Are Insurance rates going up?

[George H260]

Receintly, I received my new insurance coverage for the comming year. To my suprise my rate went up from $454.00 to $615.00. Thats a 35% increase (only one previous increase in the last 4 years). I have the Hunter coverage and hull replacement of $65,000.00 (no claims ever). I know that the coverage cost still isnt bad but when I questioned the agent, the Pier Group for Zurich, they told me that they checked aroud and found that they found they were charging less than other companies so they were raising their rates, and have a nice day. Sounds like taking advantage. Nedless to say I'm shopping around. Dont know if I can do much better but I will try. After all if they dont care about me why should I care about them. If I find the same coverage for the same price I will leave the Pier Group in a heartbeat. Way to take care of your customers. What was that saying about taking care of your customers or someone else will?Can anyone give me some pointers on what other insurance companies to try?ThanksGeorgeS/V windswept _/) 1995 Hunter 336

 

[Mike H]

Use Boat US

Get a quote from Boat US and use it as a comparitive shopping tool. I found their rates to be closer to the low end of the price spectrum.

 

[R. Young]

Check your homeowners insurance group

The people that sell you homeowners insurance may also sell boat insurance. I found my homeowners insurance company to be significantly cheaper then most/all of the boat specialist insurance companies. I have had 2 claims so far with no problems ( in fact they usual rubber stamp whatever the adjustor writes down w/o question). When I asked them if the insurance covers boat towing, they said NO, they wanted $10 for that ($500 per claim). Need I say more?R. YoungDestiny - Hunter 37

 

[Jurek]

Yes - Insurance rates are going up

All my insurance rates, car, boat, home went up this yr. When I inquired I was told that it's ongoing because of increased medical and litigation costs. I've also heard that the insurance industries, like many private investors, have lost a bundle on the stock market recently and are now making up for lost ground with their captive audience.I don't know which story to believe.

 

[Royce]

Sounds cheap

My insurance, thru Ocean Underwriters, went from $363 to $412 for a year, no claims ever. My 76 h30 is insured for $13,000, and includes towing. Sounds like your rate for $65,000 is a good deal. I'm paying $31.69/$1000 coverage and your paying $9.46/$1000 coverage. If I had your rate I would be only paying $123 / year. Hmmm, who do you have insurance with?Royce

 

[Steve Dion]

Shop, shop, shop.

George:I would suggest you shop around. In my opinion, home owners/auto companies are the least desireable companies to insure a boat with. Most only offer replacement cost coverage and not agreed upon value. We have an agreed upon value of $35000 with BoatUS for $260/yr. Remember that we are in an area that does not have hurricanes and the type of weather that you folks see on the East and Gulf Coast so you should expect to see rates this low either.

 

[Jim Logan]

Yes, rates are going up - capitalist system

Insurance companies have the same problems as everyone else the last few years - all of their investments make less than they did previously (that's what they do with the excess money they get above the claims and costs of doing business) - so they have to raise rates to maintain acceptable levels of profit - but I'll bet rates don't go down when investments start doing better!For what its worth, my West Marine (St. Paul) insurance went up about 35% this year - I shopped and asked around and decided to stay with them - all the quotes I got were close to the new rate. My boat is a 1980 Hunter 33 - insured for a defined amount, 300k liability.

 

[Tim Op't Holt]

Try Safeco

Try Safeco, or your homeowners. They often give a multiple vehicle/vessel discount.

 

[Dan Breitenbach]

Zurich

I had the same thing happen when I went to renew my insurance through Zurich. When my independent agent inquired for the reason, she got the standard costs are up business. I changed insurance and kept essentially the same rate for similar coverage. Zurich is out of line for the Chesapeake area.