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.

Charging 10% of what?

which company?

SF,
Congrats on selling your boat! And you are right, that is BS!! I'm only insuring my Velocity, (Which will be for sale here shortly) @ 3 months @ a time.
Who is the insurance co?
Dean

Was it written on your contract?

The answer is there...

Some small characters can become a pain in the @#$%...

Years ago, I sold a boat and cancelled my policy from Allstate. I was about 5 months into the policy, but that 5 months was the winter. I think that I got about 12% of the $$ back!!! What are you going to do??? I guess if it wasn't structured like that, everyone would cancell after 6 months of boating every year and get 1/2 of their money back!!

OldSchool - What is wrong with that? You should only have to pay for what you use.

I don't get it.

Usually when I cancel insurance, I get a check back for any unused premiums.

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.

Almost like BMW charging a fee to turn in the vehicle once the lease is over.

Just a final screw as a way to say goodbye. I guess they don't get much repeat business.

Congrats on selling your boat. Where did it find a new home?