Cruisers Forum
 


Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on Cruisers Forums. Advertise Here
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 19-05-2021, 14:04   #31
Registered User

Join Date: Nov 2012
Location: Grand Marais, MN
Boat: CS 36 Canadian Sailcraft
Posts: 40
Re: Boat Insurance Price Hike - Not Happy

I have Geico and they quoted 90 $ for this year, liability only 500,000$. My boat is a Canadian Sailcraft 36T. 36 ft sloop, 15,500 lbs, 6ft 3" draft, 1983 Traditional model.
Bill Youmans is offline   Reply With Quote
Old 19-05-2021, 15:07   #32
Senior Cruiser
 
newhaul's Avatar

Cruisers Forum Supporter

Join Date: Sep 2014
Location: puget sound washington
Boat: 1968 Islander bahama 24 hull 182, 1963 columbia 29 defender. hull # 60
Posts: 12,121
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by Bill Youmans View Post
I have Geico and they quoted 90 $ for this year, liability only 500,000$. My boat is a Canadian Sailcraft 36T. 36 ft sloop, 15,500 lbs, 6ft 3" draft, 1983 Traditional model.
Ok darn geico wouldnt touch me im to old. 1963 defender
__________________
Non illigitamus carborundum
newhaul is offline   Reply With Quote
Old 19-05-2021, 15:40   #33
Registered User

Join Date: Sep 2016
Location: Vancouver B.C.
Boat: Peterson 25T / Sabre 362
Posts: 46
Re: Boat Insurance Price Hike - Not Happy

A bit of a drift, but I feel a lot of the increases we are seeing are based on the hit they get from the charter fleets in hurricane areas. They used to require all boat to leave the "Zone" during 'cane season. Now, the charter fleets stay put, get decimated costing tens of millions of dollars and the charter companies get renewed fleets, pass the increased premiums onto charterers, and we end up paying so the insurance companies can try and recoup some losses.

Rant over, you can now return to the thread already in progress.
Dusty Mac is offline   Reply With Quote
Old 19-05-2021, 16:50   #34
Registered User

Join Date: Jan 2014
Boat: Wendon Skylounge 72'
Posts: 120
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by BozSail View Post
My boat is 1981 Endeavour 37. I've had Geico/Boat US insurance for several years at, I think, reasonable prices. The agreed upon value of the boat for insurance purposes has been $45,000. Last year the annual premium was $1,350. This year's premium quote is $1,966 for the same coverage, a 45% increase. When I called the company, they said age of boat and repair costs in my area are driving the premium. The only way they would lower the premium to around last year's level is to lower the agreed upon boat value to $20,000 and increase the deductible from $0 to $1,000. I don't like this option.

Can anyone recommend other insurance providers that may have lower premiums?
Lots of people on here and Trawler Forum having problems with their insurance renewals or even getting insurance for new owners. The market is tough and that is likely to continue. Increases of 30% plus are common and I was dropped by my carrier after one year with no claims (ever) because that carrier is leaving the business.

My recommendation is don't try and do it yourself. You can't possibly know which insurer each year is the one that will provide you the best product at the best price. That is what brokers are for. They represent you (not the insurance company) and they deal with a number of different insurers. As such they should have a pretty good understanding of their market and be able to match customers with the most favorable quotes from several insurers.

Good luck!

~A
AlanT is offline   Reply With Quote
Old 19-05-2021, 17:07   #35
Registered User

Join Date: Jan 2014
Boat: Wendon Skylounge 72'
Posts: 120
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by Dusty Mac View Post
A bit of a drift, but I feel a lot of the increases we are seeing are based on the hit they get from the charter fleets in hurricane areas. They used to require all boat to leave the "Zone" during 'cane season. Now, the charter fleets stay put, get decimated costing tens of millions of dollars and the charter companies get renewed fleets, pass the increased premiums onto charterers, and we end up paying so the insurance companies can try and recoup some losses.

Rant over, you can now return to the thread already in progress.
Of course in the years when there are no major windstorm losses, the loss free premiums paid into the market by those charter fleets helps keep our prices down due to a competitive insurance buyers market.

Insurance is a cyclical business. Higher claims result in carriers losing money, which causes them to either increase prices or withdraw from that line of business. Withdrawals reduce competition and foster higher premiums. Over time, higher premiums result in more profits and that attracts more carriers back into the business which drives prices back down and the pendulum repeats.

Yacht insurers did indeed get hammered in the last few years with windstorm losses (both to charter fleets and Owner Operator vessels). Windstorm is a known phenomenon which is or should be priced into Insurers' rating models and protected in the aggregate with stop loss reinsurance protection. Bottom line if they lost money despite all that then they are also getting hammered by increases in the cost and availability of their stop loss reinsurances when those treaties renew. This is the reason for some carriers to withdraw from this line of business or to withdraw from windstorm coverage/regions.

I just saw my premium jump from $4k to $6.3k so am am equally unhappy but do understand the rationale.
AlanT is offline   Reply With Quote
Old 19-05-2021, 18:53   #36
Registered User
 
Mike OReilly's Avatar

Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,144
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by Dusty Mac View Post
A bit of a drift, but I feel a lot of the increases we are seeing are based on the hit they get from the charter fleets in hurricane areas. They used to require all boat to leave the "Zone" during 'cane season. Now, the charter fleets stay put, get decimated costing tens of millions of dollars and the charter companies get renewed fleets, pass the increased premiums onto charterers, and we end up paying so the insurance companies can try and recoup some losses.

Rant over, you can now return to the thread already in progress.
It's a good rant .

Others smarter than me have suggested that charter boats should be a separate insurance pool. Yes, that would make two separate, and smaller, pools. But it would better reflect the very real differences in the risk profiles of personally owned and operated boats vs ones used in a charter fleet.
__________________
Why go fast, when you can go slow.
BLOG: www.helplink.com/CLAFC
Mike OReilly is online now   Reply With Quote
Old 19-05-2021, 19:16   #37
Registered User

Join Date: Jan 2014
Boat: Wendon Skylounge 72'
Posts: 120
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by Mike OReilly View Post
It's a good rant .

Others smarter than me have suggested that charter boats should be a separate insurance pool. Yes, that would make two separate, and smaller, pools. But it would better reflect the very real differences in the risk profiles of personally owned and operated boats vs ones used in a charter fleet.
First let me say that is a very sensible comment. However the insurers that insure our yachts also insure houses, commercial businesses, ships, etc etc. They look at Yachts as a monolith first. Then they assume a base line of adequacy for purpose and then add or subtract points depending on age, usage, etc. Charter operations DO have a separate rating analysis however so they are not rated the same as us. Also the Charter fleets have what we would consider huge deductibles $100k+ and thus generally only become involved in an aggregate loss (loss to multiple units from a common occurrence).
AlanT is offline   Reply With Quote
Old 21-05-2021, 19:16   #38
Registered User

Join Date: Feb 2015
Location: Kent Island Md
Boat: Catalina 42 2001
Posts: 35
Re: Boat Insurance Price Hike - Not Happy

Not sure it is boat age issue . The exact issue happened to me a few months ago when my policy got renewed. My boat is a Catalina 42 2001...not new for sure but not 40 years old.
I got my price lowered by taking a higher deductible. It was 0 as stated above due to no recent claims .It is a game... you get a 0 deductible but pay through the nose for not filling a claim.
__________________
Bayboy
David Sandowich is offline   Reply With Quote
Old 24-05-2021, 06:36   #39
Registered User

Join Date: Apr 2011
Location: NJ
Boat: Dickerson Ketch
Posts: 329
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by BozSail View Post
The reason my deductible was previously $0 is the policy had a 25% reduction of deductible (started out at $1,000), for every year of no claims. Now, in order to lower the agreed upon value to reduce the premium, they require starting over again with the $1,000 deductible. I don't mind increasing the deductible to $1,000, but I don't want to reduce the agreed upon value down to $20,000. And that's where the premium reduction comes from.

I think a previous poster is correct that the company doesn't like the fact that it's a 40 year old boat.

Oh well... I'll try getting a quote from Progressive.
Forget Progressive. Wouldn't even consider my 83 Ketch. Been there with Geico.. Currently with Boatus/Geico, yes prim has jumped each yr for the last 3. agreed value same as yours, currently a 1K deduct. May have to drop coverage to liability only.
JBsurfin is offline   Reply With Quote
Old 24-05-2021, 07:00   #40
Registered User
 
hukilaumike's Avatar

Join Date: Mar 2012
Location: Long Island Sound
Boat: Catalina 28
Posts: 40
Re: Boat Insurance Price Hike - Not Happy

Try AMICA Insurance. I use them for home, auto, umbrella and boat. The only insurance company I've ever dealt with that didn't make it's primary function avoidance of claim payment. I did have one issue with them on my prior boat's insurance. It was a small, trailerable day sailer (1979 Oday 23). I had an agreed-to value policy with Progressive ($4800), but decided to switch to AMICA to get a bigger discount on all of my insurances. At first, AMICA had set the value of the boat at $4800, but a couple of years later, I noticed the value had been reduced to something like $4000. When I called to ask why, they told me "depreciation". I was a bit taken aback as the boat was about 40 years old by then, and I didn't think it could depreciate (at least in an accounting sense) any more. They agreed to bump up the value a few hundred, but every year, I had the same conversation with them. Cleverly, I solved the problem by buying a bigger, newer boat.
hukilaumike is offline   Reply With Quote
Old 24-05-2021, 08:15   #41
Registered User
 
capn_billl's Avatar

Join Date: Aug 2010
Location: Naples, FL
Boat: Leopard Catamaran
Posts: 2,572
Re: Boat Insurance Price Hike - Not Happy

Thousands of boats scattered in pieces over the freeway the last few Florida hurricanes has left insurance companies changing actuarial risks, often doubling them.

In response, they've boosted premiums, dropped thousands of higher risk policies, and limited coverage.

Several providers have left the market entirely.

The assumption on older boats is, through hulls corrode, and the owner is less likely to run out in the middle of a named storm, and pay thousands for a last minute haulout for an old boat that they are likely to want to replace anyway.
capn_billl is offline   Reply With Quote
Old 24-05-2021, 09:10   #42
Registered User

Join Date: Jul 2011
Location: Phoenix Az.
Boat: 1972 Hatteras 45C
Posts: 32
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by sailorboy1 View Post
seems to me there have been LOTS of GIECO boat insurance price hike threads lately
Oddly enough I have my 1972 Hatteras 45C insured with Boat US My policy renews 6/1/2021. Premium went down 11%. No claims and they also did the lower deductible dance. I discussed increasing agreed value from $35000 to $45000.00 as I rebuilt one of the engines. This took me back close to my original cost of $1400 per year which includes cruising Mexican waters. At that time I was advised they would insure me up to what they see as fair market value of $73,500.00.
It is interesting to see others having issues with them.
mike mck is offline   Reply With Quote
Old 24-05-2021, 12:26   #43
Registered User

Join Date: Oct 2018
Location: Toronto, Ontario
Posts: 2,690
Re: Boat Insurance Price Hike - Not Happy

Quote:
Originally Posted by Dusty Mac View Post
A bit of a drift, but I feel a lot of the increases we are seeing are based on the hit they get from the charter fleets in hurricane areas. They used to require all boat to leave the "Zone" during 'cane season. Now, the charter fleets stay put, get decimated costing tens of millions of dollars and the charter companies get renewed fleets, pass the increased premiums onto charterers, and we end up paying so the insurance companies can try and recoup some losses.
How long ago was this, Dusty? I used to be a Delivery Skipper in the BVIs in the 1990's/early 2000's and the fleets always stayed put.

The difference now is that the fleets are overwhelmingly catamarans (=expensive) whereas in the past, they were monohulls...

LittleWing77
LittleWing77 is offline   Reply With Quote
Old 02-06-2021, 09:36   #44
Registered User
 
timb7734's Avatar

Join Date: Dec 2009
Boat: Florida Coaster 42’
Posts: 130
Re: Boat Insurance Price Hike - Not Happy

There is not margin enough on the premium for a sub $20K hull value to cover the paperwork. Let alone most owners have inflated ideas as to what their aged vessels are worth. Just about anything that happens to a $20K hull totals it.
timb7734 is offline   Reply With Quote
Old 02-06-2021, 10:00   #45
Registered User

Join Date: Jun 2012
Location: Port Aransas, Texas
Boat: 2019 Seawind 1160 Lite
Posts: 2,126
Re: Boat Insurance Price Hike - Not Happy

I had BoatUS insurance on my fishing boat ($70k) for several years, and got to the zero deductible situation as well. (Declining deductible each year because of no claims). Premium continued to increase each year, so in an attempt to reduce, I asked them to quote at $1000 deductible. They said I couldn't do that, or essentially it would be like starting over..

I have Foremost insurance now.
sailjumanji is offline   Reply With Quote
Reply

Tags
boat, insurance, price

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Garmin inReach Huge price-hike in UK outlawuk Marine Electronics 32 17-12-2017 13:31
Yet Another Fee Hike in Oz Jim Cate Destinations 238 20-12-2014 13:48
Can you hike from the Baths to Copper Mine Point? KW60 Atlantic & the Caribbean 9 03-03-2014 15:14
Need charter, rent or hitch hike to Rapa Iti , South Australs, French Polynesia cortez marine Pacific & South China Sea 2 26-02-2011 20:08

Advertise Here


All times are GMT -7. The time now is 18:20.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.