Insurance and accident free period

[sailorboy1]

I have owned boats for 13 years, a 39' and a 41'. In this period, which includes almost 6 years of full time on the boat, I have had no boat accidents and ZERO insurance claims.

So it really pisses me off that all the insurance companies seem to care about is whether I have had a claim in the last 3 years. What kind of measurement of being safe is just 3 years? I feel like I am paying for those people who have have had claims in the last 3-10 years.

I feel the same about car insurance. I have over 30 years of zero claims there and again all they care is the last 3 years.

[flightlead404]

Do they consider running aground and using a tow service a “claim”? Asking for a friend lol

[JPA Cate]

@sb1:

There's a lot of craziness in the world!

Ann

[Cheechako]

Yep, there seems to be no credit for never having a claim... none at all. On ANY kind of insurance. I haven't had a claim on ANY insurance (other than health) in 25 years ...
Yet the constantly raise the premium. My company of probably 15+ years kept doing it so I changed and saved money. I hate doing it, but I have found changing companies often/ getting bids works when I do.
The different prices are astounding when you get bids. For car insurance, some modern companies you see on TV every 15 minutes were 2.5 times higher!

[billgewater]

It gets worse. You may have had a non claim period for decades only to be told your boat can't be insured due to its age. Or they just believe that you will be happy with premium increases.
As a generalisation it is statistically important to recognize that the more policies you have e.g. boat, car, house medical etc. then the less likely is it that the insurance will ever pay off. That's why insurance companies do so well. Sadly, some organisations demand compulsory insurance and on closer examination the model seems a bit like a scam. i.e. there is kickback from the insurance company or an ongoing fee to the broker.

[billgewater]

It gets worse. You may have had a non claim period for decades only to be told your boat can't be insured due to its age. Or they just believe that you will be happy with premium increases.
As a generalisation it is statistically important to recognize that the more policies you have e.g. boat, car, house medical etc. then the less likely is it that the insurance will ever pay off. That's why insurance companies do so well. Sadly, some organisations demand compulsory insurance and on closer examination the model seems a bit like a scam. i.e. there is kickback from the insurance company or an ongoing fee to the broker.

[Tetepare]

There’s a tendency of those that have “accidents” to do so consistently and repeatedly. These people write it off as bad luck or voodoo, but insurance companies know that if a subscriber has had a claim within the past three years they likely will again.

The “old boat” issue is a catch all designed to remove those same “victims” who not surprisingly don’t update or maintain their boats.

[Rumrace]

Insurance a scam !? No way.

I was lying in the hospital waiting for a cast my sweet Harley dragged away busted up bad. My idiot insurance guy reminds im not covered for collision on the bike, just in case there was some cost coming his way.

Had an insurance adjuster offer me 60,000 on a $100000,000.00 boat in a marina fire.

3K for a 9K SS Monte Carlo

Just sue them.

[Mike OReilly]

If you weren't basically forced into buying boat insurance, would you?

As has been mentioned, I bet the vast majority of us here have gone claim-free for most of our boating life. Some (like me) have had zero claims. And in my case that means nearly 20 years of premiums. Yet if I had a claim tomorrow you can bet my premiums would rise, essentially ignoring my past history.

The stats are very clear regarding the risk for cruising-level boats. In most categories, the risk approaches zero. So any rational risk analysis suggests insurance for most of us is a waste of money.

[Rumrace]

Ive been paying boat insurance since the late 70’s had 3 claims none of which I was near my boat at the occurrence. All settled against someone else’s insurance as to no fault of mine.
I’ve suggested for years a real co op boating insurance group not worried about their shares on the stock market.
Not a “ Boaters Brand name so you don’t know it’s a division of a giant insurance crook”
Same rules some boats or owners are not insurable.
Was a boating accident in Toronto recently. A Doral prestantia upside down in the water 2 dead. How did those 2 boats get insurance and why are we paying for it.
Safe boaters Coop is long long overdue.
I bet if just the sailors in North America threw $50.00 each in a kitty and establish an insurance corporation we’d all be covered for the year. Every single tragedy on the water would be covered. Every lost boat every theft. If power boats jumped in we’d be rich but they have more accidents just by sheer populations.

[Chotu]

^^^^ Exactly

[Rumrace]

Sorry sir Racing is clearly not covered in the policy

[markguthrie]

Geico fired all of their independent agents. So I assumed I would be able to go direct. NOPE.

I have a 53' and their max is now 50' for "new" policies.

I explained my policy wasn't new, and they had insured it for 3 years...without claim.

Makes no difference...DON'T TRUST THE SLIMY LIZARD!!!!

[rslifkin]

Don't forget, those of us on here likely have boats in above average condition and present lower risks. Think about how careless the average idiot with a boat is and it's not surprising that insurance companies are afraid of things that seem reasonable to most of us.

[Moontide]

Some insurance companies "reward" no claims with reducing deductibles. my deductible for any claim except a named storm is $0 since I have had no claims for 5 years. Unfortunately this insurance company dropped out of the market so I have to find a new one when current policy expires.