Example of why it's impossible to compare your rate to a friends rate...
12-16-2010, 05:51 PM
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Example of why it's impossible to compare your rate to a friends rate...
Let's look at the following boat: 2006 30' Baja 302 with twin 500's and a trailer
45 year old with clean MVR and boating experience.
Policy coverage quoted as follows for each state:
Hull and Machinery - Agreed Value $72,200
Deductible: 3% ($2,166)
Watercraft Liability: $300,000
Uninsured Boater: $300,000
Medical Payments: $5,000
Towing: $1,000
Trailer: $8,000
NO LAY UP - YEAR ROUND USE ANYWHERE IN THE US OR CANADA
Total Annual premium based on mooring state:
CA - $967.00
WA - $1047
TX (inland) - $1201
TX (coastal) - $1952
NC (inland) - $1070
NJ - $1172
WI - $881
FL (Clearwater) - $2872
Note the range of premiums from $881 - $2872 per year for the exact same boat, exact same operator, exact same coverages... now just imagine the rate changes when you factor in someone else's boat, age, engines, value etc...
45 year old with clean MVR and boating experience.
Policy coverage quoted as follows for each state:
Hull and Machinery - Agreed Value $72,200
Deductible: 3% ($2,166)
Watercraft Liability: $300,000
Uninsured Boater: $300,000
Medical Payments: $5,000
Towing: $1,000
Trailer: $8,000
NO LAY UP - YEAR ROUND USE ANYWHERE IN THE US OR CANADA
Total Annual premium based on mooring state:
CA - $967.00
WA - $1047
TX (inland) - $1201
TX (coastal) - $1952
NC (inland) - $1070
NJ - $1172
WI - $881
FL (Clearwater) - $2872
Note the range of premiums from $881 - $2872 per year for the exact same boat, exact same operator, exact same coverages... now just imagine the rate changes when you factor in someone else's boat, age, engines, value etc...
Last edited by WakezoneINS; 02-10-2011 at 09:23 AM.
12-17-2010, 08:54 AM
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The main reason is because in comparison to some of the other states, it has a longer boating season and therefore is likely to get used more throughout the course of the year than say someone in NJ.
There are other factors that go into rates for TX. For example, carrier loss ratios for that State. If losses have been high over the past couple years then they need to increase rates to recoup losses paid out. These increases get shared amoung the policyholders throughout the whole state.
Those would be the main reasons why I would anticipate higher rates in TX overall.
There are other factors that go into rates for TX. For example, carrier loss ratios for that State. If losses have been high over the past couple years then they need to increase rates to recoup losses paid out. These increases get shared amoung the policyholders throughout the whole state.
Those would be the main reasons why I would anticipate higher rates in TX overall.
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12-17-2010, 09:38 AM
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12-20-2010, 09:42 AM
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02-10-2011, 09:21 AM
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Lately I've been getting a couple of people that have said, "my friend has the same boat, why is my rate so much more than his?!?!" So, I thought this one might be a good thread to send back to the top 
