View Poll Results: Is a 10% charge fair to cancel your insurance if you sell your boat?
YES
7
6.86%
NO
95
93.14%
Voters: 102. You may not vote on this poll
POLL: Insurance (problem) ....everybody please read
01-19-2006 | 04:02 PM
#12
Platinum Member
Joined: Jun 2001
Posts: 21,346
Likes: 10
Re: POLL: Insurance (problem) ....everybody please read
Originally Posted by Semper Fi
UPDATE:
The 10% is a fee charged on what the balance is that they owe me. (returned premium) I guess it's not too bad, but still another speedbump!!
I am paying alot for insurance though. The boat was a 1997 PP with HP500's. No layup in the policy, $85K agreed value+ value of trailer, no claims..ever, and I was paying $2,500 a year. I think that was high.
The 10% is a fee charged on what the balance is that they owe me. (returned premium) I guess it's not too bad, but still another speedbump!!
I am paying alot for insurance though. The boat was a 1997 PP with HP500's. No layup in the policy, $85K agreed value+ value of trailer, no claims..ever, and I was paying $2,500 a year. I think that was high.
Either way, every company's different.
Thanks for the clarification, it makes sense now.
01-19-2006 | 04:34 PM
#14
Platinum Member
Joined: Dec 2003
Posts: 2,194
Likes: 0
From: Vermont
Re: POLL: Insurance (problem) ....everybody please read
Some companies charge what they call a "short rate" 10%cancellation penalty for cancelling mid term. Not all companies do however, it may be worth a call to your agent and see if they can pro rate cancel.
01-19-2006 | 05:55 PM
#15
Registered
Joined: Oct 2004
Posts: 8,390
Likes: 7
From: medellin colombia, pablo escobar's lil town
Re: POLL: Insurance (problem) ....everybody please read
Some companies charge what they call a "short rate" 10%cancellation penalty for cancelling mid term.
01-19-2006 | 07:02 PM
#16
Registered
Joined: Oct 2000
Posts: 2,713
Likes: 1
Re: POLL: Insurance (problem) ....everybody please read
Originally Posted by Semper Fi
I just sold my Powerplay 
and I cancelled my insurance for the boat today. The insurance co I have (one of the big names) is charging me 10% because I am not insuring another boat right away---I have to decide on what to buy next.
I really think this is unfair and B.S., but I don't know if this is typical or not. I feel that if they charge me the 10%, they won't get my business again.
and I cancelled my insurance for the boat today. The insurance co I have (one of the big names) is charging me 10% because I am not insuring another boat right away---I have to decide on what to buy next. I really think this is unfair and B.S., but I don't know if this is typical or not. I feel that if they charge me the 10%, they won't get my business again.
Someone's picking your pocket.More importantly, congratulations on the sale of one of my favorite boats.
01-19-2006 | 08:27 PM
#19
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Joined: Feb 2005
Posts: 4,400
Likes: 25
From: Michigan
Re: POLL: Insurance (problem) ....everybody please read
Originally Posted by Downtown42
When I sold my boat agent told me not to cancel, boatless for a month, keep it till the new boat arrives and then switch policy that day.
At 1100/yr I'm not complaining I do what he says.
At 1100/yr I'm not complaining I do what he says.
I finally found a place to insure it and very reasonable. It's always MUCH easier to make changes to a policy than to start a new one. So, when I sold the Donzi I kept the insurance active for 3 months until I boaught a new boat.
01-19-2006 | 08:34 PM
#20
Registered
Joined: Nov 2000
Posts: 3,949
Likes: 93
From: IL...XLOTO
Re: POLL: Insurance (problem) ....everybody please read
Originally Posted by TRICK
That sounds like BS. Someone's picking your pocket.
More importantly, congratulations on the sale of one of my favorite boats.
Someone's picking your pocket.More importantly, congratulations on the sale of one of my favorite boats.
