How do you know if you got a good insurance rate?

[WakezoneINS]

Originally Posted by PJDiesel

Uh, yeah. I would venture to say "Curiously" cheap!

I'm lacking the third engine and pay over three times that.......

Yep, I agree. "Curiously" is a great word! Kims, who is your insurance company. There are some companies out there that are notorious for giving you a really cheap rate, saying they'll insure you and then 2-3 months later, they write you a lovely letter saying that they are cancelling you in 30 days because you don't meet their underwriting guidelines for the boat insurance program.

[Kims]

Originally Posted by WakezoneINS

Yep, I agree. "Curiously" is a great word! Kims, who is your insurance company. There are some companies out there that are notorious for giving you a really cheap rate, saying they'll insure you and then 2-3 months later, they write you a lovely letter saying that they are cancelling you in 30 days because you don't meet their underwriting guidelines for the boat insurance program.

My boat was insured with them before and I cancelled it as I was rebuilding it. After the rebuild he came out and took pictures, noted all the numbers of the hull and the engines, electronics and so forth and came up with this figure. I have had insurance with this comapany for the last 8 years for my trucks, cars, houses,,,etc.. I have some friends that have moved from Nevada to Florida only to see their premium triple, so this obviously have something to do with it. The risk is not like some insurance agents claim, it is more a matter of greed and paying 10 middlemen. The average performance boater does NOT have a complete hull loss every 200 months on the average like the rates suggest. A week-end course might open your eyes for a few things that for some is obvious, but it does not change your way of thinking and is merely another marketing tool for more $$$. Personally I do not belive in insurance as there is waaaay to many people involved and drives the price up. But in a place where suing is a national sport we have no choice. Boat insurance in general is a neccesary evil that a few makes big profit out of. Keep in mind that my boat is a fishing boat and that it has all the gear and is rigged for fishing, that I make it to the fishing grounds a little bit quicker than the next guy does not suggest that I have to finance the big offshore teams with unreal high insurance rates.
If a blue book was made for insurance, or a list be published here on OSO, the prices would obviously come down and benefit all performance boater as well as fishermen that enjoys a fast but safe setup. It would then be up to the insurance companies to compete in an open market, instead of the "PM me I give you a good deal" attitude and leaving the consumer with nothing to compare to.

I have listed my quote - now list yours and eventually a list will be public that will benefit us all.

[sy goldberg]

Baghdad Casualty !

[WakezoneINS]

Originally Posted by Kims

My boat was insured with them before and I cancelled it as I was rebuilding it. After the rebuild he came out and took pictures, noted all the numbers of the hull and the engines, electronics and so forth and came up with this figure. I have had insurance with this comapany for the last 8 years for my trucks, cars, houses,,,etc.. I have some friends that have moved from Nevada to Florida only to see their premium triple, so this obviously have something to do with it. The risk is not like some insurance agents claim, it is more a matter of greed and paying 10 middlemen. The average performance boater does NOT have a complete hull loss every 200 months on the average like the rates suggest. A week-end course might open your eyes for a few things that for some is obvious, but it does not change your way of thinking and is merely another marketing tool for more $$$. Personally I do not belive in insurance as there is waaaay to many people involved and drives the price up. But in a place where suing is a national sport we have no choice. Boat insurance in general is a neccesary evil that a few makes big profit out of. Keep in mind that my boat is a fishing boat and that it has all the gear and is rigged for fishing, that I make it to the fishing grounds a little bit quicker than the next guy does not suggest that I have to finance the big offshore teams with unreal high insurance rates.
If a blue book was made for insurance, or a list be published here on OSO, the prices would obviously come down and benefit all performance boater as well as fishermen that enjoys a fast but safe setup. It would then be up to the insurance companies to compete in an open market, instead of the "PM me I give you a good deal" attitude and leaving the consumer with nothing to compare to.

I have listed my quote - now list yours and eventually a list will be public that will benefit us all.

While I certainly respect your opinion as far as not believing in insurance, to each his own. There are some people who whole-heartedly agree with having insurance.

For you to think that by people "posting" their rates here on OSO, that it is going to decrease rates for the whole industry is absurd. Rates are determined by insurance companies... NOT BROKERS! All of us on here are brokers. What you are paying for your insurance and what Joe Smith is paying, and your difference in premium between carriers is of no concern to the insurance companies, why? BECAUSE YOU ARE EACH YOUR OWN UNIQUE RISK. Enough said on that subject.

As far as telling me that I should take a weekend course... What course are you suggesting that I need to take? I assume this is what you were suggesting when you stated: "A week-end course might open your eyes for a few things that for some is obvious, but it does not change your way of thinking and is merely another marketing tool for more $$$." I believe that I know far more about marine insurance,policies, rates and the industry as a whole than you do. Your comment is not well taken.

Do you think that I make the rates and thus it is my way of making more money? I have news for you dude, I don't keep the money that you pay in premium. I make a small percentage of the premium as a commission for a year, the rest goes to the insurance company. Where I am going with this is that I don't have any "marketing tools" that I use to make more money. My marketing tools are pretty straight forward and I've never mislead a client ever. So, I'm not really sure where your logic is coming from.

Question for you Kims: There are people on here paying as much as $7000 a year for high performance boat insurance. Why are you creating such an issue on insurance when you old pay $495 a year for FULL COVERAGE. I know many people who would LOVE to be paying what you are for a performance boat with Triple engines....

[WakezoneINS]

You wanted a "BLUE BOOK" for insurance rates. While that is never going to be possible, see my thread that I started that you can use to determine if you have a good deal....

http://www.offshoreonly.com/forums/s...d.php?t=188036

[Kims]

Originally Posted by WakezoneINS

For you to think that by people "posting" their rates here on OSO, that it is going to decrease rates for the whole industry is absurd. Rates are determined by insurance companies... NOT BROKERS! All of us on here are brokers. What you are paying for your insurance and what Joe Smith is paying, and your difference in premium between carriers is of no concern to the insurance companies, why? BECAUSE YOU ARE EACH YOUR OWN UNIQUE RISK. Enough said on that subject.

As far as telling me that I should take a weekend course... What course are you suggesting that I need to take? I assume this is what you were suggesting when you stated: "A week-end course might open your eyes for a few things that for some is obvious, but it does not change your way of thinking and is merely another marketing tool for more $$$." .

I was refering to those crash courses offered to make boat owners into race drivers over a 2 day course, nothing about your education.

[Velocity Vector]

Facing the facts, there are pros and cons about every insurance company that you will deal with. After all, insurance companies are in business to make money, not to pay it out. This means that they will do anything in their power to not have to pay for claims, as this is the way they make money. If they do happen to pay for a claim then they will raise the rates on your insurance to help cover the loss or they will simply cancel the policy, whichever best suits their needs. For an insurance company to cancel a policy they have most likely determined that the policy is too much of a risk to continue to prevent any further claims. Having a policy cancelled can make it difficult to get insurance elsewhere. If your credit is not up to par they will also charge you a bit more, just another tactic to get more money out of you.

BoatU.S. has been insuring boats, and only boats, since they opened in the late 1960’s. They are said to offer some of the lowest rates and best coverage depending on the craft covered. Their web site offers free instant quotes.
http://www.boatus.com/insurance/

National Marine Underwriters is another strictly boat insurance company. They offer insurance in the 48 contiguous states with some limited territory extensions from time to time. In business since 1983, they offer lower rates and comprehensive coverage for all risk factors.

Progressive Boat, a division of Progressive Auto is one of the cheaper boat insurance companies but they are said to not offer nearly as many services and less comprehensive coverage. I use progressive and it is $700.00 a year on my 32 Velocity, Based on
Value $96,000, 850 hp. 85 MPH, 1 sober driver carring as many bikini wearing women allowed by law.

American Boating Association is also an option in the boat insurance world. They offer competitive rates that are comparable to Progressive Boat but they are a little shy in the services area.