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%
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POLL: Insurance (problem) ....everybody please read

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Old 01-19-2006, 04:58 PM
  #11
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Default Re: POLL: Insurance (problem) ....everybody please read

That sounds a little more likely.

I've never had any penalty for early cancellations.
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Old 01-19-2006, 05:02 PM
  #12
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Default Re: POLL: Insurance (problem) ....everybody please read

Quote:
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.
I've had to pay a small administrative fee before, basically to pay for someone to stroke the check and mail it, but it was like 25 bucks, not 10%.

Either way, every company's different.

Thanks for the clarification, it makes sense now.
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Old 01-19-2006, 05:25 PM
  #13
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Default Re: POLL: Insurance (problem) ....everybody please read

Congrats on selling the boat!
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Old 01-19-2006, 05:34 PM
  #14
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Default 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.
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Old 01-19-2006, 06:55 PM
  #15
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Default Re: POLL: Insurance (problem) ....everybody please read

Quote:
Some companies charge what they call a "short rate" 10%cancellation penalty for cancelling mid term.
zactly...if the ins co cancels the policy they have to pro rate it if you cancel most will short rate it. like he said one final screwing while your on your way out the door
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Old 01-19-2006, 08:02 PM
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Default Re: POLL: Insurance (problem) ....everybody please read

Quote:
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.
That sounds like BS. Someone's picking your pocket.

More importantly, congratulations on the sale of one of my favorite boats.
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Old 01-19-2006, 08:36 PM
  #17
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Default Re: POLL: Insurance (problem) ....everybody please read

TOTAL BS as usual
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Old 01-19-2006, 09:05 PM
  #18
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Default Re: POLL: Insurance (problem) ....everybody please read

Run down to Sears and pick up a jon boat.
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Old 01-19-2006, 09:27 PM
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Default Re: POLL: Insurance (problem) ....everybody please read

Quote:
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.
I do the same thing. After not being able to insure my Donzi with the first 12 companies I called 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.
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Old 01-19-2006, 09:34 PM
  #20
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Default Re: POLL: Insurance (problem) ....everybody please read

Quote:
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.
Yep - and your rates are pretty high, but that somewhat depends on your deductible.
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