suprise, she read off about 9 different companies they quoted me with before choosing Star and told me what the numbers were from each and Star was the lowest in the group.

So I guess it will be Global if I can get though the deductable issue and if not, then NBOA again.
 
I just did a quote from Markel for $269/12mo year ($250 Ded). State Farm is $400 with a 5 month layup. Markel even includes my 33ft trailer for that price. I am Inland though but a real savings for me....Thanks, Mike.
 
Just spoke to Global Marine Ins....don't think they can touch the Markel price. I mentioned Markel to them and Markel is one of their underwriters.....go figure. I remember they were higher than State Farm last year but they still had all my info on hand, Mike.
 
I just looked everywhere and got my best price with the USPS boat insurance program. I had the same question about Starr. They are highly rated by AMBest but no one has any claim history. So, I chose to go with USPS and St.Paul as the underwriter.

Dan
 
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