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  1. #1
    Join Date
    Mar 2013
    Location
    Florida
    Boat
    Yamaha, Sea Ray
    Details
    2005 23' twin engine jet boat 1998 420 Aft Cabin
    Engine(s)
    twin jet 160hp. twin 3116 CATs
    Posts
    379

    Insurance rate went up - no claims

    Cross posted on several forums to get a wide range of responses -




    I have owned our big boat since Feb. 2014 and we have an agreed value of $130,000. It's a 1998 Sea Ray 420AC with twin Cats.


    I just got my renewal notification in the mail and my insurance rate has gone up almost $500 since last year despite having no claims.


    The insurance company said it's "probably" because of the age of the boat but that doesn't make sense since it's less than 20 years old.


    Anybody on the inside that may have some info that would help me make sense?

  2. #2
    Join Date
    Jul 2009
    Location
    Charlotte, NC- LKN
    Boat
    Sea Ray
    Details
    2010 330 Sundancer
    Engine(s)
    T-350mags w/BIIIs & Axius, 5.0 kw Kohler
    Posts
    1,176

    Re: Insurance rate went up - no claims

    Check with NBOA for a quote. Another member posted a similar comment a few weeks back then went to NBOA and saved $$.
    Jim T.
    Charlotte, NC (LKN)
    Prior Boats:
    2006 280 DA w/5.0s, B3s
    2005 240 SD 350 Mag
    2001 Beneteau 393

  3. #3
    Join Date
    Jun 2016
    Location
    Houston, Texas
    Boat
    Sea Ray
    Details
    2001 Sea Ray 460 Sundancer 2014 Seadoo 155 LTD 2105 Seadoo 130 SE
    Engine(s)
    Cummins 6CTA 8.3L
    Posts
    182

    Insurance rate went up - no claims

    Rates are determined by many different factors, one being claims. You may not have had a claim but the overall risk has increased due to other's claims. When this happens it is time to shop other companies.


    Sent from my iPhone using Tapatalk

  4. #4
    Join Date
    Oct 2015
    Location
    Long Island
    Boat
    SeaRay
    Details
    2004 340 SeaRay Sundancer
    Engine(s)
    Twin 8.1 Merc
    Posts
    672

    Re: Insurance rate went up - no claims

    Call Charter lakes. Best price I got was from them. For instance Boat US was $550 more than what I'm paying now.

  5. #5
    Join Date
    Jun 2009
    Location
    Lake Norman, NC
    Boat
    SeaRay
    Details
    1999 185 Bowrider,
    Engine(s)
    Mercruiser 4.3, Alpha I
    Posts
    959

    Re: Insurance rate went up - no claims

    Rates are determined by many different factors, one being claims. You may not have had a claim but the overall risk has increased due to other's claims. When this happens it is time to shop other companies.
    Bingo. Translated, it's additional profit in the premiums. I ran into this on my boat a few years ago, Boat US raised my premium 100% and their only explanation was Superstorm Sandy created a lot of claims and has increased the risk base - on a dry stored boat on a lake in North Carolina?? Yep, that is when I changed carriers. Had had a Boat US policy on several other boats for the previous 15yrs, but it didn't matter - pay the higher premium or leave was their stance.
    ______________________________
    1999 SeaRay 185 Bowrider - Current
    2000 SeaRay 290 SunDancer - Previous
    1979 Correct Craft Ski-Tique - Previous
    1948 Chris Craft Custom Runabout - Oh man to have that one back!


  6. #6
    Join Date
    Nov 2007
    Location
    Cedar Point, OH / Miami, FL / MacRay Harbor, MI
    Boat
    SeaRay
    Details
    1997 400DA / 1999 280BR "Project"
    Engine(s)
    340HP 7.4 Mercruisers / Twin 250HP Merc 350's w/ Alphas
    Posts
    2,184

    Re: Insurance rate went up - no claims

    Being dis-loyal to insurance companies is one of my hobbies. There's no evidence that this happens, but my fantasy is that someone in the industry looks at data every once in a while and says, "hmmm, when we spike premiums for no good reasons, we lose customers..."

    1997 400DA
    1999 280BR

  7. #7
    Join Date
    Feb 2008
    Location
    Baltimore,Maryland
    Boat
    Searay
    Details
    1997 450 DA
    Engine(s)
    Cat 420
    Posts
    774

    Re: Insurance rate went up - no claims

    We switched to Allstate several years ago when they re-vamped their Marine Insurance. The price dropped by 50% on our 450 and went from the high 16s to around 850.00
    Endless Seas
    1997 Sea Ray 450 Sundancer
    3126 cats/420 hp
    Baltimore, Maryland

  8. #8
    Join Date
    Oct 2015
    Location
    Long Island
    Boat
    SeaRay
    Details
    2004 340 SeaRay Sundancer
    Engine(s)
    Twin 8.1 Merc
    Posts
    672

    Re: Insurance rate went up - no claims

    Quote Originally Posted by endless seas View Post
    We switched to Allstate several years ago when they re-vamped their Marine Insurance. The price dropped by 50% on our 450 and went from the high 16s to around 850.00
    I have Allstate for Home and Auto. There quote was again double Charter Lakes. I'm not promoting Charter lakes FYI.. What's your replacement cost on that 450? Who's your agent, I'll give them a call. I'm paying $780 for 95K replacement.

  9. #9
    Join Date
    Jan 2008
    Location
    Holbrook, NY
    Boat
    Sea Ray
    Details
    2006 58 Sedan Bridge, Walker Bay Generation 390 RIB w/40hp Yamaha, 2014 Wellcraft 232 CC w/Yamaha
    Engine(s)
    MAN 900 CRM
    Posts
    1,346

    Re: Insurance rate went up - no claims

    It is possible that with a 1998 boat it was actually built in 1997 (check your HIN) and that the insurance company now looks at it as a 20 year old boat which puts you in a different risk category. Since they didn't ask for an updated survey that's probably not it and they are just being pigs at the automatic renewal trough.
    Brian

    2006 58 Sedan Bridge MAN CRM 900's, 2006 52 Sedan Bridge QSM-11's, 2006 44 Sedan Bridge QSC 500's, 2006 40 Sundancer 8.1HO's, 2003 320 Sundancer 350Magnum I/B's


  10. #10
    Join Date
    Jul 2011
    Location
    Herring Bay, MD
    Boat
    Sea Ray
    Details
    2009 330 DA, Raymarine C80, Intellian, VesselView, Kohler, Sea Lift, Central Vac
    Engine(s)
    MerCruiser 8.1 Horizons DTS
    Posts
    648

    Re: Insurance rate went up - no claims

    Sounds like its time for you to put on your best "The Miracles" impersonation.

    Miss Kay-Dee
    2009 330DA

    Former Vessel:2005 260DA Key West Dreamin'

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