Insurance rate increases

kappykaplan · Mar 16, 2014

Markel America asked me to do a condition and value survey after 5 years of ownership of my 1983 Pearson. My rate didn't go up last year.

Maine Sail · Mar 16, 2014

Witzend said:
Travelers does not require a survey for boats under $100K in value. So last year because the boat was over 10yrs old and United Marine required a survey I switched to Travelers. Well for no reason I can attribute to, (no claims) they raised my rate from $599 to $750. Sandy may be responsible for across the board increases?
What are others paying, and are they requiring a survey?

Is this for an "agreed value" policy? If so, how much?

Only way to know if it is in-line is to know if it is an agreed value policy and for how much agreed value?

Any policy other than agreed value is not a wise one IMHO as they will reimburse you for the lowest possible FMV, which these days is in the tank!

Usually when no survey is required it is because it is not an agreed value policy. Most companies want to know the value if they are issuing an agreed value policy. If travelers is doing agreed value on older boats with no surveys that may be a steal even at $750.00

Maine Sail · Mar 16, 2014

Witzend said:
yes @65K

Agreed value, no survey 65K coverage for $750, they will be getting a call from me soon....

Long Story · Mar 17, 2014

I have used the Boat US insurance program for years. Now maybe because we are Great Lake boaters they evaluate our risk differently, or the short sailing season. My Period of use is May - Oct (6 months) With National Liability & Fire the Agreed Value police ($68k) is $413.00 / year. Our policy even includes med payments if a pet is injured in a boating incident.

sea_casper · Mar 17, 2014

Witzend said:
Travelers does not require a survey for boats under $100K in value. So last year because the boat was over 10yrs old and United Marine required a survey I switched to Travelers. Well for no reason I can attribute to, (no claims) they raised my rate from $599 to $750. Sandy may be responsible for across the board increases?
What are others paying, and are they requiring a survey?

NBOA Sarasota FL (941.360.6777) is charging me $403 which includes membership in National Boat Owners Association.

The policy is $378 after a loss free credit of $42.
$302 includes $67,500 property, $5000 Towing and assistance, $10,000 tenders, $25,000 personal property;
$118 for$300K Liability coverage.
My lay-up period is Nov1 to April 1.
I have been with them since 2010.

Bob James · Mar 17, 2014

Witz: I have had insurance with Boat US since the boat was new. Agreed value is $100K, liability 500K, fuel spill 854K, med pay 1k family 25K, personal effects 1K, uninsured 500K, freeze addendum, deductable $250- Great Lakes - rate this year is $450.

Long Story · Mar 17, 2014

bobjames said:
Witz: I have had insurance with Boat US since the boat was new. Agreed value is $100K, liability 500K, fuel spill 854K, med pay 1k family 25K, personal effects 1K, uninsured 500K, freeze addendum, deductable $250- Great Lakes - rate this year is $450.

Bob,

Did Boat US change who your insurance was being written by this year? I noticed they dropped the old company and placed with these new guys?

Russ

cbourne200 · Mar 17, 2014

Just signed renewal with Progressive for $519 - includes 300k liability for marina, plus 100% reimbursement for towing, agreed value at $10k. 3rd year being insured with them and no cliams (they discount deductible 25% for each claim free year). Same coverage last year was $474.

Located in Pensacola, Fl and is an '87 O'Day 272 where sailing time is Jan 1 through Dec 31.

Bob James · Mar 18, 2014

LS: Yes, changed to National Liability and Fire Insurance Company. No other changes that I can see.