Insurance Premiums

jssailem

jssailem

SBO Weather and Forecasting Forum Jim & John
Oct 22, 2014
23,341
CAL 35 Cruiser #21 moored EVERETT WA
Does it make a difference when, the month, you buy your Insurance policy?

I wonder as it appears the cost of CAR insurance is on the rise, according to today's business section of the WSJ. The companies are seeking approval for higher premium (as much as 20%) from State agencies to offset the costs Inflation and serious car crashes.

I ask as my bill is in April and it increased 20%. Coincidence or bad timing?
 
kappykaplan

kappykaplan

.
May 1, 2011
5,070
Pearson 37 Lusby MD
My boat insurance renewal was in mid-May. Went up around $200 even though I've had no claims in many years.
 
  • Like
Likes: jssailem
Rick D

Rick D

.
Jun 14, 2008
7,187
Hunter Legend 40.5 Shoreline Marina Long Beach CA
It only makes a difference if your insurer (or potential one) has had an increase (or decrease) in rates. Good luck on seeing a decrease! But, I know of no rating plan that varies by the effective date timing during the year.
 
  • Like
Likes: jssailem
jssailem

jssailem

SBO Weather and Forecasting Forum Jim & John
Oct 22, 2014
23,341
CAL 35 Cruiser #21 moored EVERETT WA
Rick D said:
I know of no rating plan that varies by the effective date timing during the year.
Click to expand
I would agree. The thought came not as a cycle but a timing. Say the company always raises their rates in February. Buying in January might give the purchaser an edge.
 
Davidasailor26

Davidasailor26

.
May 17, 2004
5,718
Beneteau Oceanis 37 Havre de Grace
I also just got my car renewal notice, due by July. The premium went up 18% since 6 months ago.
 
D

dlochner

.
Jan 11, 2014
13,048
Sabre 362 113 Fair Haven, NY
There are lots of factors that determine insurance rates. One that does not get much air time is investment performance. As anyone who has been looking at their retirement portfolio recently both the bond and stock markets have taken a hit, I believe the pros call it a market correction.
 
Last edited by a moderator:
  • Helpful
Likes: Will Gilmore
JamesG161

JamesG161

SBO Weather and Forecasting Forum Jim & John
Feb 14, 2014
7,798
Hunter 430 Waveland, MS
jssailem said:
but is there a timing associated with the implementation of the change.
Click to expand
:plus:
I know @jssailem started this post wondering if Timing was a key to premium rates.

My boat insurance has always been in the 1st quarter, yearly. This year up by 10%.

One fact is true of the Gulf and East Coast. You cannot get insurance during a Named Storm activity for your home or boat.

June 1 is the 2022 Hurricane Season start.
Jim...

PS: Inflation hits all insurance sectors.
 
D

dlochner

.
Jan 11, 2014
13,048
Sabre 362 113 Fair Haven, NY
If we're not careful, we'll get ourselves in trouble here and the bots will come after us.
 
Last edited by a moderator:
JamesG161

JamesG161

SBO Weather and Forecasting Forum Jim & John
Feb 14, 2014
7,798
Hunter 430 Waveland, MS
There are more than bots that have monitoring power.
Jim...
 
Tedd

Tedd

.
Jul 25, 2013
790
TES 246 Versus Bowser, BC
This might be small comfort but I was pleasantly surprised when I got an insurance quote for the boat I'm in the process of buying. I've never insured a boat before but I have insured an airplane and I was expecting the cost to be similar. It's not. The boat costs less than half as much to insure as the airplane did (for similar coverage) even though the boat is worth three times as much and the airplane insurance rate is from more than ten years ago. So, it could be worse!
 
Kings Gambit

Kings Gambit

.
Jul 27, 2011
5,134
Bavaria 38E Alamitos Bay
Scott T-Bird said:
BTW, I just got my boat insurance bill and it didn't have any noticeable increase, surprisingly.
Click to expand
Back to insurance. June 1st is the beginning of my new policy year. I switched from GEICO to a new company, with a new, better policy IMO. Cost me $100 less for more; but then we got our county property-tax assessment for the boat, which went up for the first time in the 18 yr of owning it in two different CA counties. $100!
 
C

Calif. Ted

.
Jun 8, 2004
2,958
Catalina 320 Dana Point
Tedd said:
This might be small comfort but I was pleasantly surprised when I got an insurance quote for the boat I'm in the process of buying. I've never insured a boat before but I have insured an airplane and I was expecting the cost to be similar. It's not. The boat costs less than half as much to insure as the airplane did (for similar coverage) even though the boat is worth three times as much and the airplane insurance rate is from more than ten years ago. So, it could be worse!
Click to expand
When a couple guys did a flyby over the weekend I remarked to a dockmate "It's always nice to see guys with a more expensive hobby, makes yachting seem frugal".
 
  • Like
Likes: LloydB
SBO Police Bot

SBO Police Bot

Staff member
Jan 8, 2016
26
None None
dlochner said:
If we're not careful, we'll get ourselves in trouble here and the bots will come after us.
Click to expand
Yes. Yes they will.:biggrin:

Let’s keep the discussion to insurance rates and timing, and leave out any perceived political causes for those rates or the larger economic environment.
 
Ward H

Ward H

.
Nov 7, 2011
3,790
Catalina 30 Mk II Cedar Creek, Bayville NJ
We're getting quotes on all our insurance policies as our married status has changed.
I have Progressive for the boat I bought through USAA. The agent my wife has used for a few years wouldn't quote the boat. He said to stay with the current policy as he uses Progressive for boat policies because he found them to be the lowest cost and can't better the rate I have.
$760/yr for 1993 C30. No survey required, so far. Renews in October.
 
You must log in or register to reply here.

Top Bottom