Go Back  Offshoreonly.com > General Discussion > Insurance and Finance
Are there any good options out there? >

Are there any good options out there?

Notices

Are there any good options out there?

Old 03-23-2020, 03:33 PM
  #61  
Registered
 
Join Date: Jul 2014
Location: Harrison Twp, MI
Posts: 170
Received 53 Likes on 31 Posts
Default

Originally Posted by jmoore1225
Just received my bill from Foremost for the next year $2684. Up $700 from prior year, I feel like I'm being pranked.
Maybe I'm in the minority but my Foremost policy went down like $30 this year. Just paid it yesterday.
c0ncEpT is offline  
Old 04-30-2020, 06:12 PM
  #62  
Registered
 
Join Date: Mar 2020
Posts: 13
Likes: 0
Received 10 Likes on 7 Posts
Default

IMO I have found that Progressive is good to use because they typically total every claim over a grand.
Alamo128 is offline  
Old 05-01-2020, 02:16 AM
  #63  
Registered
 
Join Date: Jun 2007
Location: Nearest Poker Run
Posts: 232
Received 9 Likes on 4 Posts
Default

Originally Posted by Alamo128
IMO I have found that Progressive is good to use because they typically total every claim over a grand.
This is interesting...and we write a great deal of business through Progressive. I just wish Progressive would accept Deck-Cats again. We still have quite a few clients with these boats that are grandfathered in, but once their policies cancel they can't get them back. Progressive - V-Hulls only up to 75mph.
Wozencraft is offline  
Old 05-01-2020, 02:48 AM
  #64  
Registered
 
Join Date: Jun 2007
Location: Nearest Poker Run
Posts: 232
Received 9 Likes on 4 Posts
Default

I'm glad you both brought up these points with Foremost. Here is the Plus/Minus with Foremost when it comes to current pricing and acceptability (grandfathering):
PLUS - Foremost is pretty much done taking their rate increases. Without getting into too much detail, the primary reason they had to take rate is they were insuring too many older boats, 20+ (non-performance) , and not charging enough. Unfortunately this caught up to them over time severely! Generally speaking across the board, the older a boat gets the higher the frequency for losses. My forecast is that the rates you are seeing now should remain stable for quite some time.
- If you own a boat 27'+ and over 10 years old with Foremost, you are grandfathered in. They no longer write these boats. This also means if you accidentally let your policy expire, you most likely cannot get it back!
- Foremost is a very reputable company and their policy language is very favorable in the industry. Our experience is they pay claims very quick & fairly.
MINUS - Foremost at this time is not interested in writing boats over 26' & older than 10 years old.
- As stated above, Foremost has had to raise their rates quite a bit in many areas of the country. However, to all those considering leaving Foremost....there is the possibility of your new insurance company raising your rates next year....and if your boat is over 10 years old, you can't go back to Foremost!

[Disclaimer - this is merely a quick discussion with minimal data. Feel free to reach out to me if you have any questions. [email protected]]

Originally Posted by frickstyle
I'm grandfathered into Foremost - I don't really want to mess with it, but re-up coming in August. Thinking of shopping, but they all want a survey prior to insuring old boats. I fear my premium is going to skyrocket. (already pretty high)

Anyone having luck with 80s-90s vintage stuff?
Originally Posted by c0ncEpT
Maybe I'm in the minority but my Foremost policy went down like $30 this year. Just paid it yesterday.
Wozencraft is offline  
Old 05-01-2020, 04:38 PM
  #65  
Registered
 
Join Date: Mar 2014
Location: fort myers fla
Posts: 262
Received 61 Likes on 43 Posts
Default

Is there anybody that offers reasonable rates for older boats longer than 26? Your post (wozencraft) is pretty informative. I never realized that was the reason my quotes for mine were so high.
smashm is offline  
Old 05-09-2020, 03:33 AM
  #66  
Registered
 
Join Date: Jun 2007
Location: Nearest Poker Run
Posts: 232
Received 9 Likes on 4 Posts
Default

Originally Posted by smashm
Is there anybody that offers reasonable rates for older boats longer than 26? Your post (wozencraft) is pretty informative. I never realized that was the reason my quotes for mine were so high.
Yes, a few are left. One is Progressive. However, they are strict on the following guidelines; 1. 75mph top speed 2. 500hp max /motor 3. V-Hulls only. There are other limitations/guidelines, but these may be the most relevant in this space. Another is Markel. Markel has a much bigger appetite, but they are still strict on their guidelines, ie. boat condition, operator experience, MVR, as well as other items. Markel does allow boats up to 120mph and also accepts cat-hulls. Markel is a very reputable marine insurance company.
Wozencraft is offline  
Old 05-11-2020, 08:06 AM
  #67  
Registered
iTrader: (1)
 
Join Date: Feb 2007
Location: Hamilton, Ohio
Posts: 1,124
Received 13 Likes on 7 Posts
Default

Foremost can pound sand.... I would hope they would remain stable $2700/yr for an 80mph boat valued at $60k because it is older is absurd. But they will insure a $200k boat that runs the same speed for half that because its 5-6yrs newer? I had been a loyal customer to them for over 10yrs, home policy's with them as well. Within 4yrs my premium went from $1300 to $2700. ($700 increase in one year) on current boat with no claims. Price gouging at its finest!! Reputable my a*s.....
jmoore1225 is offline  
Old 05-12-2020, 02:34 AM
  #68  
Registered
 
Join Date: Jun 2007
Location: Nearest Poker Run
Posts: 232
Received 9 Likes on 4 Posts
Default

Originally Posted by jmoore1225
Foremost can pound sand.... I would hope they would remain stable $2700/yr for an 80mph boat valued at $60k because it is older is absurd. But they will insure a $200k boat that runs the same speed for half that because its 5-6yrs newer? I had been a loyal customer to them for over 10yrs, home policy's with them as well. Within 4yrs my premium went from $1300 to $2700. ($700 increase in one year) on current boat with no claims. Price gouging at its finest!! Reputable my a*s.....
It's hard to argue with your argument about the steep increase in price. However, the primary reason, in my opinion, for this was due to poor advice the company received from (*)actuaries back when the product was originally launched. In short, they didn't properly charge (enough) for older boats as this segment can often cost insurance companies more in losses. Especially older boats that are not kept up. In previous years Foremost did not require marine surveys. Without going into detail...this may have not been a good business decision.

All the Ins. Cos. we work with charge higher rates as boats get older. However, the rates don't usually raise as much when you keep a policy active with the same insurance company. For instance, say you have a 15 year old boat, you bought the boat 10 years ago and have maintained continuous insurance with the same company. The majority of the time the annual premium you're paying is much lower than what it would be if you bought the same boat with the same coverages today. Typically the rates don't rise nearly as fast in this example.

In a fair defense to Foremost, just because they needed to take rate due to the overwhelming losses they experienced, does not mean they are a bad company. They are reputable in their claims handling, policy language, and a specialty insurance company that also covers other great products, ie. RV's, Snowmobiles, Travel Trailers, Motorcycles, Offroad Vehicles, Mfr Homes, Rental Properties, etc.

* [Actuary - a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums]
Wozencraft is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.