tmal2
Member
- Feb 14, 2009
- 116
- Boat Info
- 1989 340EC
- Engines
- Twin 7.4L Mercruisers with Hurth transmissions
My Allstate boat policy came up for renewal on 2/3/09. At the time I was shopping around for a new policy due to Allstate's high rates.
Because I was gonna need an insurance survey for a new policy and my boat was still on the hard under cover at the time I just payed the renewal and figured I would cancel the policy once I got the boat in the water and got the survey done.
My annual premium with Allstate was $923. By the time I was actually able to get my survey done and have a new policy in place it was the end of May. When I canceled my Allstate policy I had paid Allstate a total of $628 of the $923 total for the premium.
A few weeks after I canceled the policy I get a bill saying I owe another $104 on the policy. Thinking this is obviously a mistake because I had at that point paid 2/3 of my annual premium and only had it in effect for 1/3 of the time and half that time I was not even in the water. I actually figured I would be getting a refund.
I called my agent and they told me that Allstate has the right to charge 78% of the premium price if I was covered for more than 90 days. I was shocked and furious about this.
Now I know marine insurance works differently than home and auto insurance and they make these rules to keep people from getting coverage only when the boat is in the water and then canceling coverage but as far as I'm concerned, what Allstate did to me was just wrong.
So here I am deciding if I am gonna actually pay this bill or tell them to stick it.
I can't believe they actually want to charge me $720 of a $923 annual premium for 4 months of coverage. If I had known this was gonna happen I would have never renewed the policy:smt013
I'm sure all insurance companies have rules like this for their marine policies but that does not make it right.
For anyone shopping for insurance I suggest you ask a lot of questions about their short rate table so that you don't end up in the same situation I have.
Anyone considering Allstate, I really recommend shopping more. I dropped them after being a customer for over 20 years because I got twice the coverage for a lot less money elsewhere.
Because I was gonna need an insurance survey for a new policy and my boat was still on the hard under cover at the time I just payed the renewal and figured I would cancel the policy once I got the boat in the water and got the survey done.
My annual premium with Allstate was $923. By the time I was actually able to get my survey done and have a new policy in place it was the end of May. When I canceled my Allstate policy I had paid Allstate a total of $628 of the $923 total for the premium.
A few weeks after I canceled the policy I get a bill saying I owe another $104 on the policy. Thinking this is obviously a mistake because I had at that point paid 2/3 of my annual premium and only had it in effect for 1/3 of the time and half that time I was not even in the water. I actually figured I would be getting a refund.
I called my agent and they told me that Allstate has the right to charge 78% of the premium price if I was covered for more than 90 days. I was shocked and furious about this.
Now I know marine insurance works differently than home and auto insurance and they make these rules to keep people from getting coverage only when the boat is in the water and then canceling coverage but as far as I'm concerned, what Allstate did to me was just wrong.
So here I am deciding if I am gonna actually pay this bill or tell them to stick it.
I can't believe they actually want to charge me $720 of a $923 annual premium for 4 months of coverage. If I had known this was gonna happen I would have never renewed the policy:smt013
I'm sure all insurance companies have rules like this for their marine policies but that does not make it right.
For anyone shopping for insurance I suggest you ask a lot of questions about their short rate table so that you don't end up in the same situation I have.
Anyone considering Allstate, I really recommend shopping more. I dropped them after being a customer for over 20 years because I got twice the coverage for a lot less money elsewhere.