Insurance went up 15%-gctid352114

[Guest]

I apologize in advance I searched but couldn't find what I was looking for.

Right now I have American Family for coverage, come the bill in the mail they have raised me 15.3%. I haven't had a boat or auto claim and don't understand the increase. Calling the billing dept. they told me there's a 10 year factor which boats over ten years need to have a survey or in my case just see an increase in premiums. For further information contact your agent and at that point the blood was too hot... Last year and I need to check my record but there was another increase I didn't pay much attention to.

Meanwhile I called Boatus.com and their offering allots more for the money. (Hull Value/Salvage/Fuel Spill) It's not much cheaper but the protection is more attractive.

Grazing over the forum for years have seen boatus.com pop up but never really checked it out. Having talked to one of their reps im just feeling really vulnerable on the current insurance I have.

[Guest]

I'm just renewing my Boat US. policy now. This is my second year with them and no rate increase. Dissapearing deductable is working it went down from$250.00 to $175.00. I tried my Auto ins co. a couple of years ago but they just don't seem to offer the fuel spill coverage,op- they just add it in the total coverage.

[Jeffw]

The billing dept. doesn't know schitt about how premiums are determined. Simply put, when losses go up, so do premiums. It doesn't matter if you caused the losses. That's the whole concept behind insurance, everyone pays a little, so no one pays a lot. If your premium went down, same reason. And yes, they do go down occassionally...

[Guest]

read this

http://www.baylinerownersclub.org/fo...ery-simplified!!!)

[itsabowtime2]

I wanted agreed value on boat and trailer and went with Farmers Insurance. All the other companies would not got over NADA for my boat, including BoatUS. I had them for auto, home, umbrella etc.

[MidnightSun]

Rockhead wrote:
I apologize in advance I searched but couldnÔÇÖt find what I was looking for.

Right now I have American Family for coverage, come the bill in the mail they have raised me 15.3%. I havenÔÇÖt had a boat or auto claim and donÔÇÖt understand the increase. Calling the billing dept. they told me there's a 10 year factor which boats over ten years need to have a survey or in my case just see an increase in premiums. For further information contact your agent and at that point the blood was too hot... Last year and I need to check my record but there was another increase I didnÔÇÖt pay much attention to.

Meanwhile I called Boatus.com and their offering allots more for the money. (Hull Value/Salvage/Fuel Spill) It's not much cheaper but the protection is more attractive.

Grazing over the forum for years have seen boatus.com pop up but never really checked it out. Having talked to one of their reps im just feeling really vulnerable on the current insurance I have.

It is likely the age/survey is the problem. Here in Canada insurance companies insist on a complete survey at the 10 or 15 year age or no insurance. That being said, they will inform you of the upcoming survey requirement a year in advance which gives you plenty of time to comply.

[Guest]

itsabowtime2 wrote:
I wanted agreed value on boat and trailer and went with Farmers Insurance. All the other companies would not got over NADA for my boat, including BoatUS. I had them for auto, home, umbrella etc.

NADA is the National Auto Dealers Association- perhaps the worst valuation source for boats. You'll want to read that Farmers policy; to the best of my recollection, the Farmers group dropped their Agreed Value Policies when they ceased their Zurich product line. Further, your trailer (or any trailer) will be at Actual Cash Value if determined to be a total loss.

Any true marine insurance policy will use either purchase price + hard additions, survey valuation, or MRSP to base an Agreed Value policy on.

MidnightSun wrote:
It is likely the age/survey is the problem. Here in Canada insurance companies insist on a complete survey at the 10 or 15 year age or no insurance. That being said, they will inform you of the upcoming survey requirement a year in advance which gives you plenty of time to comply.

Same here stateside- depending on company policy (10 or 15 years from birth year), a Condition and Valuation (C&V) hauled survey is required at policy inception, and then ever 5 years thereafter.

[boatworkfl]

I have state Farm now; but I have had Charter Lakes, they insure mostly through St. Paul Fire & Casualty, great to deal with, and has agreed value policies.

[RGrew176]

jeffw wrote:
The billing dept. doesn't know schitt about how premiums are determined. Simply put, when losses go up, so do premiums. It doesn't matter if you caused the losses. That's the whole concept behind insurance, everyone pays a little, so no one pays a lot. If your premium went down, same reason. And yes, they do go down occassionally...

Very true. If you remember some years back Florida was hit by 7 hurricanes over a two year period. My premiums went up dramaticly. I called my agent to inquire why. He told me it was because of all the losses over that period in Florida. Many insurance companies lost big bucks during that time and we had to make up for the losses here in areas like Michigan.

Such is life.

[Mocoondo]

Note that the BoatUS policy, last time I checked, still excludes covering any loss as the result of a mechanical failure. In other words, say you are passing through a rough inlet and your engine (or engines) fail or your steering fails, etc., and you end up on the rocks .... no coverage.

That was one of the primary reasons why I did not insure with BoatUS, although I do have their towing and trailering coverages.

The best advice I or anyone else can offer is to READ YOUR POLICY and UNDERSTAND YOUR POLICY. If you don't understand it, ask enough questions until you do. And be sure you are happy with the coverages, and more specifically, make sure you can live with the "exclusions".

[MidnightSun]

Note that the BoatUS policy, last time I checked, still excludes covering any loss as the result of a mechanical failure.

That has got to be the dumbest insurance exception I have ever heard of. Are you sure about this?

[Guest]

Mocoondo wrote:
Note that the BoatUS policy, last time I checked, still excludes covering any loss as the result of a mechanical failure. In other words, say you are passing through a rough inlet and your engine (or engines) fail or your steering fails, etc., and you end up on the rocks .... no coverage.

That was one of the primary reasons why I did not insure with BoatUS, although I do have their towing and trailering coverages.

The best advice I or anyone else can offer is to READ YOUR POLICY and UNDERSTAND YOUR POLICY. If you don't understand it, ask enough questions until you do. And be sure you are happy with the coverages, and more specifically, make sure you can live with the "exclusions".

Wow- you sound like me with the "read your policy stuff" Kudos!

Correct- mechanical breakdown is indeed excluded in the BoatUS policy.

[rafaelfigueira]

Rockhead wrote:
Calling the billing dept. they told me there's a 10 year factor which boats over ten years need to have a survey or in my case just see an increase in premiums. For further information contact your agent and at that point the blood was too hot...

Very very surprising.

Every time I called my car/home insurance company to question (not even complain, just question) a premium increase, they offered me a deal... Most often the deal is to return to old premium, because I'm a good customer and they value my business and blablabla. The only time they didnt offer right away, I told the girl "all right, thanks for the info, I will start shopping around for an alternative", and then she transferred me to a higher-up...

[MidnightSun]

Pau Hana wrote:
Wow- you sound like me with the "read your policy stuff" Kudos!

Correct- mechanical breakdown is indeed excluded in the BoatUS policy.

This I know but what happens if the engine fails and I am caught in the current or tide and end up on a shoal resulting in damages to my drive and hull? It is stated you are not covered because of a mechanical failure. In my book that is like being half insured!!

[Guest]

MidnightSun wrote:
This I know but what happens if the engine fails and I am caught in the current or tide and end up on a shoal resulting in damages to my drive and hull? It is stated you are not covered because of a mechanical failure. In my book that is like being half insured!!

That event (drive/hull damage resulting from engine failure) would be covered under "consequential loss/damage" if the policy does not exclude it.

You are correct- it IS like the boat being half insured. Hence, the strong recommendation to read your policy and ask the hard questions BEFORE you have a loss.