Marine Insurance

[JimS123]

I've had Boat US / Geico for many years now. When I checked they were always the most competitive, plus the almost unlimited towing coverage and zero deductible were additional benefits.

I just got my "jetski" insurance renewal and it went up 41%. I have a 820 credit rating and have never had an insurance claim, traffic ticket or accident.

Looking around, I got a quote for 1/3 the new price, which was even 1/2 what I paid last year. So, I switched to Progressive for this boat.

I have 2 other boat policies which will renew within the next 6 months. A cursory check showed that both of them will renew with Progressive at 1/2 my old rate.

Am I missing something here? Considering inflation, the Progressive insurance is the cheapest I've had since 1968.

Am I missing something here.

 

[Moserkr]

Nope, progressive is the #1 insurer for boats and other toys. It's who I use as well for the boat and motorcycle, same with all my friends.

 

[airshot]

Ins companies are going thru an adjustment period. Some have not made their adjustments yet. Timing can be everything ! Also check carefully for recovery and EPA fines as some ins co. don't cover those costs !! Damage is one thing, but when a boat sinks and needs removed or fuel leaks out, the EPA steps in and their fines can be high. Make sure you talk to your agent about what all " full" coverage means !!

 

[Scott Danforth]

I have had progressive since 2008. I save even more money paying for the whole year at a time vs the 6 month thing. the only thing not insured with progressive is the house.

 

[havoc_squad]

I've had Boat US / Geico for many years now. When I checked they were always the most competitive, plus the almost unlimited towing coverage and zero deductible were additional benefits.

I just got my "jetski" insurance renewal and it went up 41%. I have a 820 credit rating and have never had an insurance claim, traffic ticket or accident.

Looking around, I got a quote for 1/3 the new price, which was even 1/2 what I paid last year. So, I switched to Progressive for this boat.

I have 2 other boat policies which will renew within the next 6 months. A cursory check showed that both of them will renew with Progressive at 1/2 my old rate.

Am I missing something here? Considering inflation, the Progressive insurance is the cheapest I've had since 1968.

Am I missing something here.

Welcome to the US insurance world now.

A bunch of market analysts have been sounding the alarm over several months to expect large price increases in insurance rates no matter who you are, no matter what it is, and no matter where it is.

If you have read about how State Farm is not renewing coverage for certain homes in California and how steep Florida home and automobile insurance rate increases have been in the past few months, then you've already been warned.

It's a combination of greed and cost of coverage vs risk for insurance companies.

We're paying for the cost of those re-occurring disasters more common, inflation, and to keep the price of those company's stock from dropping to low.

 

[briangcc]

Mine's covered under same company as home owners and auto - not Progressive or Geico. Hasn't really shot up all that much since I bought the Chap. Maybe $20 or so over the life of the policy? No claims, no accidents.

 

[airshot]

We have had Progressive in the past,v great for auto and boat and SxS toys, but horrible for their home coverage. Had to sue them to get coverage after a tornado took our roof off. Having dealt with insurance companies for close to 60 years, all I can say is....read the fine print ! Make sure you gave the coverage you want in writing ! Many folks are shocked at how their coverage changes when a disaster happens. Years back a friend hit a submerged object and sunk his boat. Due to oil, fuel leakage the EPA charged him a 25K fine because the ins company took over a week to get the boat removed. His ins paid for everything "except" the EPA fine!!

 

[JimS123]

We have had Progressive in the past,v great for auto and boat and SxS toys, but horrible for their home coverage. Had to sue them to get coverage after a tornado took our roof off. Having dealt with insurance companies for close to 60 years, all I can say is....read the fine print ! Make sure you gave the coverage you want in writing ! Many folks are shocked at how their coverage changes when a disaster happens. Years back a friend hit a submerged object and sunk his boat. Due to oil, fuel leakage the EPA charged him a 25K fine because the ins company took over a week to get the boat removed. His ins paid for everything "except" the EPA fine!!

My BoatUS covers fines for a little over $1 million. My new Progressive is only up to about $900,000.

After signing up for the Progressive for the 'ski, and finding it so cheap, I looked into my auto as well. It's also a significant savings. I have not checked yet if the auto/home discount is worth anything.

 

[tpenfield]

The Admiral does commercial insurance. Rates are up quite a bit this year. I just got my insurance renewal for the summer house . . . it was up about 40% this year. . . . almost myself .

The cars/boat have not gone up much. (AFAIK . . . never actually see the bill )

The insurance industry has highs and lows . . . probably having a lot to do with losses and what they can make on Wall Street.

I think when you shop them, it helps for a year or 2, then they come at you with a vengeance at renewal time.

 

[JimS123]

I think when you shop them, it helps for a year or 2, then they come at you with a vengeance at renewal time.

I had the same agent for about 25 years. He had my boats, cars and house. When I bought my first RV he told me to go elsewhere. He was an Rver as well and said that XX would beat his policy.

Then he died. His replacement screwed me, so I went elsewhere. Then I met another guy from the original company and he agreed I was screwed. He fixed it so I went back. Then he died as well. The new agent raised the prices the second year.

I assume that agents are sometimes crooked and take unacceptable commissions, although legal.

Now I re-evaluate every couple of years.

 

[SkaterRace]

I typically check with all of the insurance companies each year. I have a canned email and have it scheduled for 2 months out before renewal. I update a few things in there and it seems to work well. I've saved a ton on home, auto, and boat insurance by doing that and not being afraid to switch companies yearly if needed. I think 4 switches in 7 years. For boat I am with North Star Marine IIRC

 

[airshot]

I have an independent agent that represents a number of different companies and also shops and compares rates with companies he doesn't represent. There have been times he sent me to outside ins companies due to better rates. I do know, here in Ohio, we have had some good increases. I sold my motor home two years ago and trimmed over 450 off my insurance but in the past two years, I am almost back up with the 400 I had saved. The sad part is, I was involved in an accident with an underinsured motorist, not my fault...but my ins costs went up anyway because I had to use the uninsured motorist coverage on my policy. Not your fault but you still have to pay !!

 

[dingbat]

I never stay with a boat insurer more than a couple of years to keep them honest.

Bounce back and forth between Boat US and Progressive.

Home owners, property, auto and umbrella are all with the same company. Policy for the boat with same company was nutz priced

 

[froggy1150]

Jim... I'm not an agent but if I was I would NEVER write you a policy
I have progressive and boat us. Progressive was super cheap and boat us Mainly for their tow ins

 

[JimS123]

Jim... I'm not an agent but if I was I would NEVER write you a policy
I have progressive and boat us. Progressive was super cheap and boat us Mainly for their tow ins

Why? Because I didn't accept a huge rate increase and went with another company?

 

[airshot]

I look at coverage for accidents and EPA fines if any would occur. In my 60 yrs of boating I have never had to be towed. I don't own large cruisers or yachts, so I make my own plans in case of power loss. I always carry a backup power source for that just in case, and yes I have had to use it. Towing is expensive and that cost can be prevented if everything is maintained and a backup plan is made. Not knocking anyone that carries tow insurance...not by any means...but smaller craft, it becomes an expensive option that you can work around. Now, if I were running in the ocean...different story !!

 

[froggy1150]

No Mr jim..... agents seem to die after writing policy's for you

 

[havoc_squad]

Why? Because I didn't accept a huge rate increase and went with another company?

Like a spy calling in a favor to a spy contact living in an adversary's country and after a few days of that call/text/letter that contact ends up dead by the country's secret police.

Instead of government secrets, it's your need for insurance that causes you to end up being an "Enemy of the State" (only illegal for you of course).

 

[JimS123]

No Mr jim..... agents seem to die after writing policy's for you

It's the old guys that always lure me in with low rates. My current agent is very young so maybe he'll outlast me.

 

[JimS123]

Like a spy calling in a favor to a spy contact living in an adversary's country and after a few days of that call/text/letter that contact ends up dead by the country's secret police.

Instead of government secrets, it's your need for insurance that causes you to end up being an "Enemy of the State" (only illegal for you of course).

The problem in our boating community is that there are way too many boaters that are sure they don't "need" insurance.