Insurance! How did a claim affect your renewal?

ttac

ttac

.
Aug 9, 2010
114
Hunter Passage 42 Kemah, TX
Hello all!
We are about to renew our insurance. We had to file a claim this last year for a lightning strike we had. Our agent told us that that company will be raising our rate even if it was an "act of God"!
So he started shopping a new company for us. We also started looking and found that because we had a claim of any sort it would be much higher.
We also found that we would need a new survey.
Our agent found a company to cover us with a little better coverage for about $800 more than we paid last year. And it looks like the current survey will do for this year.

I would like your feedback on your own experience with the insurance companies?

Thank you, Dean
 
KD3PC

KD3PC

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Sep 25, 2008
1,069
boatless rainbow Callao, VA
I had a large claim with BoatUS a few years back that involved a total loss of the boat. I was liable for 30% of the survey, and they paid out the entire loss with in a few days. It did not affect my rate at all with them. I am not sure how it would affected my rates had I switched carriers. It was almost a year before I replaced the boat and purchased a BoatUS policy for that boat.

Shop around, and be sure to compare apples to apples. Some things that are included with my BoatUS policy are added price items with other insurers.
 
R

reworb

.
Apr 22, 2011
234
Beneteau 311 Ft Myers Beach
I had a lighting claim about 18 months ago, it was about $22,000. The first renewal after the claim was about the same cost as prior to the claim. This year's renewal is less than we were paying before the claim.
 
D

duality

.
May 25, 2004
446
Catalina 400 mkII Harbor
i had a lightning claim with boat us, it was a nightmare, see previous posts. in my opinion they operated in bad faith,

the next year they raised my premium about 15 percent. my neighbor on the dock then sold me a policy with markel for half as much of boat us, then the premium went down this year.

try markel!

mike
 
Warren Milberg

Warren Milberg

.
Dec 1, 1999
2,391
Hunter 28.5 Chesapeake Bay
In over 40 yrs of boat ownership the only insurance claim I ever had was for a boat totaled by Hurricane Isabel in 2003. Insured by BoatUS. They were great to deal with and I had a check for the full insured amount in a short time after the event. I replaced the lost boat with one a bit more expensive and my rates were about the same as the previous boat. The next year, I even got a discount. I agree with previous posts that BoatUS includes a lot of coverage that may be extra cost options by other insurers. Also, keep in mind that boat insurance companies (or all insurance companies, for that matter) are only as good as how that company deals with a claim.
 
Gunni

Gunni

.
Mar 16, 2010
5,937
Beneteau 411 Oceanis Annapolis
Dean;
You need to ask your agent some hard, and specific questions about the insurance circumstances. He needs to be an effective advocate for your interests in this matter, and it may be that he had you with a bad insurer. Either way, you need to know exactly what is going on with the insurer and your risk rating, because that stuff is like gum on your shoe. If you don't get the answers you need, go direct to the insurer to cross-check the details.
 
JK_Boston_Catalina310

JK_Boston_Catalina310

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Nov 18, 2010
2,441
Catalina 310 Hingham, MA
We had a claim, we were cut off by another boat and forced into a can. Didn't get the name of the other boat because I was too busy trying to deal with mine. The insurance company paid the claim but then didn't renew. My agent got us a different policy for only about $50 more than the first policy. Then when we became liveaboards our agent got us another policy for only about $200 more. Our total insurance bill is around $900 for a $75K hull and $20K of personal property. Your insurance seem high to me if the new bill went up by $900. But that might be a regional thing. When we head to the Caribbean this year our insurance will go up to $2,500.
 
G

gettinthere

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Nov 26, 2008
1,970
Endeavour 42 Cruisin
I had a 'no claim' discount with boat us. Had a very minor lightning strike costing them around $2000. They took away my 10% no claim discount.
Getting expensive
 
Bill1565

Bill1565

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Jan 22, 2008
1,483
Hunter 37 C sloop Punta Gorda FL
Second all the good said about Boat Us. Had 2 boats before Hurricane Charlie. One totaled, one GENEROUS settlement for damages. Rates did not go up.
 
njlarry

njlarry

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Sep 23, 2009
1,476
O'Day 34-At Last Rock Hall, Md
It pays to shop insurance. My Allstate policy was half the cost for twice the coverage as Boat US>
 
C

Capt jgw

.
Feb 8, 2014
1,300
Columbia 36 Muskegon
I've had Allstate for about 35 years. Had only one claim and they were paid me more than I was expecting. Rates did not go up, and are still muck lower than any other I have looked at. Never asked for a survey and do not limit my cruising area.
 
G

gettinthere

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Nov 26, 2008
1,970
Endeavour 42 Cruisin
Allstate provides a boat policy, Boat US provides yacht policies. They are significantly different. Apples and oranges.
 
ttac

ttac

.
Aug 9, 2010
114
Hunter Passage 42 Kemah, TX
Thank you all for your input! We will be doing some insurance shopping over the next month to see if we can cut our premium down and still have good coverage.
Dean
 
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