Switching my Boat Insurance story....

[Jasonsbiz74]

I'm going to make this quick and as painless as I can......not meant to bash just fyi....

Bought my new boat and turned the insurance on around April 12th. Put a deposit down on the quoted premium (I've had Geico for my last couple boats, trucks and jet ski's dating back 8+ years). The following week (the 18th) I received a boat insurance application. Filled out the missing info, corrected a few things and sent it back. My rep called me on the 21st we talked about a few things she informed about the policy, explained the doc page that was online and asked for the payment. Fine. Done. Paid.
Last night, May 4th, I get a message that my rate has changed and increased 16% or $92 dollars a year. Say What ??? I call back 15 mins later and my rep is gone but Ms. Unpleasant will help. She reads the notes, explains that my premium is going up because they made a mistake on the horsepower of the boat by 20 horsepower. Now, it was correct when I sent in the docs. Her and I go back and forth a bit talking about the increase and she basically stops and says "is there anything else I can help you with?" I reply: "We haven't figured out the rate increase yet though?." This is where it gets confusing....she tells me that because the boat has more hp it goes faster and hence the rate increase. Is that 20hp per engine or total ? She replies "total!" ...By this point I'm done with her and her bad attitude. I ask for a supervisor. The super gets on the phone and informs me they can lower my coverage and can get me back to my earlier premium but the new policy is what it is. Anyways, we can on for a bit I explain that the following day I will be looking for new boat and truck insurance . the supervisor tells me " good luck, have a great night" and disconnects.
I called State Farm today whom I have my homeowners insurance with for yrs. I cut my truck 6 month premium from $625 to $346 and my boat insurance went from $676 to $446 a year. HELLO Bob Canda insurance rep !!! Bye Lizard !!

Longer than I expected...check around is my point.....Happy boating friends !

 

[DieselCamel]

i switched to state farm couple of years ago after being with the lizard for 15+ years, can't remember exactly but it was a substantial savings

 

[veedubtek]

I've got both. 6 cars with Geico right now, 3 on state farm. House was on Geico, now on state farm (SUBSTANTIALLY cheaper). I've had Geico since 97, but it may be coming to an end soon... Everything I switch over seems to be considerably cheaper. Waiting on a quote for the boat and skis now.

 

[Noko]

I just looked at my insurance. I have Progressive through USAA and its about what the OP is now paying. Its interesting to see what people are paying. It does help to shop around. So your total HP is only 20?, thought the Limited had a little more than that.

 

[Murf'n'surf]

It's good to bid out your policy every couple of years to keep the rate competitive.

Big reductions scare me, there are usually big differences in coverages when you see a major discount.

 

[Jasonsbiz74]

@Murf'n'surf .... I thought the same thing when they told me the numbers. i asked her twice. I sent them the doc page with all the numbers and coverages and had them match everything. The coverage was identical except State Farm "bundles" a few of the options and Geico separated them out. As long as the coverage is there I dont care how they list it. I was shocked ...believe me. I prinited everything out and my wife and I reviewed everything. Should have everything buttoned up tmrw, that will be the final ta-da

 

[Matt Phillips]

I've had State Farm for 30+ years on my cars and house. When I got the boat in 2012 I asked my agent and the rate was absurd like yours. I had a day of BoatUS which has been ~$345 per year for agreed value and better coverage. My State Farm agent said that State Farm really isn't in the boat insurance businessman that's better coverage than they offer. BoatUS also offers 850k in environmental spill damage that State Farm didn't even offer.

I've been with BoatUS since and haven't looked back. Renewals are done on line and EVERY TIME I've talked to them they've been great.

Give then a call.

I would recommend adding a 1,000,000 (minimum) liability umbrella policy as added protection through your regular insurance carrier in addition to boat insurance.

 

[biglar155]

You want an insurance surprise?

Imagine getting your bill from Allstate and seeing that your insurance has gone up by over $200 for the year. So you pull out your old bill for comparison and start trying to find the line-item that is so much higher. And the bill says the increase is due to a problem with your (near perfect) credit score!!

You see that the Liability on your 23-Foot 320HP, 50 mph, 10 passenger jet boat has gone up by a mere $12.

So after a double check you say "It can't be" and look at the premium for your 17-foot, 4HP, 6 mph SAILBOAT. Yup. Went up by $195.

You call your insurance agent and toss around a few "WTF"s (including questioning if your identity may have been stolen) and he says "Lemme look into this." He gets back to you later and explains that due to all of the storms out east last year that wrecked a bunch of sailboats, they are jacking up the rates on all of their sailboats.

Logic kicks in and you ask "But... that's Comp, not Liability isn't it? Why did the Liability go up so much?"

The next day after a lot of research (and I believe the guy - he's decent) he calls you back and says "I'm sorry man. It is what it is. As a fellow boat owner I sure understand if you shop around."

I checked with the local State-Farm guy and found the same unbelievably high sailboat rate.

Wound up going with Progressive and was back to my rate from the prior year. I've been with them for 3 or 4 years now. I haven't had a claim yet (knock on fiberglass) so I have NO idea what will happen if I actually need them.

Insurance sucks.

 

[BigN8]

I got s surprise this week. I got my county tax appraisal for the house. They jacked up the appraisal by about 60000! That means roughly $1100 more I will pay in property tax over last year. God I hate the tax system. And there's not a damn thing you can do about it.

 

[McMark]

I got my insurance through Veritas, I think in St Pete. I believe they found me a travelers insurance policy for mid $400 per year for a then new 2015 AR240 including some offshore use. The price was the same for this year. No increase. The girl I spoke with there was named Jennifer and she was incredibly helpful. The dealer where I bought the boat recommended them highly.

 

[Wayloncle]

I got s surprise this week. I got my county tax appraisal for the house. They jacked up the appraisal by about 60000! That means roughly $1100 more I will pay in property tax over last year. God I hate the tax system. And there's not a damn thing you can do about it.

Our house jumped $24K, we can contest it and some people that I've talked to that have said that it was pretty easy, the problem is you have to have some comps from the neighborhood and that didn't work out for our place.

 

[Julian]

Just be sure you are reading the fine print...especially if you are anywhere near the coast. Some policies won't cover ocean boating unless specifically added. If you are near the great lakes, some won't cover boating on them unless specifically called out. Gotta love the fine print!

 

[Ronnie]

Boat u.s has always done me right. My premium has been roughly the same every year for each boat i have insured under them, three now. It went up between boats but not under the same boat. Even after I had a boat stolen and they paid out almost $20k too me for it my premium didn't go up noticeably when I used the proceeds to get into a 230sx. I'm staying with them as long as they will have me. As I don't have to question how future claims, if any, will be handled.

Two lessons learned from the boat theft claim:
1. Get anglers coverage, the incremental premium is $30 to $50 per year, I don't fish but mine covers up to $5k in personal effects instead of just the standard $1,500. This includes life vests, electronics like fish/depth finders, wake boards, etc.
2. Aaa who I I sure my cars and home with does not offer agree to value coverage and recommended that I stay with boat u.s.

 

[Jasonsbiz74]

I actually checked boatUS...they use Geico. It was almost the same exact coverage and price. @Julian SF asked if we boat mainly in the great lakes or ocean...I mainly boat in Lake Erie and asked about Ocean boating and she said I would have to add whenever I decide to go ocean boating. From what I have reviewed, my SF policy matches the Geico policy. I have AAA and I am a member of Boat US which from what I understand help with towing and mechanical/breakdowns for boat and trailer.

 

[Jasonsbiz74]

Boat u.s has always done me right. My premium has been roughly the same every year for each boat i have insured under them, three now. It went up between boats but not under the same boat. Even after I had a boat stolen and they paid out almost $20k too me for it my premium didn't go up noticeably when I used the proceeds to get into a 230sx. I'm staying with them as long as they will have me. As I don't have to question how future claims, if any, will be handled.

Two lessons learned from the boat theft claim:
1. Get anglers coverage, the incremental premium is $30 to $50 per year, I don't fish but mine covers up to $5k in personal effects instead of just the standard $1,500. This includes life vests, electronics like fish/depth finders, wake boards, etc.
2. Aaa who I I sure my cars and home with does not offer agree to value coverage and recommended that I stay with boat u.s.

The new SF covers 3k in personal effects....thought that was pretty good.

 

[Ronnie]

Aaa roadside coverage is great for cars but has left me stranded twice now when I had a boat in tow. Boat us/tow boat us coverage cannot be beat IMHO. I'd buy that every year even if boat us dropped me.

 

[Julian]

I actually checked boatUS...they use Geico. It was almost the same exact coverage and price. @Julian SF asked if we boat mainly in the great lakes or ocean...I mainly boat in Lake Erie and asked about Ocean boating and she said I would have to add whenever I decide to go ocean boating. From what I have reviewed, my SF policy matches the Geico policy. I have AAA and I am a member of Boat US which from what I understand help with towing and mechanical/breakdowns for boat and trailer.

When I lived in Chicago, we could have had a cheaper policy if I'd said we didn't boat in Lake Michigan.

 

[Yan Masse]

I got s surprise this week. I got my county tax appraisal for the house. They jacked up the appraisal by about 60000! That means roughly $1100 more I will pay in property tax over last year. God I hate the tax system. And there's not a damn thing you can do about it.

Same for me, 40K$ more

 

[biglar155]

Just be sure you are reading the fine print...especially if you are anywhere near the coast. Some policies won't cover ocean boating unless specifically added. If you are near the great lakes, some won't cover boating on them unless specifically called out. Gotta love the fine print!

VERY good point. Great Lakes / Ocean boating WILL increase your rates - make sure you're covered before you go out there or you may get a REAL surprise if you need to file a claim.

It's a non-issue for me. While my opinion obviously differs from many on the board, I don't believe that an open-bow runabout has any business on a body of water the size of Lake Michigan - so I don't need to worry about insuring myself for it.

 

[Noko]

I got s surprise this week. I got my county tax appraisal for the house. They jacked up the appraisal by about 60000! That means roughly $1100 more I will pay in property tax over last year. God I hate the tax system. And there's not a damn thing you can do about it.

Good news is now you can sell your house for $60K more than you thought, right?