Increase in Cruiser Insurance

Willhound

Received my renewal this morning and a follow up call with my broker. Was not pleased to see about a 15% increase after a few years of relative stability. Broker's explanation was that insurer's are reporting increased claims in the cruiser class.
I have an "agreed value" payout in my policy that is likely a little high for the current value of the boat but even if I reduce it it won't save much. I could also increase my deductibles, but not sure on that either. Will give it some more thought.
What is anyone else seeing? Unexpected increase?

Aqua_Aura

Mine is supposed to renew in a couple months and I also have an agreed upon value. It's been the same for the last two years but we will see what happens. 

Aqua_Aura

shawnmjr said:

I have an agreed upon value of $70,000 and just got my renewal with no increase ($550/year). Mine is a cuddly cabin and not a cruiser so not sure if it really makes a difference. 

Geez I pay $1000 a year for an agreed upon value of $50k I guess since mine is a cruiser there is more liability 🤔

YYZRC

Canadian $$$

All Risk (Agreed Value $85,000) with $2 Million Liability / $5,000 Personal Effects

Annual Premium: $743 plus tax (Total $802.44)

Deductible: $800

reneechris14

Agree value 50k( to low) 
$1300 a year through  boatUS
I'm getting soaked

Aqua_Aura

I have Progressive and it does include towing which I used the first time I ever put the boat in the water. My dumba$$ forgot to put the cap back on the hose connection in the engine bay so the impeller burned up. 🤬

Aqua_Aura

shawnmjr said:

@Aqua_Aura @reneechris14 try getting a quote from global marine insurance. I went there a couple years ago and mine has stayed steady. Before them my rates were always rising. I put a thread up on this topic a couple years ago asking if they were any good and some other members on here had good experiences with them on some claims. 

They actually have a location in Seattle which makes me feel a little better. I'll get a quote from them. 

Liberty44140

I was paying around $550/yr for an agreed value of $70k on the 342. $700 deductible (standard 1%). This was with Chubb. 

Aqua_Aura

i found the picture. This is the first time on the boat for about 20 min and then the impeller burned up. Unfortunately it's only a shot of my butt and not these two fine ladies' butts 😏 Great learning experience and then we got towed to the marina. Great entrance to the marina for the first time, under tow 😆. 

aero3113

Look into SeaInsure through SeaTow. Very competitive pricing, agreed value and good coverage.

J3ff

Aqua_Aura said:

shawnmjr said:

I have an agreed upon value of $70,000 and just got my renewal with no increase ($550/year). Mine is a cuddly cabin and not a cruiser so not sure if it really makes a difference. 

Geez I pay $1000 a year for an agreed upon value of $50k I guess since mine is a cruiser there is more liability 🤔

 I pay 1100 a year for a 2004 270. Guess I'm getting ripped the heck off! 

Dream_Inn

oh boy, I know over the years I've always ranted how great global marine insurance has been, & yes they still are.  Unfortunately, I'm one of those that filed too many claims (you all know of my outdrive issues and my fire).  Last year I had paid $800, which I was happy with.  I had a 3rd claim last summer (in 8 years with this boat, but in 20+ years of total boat ownership).  I got the ole "not going to renew you this year".  

So, I've checked with Geico (now who BUS goes thru).  Looks like I may now be paying $1400/yr.  Sure is a large climb!

Ian

I'll be looking around July when it comes up, we are with Allstate and around $700 if I recall for agreed 60k.

trip_n

@j3ff = they must know you enjoy spending money on your 270

Lake_Bum

Beware of Progressive boating insurance.  They are the cheapest, but for a good reason. I was once denied a claim, for a VALID claim.   I hit a rock, and they had their claims agent say it was "wear and tear".  What a joke.  They are the cheapest, because they deny valid claims.  I dumped them, and went with American Family.  Been happy with them. 

Aqua_Aura

Lake_Bum said:

Beware of Progressive boating insurance.  They are the cheapest, but for a good reason. I was once denied a claim, for a VALID claim.   I hit a rock, and they had their claims agent say it was "wear and tear".  What a joke.  They are the cheapest, because they deny valid claims.  I dumped them, and went with American Family.  Been happy with them. 

They don't seem to be the cheapest however it is stuff like that I am worried about when it comes to insurance. Did they never pay the claim?

Lake_Bum

Aqua_Aura said:

Lake_Bum said:

Beware of Progressive boating insurance.  They are the cheapest, but for a good reason. I was once denied a claim, for a VALID claim.   I hit a rock, and they had their claims agent say it was "wear and tear".  What a joke.  They are the cheapest, because they deny valid claims.  I dumped them, and went with American Family.  Been happy with them. 

They don't seem to be the cheapest however it is stuff like that I am worried about when it comes to insurance. Did they never pay the claim?

Nope, they never paid it.  And I disputed it, and the "independent" agent, was obviously working for them as well.  His findings were almost word for word what the previous one said.  I lost 6 weeks of that summer, due to that crap.  I ended up just paying for everything cash, and DUMPED Progressive, and never looked back. 

Liberty44140

I’ve had friends with progressive for their boats also have very valid claims denied. 

Aqua_Aura

So now that we have some bad stories of progressive ( me not included) is there any good stories from these other providers people have recommended? 

Dream_Inn

Aqua_Aura said:

So now that we have some bad stories of progressive ( me not included) is there any good stories from these other providers people have recommended? 

I've had 3 good stories with global marine.  Unfortunately, no matter how much you know about boats and how well you navigate or how careful you are, Sh^t happens.  Sometimes a few times and then you're stuck looking for another company.

boatman37

I have State Farm. Agreed upon value of $45k. Last year they actually reduced mine. I have higher coverages. Can't remember what they are but higher than the standard and I pay about $400/year

Willhound

Was back at work for a bit this week, so just getting back to this now. Have had marine insurance for over 10 years now, going into 4th year with this boat, never any claims.
All figures in CDN, so about 30% less for USD. 2000 FV270. I was $502 all in last year and jumped to $585 this year. Agreed value (from survey when I purchased 3 years ago) of $34,000 with deductible of $450. $2 Mill liability. $5000 contents/electronics. $5000 towing/emergency repairs. Portable equipment (whatever that is) included in total loss with $250 deductible.
So my broker's suggestions are to either drop my agreed value which may be reasonable since I know I'd take a little less if I ever sold, but on the other hand I've put about $5000 in upgrades into it since I bought it. (custom swim platform, stereo and LED speakers, TV/DVD, new VHF/batteries/drive re-seal, bellows, cables etc)
Or my other option is to raise my deductibles but when I look at them, I don't know if that makes any sense for instance for "propulsion components", i.e. drive unit the deductible is already $450. 
On the other hand, in USD my premium this year will be $413...so maybe just shut up and pay it??

YYZRC

Willhound said:

2000 FV270. I was $502 all in last year and jumped to $585 this year. Agreed value (from survey when I purchased 3 years ago) of $34,000 with deductible of $450. $2 Mill liability. $5000 contents/electronics. $5000 towing/emergency repairs. Portable equipment (whatever that is) included in total loss with $250 deductible.

I had virtually identical coverage on my 2000 Four Winns 268 Vista and paid about $550 last year.

mattie

Don't reduce coverage Willhound. Used boats are worth more than you think if you have to replace (at least until a couple weeks ago)

I reduced the agreed upon value on our 2008 Rinker a few years ago. Didn't save that much in premium. Also, in order to increase agreed value again with upgrades, etc, they needed a marine survey. Also they need marine surveys for boats near the 10 yr old mark.

So - I'd leave it alone.

Hey, we went from our 2008 with an orig $80K agreed (subsequently reduced to $50K) - then traded that boat for a 2014 with $115K agreed & my premium only went up $200.00

Willhound

Thanks @YYZRC, that puts it a bit more into perspective. And @mattie I'm thinking I also agree with you. I looked this morning and I don't think my value is out of line for the hours, general condition and add on's. For the $50 it might save me reducing the value it's probably not worth it. Thanks also for the Canadian perspectives as I know insurance rates vary between Canada and US.
Cheers!

aero3113

SeaInsure doesn’t require a survey, many companies do.

Aqua_Aura

So I got this quoted from one place so far. I pay about 1150 currently and Safeco is about $850 but only covers $500 for towing so I would need Boat US membership. 

I just submitted a RFQ to Global Marine so I'll see what they say. 

There is better deals and I'm certainly not looking to reduce coverage but just want to check. 

Sidenote my main home insurance is the same price with Progressive or Safeco however my second home drops $500 annually with Safeco for the same coverage. Thought that was interesting. 

aero3113

Try SeaInsure also, their part of SeaTow.

Handymans342

Willhound said:

Received my renewal this morning and a follow up call with my broker. Was not pleased to see about a 15% increase after a few years of relative stability. Broker's explanation was that insurer's are reporting increased claims in the cruiser class.
I have an "agreed value" payout in my policy that is likely a little high for the current value of the boat but even if I reduce it it won't save much. I could also increase my deductibles, but not sure on that either. Will give it some more thought.
What is anyone else seeing? Unexpected increase?

10 direct hurricane hits this year Will

Aqua_Aura

We met some fellow boaters on our last trip that have Safeco and he said a few years back they jumped a wave (on accident,they got cut off) in their Tollycraft and over revved the engine and spit a piston out. I guess Safeco covered it as an accident which was nice to hear.  


I did just remember that we got a refund on our premium of $332 down from the $1172 so that is really good. I think it's when they were reducing insurance since everyone was in lockdown. 

boatman37

Safeco is a partner or something of Liberty Mutual. I only know this because my daughter worked for Liberty Mutual for a few years.

On another note, my son was rear ended by a Hummer about last November while in North Dakota. The Hummer had Safeco. My son was in a weird situation having his camper out there for work and having to get it home. His job there was almost done and he knew he would be needing to leave very soon. His hitch was bent down so he could not tow until it was fixed. Safeco was dragging their feet on returning calls so my son ended up having to turn it into his State Farm for them to cover it then they would go after Safeco. My son had to pay the deductible out of his pocket and has not received a refund so is assuming Safeco has never settled up with State Farm. Or maybe they have and State Farm has not refunded him. Who knows but I know after about 1 month Safexo had not returned any of his calls.