Hurricane Aftermath

[RGrew176]

I read on the Boat US site that over 60000 boats were either destroyed or damaged by the hurricanes this season. I wonder how much our insurance premiums will go up next year. Back in 2007 there was an active hurricane season then. The following year 2008 my boat insurance premium almost doubled. So, I called up my agent to ask why. He stated there were massive losses in Florida that year and the costs had to be spread around.

I'm thinking, I live in Michigan and we do not get hurricanes here why do I have to pay for those who live in hurricane prone areas. I paid $388 for my insurance this year. Wondering if history will repeat and I will pay a lot more next year.

[Download_Complete]

Because that's how insurance works. Large pool of people to spread the costs around. There's also insurance rates, and speaking proportionally, I am willing to bet that the rate in Florida is a lot higher than the rates in Michigan.

[Mocoondo]

Between 06 and 08, my insurance actually went down by close to 25% and has remained stable within a couple dollars ever since. I've been toying with the idea of changing companies for next year because I have found some options that I like better, but I am very hesitant due to the potential for skyrocketing premiums. The quotes I am getting for 2018 are still within a few dollars of what I pay now, but it's 2019 that I am worried about.

[ksanders]

Here in Alaska I’m paying about 1% of the agreed value per year.

[Download_Complete]

I will let you know how my policy looks. I plan to have an AHV policy when I buy in the spring.

Anyone have any insurance suggestions, BTW?

[boatworkfl]

Glad we do not have hurricanes in Alaska, have not had a bad tidal wave since the 60's I believe.

[RGrew176]

Because that's how insurance works. Large pool of people to spread the costs around. There's also insurance rates, and speaking proportionally, I am willing to bet that the rate in Florida is a lot higher than the rates in Michigan.

I am sure that you are correct. One reason being a year round boating season.