Insurance Renwal - Premium Increase

[PMC]

I've been a NBOA customer for several years, and generally very happy. They have done a very good job in shopping and maintaining a consistent premiums on my past 2 boats, with only a slight increase each year ($25-$30 increase). This year, however was a pretty drastic jump ($160), and I really have to ask why?


I spoke to a broker today, and confirmed my record. IO have a perfect record, no claims or dings. No changes in my coverage or location.... The answer is this is an "industry change", and insurance companies are increasing due to the losses of recent storms. While that generic message may be true, it is hardly address' the sudden increase with my policy. I'm less than satisfied with that as an answer.


Are others seeing large premium increases too?

 

[JimG]

NBOA increased mine substantially a year ago... I called them and complained and they said that the carrier had increased rates, but they did have a quote from another carrier that was about the same as what I paid the previous year. So they switched me... no increase this year.

 

[wyrman]

My NBOA premium only raised around $15.00 this year.

 

[my3sons]

I've been a NBOA customer for several years, and generally very happy. They have done a very good job in shopping and maintaining a consistent premiums on my past 2 boats, with only a slight increase each year ($25-$30 increase). This year, however was a pretty drastic jump ($160), and I really have to ask why?


I spoke to a broker today, and confirmed my record. IO have a perfect record, no claims or dings. No changes in my coverage or location.... The answer is this is an "industry change", and insurance companies are increasing due to the losses of recent storms. While that generic message may be true, it is hardly address' the sudden increase with my policy. I'm less than satisfied with that as an answer.


Are others seeing large premium increases too?

Yes, everything is going up. Same boat so for comparison sakes, I’m paying $710/yr. for $175K agreed value with $500K liability (where my pup kicks in) with the deductible @ 10% of agreed value. It’s been a few years so I probably should lower my agreed value. Premium went up 15 dollars last year after holding steady for 2 years.
Coverage is for Great Lakes, Hudson River and all of their tributaries.
In a few months when we start the Great Loop coverage it will be $1450 for the year and we have to be north of the 32[SUP]nd[/SUP] parallel before November 1 and after June 1. I guess that makes some sense as the boat will be in constant use in unfamiliar waters.

 

[ZZ13]

Mark, I am right at your new estimate as a year round boater. And I do have to stay north of Florida during the same time period. My premium has gone up $100 or so a year since I got the boat 3 years ago.

 

[my3sons]

Mark, I am right at your new estimate as a year round boater. And I do have to stay north of Florida during the same time period. My premium has gone up $100 or so a year since I got the boat 3 years ago.

Good to know my broker is in the ball park. I am sure that super storm Sandy has had an effect on us all, and probably coastal boaters more than us lakers.

 

[MonacoMike]

PMC, Another reason your rates may have gone up is your boat is 15 years old. Some companies have rate preferences that fall off as a vessel ages.

MM

 

[JVM225]

My company raised mine significantly the year after Sandy even though I had no damage or claim. When I contacted them to contest the increase they told me that it was based on the large amount of loss in the region from the storm.

 

[mjmason1]

I had Boat/Us. After Sandy they tried to hit me with a substantial increase. I had them for over 10 years. No claims. I went to a boat show and shopped around. NBOA was the best. The premium was less than my premium the year before, with better coverage's. I have had NBOA for 2 years now with minimal increases.

 

[PMC]

NBOA increased mine substantially a year ago... I called them and complained and they said that the carrier had increased rates, but they did have a quote from another carrier that was about the same as what I paid the previous year. So they switched me... no increase this year.

They had another quote that was less coverage, and DOUBLE the premium.

PMC, Another reason your rates may have gone up is your boat is 15 years old. Some companies have rate preferences that fall off as a vessel ages.

MM

Thanks, That is a good question to ask.

Yes, everything is going up. Same boat so for comparison sakes, I’m paying $710/yr. for $175K agreed value with $500K liability (where my pup kicks in) with the deductible @ 10% of agreed value. It’s been a few years so I probably should lower my agreed value. Premium went up 15 dollars last year after holding steady for 2 years.
Coverage is for Great Lakes, Hudson River and all of their tributaries.
In a few months when we start the Great Loop coverage it will be $1450 for the year and we have to be north of the 32[SUP]nd[/SUP] parallel before November 1 and after June 1. I guess that makes some sense as the boat will be in constant use in unfamiliar waters.

Thanks for the comparison. Your coverage is comparable, and that premium is fantastic.

 

[Billfletcher]

My insurance company raises it every year, and every year I call the broker. It's not about the extra $100 but more the principle since I have a good record and I am easy money.