Insurance rate increase

[larry_arizona]

Just got my annual insurance bill, increased 25% with no claims made and no change in coverage. BIA is who I go through.

Just curious if anyone is seeing that sharp of an increase?

Perhaps another byproduct on massive price increases. Assumption that increase is due to guarantee replacement cost.

Might be worth shopping other carriers.


Sent from my iPhone using Tapatalk

[haknslash]

Last year my BIA premium increased a good bit but I can’t remember the cost. When I asked Gabriel why it increased I want to say it was due to more boaters on the water and general increased costs on their end. If it jumps that high I’ll probably shop around and compare. I’ve never had a boat insurance company not make some adjustments to my premium each year regardless of carrier.

[sandm]

try skisafe. treated us great(granted never had a claim) and was rough and tough $350 for full coverage agreed value on our last 115k tige.
layup period tho made a HUGE difference in price. we put nov to april.

[brad460]

We have been with Progressive for several years now and I am surprised they haven’t raised our rates much, if any, over those years. We bundle all with them..

I should note, our total yearly policy is $419 on our 21 Max.

https://uploads.tapatalk-cdn.com/20220120/ac63b9c1e7678801171c33620f6a3e75.jpg


Sent from my iPad using Tapatalk

[eder10986]

SkiSafe stayed the same for us too


Sent from my iPhone using Tapatalk

[haknslash]

We shopped skisafe when I got the Max and they had the highest premium out of most others I shopped. Insurance rates vary so much on many factors and location I think plays a big role. I guess if the area you boat in has more months people can boat the chances of an accident or claim or higher than say other areas where weather or population or whatever they factor in isn’t as prevalent. Idk, I just know insurance premiums is one of those necessary evils :(. It probably is a good idea to shop every couple of years anyways just to go with who has coverage you like, quality claim history and best premiums.

[SONIC]

I'm on progressive as well and no noticeable increase this year.
$674 for agreed value coverage

[SONIC]

For fun I quoted skisafe and it's within 10 bucks of my progressive policy.

Interesting tidbit, if you decline the "freeze coverage" it saves you 100 bucks a year. Thanks Texas haha

[RUGER761]

On our old boat we had progressive, and then they jumped. I was able to get a ski safe policy cheaper than the rate increase progressive tried to impose on us. For our new boats I just went straight to ski safe and the rates seemed reasonable, no increases yet.

[KnoxMojo]

Larry, I have a contact at Global Marine. They're a broker, the best for us was Chubb insurance. No layup period either like Skisafe.

[larry_arizona]

Larry, I have a contact at Global Marine. They're a broker, the best for us was Chubb insurance. No layup period either like Skisafe.

Heads up on Chubb, when the buyer of my 18SA got rear ended while towing, they were decent about fixing the boat, but did not want to replace the trailer despite significant damage and misalignment. They only wanted the damaged section cut off and rewelded, the whole frame was bent and the axles were not square, even the front bow beam was bent with a small crack.

After much arguing and time, they replaced the trailer. It was a fight.


Sent from my iPhone using Tapatalk

[KnoxMojo]

They've been nothing but great for me with my latest mishap hitting bottom. Every situation is different I guess.

[larry_arizona]

They've been nothing but great for me with my latest mishap hitting bottom. Every situation is different I guess.

They defineatly took care of the boat damage so at least that is consistent.


Sent from my iPhone using Tapatalk

[haknslash]

Holy crap the buyers of your old boat got rear ended after getting it from you on their way home? Geez I’d be sick to my stomach if that happened to me :(.

[larry_arizona]

Holy crap the buyers of your old boat got rear ended after getting it from you on their way home? Geez I’d be sick to my stomach if that happened to me :(.

Not exactly that fast. Told new owner I would take care of their winterization and offered to store it in my barn as it was late to secure indoor storage.

She was bringing it over and a kid texting rear ended the boat/trailer.


Sent from my iPhone using Tapatalk

[eder10986]

Not exactly that fast. Told new owner I would take care of their winterization and offered to store it in my barn as it was late to secure indoor storage.

She was bringing it over and a kid texting rear ended the boat/trailer.


Sent from my iPhone using Tapatalk

Maybe I’m lost….but wouldn’t that persons insurance be responsible for all damages? Not the boat owner with Chubb?

Still a super crappy situation!


Sent from my iPhone using Tapatalk

[larry_arizona]

Maybe I’m lost….but wouldn’t that persons insurance be responsible for all damages? Not the boat owner with Chubb?

Still a super crappy situation!


Sent from my iPhone using Tapatalk

Not in a no fault state lolololol

No fault vs Tort


Sent from my iPhone using Tapatalk

[eder10986]

Not in a no fault state lolololol

No fault vs Tort


Sent from my iPhone using Tapatalk

Man that’s crap!


Sent from my iPhone using Tapatalk

[MJHSupra]

That's crazy . . . bum deal.

[haknslash]

Wow that sucks!

[996scott]

We have Progressive and it stayed the same. $450 for our 2021 Craz

[Mxmark4]

Wow I had never heard of a no fault state. Cant believe thats even a thing, someone is always at fault and to make me pay for another persons mistake would piss me off to no end. Its as bad as the idiots around here that have no insurance and are the reason I have to carry uninsured motorist insurance.

[larry_arizona]

Wow I had never heard of a no fault state. Cant believe thats even a thing, someone is always at fault and to make me pay for another persons mistake would piss me off to no end. Its as bad as the idiots around here that have no insurance and are the reason I have to carry uninsured motorist insurance.

I think 18 states have no fault.

It’s not a big deal, pay your deductible and insurance covers the rest, most repair shops will bury the deductible.

In 2015 I T-boned a car making an illegal lane crossing (driver was on drugs), my truck was 3 days old with 100 miles on it. $21k worth of damage, body shop covered $500 deductible, no rate increase for my rates.

No cost out of my pocket and I could have taken driver to small claims to recover my deductible, seeing how she was hammered and her car was totaled, I figured she was having a tough enough battle to face, I let it slide.


Sent from my iPhone using Tapatalk

[SONIC]

I imagine rates are not as effected by an accident as they are for those of us in fault states since it's "no one's fault"
May be a blessing in disguise.
For us if we do something stupid we'll pay out the ass for it with premium hikes over the next few years.

[haknslash]

I just got my BIA renewal and it has jumped up as well this year. It started at $500 in 2019 and for 2022 they want $1,080!!!

So just shopped skisafe again last night and holy hell I just saved a ton on my car…er boat insurance lol. Got nearly the same coverage with some additional options for $476!!!

[Bigs28]

Every renewal, i shop out my insurance. For auto, home, and boat. Everytime. Most of the time it's cheaper to change.

[sandm]

Every renewal, i shop out my insurance. For auto, home, and boat. Everytime. Most of the time it's cheaper to change.

agree 100%. no reason in the world to be loyal to an "agent" unless you have claim after claim.

[russellsmojo]

The advice in this blog is getting pretty bad. There is a lot to be said for the advice and relationship of an agent.


Sent from my iPhone using Tapatalk

[Mxmark4]

For all the times I had an agent, not one has done anything to help me other than give me an 800 number to call when I had a claim to make. That has been with several different companies too. If calling an 800 number is what the agent wants me to do why pay them a cut of my premium when the number is printed on my insurance card already?

[Bigs28]

2 of my good friends are agents and one owns his company. They have given me great advice of going with other agents that are significantly less. I use 4 different agents because they all write for different insurance companies. Every renewal i email all four of them and go with the cheapest. My good friend who owns his agency even overlooks the policy proposal from a different agent and tells me he can't compete with it and that i should go with it. You have to shop around or your probably spending too much.

[sandm]

There is a lot to be said for the advice and relationship of an agent.


absolutely agree if you have a complex life, small business or some other wierd thing. for the VAST majority of americans that own 2 cars, a home and a few toys with a modest savings and very few if any claims, shopping around both agents and online companies every year or 3 makes good financial sense.

but that's up to each individual. save a few and do some legwork yourself if you have a claim OR have an agent, maybe pay a little more and MAYBE you get better service when that same claim arrives. glad we all have choices.

[Zog]

I use a broker. He covers several different companies and has switched my provider 2-3 times based on rates. He has also jumped in and dealt with claims issues for me. When we first bought our boat, he walked through a couple options for me with different providers and found me insurance that is cost effective and offers some good additional benefits as well. It definitely keeps me from changing, though I have priced out options from other parties.

[RUGER761]

We shopped around this year and kicked my self in the rear for not doing it sooner. Going to save 38% from what we were paying on the house, cars, and rv. They still couldn't beat Skisafe on the boat though so its staying where it is. The cars are the easiest to move, the house was a bit more challenging being that is paid through escrow but almost have it done. Well worth the time it took to set it all up.

[rdlangston13]

For fun I quoted skisafe and it's within 10 bucks of my progressive policy.

Interesting tidbit, if you decline the "freeze coverage" it saves you 100 bucks a year. Thanks Texas haha

becareful with that. Every 3-4 years we have a ton of busted boats with freeze damage

[SONIC]

becareful with that. Every 3-4 years we have a ton of busted boats with freeze damage

Oh I'm certainly not declining it, just pointing it out for chuckles.

[rdlangston13]

Just noticed I have about a $60 increase this year vs last year with travelers

[haknslash]

After doing some research on claims and coverage I decided not to switch to Skisafe but rather CHUBB. I’m still with BIA but they switched my underwriter from INTACT to CHUBB. Saved about $300+ and still have great coverage. With Skisafe I would have had to make sacrifices on coverage and when factoring in the premium differences it wasn’t worth the gamble IMO. Glad Gabriel with BIA reached out to me.

[SONIC]

After doing some research on claims and coverage I decided not to switch to Skisafe but rather CHUBB. I’m still with BIA but they switched my underwriter from INTACT to CHUBB. Saved about $300+ and still have great coverage. With Skisafe I would have had to make sacrifices on coverage and when factoring in the premium differences it wasn’t worth the gamble IMO. Glad Gabriel with BIA reached out to me.

What were you paying before the change? That's a big savings (almost a half tank of gas :rolleyes:)

[KnoxMojo]

I am also with Chubb after switching from Ski Safe. My premium is lower for better coverage and no layup period. I also had a claim with Chubb over the winter and everything went smoothly. Highly recommend. I used Global Marine as the broker, Denise was great to deal with, Tell her Scott sent you!

[haknslash]

What were you paying before the change? That's a big savings (almost a half tank of gas :rolleyes:)

Originally I started at $500 a year with INTACT then $795, and this year they wanted $1080. This was with BIA and after they saw me looking for other insurance companies Gabriel reached out to me and told me they also offer CHUBB. It was more expensive than Skisafe but I’ve read some threads on Thehulltruth and other places while searching for claims and real life scenarios so I deduced the savings of a few hundred bucks with Skisafe was not worth having less coverage and concerning claims. Obviously they all have their flaws but CHUBB was around $750 I think and I have nice coverage for our lakes.

[larry_arizona]

Originally I started at $500 a year with INTACT then $795, and this year they wanted $1080. This was with BIA and after they saw me looking for other insurance companies Gabriel reached out to me and told me they also offer CHUBB. It was more expensive than Skisafe but I’ve read some threads on Thehulltruth and other places while searching for claims and real life scenarios so I deduced the savings of a few hundred bucks with Skisafe was not worth having less coverage and concerning claims. Obviously they all have their flaws but CHUBB was around $750 I think and I have nice coverage for our lakes.

Thanks for the heads up, I will reach out to Gabe.

Mine went from $804 to $1080 as well with Intact


Sent from my iPhone using Tapatalk

[haknslash]

No problem Larry. He will explain the big jump reasons. CHUBB is well known large company my wife’s law firm deals with plus the coverage was as good as Intact coverage, much better than Skisafe when you compare them side by side. I hate insurance. It’s one of those things you hate to pay but if I gotta pay I want to be covered.

[larry_arizona]

My former boat/trailer was rear ended while towing after the new owner bought it.

CHUBB was her insurance.

They were good with the boat repair, but it was a battle for the trailer, probably wanted auto coverage to handle it.


Sent from my iPhone using Tapatalk

[mmandley]

I have State Farm and recently renewed and is stayed comparable - I generally pay mid 400 i think this year was 560 but I have a 13 so not sure if they are saying my boat is cheap now LOL.

Although I still get offers for more then I actually paid for the boat in 13 LOL

I don't think I can sell her, she's truly a 1 off from Moomba with a proto-type tower that I really wish Skies Choice would have went with.

[HFarr]

I have State Farm and recently renewed and is stayed comparable - I generally pay mid 400 i think this year was 560 but I have a 13 so not sure if they are saying my boat is cheap now LOL.

Although I still get offers for more then I actually paid for the boat in 13 LOL

I don't think I can sell her, she's truly a 1 off from Moomba with a proto-type tower that I really wish Skies Choice would have went with.Curious. What does the tower look like?

Sent from my SM-G781V using Tapatalk

[larry_arizona]

Switched to Chubb from intact after rate jumped to $1440 a year.

Chubb is back to $814 with same/better coverage and no layup time.

I certainly can understand why underwriters are aggressively increasing premiums. Between MSRP and labor rates skyrocketing, it’s only a matter of time they update the algorithm.


Sent from my iPhone using Tapatalk

[sandm]

wonder how skisafe would fare today. we had great luck with them but their rates are only real good if you layup. in idaho/wisconsin we never cared as the lakes were frozen for a chunk of the year. we used to from nov-mar.
our last 2020 tige r23 ran us around 400 for agreed value and decent liability/medical. I don't recall the comp part and deductibles were a grand or 2.

[JassyKel]

I'm new to this forum, so I hope I'm posting this in the right place. I'm sorry to hear about your insurance rate increase. That sounds like a pretty big hit. It may be a byproduct of sweeping price increases, especially with guaranteed replacement costs and all. Shopping around for other carriers is worth considering, especially if the rate increase is that significant. I'm not sure if anyone else is seeing something similar, but it might be worth asking your financial advisor succession plan (https://www.successionresource.com/succession-planning). A good financial advisor is worth their weight in gold and they might be able to help you find a better rate.

[haknslash]

Got a small increase of only $30 for my Chubb renewal. Not bad lo things considered and glad I made the change last year!

[RUGER761]

Were still running Ski Safe. State farm couldn't touch their rate. We do have a layup period but were not going out those times anyways.

[Holdmybeer]

What kind of cost are you guys seeing that you change insurance?

Mine is $350 for the year and that includes a extra writer for "stupid people".

[larry_arizona]

I had an "intact" policy through BIA that was $805 in 2021 and jumped to $1400+ in 2023.

Moved to Chubb and it's $815


Sent from my iPhone using Tapatalk

[haknslash]

What kind of cost are you guys seeing that you change insurance?

Mine is $350 for the year and that includes a extra writer for "stupid people".

Mine was similar to Larry’s. Intact made a HUGE leap in premiums that year and I’m sure we weren’t the only ones who jumped. Gabriel has always been great to work with and put me with Chubb. See post #40 a few pages back for my details on costs and such.

[rhouse181]

Just moved on from SkiSafe after their chunky rate hike motivated me to shop around... ended up with a "bells and whistles" policy from BoatUSA / Geico for 2/3 the price of my SkiSafe renewal.

Separate insurance question... my umbrella underwriter excluded the Moomba from that policy. Has anyone else faced similar exclusions or is this just conservatism from the provider?