Boat insurance going up 17-18% a year normal?

[gtochris]

I just got my renewal for Boat U.S. on our 17yo boat in the sig, now $230.00. Went up 18% since last year which was 17% more than the year before *(Hurricane Sandy), before that, it was consistent over the years.

Is this normal? I know Boat U.S. is good,... but I question if they are quite this good? Any others I should shop? A quick google search brought up National Boat Owners Association (NBOAT), are they any good? Any others?

We boat inland, I store in the water during the season and in a garage in the winter.

-Chris

 

[oldjeep]

Re: Boat insurance going up 17-18% a year normal?

230 for what kind of coverage's?

 

[bajaunderground]

Re: Boat insurance going up 17-18% a year normal?

I pay (thru my hazard insurance, auto insurance and a small life ins policy company) ~$224 per year on the CC. It has $100,000/$300,000 for bodily injury and (I forget the collision coverage amounts?) and covers the boat and motor up to $7,000. The Baja was a far faster boat, but cheaper to replace (~$4,000) it was only $130/year.

 

[gtochris]

Re: Boat insurance going up 17-18% a year normal?

$4,000 agreed boat value, $2,000 trailer value, 100K liability, 854K fuel spill (weird number), $1K medical payments, $500 personal effects, 100K uninsured boater insurance.

 

[oldjeep]

Re: Boat insurance going up 17-18% a year normal?

$4,000 agreed boat value, $2,000 trailer value, 100K liability, 854K fuel spill (weird number), $1K medical payments, $500 personal effects, 100K uninsured boater insurance.

Jeeze that is really high. I pay about $140 on my 2005 bayliner for 12K agreed value and 300K liability, 5K med and $500 deduct. The new boat is $483 for 58K agreed value the other coverages the same. I do get it through the same company that I get all my car and home insurance from.

 

[SigSaurP229]

Re: Boat insurance going up 17-18% a year normal?

Progressive is by far the cheapest I found on an agreed value policy. Geico was cheap as well.

 

[spoilsofwar]

Re: Boat insurance going up 17-18% a year normal?

I agree, seems high. I am about $300/year for 30k agreed value with BoatUS. Maybe the fact that you keep it wet slipped during the season drives your rate up.

 

[JoLin]

Re: Boat insurance going up 17-18% a year normal?

Call BoatUS and ask why. I've been with them for 6 years, renewed last October and saw little if any increase. Could be that they hadn't yet tallied everything up (Sandy) and established new rates, but it's certainly worth having a conversation with them. You should also shop a little beforehand so you have some ammunition when you contact them.

 

[agallant80]

Re: Boat insurance going up 17-18% a year normal?

I heard that boat us lost their underwriter, they never had their own insurance they just resold others. My insurance with state farm stayed the same.

 

[gtochris]

Re: Boat insurance going up 17-18% a year normal?

I agree, seems high. I am about $300/year for 30k agreed value with BoatUS. Maybe the fact that you keep it wet slipped during the season drives your rate up.

That is the weird part as I don't recall them ever asking me where I store the boat? The first 2 years I had it (when I started with Boat U.S.) I towed it back and forth, however only living 1/4 mi from our ramp we eventually got a slip however I never changed anything or had this conversation with them.

I think I'll check out Progressive and Geico + my personal auto/ home policy (NJM), I mostly have insurance to protect my passengers and myself so I don't loose my house if I get run down.

My boat is mint- however turning 17 and not being the pinnacle of high performance has me questioning things as my car's insurance has been declining every year.

 

[Captain Caveman]

Re: Boat insurance going up 17-18% a year normal?

Mine was about $160/yr through my insurance company for a 2008/09 boat/motor with most of the usual coverages, but it's through my auto and home insurance carrier and I just added the boat under my umbrella so that I have much better liability coverage. The rate has never changed except for me adding the umbrella.

You definitely should shop around and make sure it's all apples to apples.

 

[Home Cookin']

Re: Boat insurance going up 17-18% a year normal?

I heard that boat us lost their underwriter, they never had their own insurance they just resold others. My insurance with state farm stayed the same.

interesting and a logical explanation. also lots of insurance that starts off cheap goes up in the years to come--that's how they get you.

And I don't think $100,000 liability is enough. You get in a tragic accident, it will be gone in an instant. I carry liability up to the requirements of my umbrella ($300K-$500K--depends on policies) then put $2 million on top.

 

[spoilsofwar]

Re: Boat insurance going up 17-18% a year normal?

That is the weird part as I don't recall them ever asking me where I store the boat?

They definitely asked me when I first got insurance on my boat from them. When I moved from NY to SC recently, I had to speak to an agent, and he asked how the boat would be stored. My rate went up slightly because I moved from a short boating season location to a longer one, even though my boat was garaged in NY and continues to be here in SC.

 

[Natesms]

Re: Boat insurance going up 17-18% a year normal?

Call them and tell them to lower it. I go through it every few years. They will always drop it back down to close to the prior year. I had a 25% jump on my big boat last year and after a relatively painless phone call it was a 3% increase. I just said, "That rate hike is not acceptable to me. Please lower it or I will take my business elsewhere."

 

[gtochris]

Re: Boat insurance going up 17-18% a year normal?

Call them and tell them to lower it. I go through it every few years. They will always drop it back down to close to the prior year. I had a 25% jump on my big boat last year and after a relatively painless phone call it was a 3% increase. I just said, "That rate hike is not acceptable to me. Please lower it or I will take my business elsewhere."

I'm going to shop it around and make that same call.
Last year I recall just paying it and thinking gee- this is higher than I recall- I was again surprised when I opened the packet in the mail yesterday to see they hiked it up again.

I know NJ was hit hard by Sandy, but I don't know of a boat lost in my lake area 60 miles from the shore.... the casualties were by the shore with the storm surge.

 

[crabby captain john]

Re: Boat insurance going up 17-18% a year normal?

I had State Farm long ago as everything but they boat they have. So,,,, I ask how about fuel spill coverage and they had to call and get back to me $854K is the most the govt can come after you for. Next I asked about salvage and was told it was covered under the towing. Towing was $500 ~~ get a grip. Only two I'd trust to cover me ~~~ Boat US and Wells (a sponsor here). I use Boat US and could probably save a few dollars until there was a problem.

 

[greenbush future]

Re: Boat insurance going up 17-18% a year normal?

I agree that it's on us to call them and inquire, I have stories about insurance companies that make your head spin. The reality is if you don't take the time to check, you stand a great chance of them getting most of it wrong. My home owners, rentals, boats, sleds, trucks were all wrong and they were 100% at fault but, in the end it's worth an hour every year to check all of your insurances, they will change crap and not tell you. It get's even worse if you have escrow accounts they can tap into.

 

[Home Cookin']

Re: Boat insurance going up 17-18% a year normal?

In addition to what Greenbush said, often the person on the phone is wrong. When the rubber hits the road (or stuff hits the fan) the only thing that matters is what the contract (policy) says in writing, and nothing they tell you orally can change it. And at that, the policies are subject to interpretation. BTDT.

 

[gtochris]

Re: Boat insurance going up 17-18% a year normal?

I did an online quote with Progressive and Geico.
Progressive came in at $235.00 and Geico $276!
$4,800 hull value
$2,000 Trailer value
$1,000 deductible
Boat Liability Coverage 100k/ 100k *(Seems low for my liking)
$854K Fuel spill coverage *(Appears to be the standard)
$25,000 medical payment coverage *(low for my liking)
$100,000 Uninsured boater coverage

I'm sure one or both will call me in the next day to discuss, I'm glad I'm looking into this. Any one of these factors listed above I should bump up?

 

[Home Cookin']

Re: Boat insurance going up 17-18% a year normal?

Traveller's at $500/year for 2004 21' boat outboard ($17,870) trailer ($3,410) perprop $250, towing/assistance $600 (costs $30), med pay $1000. liability and uninsured $500,000 each. I need to call them or read the whole policy about oil spill coverage. Coastal waters, Virginia. No increase.